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.
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.
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.
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.
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.
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.
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.
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.
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%.
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.
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
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.
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.