-The Hindu An immediate stimulus is needed to regain the momentum to get India back to 8% growth The government’s move this past week to publish economic data for the April to June quarter of this year needs a look. The real growth of GDP, i.e. after removing the impact of inflation, was only 5.7%, much lower than expected. For the past six consecutive quarters, the growth rate has gone down steadily,...
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Slavery stain on granite
-PTI London: Leading UK retail chains such as John Lewis and Habitat have withdrawn granite products from their range over fears of child labour and slavery within its Indian supply chains. Businesses selling granite products such as kitchen worktops and tiles are scrutinising the source of their products after global investigators discovered that debt bondage, underage workers and unsafe, unhealthy working conditions are part and parcel of daily working life in Indian...
More »Achchhe din's worst day
-The Telegraph The Central Statistics Office reported today that economic growth sank to a three-year low at 5.7 per cent, striking at the core of Prime Minister Narendra Modi's promise of achchhe din. The sharp slowdown is a result of the two biggest disruptive measures taken by the Modi government: demonetisation and the goods and services tax. The double whammy has badly crimped factory output and squeezed the services sector. The GDP growth...
More »ATM expansion slows due to note ban -Manojit Saha
-The Hindu Replacement of systems more than 7 years old, Centre’s digital push lead to cutting down on new installations A combination of factors, including cash crunch following demonetisation of high value notes announced in November last, have led to commercial banks cutting down on the number of automated teller machines (ATMs) particularly those not located in branches (off-site ATMs), latest RBI data showed. According to Reserve Bank of India (RBI), there were...
More »Lending to priority sector is good business, Mundra tells banks
-The Hindu Business Line RBI Deputy Governor says such loans support economic activity, generate income & surplus Mumbai: Given the overexposure of the banking system to large corporates and the consequences thereof in the last few years, Reserve Bank of India Deputy Governor SS Mundra said lending to priority sector is good business for all the right and justifiable reasons. “The excessive lending to corporate sector was the outcome of what I call...
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