Prime minister Narendra Modi has called a high-level emergency meeting on Saturday to review the health of the economy in view of free-falling rupee and surging oil prices which have come in for severe criticism from many quarters. The meeting will explore intervention measures to tame the slide in rupee’s exchange value which touched threatened to breach 73 a dollar on Wednesday. Finance minister Arun Jaitley and Reserve Bank governor Urjit Patel and senior government officials will attend the meeting.
Plan and Policy
Plan & Policy
The daughter of an Indian billionaire has been dubbed the “poshest” student in the UK after it was claimed that her family is hiring 12 staff members to help her during her studies at a Scottish university.
The first-year student at the University of St Andrew on the east coast of Scotland will have a house manager, three housekeepers, a gardener, a lady’s maid and a butler on hand to help her, along with three footmen, a private chef and chauffeur, The Sun reported.
Finance minister Arun Jaitley will hold the annual NPA review meetings of the public sector banks towards the end of this month, official sources said. It will be Jaitley’s first major engagement with state lenders after resuming office after a gap due to medical issues. He will review banks’ NPA statuses, recoveries through resolutions, NCLTs and challenges. He will also seek their inputs on lending shortcomings and urge larger focus on MSMEs.
Air-India, the national carrier, is under-utilising its flagship Boeing Dreamliner fleet due to flight crew shortage as well as technical issues. Of the 27 Boeing 787-800 (Dreamliner), only 21 are being deployed for operations every day, an airline source said.
Strengthening another channel for recovery of dues by the public sector banks (PSBs), the government on Tuesday asked lenders to set up a common platform for auctioning defaulters’ seized properties to attract competitive bids and increase recoveries from sales. PSBs, along with the Indian Banks’ Association, are in the process of launching an e-auction platform for standardising details of properties to be auctioned, financial services secretary Rajiv Kumar said. The platform may be ready in two-three months, he added.
In the last six months states have made windfall gains from the current spurt in fuel prices even though it is burning a bigger hole in consumers’ pockets. They are being forced to pay all-time high prices for petrol and diesel.
Professor Ragh-uram Rajan, ex CEA and RBI governor, in a devastating critique of India's twin balance sheet problem has slammed UPA's decade long tenure for the burgeoning non-performing assets.
Samsung Electronics Co Ltd opened its biggest mobile store in the world in India on Tuesday as it tries to take pole position in the world’s second-biggest smartphone market amid fierce competition from Chinese brands.
The South Korean tech giant’s roughly 33,000 square foot (3,000 square meter) store in the southern tech hub of Bengaluru will help it extend its lead in India over global rival Apple Inc, which has yet to open any flagship stores in the country.
Suspecting fudging of records, the Election Commission (EC) has issued a show-cause notice to Aam Aadmi Party (AAP) and asked it to explain discrepancies in the electoral funding statement.
The EC notice is based on information available with it and the tax department. The notice has mentioned transactions with hawala dealers claiming that the party has taken "accommodation entries from hawala operators to the tune of Rs 2 crore. A Delhi-based hospital chain is learnt to have donated the money to the start-up political party.
In a first of its kind ruling, the National Anti-Profiteering Authority (NAA) on Monday ruled that suppliers will be liable to pay penalty for not passing the benefits of GST (goods and services tax) rate reduction on sale of goods. NAA gave its ruling in a case against Jaipur-based Sharma Trading Company, wherein it was alleged that the supplier had not reduced the price of ‘Vaseline’ in line with reduction of GST and thus indulged in profiteering in contravention of section 171 of CGST Act.