The Asian Development Bank on Wednesday retained India’s economic growth forecast at 7.3 per cent for the current fiscal and 7.6 per cent for 2019-20, despite downside risks posed by stress in the non-banking sector, limited fiscal space as well as escalating trade tensions.
Plan and Policy
Plan & Policy
Shaktikanta Das, the 25th governor of the Reserve Bank of India, on Wednesday allayed fears of rift between the central bank and the government saying he would do everything to uphold the core values and autonomy of RBI.
At his first press conference, Das said every institution must adhere to principles of accountability and that the government was not just a stakeholder but managed policy and ran the country.
He said the December 14 RBI board meeting was on track and would discuss all issues listed in the agenda and set up a panel on RBI reserves shortly.
It will no longer be mandatory for owner-drivers of vehicles to buy a personal accident cover bundled with the motor cover as stipulated earlier by the insurance regulator. Irdai has relaxed the norms and from January 1, 2019, a standalone personal accident cover will do.
The government is hopeful of scraping through the Rs 80,000 crore disinvestment target of FY19 with the help of the PFC-REC deal, a third round of Bharat 22 exchange-traded fund (ETF) and few offer-for-sale (OFS) in select blue chip
companies, said a senior official.
Though the move to divest entire government (51 per cent) stake in Pawan Hans is in an advanced stage, it could not be possible in FY19, the official said. The remaining stake in Pawan Hans, which has a fleet of 46 choppers, is owned by state-run ONGC.
India’s sugar production could fall in 2019/20 as farmers are struggling to plant cane because of a drought in two of the country’s top producing states, according to multiple industry officials and traders.
A drop in production would slash exports from the world’s second-biggest sugar producer and support global prices that have fallen 15 per cent so far in 2018.
With the change of guard at the Mint Street, the finance ministry expects better consultations and less rigidity in the decision-making by the Reserve Bank of India and may moderate its stance on the charter of demands where it seeks relief from the central bank.
The ministry is not seeking exemptions, but wants that global practices be followed in RBI regulations, said a senior official after the first press conference addressed by new governor Shaktikanta Das, who assumed charge on Wednesday.
Newly appointed RBI governor Shaktikanta Das on Wednesday said he will try to uphold the autonomy, credibility and integrity of the “great institution” and take every stakeholder, including the government, along in a consultative manner.
Economist Surjit Bhalla, who had faulted the Niti Aayog’s involvement in the release of re-stated economic growth numbers of the UPA government, has resigned as a member of the Prime Minister's Economic Advisory Council (PMEAC).
"I resigned as a part-time member of PMEAC on December 1," he said in a Twitter post.
He broke the news a day after Urjit Patel's unexpected resignation, as the RBI governor amid a standoff with the government over a range of issues.
The NOTA or none of the above option appeared to have outperformed several political parties, including AAP and Samajwadi Party, which contested the assembly polls in the five states.
According to the election commission’s website at 5.45 pm on Tuesday, the NOTA votes ranged as high as 2.1 per cent in Chhattisgarh to 0.5 per cent in Mizoram.
The Aam Aadmi Party (AAP), which fielded its candidates on 85 seats out of 90 seats in Chhattisgarh, got 0.9 per cent of votes while NOTA votes were 2.1 per cent of the counted votes in the state.
Four policemen were killed on Tuesday when Pakistan-based Jaish-e-Mohammed terrorists attacked a guard post outside a minority pocket in south Kashmir’s Shopian district, officials said.
The attack took place this afternoon when four policemen were sitting in a pre-fabricated room outside the pocket that houses six Kashmiri pandit families.
A senior police official said that six Jaish-e-Mohammed terrorists were led by former Special Police Officer Adil Bashir, who deserted in October and decamped eight weapons from a PDP legislator.