M Narendra Modi, in an oblique reference to the BRI, said any mega connectivity project must respect sovereignty and territorial integrity of the countries involved.
RBI’s supervisory capacity needs strengthening — including better training, more specialization and longer tenures for officials, among other measures that the bank itself has recommended.
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.
Without personalising the issue, the reluctance of the Board or even the authorities to act decisively when a detailed, easily verifiable complaint was received two years ago is symptomatic of a larger tendency to sweep stuff under the carpet. The figure of $ 210 billion was much smaller in May 2014. Purposive action to address stressed loans ought to have started with the first Budget and been one of the priorities of the finance ministry. Apart from the odour which men like Vijay Mallya and the James Bondish Nirav Modi bring to the incumbent, the stasis in the banking system, with fresh credit disbursement slowing down, adding to the economic slowdown will hurt electorally. Individuals overshadowing institutions to their detriment is an old Indian affliction dating from the time Ms Chanda Kochhar was in high school.
Without personalising the issue, the reluctance of the Board or even the authorities to act decisively when a detailed, easily verifiable complaint was received two years ago is symptomatic of a larger tendency to sweep stuff under the carpet. The figure of $ 210 billion was much smaller in May 2014. Purposive action to address stressed loans ought to have started with the first Budget and been one of the priorities of the finance ministry. Apart from the odour which men like Vijay Mallya and the James Bondish Nirav Modi bring to the incumbent, the stasis in the banking system, with fresh credit disbursement slowing down, adding to the economic slowdown will hurt electorally. Individuals overshadowing institutions to their detriment is an old Indian affliction dating from the time Ms Chanda Kochhar was in high school.