Saying the government has not “destroyed the Reserve Bank as an institution,” Union minister Nitin Gadkari on Thursday asserted the central bank is part and parcel of the government and therefore it has to support the economic vision of the government of the day.
Plan and Policy
Plan & Policy
Asserting that the government is the most important manager of the economy, finance minister Arun Jaitley on Thursday acknowledged that there were two-three areas of differences with the RBI, but questioned how discussions on its functioning could destroy an autonomous institution like the central bank. Speaking at an economic conclave, the finance minister said the differences with RBI included credit flow in the economy and liquidity support, adding that the government had initiated a “discussion” to convey its concerns.
In a big blow to Trai, TDSAT on Thursday struck down its February order on predatory pricing and asked the telecom regulator to revise provisions within six months.
The poll-bound Modi government may announce a holistic or selective farm loan waiver, however, it could be the “worst solution” to alleviate farmers’ distress, warn economists at SBI Research.
Instead, they suggest that income support schemes may be a more effective alternative and bold steps are needed to address rural distress, days after the ruling Bharatiya Janata Party’s (BJP) loss in three key state elections where farmers have been hit by low prices and higher input cost.
The GST council may raise cess on cars to mobilise resources for providing subsidy to electric vehicles. The move is also aimed at reducing dependency on fossil fuel through promotion of green energy sources.
The government levies a GST (goods and services tax) of 28 per cent besides a cess of 15 per cent. The cess on bigger cars like mid-sized sedans and SUVs is higher and may be raised to 25 per cent.
In what appears to be a deep unease at the country’s largest airline IndiGo, its senior advisor Greg Taylor, who was tipped to be its next CEO, is learnt to have resigned. Industry sources claimed that Taylor was miffed over the appointment of Ronojoy Dutta as principal consultant in the company. Appointed early this month, Dutta has now emerged as the top choice for the CEO post, which is lying vacant since the exit of Aditya Ghosh. Sources said Taylor will leave the company at the end of December.
Farmers have a reason to cheer as the Congress, which ousted BJP governments in Rajasthan, Madhya Pradesh and Chhattisgarh, is firm on keeping its word on waiving around Rs 41,000 crore farm loans soon.
According a source, the delivery of loan sops within 10 days of government formation, as promised to farmers during election campaign by Congress president Rahul Gandhi, is well on track.
Consumers may be spared big spike in auto fuel prices ahead of the 2019 general elections with state-owned oil marketing companies planning to absorb a portion of the anticipated hike while deciding on retail rates of petrol and diesel.
The two Houses of Parliament were on Wednesday adjourned without transacting much business as the opposition staged protest on a variety of issues, including Rafale jet deal, Ram temple and Cauvery river water. Wednesday was the second day of the Winter session. On the first day on Tuesday, both Houses were adjourned after paying obituary to former prime minister Atal Bihari Vajpayee and union minister Ananth Kumar.
In a big blow to the Shiromani Akali Dal (SAD), former Army Chief Gen JJ Singh resigned from the party Wednesday “disillusioned” with the party leadership.
Singh, who also served as the Governor of Arunachal Pradesh, had joined the Akali Dal with much fanfare ahead of the Punjab assembly elections in early 2017 and had unsuccessfully contested against chief minister Amarinder Singh from the Patiala assembly constituency.