Just before Dhanteras and Diwali this year, the Reserve Bank of India (RBI) released the November edition of its monthly bulletin. The latest RBI Monthly Bulletin says that the GDP has contracted by -8.6 percent in the second quarter of fiscal year 2020-21 (i.e. July-September, 2020) as compared to the gross domestic product (GDP) during the corresponding period last year. It may be noted that India’s GDP shrunk by -23.9...
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After Sikkim, Lakshadweep set to turn 100% organic -Vineet Kumar
-Down to Earth The use of synthetic chemicals for agriculture was halted completely in 2005 by the Union territory Lakshadweep, after Sikkim, is on its way to become 100 per cent organic. The Union territory’s agriculture department had submitted a proposal to the Union Ministry of Agriculture and Farmers’ Welfare, seeking to declare its entire 32 square kilometre geographical land area as organic. The proposal was approved October 26, 2020 after receiving required certifications...
More »Loan interest waiver to be credited by November 5
-The Hindu Scheme will be implemented even for borrowers who did not avail moratorium. Three weeks after informing the Supreme Court that the Centre would bear the additional compound interest on loans of up to ₹2 crore availed by retail borrowers as well as micro, small and medium enterprises (MSMEs), the government formally communicated the modalities of the scheme to lenders on Friday. Banks and other lenders, including co-operative Banks and non-banking finance...
More »A fiscal crisis: Why FCI needs provisioning in food subsidy budget -Sandip Das
-Down to Earth Mounting expenses, under-provisioning of food subsidy budget leading to a huge debt is highly worrisome A fiscal crisis has been brewing in the last few years. Mounting food subsidy arrears — payable to the Food Corporation of India (FCI) due to ‘under-provisioning’ of food subsidy expenses in successive union budgets — has forced FCI to take loans to finance its operations. FCI is the central agency that manages procurement, storage...
More »From RBI & govt Banks to LIC, Rs 205 crore to PM Cares from salaries -Shyamlal Yadav
-The Indian Express The Prime Minister’s Office, which manages the fund, has declined to furnish details of contributions received, saying that PM CARES is “not a public authority under the...RTI Act”. IT’S NOT just a wide range of central educational institutions, at least seven public sector Banks, seven other leading financial institutions and insurers, and the RBI, have together contributed Rs 204.75 crore from their staff salaries to the Prime Minister’s Citizen...
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