Editors Column

In a time, when a credible nuclear deterrence is the need of the hour, India has done well for itself by completing the nuclear triad – the capability to fire nuclear weapons from land, air and sea – with the first indigenous nuclear submarine INS Arihant.

How crucial international crude oil prices are for the performance of the Indian economy is well established. But, every few months global markets register a reminder of this. Just four weeks back, when crude oil prices were soaring and had gone above the $85 mark, the financial markets very extremely nervous.

Prime minister Narendra Modi seems to have leveraged technology in a big way to derive huge benefits for the economy on the whole and industry in particular. The common portal launched to access loans up to Rs one crore by micro, small and medium enterprises (MSMEs) registered with goods and services tax (GST) network in 59 minutes is a demonstration of what technology can achieve for India.

Erstwhile Telugu matinee idol and founder president of Telugu Desam Party (TDP) NT Rama Rao must be turning in his grave. Rao built the entire edifice of TDP on an anti-Congress platform and Telugu pride. He had also played the role of National Front chairman to take on the Congress at the national level.

The central government is celebrating the jump in ‘ease of doing business’ ranking of the World Bank’s ‘doing business’ report by 65 places in 4 ye­a­rs under prime minister Narendra Modi. Going from 142nd place to 77th in ranking should enthuse all Indians.

Prime minister Narendra Modi may need to step in to end the ongoing feud between Reserve Bank of India (RBI) governor Urjit Patel and finance minister Arun Jaitley that has escalated into a full-blown war. Precipitating the situation is in nobody’s interest. The Centre, for its part, ought to respect and ensure functional autonomy of the central bank.

India and Japan’s $75 billion currency swap signed during the two-day visit of prime minister Narendra Modi is significant. Stabilising the rupee that has been on a free slide over the last few months, shoring up market sentiment and curbing current account deficit (CAD) could be the key considerations behind the deal.

Being small may not always be beautiful. Small payment banks seem to be conveying this very message as they lose steam. Though they began their operations two years back with lots of hope to achieve financial inclusion and bring the unbanked population into banking space, not much has moved forward.

The constitutional and political crisis unfolding in Sri Lanka may not augur well for India.

The offer by the Ruias to settle 100 per cent debt of senior creditors for retaining control of Essar Steel will have to be seriously considered by banks. It is not relevant to analyse the timing of the offer. If the Rs 54,389 crore offer made by Ruias is credible and workable the banks can surely vote again in the matter.