Economy and Finance

News and views related to the Indian Economy and Financial sector

Nirmala Sitharaman responds to Raghuram Rajan's tirade over the current Indian government

‘Liberal-friendly’ leadership left behind such a nasty stink of corruption that we are cleaning up even today: Nirmala Sitharaman on Raghuram Rajan’s tirade

Sitharaman said that it was during Rajan's time as Governor of the Reserve Bank that loans were given just based on phone calls from crony leaders.
Parle biscuits has recorded a 15.2% growth on net profits for the FY19

Despite job loss rumours, Parle’s net profit rises 15.2% to Rs 410 crores in FY19: Report

Parle Biscuits' net profit for FY19 stands at Rs 410 crores.

PMC Bank scam: Another PMC bank depositor dies of heart attack, second death within a day

Punjabi's death comes just a day after another depositor named Sanjay Gulati had died of a heart attack in Mumbai after being unable to withdraw his life savings of Rs 90 lakh from the bank. 

Nobel to Abhijit Banerjee or not, read the NYAY offer document carefully

As soon as the news spread yesterday that Abhijit Banerjee had won the Nobel Prize, an army of trolls descended on an article about the ill-conceived NYAY scheme by Congress, which was led by Rahul Gandhi

IRCTC shares to be listed on stock market on Monday, 14th October

The shares will be listed on both, the BSE (Bombay Stock Exchange) and the NSE (National Stock Exchange). 
E-commerce giants Amazon and Flipkart sell products worth 19,000 crores in 6 days of sale

Amazon, Flipkart festival sales generate Rs 19,000 crores In 6 days, expected to touch Rs 39,000 crore in October alone

The year-on-year (YoY) growth during the festive sale period was 30 per cent, with significant share coming from customers in tier II and III cities. 
Punit Goenka puts to rest fears of debt repayment of Zee Entertainment

Zee MD Punit Goenka assures investors that the company aims to repay their outstanding debt in 3 months

Zee MD plans to repay all if its Rs 5000 crores loan in domestic market in the next 90 days

India has significantly enlarged global profile steered by decisive leadership, shown remarkable resilience amid global slowdown: WEF President Borge Brende

World Economic Forum president Borge Brende said that India can play a crucial role in the development

Recovery in employment generation, 4 million jobs created in last one year: Reports CMIE, known for its proximity to P Chidambaram

CMIE says that there has been an increase in employment with more than 405 million employed during May-August 2019.

As PMC bank depositors wait a long fight to get their money bank, the scam raises several questions on bank regulation

80% of deposits of PMC bank are in FDs, so relaxing withdrawal limit does not help much
PM Modi defends his government's decision to ban e-cigarettes on his Mann ki Baat programme

PM Modi draws nation’s attention to the harmful effects of e-cigarettes in Mann ki Baat

PM Modi said that there is very little awareness of the harmful effects of e-cigarettes among the masses.
Rakesh Jhunjhunwala asks former London chamber of commerce head to go and invest in Pakistan

Invest in Pakistan if you have concerns about India’s economy: Rakesh Jhunjhunwala slams Ex-head of London Chamber of Commerce

Slamming Ex-head of London chamber of commerce, Rakesh Jhunjhunwala asked him to 'invest in Pakistan' if he has doubts about India’s economic growth.
PMC Bank reportedly gave 96.5 crores personal loan to builder despite his company defaulting on 2500 crore loan

PMC Bank gave 96.5 crores personal loan to builder after his company had defaulted on 2500 crores loan: Report

PMC Bank had total lendings at around 8300 crores and exposure to HDIL alone is reportedly at 31%.
RBI relaxes withdrawal limit for customers of PMC bank

RBI relaxes withdrawal limit for PMC Bank account holders from Rs 1,000 to Rs 10,000 per account

The Reserve Bank of India had earlier enforced regulatory restrictions on the PMC bank limiting its customers from withdrawing not more than Rs 1000.

After RBI’s restrictions on PMC bank, customers file police complaint against bank officials

The Reserve Bank of India on Tuesday imposed restrictions on PMC Bank (Punjab and Maharashtra Cooperative Bank), a Mumbai based urban cooperative bank

IRCTC to launch IPO on September 30, expects to raise Rs 500-600 crore

The government is looking to offload up to 20 million shares in IRCTC, following that the government's stake in IRCTC will come down by 12.5 per cent and expected to make Rs.500-600 crore.

RBI puts restrictions on Punjab and Maharashtra Cooperative Bank, account holders can’t withdraw more than Rs 1,000

Punjab and Maharashtra Cooperative Bank account holders can't withdraw more than ₹1000

Supreme Court judgments have led to 23 lakh job losses in the mining sector, says Federation of Indian Mining Industries

Federation of Indian Mining Industries (FIMI) stated that some SC judgments have led to job loss of 23 lakh people, both direct and indirect, in the mining sector, excluding petroleum and natural gas

To promote growth, just cut tax rates: Here is the likely impact of tax rates for corporates being slashed by the Modi govt

1- 22 per cent of Corporate Tax Rate because it is the optimal tax rate implies that revenue maximization is the key driver of taxation policy going forward.
For India to undo the damages done by decades of Congress rule, Modi 2.0 was absolutely necessary

Modi’s big bang tax cuts : Why a second term for Modi was absolutely critical

With the tax cuts announced yesterday by Modi government, India’s corporate tax rate on manufacturers is now among the lowest in the world, comparable or even lower than business paradise destinations like Hong Kong or Singapore.
Congress members stage protest outside Finance Minister N Sitharaman’s residence

Congress stages protest outside the residence of FM Nirmala Sitharaman while she attends GST council meeting in Goa

So confounded are the Congress leaders by this decision that they decided to stage a protest outside residence of Nirmala Sitharaman while she is away for an important meeting of GST council in Goa.
Stock markets see biggest ever gain in a decade

Biggest ever gain in Sensex and Nifty in a decade after Modi govt’s announcements slashing tax rates for corporates

The Sensex and Nifty saw a historic biggest gain in a single day in a decade following the announcement made by FM Nirmala Sitharaman

Tax rates slashed for corporates, Sensex soars by 1300 points after big announcements by Finance Minister Nirmala Sitharaman

FM Sitharaman made these announcements while addressing the media ahead of GST council meet in Goa.

Odisha: BJD’s ‘election weapon’ KALIA scheme wasted 170 crores on lakhs of ineligible beneficiaries

Odisha's BJD government identified 3.41 lakh ineligible beneficiaries in the KALIA scheme that has ensured their 2019 election victory.
Harish Salve says Article 370 was a mistake, govt's decision has corrected that mistake

Verdict in 2G and coal allocation reasons: Senior advocate Harish Salve holds SC responsible for current slowdown

Eminent lawyer Harish Salve believes SC’s decision of blanket cancellation of licenses in 2G spectrum case and Coal allocation had triggered the economic slowdown
Government approves an ordinance banning electronic cigarettes in India

Cigarette stocks rally about 5.5 per cent after cabinet’s decision to ban e-cigarettes

The Cabinet on Wednesday approved an ordinance making the production, import, distribution and sale of electronic cigarettes a cognizable offence.
China's industrial production growth at lowest in 17.5 years

China’s industrial production growth at lowest in 17.5 years amidst trade war woes

China is set to reduce some key interest rates soon to prevent a sharper slump in activities. The interest cuts, if they happen, will be for the first time in over 3 years.
N Sitharaman announces a comprehensive plan to revive exports and housing sector

Mega shopping festivals to taxation incentives, FM Nirmala Sitharaman announces comprehensive measures to boost export and housing sector

Announcing measures to boost growth in export and housing sector, Nirmala Sitharaman has expressed optimism saying that the signs of economic revival are very encouraging
Image Courtesy: gestion.pe

Report by Silk Road Associates and Baker McKenzie: 5 possible scenarios of China and OBOR’s future and how it can cost $800 billion

The report published on Wednesday outlines 5 possible scenarios that could unfold in the future for China and OBOR depending upon the prevailing geopolitical circumstances.

The Economy has slowed down but to say there is a ‘recession’ ahead, is an exaggeration: Here is the way out

The recent release of quarterly data on GDP growth rate has created panic among citizens of India and that too for the right reasons.

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A Bharat Ratna for Veer Savarkar would be official recognition of his contributions to the story of Independent India at the highest level, despite the vilification heaped by Congress

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