-The Indian Express The stand of Indian government is devoid of any macro-economic logic. It is not a contra-cyclical, but a pro-cyclical stance. And it is untenable, legally and morally. The relation between the Centre and the states has reached its nadir with the controversy over the GST compensation payment. The shortfall in GST revenues in 2020-21 from the protected level will be of the order of Rs 3 lakh crore. The...
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Big rural credit push from RBI, start-ups put in priority sector -George Mathew
-The Indian Express Loan limits for renewable energy, health infrastructure doubled The Reserve Bank of India (RBI) on Friday brought financing of start-ups under the priority sector lending (PSL) category of the banking sector, proposed more credit flow to districts with lower PSL, and doubled loan limits for renewable energy and health infrastructure “to align it with emerging national priorities and bring sharper focus on inclusive development.” In a bid to address regional...
More »RBI may not extend moratorium on repayment of loans beyond Aug 31: Report
-Business Standard The six-month moratorium period comes to an end on August 31 The Reserve Bank is unlikely to extend the moratorium on repayment of bank loans beyond August 31 as an extension could impact the credit behaviour of borrowers without resolving the issues being faced by them following the outbreak of the Covid-19, sources said. The RBI had announced a moratorium on repayment of debt for six months beginning March 1, 2020...
More »India’s descent into stepwells of growth -Kaushik Basu
-Livemint.com * Poor handling of the pandemic threatens to derail our competitive advantage in the global economy * India’s economy is well-positioned in IT and outsourcing; health and pharma; and higher education and research, which are sectors expected to be leading drivers of global growth NEW YORK: India’s economy is in a downward spiral. The Economist Intelligence Unit just lowered the forecast for India’s growth in the coming year from -5.8% to -8.5%....
More »Time to act on MGNREGA -Ankita Aggarwal and Anmol Somanchi
-The Indian Express Covid-related crisis offers NDA government opportunity to increase work days, entitlements under the employment guarantee scheme. In a recent article (‘Credit where it isn’t due’, IE, June 10), Union Minister for Rural Development Narendra Singh Tomar described the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) as a “failing scheme” before 2014. MGNREGA under the United Progressive Alliance (UPA) government was by no means perfect, but when the National...
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