Manmohan Singh’s far reaching reforms that made India a fastest growing economy
India has lost a towering figure in the Indian economic landscape, former Prime Minister of India, Dr Manmohan Singh.
India has lost a towering figure in the Indian economic landscape, former Prime Minister of India, Dr Manmohan Singh.
The global economy remained resilient in the first half of 2024, with declining inflation supporting household spending, it said in its October Bulletin.
Reserve Bank of India (RBI) Governor Shaktikanta Das at the Monetary Policy Committee (MPC) meeting on Friday announced the policy rate unchanged at 6.5 per cent.
“The path-breaking structural reforms, such as the enactment of the Insolvency and Bankruptcy Code (IBC) and the adoption of Flexible Inflation Targeting in the recent years, have helped us to deal with the challenges in the banking system and the task of maintaining price stability more effectively,” he said.
In the throes of economic dynamism, India finds itself at the intersection of contrasting forces, with its annual retail inflation surging to a four-month high in December.
From a technical perspective, the rupee is holding below its resistance level of Rs 72.50 to a dollar as well as trend resistance.
A study of recent bank failures would show that bank NPAs were a consequence of the lending of funds beyond the repaying capacity of borrowers. Most of such lending was motivated; the creditworthiness of the borrower was overestimated for extraneous considerations.
The US-based rating agency said it has always viewed the Indian government as highly supportive of the banking sector as it has consistently supported weak commercial banks by promoting the merger of distressed institutions with stronger lenders.
The step was taken by the government, on the advice of the Reserve Bank, in view of the declining financial health of the private sector lender.
According to Anuj Puri, Chairman of Anarock Property Consultants, the RBI's move to permit banks for restructuring of loans of real estate companies at the project level rather than the entity level is "indeed a good move".
