PM Modi and RBI governor Shaktikanta Das have both said that local lenders are strong, after the US banking crisis spilled over to the Indian stock market and rattled bank stocks.
Switzerland’s 2nd largest bank has been merged with country’s largest bank & its rival UBS for a lot lower than its market value. Regulators say this was the best way forward.
India can raise the SVB issue with G20 finance ministers and evolve a banking framework to insulate emerging economies of the South from frauds committed by the developed North.
Data & the feel after 6 years under PM Modi proves a strong leader doesn’t necessarily give us decisive economic leadership unmindful of immediate political risks.
As bad debt piles up & the budget deficit target goes out of the window, it’ll be tough for RBI Governor Shaktikanta Das to keep all the balls in the air.
Indian Hotels Co., Tata’s listed firm that operates the Taj brand, plans to dispose of certain budget inns in non-metro areas and lease them back for a fee.
Finance ministry says the proposed revamp will focus on structural reforms, rate rationalisation & ease of living, & will be deliberated upon in the coming weeks.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Standing up to America is usually not a personal risk for a leader in India. Any suggestions of foreign pressure unites India behind who they see as leading them in that fight.
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