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Representational image of Union finance ministry | ANI

This is what Modi govt wants 3 loss-making insurance firms to do to turn profitable

The Modi govt has attached conditions for its capital infusion into OlCL, NICL and UIICL, focussing on profitability and improving customer service.
An iPhone XR

Apple-maker Taiwanese company Foxconn to invest $1 bn in Tamil Nadu plant over next 3 years

Move comes as part of efforts of global companies to diversify their supply chains and reduce dependence on China. India has been trying to woo these firms.
Shaktikanta Da

Imperative banks raise capital as pandemic could increase NPAs, says RBI’s Shaktikanta Das

The pandemic is the biggest test of the economic and financial system's resilience and robustness, Das said, adding that RBI has asked banks to conduct Covid stress tests.
The logo of Reliance Jio, the mobile network of Reliance Industries Ltd., is displayed at a store in Mumbai, India. | Photographer: Dhiraj Singh | Bloomberg

Reliance Jio raises $4 billion from share sale to investors

Mukesh Ambani's Jio has now sold about 25% of its shares to buyers, including Facebook and US private equity firms KKR & Co., and Silver Lake.

To be the next China, India needs a new housing plan

Giving rural migrants an incentive to return to cities is crucial to restoring economic activity to pre-Covid levels. Low-cost housing is a good starting point.
A crowded market in Patna on 6 May | Photo: Suraj Singh Bisht | ThePrint

What Google data tells us about India’s economic recovery

From power consumption to jobs to Google’s mobility trends, the figures show activity has picked up from the record slump registered in April, but the recovery has a long way to go.
File image of SBI chairman Rajnish Kumar | Photo: ANI

Not ‘overworried’ about NPAs, no need for a blanket moratorium extension: SBI chairman

SBI chairman Rajnish Kumar said the extension of the loan moratorium may be needed only for certain specific stressed sectors.
A worker at a utensil factory in Jammu in May | Photo: ANI

Industrial production contracts by 35% in May, but manufacturing shows signs of revival

Index of Industrial Production figures for May are an improvement over the 58% contraction in April, the first full month of the nationwide Covid-19 lockdown.
Representational image

Room for more fiscal support for India’s vulnerable households & SMEs in near term: IMF

A complete, successful implementation of the existing support measures is of paramount importance, said Vitor Gaspar, Director of IMF's Fiscal Affairs Department.
HDFC Bank branch | Commons

People’s Bank of China sells some of its stake in HDFC Ltd

HDFC shares fell as much as 2.2% in Mumbai in early trading Friday. The stock dropped 40% from its January record high to its April low but has since rebounded 27%.

On Camera

Parliament House

Constitution wasn’t ready for health crisis like coronavirus. It is leading to a logjam

Judicial and democratic processes have been put on hold due to Covid. Stark constitutional and legislative reforms are required to ensure India runs smoothly.
The Reserve Bank of India | Photo: Suraj Singh Bisht | ThePrint

RBI’s March rate cut was biggest surprise in history of monetary policy panel, paper says

India’s rate-setting panel is due to meet in the first week of August as the economy heads toward its first annual contraction in more than four decades.

Defence

Sig Sauer

Indian Army to order second batch of 72,000 Sig 716 assault rifles from US

The new rifles will replace the existing Indian Small Arms System (Insas) rifles used by the forces and manufactured locally by the Ordnance Factories Board.
Illustration by Soham Sen | ThePrint

Uttar Pradesh is India’s broken heartland, break it into 4 or 5 states

Uttar Pradesh, our largest state by population and most powerful, is also the worst governed. A state with 1-in-6 Indians has no hope because of its size.