Tag: Indian economy

  • PM Modi exhorts banks to support wealth, job creators; increase country’s balance sheet

    By PTI

    NEW DELHI: Prime Minister Narendra Modi on Thursday exhorted banks to support wealth and job creators, and work proactively to improve the country’s balance sheet.

    Addressing bankers at the symposium to ‘Build Synergy for Seamless Credit Flow and Economic Growth’, Modi said banks have to now adopt a partnership model to help businesses thrive and move away from the idea of being a loan “approver” to a loan “applicant”.

    “Banks have to support wealth creators and job creators. It is time that banks, along with their own balance sheets, help increase the balance sheet of the country,” Modi said.

    He nudged bankers to offer “customised solutions” to businesses and micro, small and medium enterprises (MSMEs).

    “Don’t wait for customers to come to banks. You have to go to them,” he said.

    Stating that banks have adequate liquidity and non-performing loans are lowest in five years, he said despite the COVID-19 pandemic, the banking sector has remained strong in the first half (April-September) in current fiscal.

    This has led to an upgrade in sector outlook by international agencies.

    He also said that the recently set up National Asset Reconstruction Co (NARCL) would help resolve Rs 2 lakh crore of stressed assets.

    “Reforms in last six-seven years have led to banking sector in a strong position today. We have addressed non-performing assets (NPAs) of banks, recapitalised banks, brought bankruptcy laws and strengthened debt recovery tribunal,” Modi added.

  • PM Modi to fugitive economic offenders: Return to country

    By PTI

    NEW DELHI: Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country.

    Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest.

    “In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels. The message is very clear — return to your country. We are continuing these efforts,” he said.

    He, however, did not name or refer to any particular offender.

    India has in recent times stepped up efforts to extradite high-profile economic offenders such as Vijay Mallya and Nirav Modi, wanted in connection with bank frauds and money laundering cases.

    While Rs 5 lakh crore has been recovered from defaulters through proactive steps, the recently set up National Asset Reconstruction Company (NARCL) would help resolve Rs 2 lakh crore of stressed assets, the Prime Minister said.

    He also said the financial health of banks is now in a much-improved condition as his government has since 2014 found ways to address the problems they faced.

    “Indian banks are strong enough to play a major role in imparting fresh energy to the country’s economy, for giving a big push and making India self-reliant.

    “This is a time for you to support wealth creators and job creators. It is the need of the hour that now the banks of India work proactively to bolster the wealth sheet of the country along with their balance sheets,” he asserted.

    Banks, Modi said, need to shed the culture of they being an approver and the customer being an applicant, and adopt the model of partnership.

    “When the country is working so hard on financial inclusion, it is very important to unlock the productive potential of the citizens,” he said.

    Modi further said the reforms initiated by the government in the banking sector in the last six-seven years supported the banking sector in every way, due to which the sector is in a very strong position today.

    “We addressed the problem of NPAs, recapitalised banks and increased their strength. We brought reforms like Insolvency and Bankruptcy Code (IBC), reformed many laws and empowered Debt Recovery Tribunal,” he said.

    Modi also nudged bankers to offer “customised solutions” to businesses and micro, small and medium enterprises (MSMEs).

    “Don’t wait for customers to come to banks. You have to go to them,” he said, while assuring bankers that he will “stand by them like a wall” for every honest decision they take.

    Asking banks to move ahead with a “big thinking and innovative approach”, Modi said “we will become laggards if we delay adopting Fintech.”

    Setting a target for banks, he said by August 15, 2022, every bank branch should have at least 100 clients who conduct the entire business digitally.

    “Banking sector has to understand this that in India it is time for investing in ideas. It is time to support startups. Startup is an idea, there is no asset, it is just an idea. You (banks) have no dearth of resources, data. The government will continue to do reforms, and you (banks) have moved forward along with the nation’s commitment and target,” he said.

    The Prime Minister said steps taken in the recent years have created a strong capital base for the banks.

    Banks have sufficient liquidity and no backlog for provisioning of bad loans, while non-performing assets (NPAs) in public sector banks are at the lowest in the last five years.

    This has led to the upgrading of the outlook for the Indian banks by international agencies, he pointed out.

    The Prime Minister emphasised on the need to proactively serve the customers and asked banks to provide customised solutions to customers, companies and MSMEs after analysing their needs.

    He also praised the banking sector for its enthusiasm in implementing the Jan Dhan Scheme.

    The Prime Minister said banks should proactively get involved in the growth story.

    He gave the example of the Production Linked Incentive (PLI) scheme where the government is doing the same by giving Indian manufacturers an incentive on production.

    Under the PLI scheme, manufacturers have been incentivised to increase their capacity manifold and transform themselves into global companies.

    Banks can play a big role in making projects viable through their support and expertise, said Modi.

    “Reforms in last six-seven years have led to the banking sector in a strong position today. We have addressed non-performing assets (NPAs) of banks, recapitalised banks, brought bankruptcy laws and strengthened debt recovery tribunal,” Modi added.

    He said with consolidation among public sector lenders, they are able to raise funds from market.

    With the reforms, banks have a huge and strong capital base, good liquidity and no NPA backlog.

    “You are the main stakeholder in nation-building. Banks can play a big role in boosting the economy and making India aatmanirbhar,” the Prime Minister added.

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  • On demonetisation anniversary, Jairam Ramesh says note ban will be marked among worst policy blunders

    By PTI

    NEW DELHI: Demonetisation, which was announced on this day in 2016, will be marked in the world’s economic history as among the “worst policy blunders”, senior Congress leader Jairam Ramesh said on Monday.

    He also claimed that the decision along with a rushed goods and services tax (GST) “destroyed the backbone of the Indian economy”.

    On this day in 2016, Prime Minister Narendra Modi announced the decision to ban currency notes of Rs 500 and Rs 1,000.

    “With every passing year, it is becoming even more clear that 8.11.2016 will be marked in the world’s economic history among the worst policy blunders anywhere. Demonetisation along with rushed GST destroyed the backbone of the Indian economy — the MSME and informal sectors especially,” Ramesh tweeted.

    The Congress leader along with his tweet also shared a graph by former Chief Economic Adviser Arvind Subramanian and it was titled “Despite digital boom, cash is back with a vengeance”.

    “First, we were told demonetisation meant cashless economy. Soon the ‘sarvagyani’ changed track and said not cashless but less cash. Now, cash in circulation is above pre-demonetisation levels,” he said while taking a swipe at the prime minister.

  • People have to accept inflation, government can’t give everything for free: Madhya Pradesh Minister

    By ANI

    INDORE: Asked about the rising inflation in the country, Madhya Pradesh Labour Minister Mahendra Singh Sisodia on Sunday, October 31, 2021, claimed that people should not complain about the rising prices as the income all sections of the society has also been rising.

    Addressing media in Indore, the BJP leader claimed that governments can’t give everything for “free” to people.

    “Hasn’t the income of the common man increased? Government can’t give everything for free. People should understand that if their income is rising, then they will have to accept inflation also,” said Sisodia.

    He further claimed that people who used to earn Rs 5,000 per month are now earning Rs 25,000 to 30,000. “Aren’t vegetable, milk sellers getting better prices?” he asked.

    The Minister said that problem of inflation was also there during Congress-led government in the state and the country, adding “this is a wheel which keeps on moving and we have to accept it.”

    “Ten years ago, the person who was earning Rs 6,000 and is making Rs 50,000 today, and yet people want petrol and diesel at old rates – this is not possible at all,” he added.

    Prices of essential commodities, especially fuel, have witnessed a steep rise in recent months. On Sunday, petrol and diesel prices increased for the fifth consecutive day on Sunday to touch record high levels across the country.

    With a hike of 35 paise a litre, the price of petrol in Delhi rose to its highest-ever level of Rs 109.34 a litre. The price of diesel also saw a hike by 35 paise and took the fuel’s rate to Rs 98.07 per litre in the national capital. In Bhopal, petrol costs Rs 118.07 per litre, while diesel costs Rs 107.50 per litre.

    Sisodia, who joined BJP along with Union Civil Aviation Minister Jyotiraditya Scindia, after breaking away from Congress, also threw shades at the working of previous Civil Aviation Ministers.

    On the question regarding increasing air connectivity in small cities in the coming days, Sisodia said, “everyone knows the condition of the aviation department was bad. But ever since Jyotiraditya Scindia took over the Ministry of Civil Aviation, things are getting better. Hardly anyone else can do the work that Scindia has done in such a short span of time in this field.” 

  • India’s economy accelerating with increasing COVID vaccination coverage: PM Narendra Modi

    By ANI

    NEW DELHI: As India breached the landmark of administering 100 crore COVID vaccine doses, the experts around the globe are positive about the country’s economic growth, said Prime Minister Narendra Modi on Friday.

    “Experts in India and abroad are very positive about India’s economy. Today, not only record investment is coming to Indian companies but new employment opportunities are also being created for the youth…Positive activities are accelerating in every field with increasing coverage of the vaccine,” the Prime Minister said during his address to the nation.

    India’s vaccine campaign is a living example of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas aur Sabka Prayas,’ #PMModi said.#NarendraModi #OneBillionDoses pic.twitter.com/WtKIdlyfD5
    — The New Indian Express (@NewIndianXpress) October 22, 2021
    PM Modi noted that the agriculture sector kept India’s economy “firmly in place” during the COVID-19 pandemic. “Today, food grains are being procured at a record level. The money is going directly into the bank account of the farmers,” he said.

    Talking about other sectors of the economy, the Prime Minister said that today, Indian companies aren’t just getting record investments, but employment generation is also taking place. “Along with record investment in start-ups, record start-up unicorns are also being developed,” he stated.

    ALSO READ| India’s vaccination programme science- born, science-driven, science-based: PM Modi

    He reiterated his clarion call of “Vocal For Local” and appealed to people to buy ‘Made in India’ products during the festival season. “Emphasis should be given to buying made in India products. This will be possible only with the efforts of everyone. We have to put buying things made by Indians, being Vocal For Local, into practice,” he stated.

    PM Modi also urged people to celebrate the upcoming festivals with utmost caution. “I appeal to all those who have not taken the first dose of COVID19 vaccine yet should be given utmost priority to getting vaccinated. Those who are vaccinated should encourage others,” he said.

    Urging people to keep following COVID protocols, PM Modi added, “No matter how good the armour is, no matter how modern the armour is, even if armour guarantees complete protection, weapons are not thrown while the battle is on. I request that we have to celebrate our festivals with the utmost care.”

    Meanwhile, more than 100.59 crore vaccine doses have been administered so far to eligible beneficiaries, as per the Ministry of Health and Family Welfare.

  • Imperative to keep nation’s sentiments high to have good economic growth: Yashwant Sinha

    By PTI

    NEW DELHI: It is imperative to keep the sentiments of the nation high in order to have a good economic growth, former Union Finance Minister Yashwant Sinha said on Saturday.

    Participating in a virtual session at the Indian Student Parliament, Sinha also said that a modern economy runs on sentiments as sentiments govern consumption and determine demands “It is not unusual for the economy to rise or fall. In a globally entwined economy, we cannot divorce ourselves from the global factors. We need to keep non-economic extraneous factors in the record as well,” he said.

    “The modern economy also runs on sentiments as sentiments govern consumption and determine demands. So, if society’s sentiments are down, consumption decreases which affects the economy negatively,” Sinha, who is the vice president of All India Trinamool Congress (AITC), said.

    He noted that sentiments of people and economy go “hand in hand”.

    CEO and MD of the Bombay Stock Exchange Ashish Kumar Chauhan and BJD MLA Souvic Biswal were also present.

    “Any country or society becomes prosperous or developed by creating new technology and not by sticking to old thought processes. We can only be world leaders by being materially successful and not by spiritual success. This fast-moving wave of technology will take us towards further development,” said Chauhan.

  • Covid hit country’s economy hard: President Kovind

    By PTI

    SHIMLA: President Ram Nath Kovind on Saturday said the Covid pandemic hit the country’s economy hard and the government has taken various fiscal measures to alleviate distress and help the poor.

    Kovind said this at the valedictory ceremony of the National Academy of Audit and Accounts for the Indian Audit and Accounts Services (IA&AS) trainee officers here.

    Kovind said the past 18 months have been very trying for the country.

    Economy was badly disrupted due to the COVID-19 pandemic, he added.

    The government has taken various fiscal measures for the welfare of the poor and alleviate distress, he said.

    These are often financed through money, which may be said to have been borrowed from our children and grandchildren, he added.

    We owe it to them that these scarce resources are put to best possible use and are most effectively used for the welfare of the poor, he said, adding that CAG has a very important role in this.

    Kovind said audit engagements provide a unique opportunity of gaining deep understanding of the system and place CAG in a good position of suggesting improvements.

    The President gave away medals to meritorious trainee officers on the occasion.

    His wife Savita Kovind, Governor Rajendra Vishwanath Arlekar and Chief Minister Jai Ram Thakur were also present.

    Earlier, Comptroller and Auditor General of India Girish Chandra Murmu welcomed the President.

    Director General of National Academy of Audit and Accounts Sunil S Dadhe detailed about various activities of the institute.

    The President is on four-day visit of Himachal Pradesh.

    On Friday evening, the governor organised a cultural programme and banquet at the Raj Bhawan in his honour.

    Kovind will leave Shimla for Delhi on Sunday morning.

  • ‘Happy and proud’: KTR overjoyed at Telangana’s contribution to Indian economy

    By Express News Service

    HYDERABAD: IT and Industries Minister K Taraka Rama Rao on Thursday expressed his elation after the “Handbook of Statistics on The Indian Economy 2020-21” placed Telangana on the fourth position when it comes to the ‘Net State Value Added,’ by a state at current prices.

    The list was disclosed by the Reserve Bank of India on Wednesday. 

    Tweeting a report that appeared in The New Indian Express, KTR expressed his happiness and pride.

    Happy & proud that the Latest RBI report says #Telangana is the 4th largest contributor to India’s economyUnder the leadership of Hon’ble CM KCR Garu,Telangana state continues to punch above its weightRanks 12th in population & 11th geographically, 4th in nation building pic.twitter.com/mTSU8SOOkg
    — KTR (@KTRTRS) September 16, 2021
    “Happy and proud that the latest RBI report says Telangana is the 4th largest contributor to India’s economy. Under the leadership of CM KCR, Telangana State continues to punch above its weight,” he tweeted, also pointing out that though Telangana stood 12th in population numbers and 11th in terms of geographical area in the country, it stood 4th in nation building. 

    Telangana’s ‘Net State Value Added’ increased from Rs 4,16,930 crore in 2014-15 to Rs 8,10,503 crore in 2020-21. The top three contributors are Tamil Nadu, Karnataka, and West Bengal. 

  • Modi government mishandled economy, alleges Rahul Gandhi

    By PTI

    KANNUR: Accusing the Centre of mishandling the country’s economy, Congress leader Rahul Gandhi on Thursday said the nation was at a “critical crossroad” and the Congress, as a major opposition party, has a moral duty to fight the forces that threaten the very idea of India.

    “Modi Government has clearly mishandled the economy. And, what this country has built over the last 70 years, is being given away to select few friends of Modi-ji”, Gandhi said, joining a function organised virtually on the occasion of inauguration of the District Congress Committee office in this north Kerala district.

    He said the Congress was not against privatisation but its privatisation plan had a logic.

    “We didn’t privatise strategic industries: for example, Railways which is the backbone of India. Congress party must oppose this fire sale of our crown jewels at every level,” Gandhi said, slamming the Centre’s Rs 6 lakh crore National Monetisation Pipeline (NMP) that included unlocking value by involving private companies across infrastructure sectors from passenger trains and railway stations to airports, roads and stadiums.

    Attacking the Centre over rising prices of fuel, Gandhi said the government has come up with a new concept of GDP, wherein a rise in GDP means a rise in prices of Gas, Diesel and Petrol.

    “While international prices for crude and gas has gone down since 2014, there has been huge increase in prices in GDP in last 7 years. Rs 23 lakh crore has been earned by increasing prices of GDP in the last seven years. Where has this money gone?” he asked.

    The Congress leader alleged that while farmers, labourers, small traders and informal sector, MSMEs, contract workers, salaried class and honest industrialists are being demonetised, four-five friends of Prime Minister Narendra Modi are being monetised.

    “We have to fight these forces,” he said at the function attended by AICC general secretary K C Venugopal, KPCC president K Sudhakaran and Leader of opposition in the State Assembly V D Satheesan.

    Senior leaders Oommen Chandy and Ramesh Chennithala also joined Gandhi in the virtual function.

  • 20.1% surge in GDP growth helped by low base, economy yet to recover fully: Chidambaram

    We have still some distance to go before the economy can be said to have achieved the pre-pandemic level, Congress leader P Chidambaram tweeted.