Govt pegs FY19 GDP growth at 7.2%; estimate lower than RBI prediction
The economy is likely to grow at a slower pace in the current financial year (2018-19, or FY19) than what was previously expected despite a significant rise in investment and manufacturing activities, showed the latest data released by the Central Statistics Office (CSO) on Monday. Gross domestic product (GDP) is pegged to grow at 7.2 per cent in FY19, lower than the Reserve Bank of India’s (RBI’s) estimate of 7.4 per cent and the finance ministry’s projection of 7.5 per cent. However, it is higher than last year, when the economy grew at 6.7 per cent. Click here to read.
Govt springs surprise on rivals, clears 10% quota for general category poor
The Narendra Modi-led government at the Centre sprang a surprise on political rivals by announcing a 10 per cent reservation in jobs and education for the economically backward in the general category. The Cabinet has approved the Bill. This comes with the Lok Sabha elections round the corner and weeks after the Bharatiya Janata Party’s (BJP’s) defeat in Assembly elections in the Hindi heartland states, Chhattisgarh, Rajasthan, and Madhya Pradesh (MP). Read on...
200 mn workers on 2-day nationwide strike from Tuesday, farmers to lend support
Around 200 million workers are set to go on a two-day, nationwide strike from Tuesday to protest the government's labour policies. "As many as 10 central trade unions have joined hands to go on a two-day nationwide strike from tomorrow. We expect 200 million workers to join the strike," Amarjeet Kaur, General Secretary of All India Trade Union Congress, was quoted as saying by news agencies on Monday. Kaur was speaking at a joint press conference of the 10 central trade unions in New Delhi. Click here to read.
Bandhan Bank buys Gruh Finance; promoter stake in bank to reduce to 61%
Gruh Finance, the HDFC group’s affordable housing finance arm, will merge with Kolkata-based Bandhan Bank, helping the latter’s promoters to reduce stake in tune with regulatory norms. The proposed merger will also avoid a potential conflict of interest for HDFC to grow its affordable housing loan portfolio. Read on...
Liquidity infusion will not be 'easy money': RBI governor Shaktikanta Das
Reserve Bank of India (RBI) Governor Shaktikanta Das said on Monday dealing with issues of liquidity was one of the central bank's biggest priorities. However, any infusion would be strictly based on the need to ensure that it was not seen as “easy money” by the markets. This comes a day before Das meets the representatives of non-banking financial companies (NBFCs) in Mumbai. Click here to read.
SC verdict on CBI Director Alok Verma's plea against his removal on Tuesday
The Supreme Court is scheduled to pronounce on Tuesday its verdict on CBI Director Alok Kumar Verma's plea against the Centre's decision to divest him of powers and sending him on leave. The Centre had taken a decision against Verma and CBI's Special Director Rakesh Asthana after their feud become public as they made allegations of corruption against each other. Read on...
Jet Airways trying to renegotiate vendor contracts to cut costs: Report
Debt-laden Jet Airways India Ltd is trying to renegotiate contracts with its vendors as lenders demand a revival plan by month-end from India’s second-largest airline by passengers, according to people with knowledge of the discussions. The Naresh Goyal-led airline is in talks to defer or reduce payments to vendors including aircraft lessors and those providing engineering, spare parts, credit card and airport services, said one of the people, who asked not to be identified as the discussions aren’t public. Lenders have said any short-term loan to keep the carrier afloat would be based on the plan proposed by Jet Airways and its equity partner Etihad Airways PJSC, according to the people. Read on...
BPCL looks to revive plan to build terminal for imported LNG
State-run Bharat Petroleum Corp. Ltd (BPCL) may revive its plan to build a terminal for imported liquified natural gas (LNG) amid rising domestic demand for the clean fuel, two people aware of the development said. The regasification liquefied natural gas (R-LNG) terminal with a capacity of 1-to-3 million tonnes per annum (mtpa), was planned to be expandable to 5 mtpa later, according to a Livemint report.
How NBFCs are pushing for retail borrowings
India’s para-banks are reprising action plans from the past to secure their future, Economic Times reported. A decade after they sold retail bonds to build an investor base that wouldn’t wobble with the ebb and flow of the capital markets, these last-mile financiers are back to selling a record number of debentures this year to limit their dependence on mutual funds.
CAI trims cotton crop estimate to 335 lakh bales for 2018-19
In its latest estimate for cotton crop, the apex body, the Cotton Association of India (CAI), has predicted India's cotton crop at 335 lakh bales (each of 170kg) for the year 2018-19, about 8 per cent lower from 365 lakh bales reported last year. Citing water shortage due to deficient rainfall in the growing regions, CAI stated that farmers in about 70-80 per cent of the cotton area have uprooted cotton plants, according to a The Hindu BusinessLine report.