Page 1355 - Economy & Policy News
New rail minister orders officials, staffers in office to work in 2 shifts
Hours after taking charge as the new Railways Minister in Prime Minister Narendra Modi's cabinet, Ashwini Vaishnaw ordered officials and staffers in his office to work in two shifts
 "New rail minister orders officials, staffers in office to work in 2 shifts")
RBI could be facing another standoff with traders over new bond sale
Central bank seeks to keep the government's borrowing costs low, while investors are demanding higher yields.
 "RBI could be facing another standoff with traders over new bond sale")
Top forecaster stays bullish on Indian Rupee, Southeast Asia currencies
Alvin Tan, head of Asia currency strategy at RBC Capital Markets, says biggest risks for Asian currencies are a more hawkish Federal Reserve.
 "Top forecaster stays bullish on Indian Rupee, Southeast Asia currencies")
Southwest monsoon deficient in 41% of India's 694 districts till July 8
The India Meteorological Department is hopeful that rainfall will revive in the next few days
 "Southwest monsoon deficient in 41% of India's 694 districts till July 8")
Important decisions for welfare of agriculture, farmers taken: PM Modi
The government has taken important decisions for the welfare of agriculture and farmers, Prime Minister Narendra Modi said on Thursday,
 "Important decisions for welfare of agriculture, farmers taken: PM Modi")
New railway minister takes charge, directs officials to work in 2 shifts
Bureaucrat-entrepreneur-turned-politician Ashwini Vaishnaw took charge as the country's new railway minister on Thursday
 "New railway minister takes charge, directs officials to work in 2 shifts")
Private participation, few passengers: Host of tests for new rail minister
Completing freight corridors, negotiating land for the bullet train, and speeding up monetisation plans would be some of the major focus areas for Ashwini Vaishnaw
Mandavia to be pivotal in govt plans to manage Covid, lift country's image
Mandaviya is also seen as industrious and resourceful in his home state
 "Mandavia to be pivotal in govt plans to manage Covid, lift country's image")
RBI to banks: Phase out Libor soon, move to alternative reference rates
However, lenders say they're not sure which alternative will be more reliable
 "RBI to banks: Phase out Libor soon, move to alternative reference rates")
Centre makes mandis eligible for loans under Rs 1 trn Agri Infra Fund
State-level agencies and cooperatives are also eligible for loans up to Rs 2 cr to build farm gate storage infra and processing facilities at interest subvention of 3%
 "Centre makes mandis eligible for loans under Rs 1 trn Agri Infra Fund")
In first meet, new Cabinet approves Rs 23,123-crore Covid-19 fund
The Union cabinet Thursday approved a Rs 23,123-crore package for improving health infrastructure to fight COVID-19 as part of which around 2.4 lakh medical beds and 20,000 ICU ones would be created with a special focus on paediatric care.
 "In first meet, new Cabinet approves Rs 23,123-crore Covid-19 fund")
Switch to free market is aviation minister Jyotiraditya's biggest challenge
The undercurrent mindset favours protectionism, with the govt deciding the capacity airlines can deploy and the maximum and minimum fare they can charge
 "Switch to free market is aviation minister Jyotiraditya's biggest challenge")
Indian Navy's reluctance to vacate spectrum likely to delay 5G auction
The entire spectrum offered by the govt in the last auction was sold off at the base price
 "Indian Navy's reluctance to vacate spectrum likely to delay 5G auction")
Bonds rally after RBI guv indicates accommodative policies will continue
"Any hasty withdrawal of monetary policy support will negate the nascent or incipient recovery that is taking place," RBI Governor Shaktikanta Das told Business Standard in an interview
 "Bonds rally after RBI guv indicates accommodative policies will continue")
Vehicle registrations in June increase 23% on last year's low base
As compared to June 2019, total registrations dropped 29 per cent
 "Vehicle registrations in June increase 23% on last year's low base")
French court allows Cairn to seize 20 Indian govt properties in Paris
Assets are worth more than 20 million euros; FinMIn says no communication received in the matter Cairn is also eyeing assets in US, UK, Canada, Singapore, Mauritius and Holland
 "French court allows Cairn to seize 20 Indian govt properties in Paris")
Life insurers' new business premiums grow 4% YoY in June after dip in May
In Q1FY22, the life insurance industry reported a 7 per cent increase (YoY) in NBP
 "Life insurers' new business premiums grow 4% YoY in June after dip in May")
IPO-bound LIC to have CEO, managing director as Centre scraps chairman post
Govt amends another rule to appoint a full-time actuary for state-owned insurance behemoth
 "IPO-bound LIC to have CEO, managing director as Centre scraps chairman post")
Google tax collection jumps 4 times in Q1; Bengaluru tops the list
This comes in the backdrop of India agreeing to the global tax deal proposal at the OECD, which will require New Delhi to withdraw the equalisation levy by 2023
 "Google tax collection jumps 4 times in Q1; Bengaluru tops the list")
Cabinet nod to APMCs availing finance from Rs 1 trn agri-infra fund: Tomar
APMC mandis will now be eligible to avail financial support from the Rs 1 lakh crore Agriculture Infrastructure Fund to expand the regulated markets' capacity and provide better facilities to farmers
 "Cabinet nod to APMCs availing finance from Rs 1 trn agri-infra fund: Tomar")