Non-performing assets (NPAs) of self-help groups (SHGs) have gone down to 1.8 per cent, Union Rural Development Minister Giriraj Singh said on Tuesday and called upon banks to provide incentives to those having NPA of less than one per cent. Speaking at an event here, Singh said NPA for self-help groups was 9.58 per cent...
It all truly began in 2013. After milking low production costs and banking on a mammoth consumer market in China for over two decades, western companies began realising that ‘Made in China’ may not be sustainable in the long run. Thus began the thought of the need to look elsewhere. The Covid-19 pandemic emboldened the...
India’s Finance Minister Nirmala Sitharaman said the South Asian nation could buy Russian crude oil near or past the price cap imposed by the G-7 if the recent OPEC+ output cut increases energy costs. “We will have to constantly re-figure where we get the best deal as it is a critical input for the economy,”...
The Directorate General of GST Intelligence (DGGI) has widened its probe against the insurance companies for wrongful claim of input tax credit. It has served show cause notices to multiple insurance intermediaries including HDFC Bank, Go Digit Insurance, Policy bazaar, people familiar with the development said. The notices, sent by the Mumbai, Ghaziabad, and Bengaluru...
Just about a week after India’s Monetary Policy Committee surprised with a status quo on rates, calling it a pause and not a pivot, the country’s retail inflation rate eased to a 16-month low and was back in the central bank’s mandated comfort band. Retail inflation in India eased to 5.66 per cent in March...
Trade ministers of India and France have held discussions related to the ongoing talks for a free trade agreement between India and the European Union, the commerce ministry said on Wednesday. Commerce and Industry Minister Piyush Goyal was in Paris to attend India-France Business Summit and CEOs roundtable meet. He held bilateral meetings with several...
The federal government’s decision to review the pension scheme for its employees must not come at the cost of prudent fiscal management, economists told Reuters on Tuesday. They feared that a higher share of government revenues going towards salaries and pensions will compromise development expenditure. The centre’s decision to review the pension system – a...
As gold prices touched a new high of Rs 61,000 per 10 gm, people are queuing up for gold loans. But the gold loan NBFCs are taking a cautious approach to minimise the risk of loans being taken into auction to a bare minimum, if there is a sudden decline in gold prices from higher...
Late Prime Minister PV Narasimha Rao once said, ‘not taking any decisions itself is a decision.’ The Reserve Bank of India’s (RBI) approach to interest rates Thursday brings back memories of Rao. Financial markets, in the business of reading the future from the present, were excited that interest rate increases are behind after the RBI...
The Reserve Bank of India (RBI) surprised markets by holding its key repo rate steady on Thursday after six consecutive hikes, saying it was closely monitoring the impact of recent global financial turbulence. The central bank said its policy stance remains focused on “withdrawal of accommodation”, signalling it could consider further rate hikes if necessary....
