New Delhi

Chidambaram quotes Reserve Bank study to slam Modi govt

Citing an RBI-sponsored study, former finance minister P Chidambaram on Monday slammed the present dispensation for the “bad state of the economy” due to ‘wrong policies’.

According to the study 48 per cent of those surveyed felt economic condition had worsened in the last 12 months, he tweeted later.

He said a “flawed road” to GST continued to haunt trade and business, and that the adverse effect of demonetisation had been established “beyond doubt”.

Coca-Cola founder was a ‘shikanji’ seller, McDonald’s founder a ‘dhaba wala’: Rahul’s ‘pearls of wisdom’

While addressing a convention of OBC workers of the Congress, party president Rahul Gandhi on Monday cited the examples of successful American entrepreneurs to attack prime minister Narendra Modi’s policies but took the analogies too far by describing the founder of Coca-Cola as a ‘shinkanji seller’ and that of McDonald’s a ‘dhaba wala’.

He also said the founders of Ford, Mercedes and Honda were 'mechanics' whose skills were recognised by the meritocratic system in their countries and allowed them to prosper.

Ailing Vajpayee admitted to AIIMS

Prime minister Narendra Modi on Monday visited former prime minister Atal Bihari Vajpayee after he was admitted to AIIMS for investigations. The condition of the BJP patriarch, who has been ailing for long, was stated to be stable.

Modi enquired about the well-being of Vajpayee and met his family members, official sources said.

“He has been admitted for examination and management. He is stable,” according to a statement issued by the premier hospital.

Delhi CM, other ministers stage sit-in at LG office

Delhi chief minister Arvind Kejriwal and his cabinet colleagues met Lt Governor Anil Baijal on Monday evening amid high drama and decided to stay put at his office till their three demands were accepted, including a direction to IAS officers to end their “strike” and action against officers who have struck work for “four months”.

No intent to control sugar sector; just helping mills clear cane arrears: Govt

The Centre does not want to regulate the sugar sector and has fixed the minimum selling price for the sweetener, as also stock limits on mills, only in the interest of farmers, consumers as well as small units, a senior food ministry official said on Monday.

The official also ruled out any increase in the minim­um selling price of sugar and wondered as to why consumers will pay more in a glut market.

Retire hurt or happy?

Your retirement nest egg may be way too small to see you through the years ahead in the twilight zone. Well, if you are lucky and living in Thiruvanathapuram, with just about Rs 98 lakh you can chill for 20 years in retirement, bathing in the calmness of a care-free life. However, if you are in the wrong city, that is, Mumbai, you need close to Rs 1.6 crore in kitty to thrive the two post-retirement decades in the Maximum City.

Panel set up to look into jobs data calculation

The government has set up a technical committee un­der former chief statistician TCA Anant to bring in more transparency in jobs data calculation and presentation, the labour ministry said on Monday.

“It (the ministry) would like to present a proper perspective on these issues so that the end users and public at large become aware of the processes involved in generation of these estimates,” the release said.

Rapid rise in demand led to feeling of coal shortages: Goyal

Union minister Piyush Goyal on Monday said rapid rise in coal demand has led to a “feeling” that there are shortages, amid concerns about inadequate supply of the dry fuel.

Goyal, who holds the portfolios of coal and railways, also asserted that both ministries are working together to ensure that no power plant is shut on account of fuel shortages.

Last month, the Delhi government had urged the Centre to direct the railways to provide rakes for transporting coal to power plants in Delhi-NCR, which is facing “alarming level” of coal shortage.

FinMin: No more banks likely to come under RBI corrective action

More banks are unlikely to be brought under the RBI’s prompt corrective action (PCA) framework as the situation pertaining to bad loans is expected to improve in the next couple of quarters, according to a finance ministry official.

Currently, 11 banks including Bank of India, IDBI Bank, Dena Bank and Allahabad Bank are under the PCA framework.

As the debt resolution process under bankruptcy law is gaining strength, it is bound to bring down the non-performing assets (NPAs) or bad loans of the public sector banks (PSBs) in the next few quarters, the official said.

RBI governor to face House panel today

RBI governor Urjit Patel is likely to face tough questions from a parliamentary panel on Tuesday on a range of issues including the amount of cash returned post demonetisation, the PNB fraud and the mounting bad loans of banks.

Patel is scheduled to appear before the Parliament’s standing committee on finance headed by Congress leader Veerappa Moily. It has members from various political parties, including former prime minister Manmohan Singh.