In each of the last three years – from 2020 through 2022 – Indian banks lent more money to retail customers purchasing homes than they did to farmers. In fiscal year (FY)2021-22 commercial banks gaveRs. 17.54 lakh crore worth of housing loans, while agriculture and allied activities got Rs. 15.16 lakh crore. That is nearly 14 percent less. In FY 2021 and FY 2020 – one of which saw a...
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India’s 20 Largest Profit Generators Are Earning 80% Of the Nation’s Profits - Nandita Rajhansa, Saurabh Mukherjea
A decade ago, this figure was around 40%. This is leading to an increasingly polarised stock market - Marcellus/The Wire The United Payments Interface and the digitisation of business activity in India are one of the several factors driving an exponential surge in the concentration of corporate profitability in India. Improvements in transport infrastructure (e.g., the highway network has doubled over the past decade), the introduction of GST (in 2017) and new...
More »CAD doubles to all-time high of $36.4 billion in Q2, up nearly 4 times on year
-The Hindu Business Line Trade deficit, primary income outweighed services surplus: ICRA India’s current account deficit (CAD) doubled sequentially to an all-time high of $36.4 billion in Q2 FY23 from $18.2 billion in the previous quarter, and was nearly four times higher than the $9.7 billion posted a year ago. CAD for FY22 was at $38.77 billion. The Q2 CAD was equivalent to 4.4 per cent of the country’s GDP as against 2.2...
More »Over 5 years, banks recovered just 13% of ₹10-lakh-cr loan write-off: Finmin data -Shishir Sinha
-The Hindu Business Line Banks continue to pursue recovery in written-off accounts, says FM Nirmala Sitharaman Scheduled commercial banks have recovered just 13 per cent of the total write-off in the last five years, Finance Ministry data presented in the Rajya Sabha on Tuesday showed. In response to two separate questions on the issue, the Ministry presented data on write-off and recovery. “As per inputs received from RBI, SCBs (schedule commercial bank) wrote-off an...
More »‘Paltry’ insurance payouts irks rain-affected farmers, Centre denies claims -Zia Haq
-Hindustan Times Farm-insurance claims have risen due to extensive crop damage caused by extreme weather conditions this year, but some farmers are angry at being given a pittance as compensation under the Pradhan Mantri Fasal Bima Yojana. Krushna Raut, a farmer in Maharashtra’s Parbhani district, stared in disbelief at a message on his mobile phone, which showed ₹1.76 had been transferred to his Bank Account towards his crop-insurance claim. He first thought...
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