-PTI * Subramanian had flagged the problem of debt accumulated by private corporates becoming NPA of banks back in December 2014 * At that time, he was CEA to the Narendra Modi government NEW DELHI: India is facing a "Great Slowdown" with its economy headed for intensive care unit primarily due to a "second wave" of the twin balance sheet crisis at banks, former Chief Economic Adviser Arvind Subramanian has said. Subramanian, who was...
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RBI imposes restrictions on PMC Bank; withdrawal restricted to Rs 1,000 per account
-PTI MUMBAI: The Reserve Bank of India has ordered Punjab and Maharashtra Co-operative (PMC) Bank not to do any business for six months and capped depositor withdrawals at Rs 1,000, throwing the lives of thousands of traders, self-employed and daily wage earners into disarray. The regulator has also appointed an administrator for the bank. Defaults appear to have surged in the past six months amid tight economic conditions and some lumpy loans...
More »What the Centre really needs to do if it wants to tackle the economic slowdown -Amiya Kumar Bagchi
-TheWire.in Both the Modi government and former Prime Minister Manmohan Singh are ignoring one crucial aspect of reviving the economy: raising effective demand. Only a few weeks ago, the central government was talking grandly about India reaching a $5-trillion economy and refusing to recognise the severe slowdown India is going through. (This is not such a grand ambition when compared with China, which is often portrayed as India’s competitor, because by 2025,...
More »Waiting for reforms: On the economic stimuli
-The Hindu The stimulus incentives hold promise, but structural reforms are nowhere on the horizon People who have been yearning for major economic reforms from the Narendra Modi government, it seems, will have to wait to have their dreams come true. Finance Minister Nirmala Sitharaman on Saturday presented the third round of stimulus measures to resuscitate the struggling economy, but once again these have largely failed to live up to the initial...
More »Waterfront eviction test for Kerala -KM Rakesh
-The Telegraph Around 350 families have refused to vacate apartments constructed in violation of Coastal Regulatory Zone rules Bangalore: Politicians of all hues are making a beeline to a clutch of plush waterfront apartments in Kerala as the clock ticks on a demolition deadline set by the Supreme Court. The issue has raised wider questions: whether a state government that insisted on enforcing in letter and spirit a court order that lifted a...
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