Plan and Policy

Plan & Policy

Govt lists 5-point steps to boost rupee, lessen CAD

Amid rupee decline and rising fuel prices, the government on Friday took 5 measures to control current account deficit and falling rupee.

Prime Minister Narendra Modi held a meeting on Friday with Finance Minister Arun Jaitley in which RBI's governor and deputy governor, officials of the finance ministry and PMO officials were present.

In the meeting, RBI governor gave a detailed presentation about the condition of world's economy.

For India's poorest, an Aadhaar card can be the difference between life and death

Prem Malhar says his 50-year-old father died of hunger a few months ago because he did not have the government’s Aadhaar identity card that would have given him access to subsidised food.

At least 14 people have died of starvation in Jharkhand, the state where the Malhars live, activists say. They say the deaths have occurred since authorities cancelled old handwritten government ration cards last year and replaced them with the biometric Aadhaar card to weed out bogus beneficiaries.

Bank credit rose by 13.49%; deposits by 8.9%

Bank credit grew by 13.49 per cent to Rs 87,89,259 crore in the fortnight ended August 31, according to recent RBI data. In the year-ago fortnight, bank advances was at Rs 77,44,237 crore.

In the reporting period, the growth in advances was higher than the previous fortnight ended August 17, 2018, when it had grown at 12.94 per cent to Rs 86,75,129 crore.

How Kochhar got clean chit in 15 minutes, asks shareholder

Facing multiple enquiries, ICICI Bank CEO Chanda Kochhar (in pic) has gone on long leave, but the allegations levelled regarding quid pro quo and conflict of interest reverberated in the bank’s annual general meeting (AGM) on Wednesday.

Air India to sell land, flats worth Rs 300 cr

In yet another round of auction of its assets as part of its asset monetisation plan, crisis-hit Air India would issue tenders on Thursday for land parcels and flats worth about Rs 300 crore across various cities, a top airline official said. Maintaining that the recent equity infusion of Rs 980 crore and sovereign guarantee to raise Rs 2,000 crore loan from banks have brought some relief, the official said, adding that a turnaround plan was in the works.

China explores bullet train to Kolkata from Kunming

Chinese Consul General in Kolkata Ma Zhanwu said on Wednesday his country was mooting a bullet train service between Kunming and Kolkata, traversing through Myanmar and Bangladesh. With joint efforts of India and China, a high-speed rail link could be established between the two cities, Zhanwu said.

PM Modi To Review Health Of Economy

Prime minister Narendra Modi has called a high-level emergency meeting on Saturday to review the health of the economy in view of free-falling rupee and surging oil prices which have come in for severe criticism from many quarters. The meeting will explore intervention measures to tame the slide in rupee’s exchange value which touched threatened to breach 73 a dollar on Wednesday. Finance minister Arun Jaitley and Reserve Bank governor Urjit Patel and senior government officials will attend the meeting.

Billionaire hires 12 to help daughter study at UK varsity

The daughter of an Indian billionaire has been dubbed the “poshest” student in the UK after it was claimed that her family is hiring 12 staff members to help her during her studies at a Scottish university.

The first-year student at the University of St Andrew on the east coast of Scotland will have a house manager, three housekeepers, a gardener, a lady’s maid and a butler on hand to help her, along with three footmen, a private chef and chauffeur, The Sun reported.

NPAs rise, Jaitley to meet bank bosses to review scenario

Finance minister Arun Jaitley will hold the annual NPA review meetings of the public sector banks towards the end of this month, official sources said. It will be Jaitley’s first major engagement with state lenders after resuming office after a gap due to medical issues. He will review banks’ NPA statuses, recoveries through resolutions, NCLTs and challenges. He will also seek their inputs on lending shortcomings and urge larger focus on MSMEs.