-Business Standard Finance ministry has called a meeting with chief executives of ten public sector banks, on Friday The National Democratic Alliance (NDA) government has readied its mega plan for merging multiple set of public sector banks (PSB) and is set to make an announcement anytime soon, according to multiple sources. The department of financial services in the finance ministry has called a meeting with chief executives of ten public sector banks, which...
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Slowdown may render 30 lakh MSME workers jobless: KASSIA
-The Hindu Karnataka has over 6,00,000 small industries that employ over 70 lakh people Bengaluru: If the Union government fails to come up with precautionary measures to minimise the impact of the economic slowdown on the MSME (Micro Small & Medium Enterprises) sector, at least 30 lakh people will go jobless in Karnataka, cautions industry apex body, KASSIA (Karnataka Small Scale Industries Association). “The recession is no more a fear, but a...
More »Hardly the brick and mortar of a revival -Jayati Ghosh
-The Hindu The transfer of the RBI’s surplus is only a stopgap measure which will not address the key problem of a lack of demand There is no longer any room for doubt on the parlous state of the Indian economy. The automobile industry, seen as a bellwether of activity in the post-liberalisation years, is in crisis, as automakers, parts manufacturers and dealers have laid off about 350,000 workers since April this...
More »Rediscovering development banks -R Nagaraj
-The Hindu The agenda to set up a development bank is a welcome initiative, but questions remain on its design Finance Minister Nirmala Sitharaman’s press conference on August 23, announcing a slew of measures to boost the economy and financial market sentiments, had an interesting idea. It was about setting up a development bank. Ms. Sitharaman said: “In order to improve access to long-term finance, it is proposed to establish an organisation to...
More »Need to eliminate distrust within private sector, 'extraordinary' steps needed: NITI Aayog on slowdown
-The Indian Express Explaining the origins of the present economic situation, the Niti Aayog vice-chairman said: "The entire episode started with indiscriminate lending during 2009-14 leading rise in non-performing assets (NPAs) post-2014." The Centre’s policy think tank Niti Aayog stated Thursday that the prevalent slowdown in the country’s economy is due to the distrust amongst the private sector where the credit situation is stagnant. “Nobody is trusting anybody else… within the...
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