Economic development alone cannot sustain long-term social security for the people

Letters: Focus areas in Budget

Business Standard

Inflation might be at a comfortable level now, but new and emerging issues are likely to hold the attention of RBI Governor Rajan for long

Letters: Busy days for Rajan

We don't see the exchange rate as something that we can manipulate in a significant way: Raghuram Rajan

Raghuram Rajan

Interview with Governor, Reserve Bank of India

The market frenzy that accompanies each monetary policy meeting was thankfully absent this time around. Having characterised the 50-basis point rate cut in September as a case of "front-loading," the Reserve Bank of India (RBI) was widely expected to be on hold mode. In fact, since the last review, there have been pockets of food price pressures domestically and globally, the momentum of core-core inflation has mean-reverted, fiscal uncertainties have arisen on the back of the proposed public sector wage hike, and a US Federal Reserve hike looms - all of which likely reinforced the central bank's desire to stay pat.Going forward, RBI guided that it would closely follow commodity and food prices, external developments and the Budget, and stayed open to the possibility of more easing as long as it did not impede the five per cent inflation target for January 2017.Conspicuous by its absence, however, was an over-emphasis on external risks related to the Fed rate hike cycle.  What this sug

Handing over the baton: Sajjid Z Chinoy

Open versus close

Closed-end mutual fund equity schemes have been the flavour of the season in the Indian market over the past two years

With reference to the article, "Why financial schemes are struggling" (November 30), I fully agree with the view expressed by its author, Debashis Basu, that there is fallacy in the schemes announced by the government. A universal pension plan for every individual in the country in the age group of 18 to 60 was launched by the government. A person in that age group has to pay a monthly amount till he attains the age of 60 after which he receives a monthly pension amount. On the face of it, the scheme is good, but deeper analysis shows all is not well.The first and foremost point is that the amount accumulated till an employee's retirement might be too little and would likely be of little value to him or her.The second question is how the government plans to deploy the funds collected under the scheme. Will a separate corpus be created from this fund for payment of pension and will it be invested in the market to yield sufficient returns? How can a person be sure that he will get the mo

Letters: Make policy future-proof

With reference to the thought-provoking editorial, "The GST logjam" (December 1), there is no doubt that the Opposition's continued anti-government stance is a big hindrance to the passage of the Goods and Services Tax Bill, one of the biggest tax reforms proposed since 1991.Track record shows that the Bharatiya Janata Party and the Congress have long been engaged in a never-ending, yet unfortunate, political game of "what you propose, I will oppose", depending on who between the two is in power. But two wrongs can never make a right.In the case of the GST, all major political parties agree in principle that it is required; the differences are over some provisions contained in it. There are also serious concerns regarding the proposal to fix a revenue-neutral GST rate in the Constitution Amendment Bill itself. I fully endorse the editorial's view that it would be more prudent to retain the rates in the regulations under the GST law.The imposition of a one per cent manufacturing levy wi

Letters: End the GST logjam

As the government goes through a tough week in Parliament over the issue of "intolerance", an online food ordering marketplace has urged customers to be "intolerant to hunger". In a promotional text message on Monday, it said: "Be intolerant to hunger! Beat Monday despair with your loved food. We have got you up to 50 per cent off on restaurants near you."

'Intolerant' to hunger

There seems to be some confusion among a section of parliamentarians regarding a survey conducted by Assocham. Four MPs, including Nationalist Congress Party's Supriya Sule, raised some questions for the commerce and industry ministry about the study conducted by the industry body on foreign direct investment (FDI) in multi-brand retail and its suggestion that the government allow such FDI through public-private partnerships (PPP) with adequate safeguards to protect domestic stakeholders. Minister of State for Commerce and Industry Nirmala Sitharaman replied that no such study had been conducted by the government and that no such proposal for PPP in multi-brand retail from Assocham was being considered by the government.

Confusion regarding study

Bahujan Samaj Party (BSP) chief Mayawati on Monday questioned the Bharatiya Janata Party's commitment to the Constitution, alleging that the ruling party was making little effort to curb the rising incidents of intolerance in the country. Addressing the Rajya Sabha during a discussion commemorating the drafting of the Constitution, Mayawati did not spare the Congress also, saying it was only paying lip service to B R Ambedkar, the architect of the Constitution. Taking a swipe at the government for inviting Congress President Sonia Gandhi to tea to garner the Opposition party's support in passing the crucial Goods and Services Tax (GST) Bill, Mayawati said, "We, the BSP, will support the GST and you don't have to offer us tea; no, not even a glass of water."

Support without tea

Prohibition in Bihar is well meant but ill-advised

In the wrong spirit

Banking on the banks

Cash call

Mutual fund managers' exuberance towards stocks is seen wearing off, with their cash levels inching up and net investments going down. In October, the cash holdings of equity schemes rose Rs 1,000 crore or 20 basis points of overall equity assets under management (AUM) over the previous month.Net investments into stocks also dipped to around Rs 3,000 crore in November and Rs 4,500 crore in November, compared to previous three-month average of Rs 8,500 crore. Among the top 10 fund houses, majors ICICI Pru AMC, Franklin Templeton, Kotak MF, Birla Sun Life MF witnessed a rise in their cash holding as a percentage of their equity AUM in October.HDFC MF and Reliance MF have the least cash in their equity portfolios, at less than two per cent of equity AUM. Equity fund managers say the plan is to increase their cash holding if some of the headwinds, including disappointing corporate earnings, continue.Also, on the global front, they said, events like the US Federal Reserve increasing rate in

In my November 29 opinion piece, "A circle of professionals", I left out a very important person, Dr Shyama Prasad Gupta, who, in the World Bank in the 1970s

Letters: A clarification on opinion piece

The current economic situation indicates that RBI Governor Raghuram Rajan is unlikely to tinker with the present repo rate structure at the fifth bimonthly policy meeting slated for December 1

Letters: Let Rajan take the call

With reference to Laila Tyabji's article, "Free to question India's imperfections" (November 27)

Letters: Double standards

As the Lok Sabha on Monday initiated a discussion on the "increasing incidents of intolerance", CPI (M) MP Mohammad Salim repeatedly got under the skin of BJP during his speech

Salim's puns on the BJP

Congress MP Jyotiraditya Scindia has accused the NDA government of moving from chai pe charcha to gai (cow) pe charcha

From tea to cow

Bollywood actor Shah Rukh Khan has been associated with car maker Hyundai since the launch of its first car in India in 1998

Business Standard

Business Standard

Page 373 - Business Standard

Letters: Focus areas in Budget

Letters: Busy days for Rajan

We don't see the exchange rate as something that we can manipulate in a significant way: Raghuram Rajan

Handing over the baton: Sajjid Z Chinoy

Open versus close

Letters: Make policy future-proof

Letters: End the GST logjam

'Intolerant' to hunger

Confusion regarding study

Support without tea

In the wrong spirit

Banking on the banks

Cash call

Letters: A clarification on opinion piece

Letters: Let Rajan take the call

Letters: Double standards

Salim's puns on the BJP

From tea to cow

Who's the oldest of 'em all?

The GST logjam