Plan and Policy

Plan & Policy

Govt could’ve done more on reforms: EAC member Ravi

Shamika Ravi, member of the Prime Minister’s Economic Advisory Council has said that despite the government’s reforms push, much more could have been done over the last four years when the NDA government of Prime Minister Modi has been in power. She observed that Modi’s election was on the development plank and there was the promise of economic reforms. However, liberalisation did not match up to the expectations.

Kerala floods, high fuel, interest costs hit August car sales

Automobile honchos and analysts said Kerala floods, unfavourable base effect, high fuel and interest costs subdued monthly sales of select Indian automobile companies in August.

They also said natural calamities in some parts of the country due to heavy monsoon rains also dampened buyers' sentiments.

Last week-end, market leader Maruti Suzuki India, which sells one car out of two bought in the country, Hyundai, second biggest car maker, reported decline in sales, while Tata Motors, Mahindra & Mahindra and Toyota Kirloslar Motor saw healthy growth last month.

Not newborns but medical waste in plastic bags: Kolkata police

Hours after it told a press conference that 14 human foetuses were found in the bags recovered during cleaning of a vacant patch of land at Haridebpur in southern Kolkata, Kolkata Police on Sunday retracted the statement saying, “The plastic bags actually contained medical waste.”

Initial police reports before the press conference had said bodies of 14 newborns were recovered.

ITI ropes in 58 SMEs for second coming

The country’s oldest public sector undertaking, ITI Ltd, has roped in a bunch of start-ups to create a tech ecosystem to support its second coming and sustain its future growth.

Double digit GDP growth is ambitious, says DEA secy

Even as India has achieved 8.2 per cent growth in Q1 of the current fiscal, double-digit growth is unlikely to be achieved anytime soon, a top government official has said.

“In nominal terms, even this quarter’s grow-th is 12 .5 per cent. But 10 per cent annual growth is a very ambitious and big thing,” Subhash Chandra Garg, secretary, Department of Economic Affairs (DEA) told Financial Chronicle.

Wipro strikes its biggest deal, hopes to win lost ground

Wipro Limited has won its largest-ever single deal. The tech major bagged a 10-year contract from Illinois-based Alight Solutions LLC, the company said on Sunday. The deal will bring revenues in the range of $1.5 billion to $1.6 billion for the company over the next 10 years.

Clearly, this is Wipro’s largest win to date. In 2014, it signed a $1.1 billion outsourcing deal with a Canadian logistics firm ATCO for 10 years that will be ending in 2024.

Cash strapped AI bans staff travel for work

Crisis-ridden Air India has banned all “non-mandatory” staff-on-duty (SOD) travel by its executives as it scrambles to save each penny in the face of rising operating costs.

In a letter to all department heads and executive directors (EDs), the airline chairman and managing director Pradeep Singh Kharola has issued a stern warning against such air travel saying they would be taken to task for non-compliance of the order.

OILGEDDON to impact fiscal consolidation

Rising oil prices and depreciating rupee are set to seriously disrupt the path to fiscal consolidation this year with estimates suggesting that the country’s crude import bill in FY19 would shoot up by close to 50 per cent to $ 130 billion, more than double of what government agencies are projecting.

Govt clears promotions to fill key PSB vacancies

The finance ministry is set to appoint 17 executive directors (EDs) in state-own-ed banks on a priority basis, while five of the selected total of 22 general managers (GMs) have been put on waiting list.

ICRA upgrades ABFL, ABHFL to AAA

The rating agency Icra has upgraded its rating on the long-term debt instruments of Aditya Birla Finance (ABFL) and & Aditya Birla Housing Finance (ABHFL), the lending businesses under Aditya Birla Capital, to ‘Icra AAA’ from ‘Icra AA+’.

Instruments with this rating are considered to have the highest degree of safety regarding timely servicing of financial obligations. Such instruments carry lowest credit risk. ABFL and ABHFL are already rated AAA by India Ratings.