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India To Retain Its Position As Fastest Growing Economy In Coming Decades: Arun Jaitley Finance Minister Arun Jaitley today exhorted confidence that India will retain its position of fastest growing economy in the coming decades like China did in the last three decades."The way the situation in the world is changing there is a great opportunity that has come in the way of India. The world keep facing its challenges and (in) the last  few years India has started leaving its footprints behind. "And when India is leaving its footprints behind, becoming one of the faster economies in the world, it obviously means that the opportunity for India and Indians is going to increase," Mr Jaitley said while addressing the 17th convocation of University of Jammu.The university conferred 185 degrees to candidates, who have qualified for the award of doctor of philosophy in 2015-16 up to December 31, 2016, besides 59 students were awarded gold medals, cash awards and certificates

RBI gets tough on MNC banks on priority sector lending The RBI move, directed at foreign banks with over 20 branches will impact the likes of Standard Chartered, Citi and HSBC and will come into force from the next financial yearThe Reserve Bank of India (RBI) has further tightened the priority sector lending (PSL) norms for foreign banks by directing them to mandatorily create sub-targets so that they lend a portion of their loans to small and marginal farmers as well as micro enterprises from April. The move, directed at foreign banks with over 20 branches will impact the likes of Standard Chartered, Citi and HSBC, which much higher branch presence, and will come into force from the next financial year. The PSL norms mandate foreign banks to eventually lend 40% of their total loan book to the priority sector, such as agriculture, rural infra, and medium, small and micro enterprises (MSMEs) among others from April 2020.In a notification over the weekend, RBI has said a sub-tar

RBI to bring interoperability for e-wallets within the promised time frame The Reserve Bank of India (RBI) is likely to stick to its target of making digital wallets interoperable by April despite allowing payment companies two additional months to comply with its customer verification requirement, said two bankers aware of the matter RBI extended its deadline to February for digital wallet providers to meet its full know-your-customer (KYC) norms, which it deems as necessary to eliminate any potential for misuse before allowing people holding different wallets to transact.“Though there are a few details that need to be worked out, the initial timeline promised by RBI should remain the same,” one of the bankers said on condition of anonymity as the matter is still under the purview of RBI. “We could see the regulator clearing wallet interoperability in the coming weeks ”As per RBI’s master direction released in October, digital wallets were to become interoperable within six mo

Sensex falls 162 pts as PSU banks rebound Markets dropped for the second day on Wednesday as inflation worry resurfaced following comment of the new US Federal Reserve chairman Jerome Powell. The 30-share Sensex tanked 162.35 points, or 0.47%, to close at 34184.04, while the broader Nifty fell 61.45 points, or 0.58% to close at 10492.85. Banking stocks led by private banks took a hit after the finance ministry set a 15-day deadline for banks to take pre-emptive action on operational and technical risks, However, after days of losing streak, PSU banks ended positive with the Nifty PSU Bank index closing 0.71% higher. The fraud-hi Punjab National Bank bounced back, gaining 3%. On the broader market, though the BSE Mid cap index dropped 0.23%, the smallcap index rose 0.21%. The Business Standard, New Delhi, 01st March 2018

India replaces China as world's fastest growing economy, GDP growth at 7.2% in Q3 Economy poised to move in a faster lane, recovering from the disorderly effects of demonetisation and GST. The Indian economy grew at 7.2 percent in October-December 2017, and will likely expand 6.6 percent in 2017-18, latest official estimates said on Wednesday, amid strong revival signs in consumption spending and investment activity. The economy is poised to move into a faster lane, swiftly recovering from the disorderly effects of demonetisation and the goods and services tax (GST). The rebound in India’s “real” inflation-adjusted gross domestic product (GDP) growth from 6.5 percent in the previous quarter (July-September) will likely help regain its lost status as the world’s fastest growing major economy outpacing China, which grew 6.8 percent in October-December 2017. Latest estimates broadly mirror the trends seen in high frequency indicators like corporate income and industrial outp

 GDP expands 7.2% in Oct-Dec as dust settles over GST roll-out Economic growth recovered to a five-quarter high of 7.2 per cent during October-December, backed by strong manufacturing and investment activity as the disruption caused by the goods and services tax (GST) bottomed out. The robust third-quarter performance led to a marginal upward revision in the second advance estimate for 2017-18 to 6.6 per cent from 6.5 per cent in the first estimate, though it was still lower than the 6.75 per cent projected by the Economic Survey Gross domestic product (GDP) growth has been revised up to 6.5 per cent for the second quarter against 6.3 per cent estimated earlier. Growth stood at 6.8 per cent for the third quarter of 2016-17, which was the period of demonetisation. India overtook China’s 6.8 per cent growth in October-December after a three-quarter gap, regaining its status as the world’s fastest-growing major economy Bibek Debroy, chairman, Economic Advisory Council to the Prime

15th Finance Commission will need to define populism: Chairman NK Singh The 15th Finance Commission, set up to recommend the devolution of central pool taxes to states as well as a fiscal consolidation roadmap for government finances, will require to define what constitutes a "populist" measure in order to fulfil its terms of reference, Commission Chairman NK Singh said on Wednesday.  At an interaction here with editors along with some members of the Commission, including former Economic Affairs Secretary Shaktikanta Das, the Chairman also pointed out some unique terms of reference of the current Finance Commission arising from the abolition of the Planning Commission and the roll out of the Goods and Services Tax (GST) last year.  "The 15th Finance Commission will recommend on creating measurable monitoring criteria on states' performance on parameters like ease of doing business, on government programmes like Make In India and populist policies," Singh s