Category: Business & Economics

Loan write-off is when the loan is no longer counted as an asset by the bank, thus reducing the level of non-performing assets.  Banks wrote off bad loans worth over Rs 2.09 lakh crore during the financial year 2022-23.  This loan write-off aided banks to bring down gross non-performing assets to a 10-year low of 3.9 percent of advances in March 2023.  RBI bulletin on April 21 said that the GNPAs of scheduled commercial banks (SCBs) declined to 4.5 percent in December 2022 from 6.5 percent a year ago.  Banks…

India rejected Chinese carmaker BYD Co.’s proposal to build a $1 billion electric-vehicle plant in partnership with a local company.  FDI proposals from countries that share a border with India, need political and security clearance from the ministries of external and home affairs.  India is restricting Chinese investment following a number of deadly clashes along the disputed border between the two nations, which have strained relations.  The government was probing SAIC Motor Corp.’s local unit MG Motor India Pvt over alleged financial irregularities.  After meeting with PM Modi in the…

India, the world’s largest exporter of rice, recently imposed a ban on all exports of non-basmati white rice, to keep domestic prices in check.  In the US, the impact of this ban is being felt by the large NRI community.  Local grocery stores have reported an increase in sales of rice bags, with some customers buying in bulk.  The rice ban has caused panic buying in the Telugu population in North America, Europe, and West Asia due to the possibility of rice scarcity.  After India’s ban on white rice exports,…

Department of Animal Husbandry & Dairying, Ministry of Fishries, Animal Husbandry and Dairying is implementing the Credit Guarantee Scheme under Animal Husbandry Infrastructure Development Fund (AHIDF) to strengthen credit delivery system and facilitate smooth flow of credit to the Micro, Small & Medium Enterprise (MSMEs) engaged in Livestock sector without hassles of collateral security. For operationalizing the scheme, DAHD has established a Credit Guarantee fund Trust of Rs. 750.00 crores, which will provide credit guarantee coverage up to 25% of the credit facilities extended to the MSMEs by the eligible…

Tata Motors says it’s planning to invest more than £4bn, to build an electric car battery factory in the UK.  According to Tata Group, this marks one of the largest-ever investments in the British automotive sector, and the gigafactory will deliver half of the battery production needed by 2030.  This is the company’s first gigafactory outside of India – and Mr. Sunak said it was an “incredibly proud” moment.  “With this strategic investment, the Tata Group further strengthens its commitment to the UK,” Tata Sons Chairman N Chandrasekaran said.  Production…

World Bank President Ajay Banga is bullish about India, and said he is more optimistic about the economy’s growth prospects now than he has been “in a long time”.  Banga said he is a “big fan” of India’s digital payments infrastructure.  He was more circumspect about the global economy, commenting that it is in a “difficult place”.  Meanwhile, the World Bank has estimated the global economy will grow by 2.1 percent in 2023.  World Bank President unveiled new plans to stretch the bank’s balance sheet and help countries tackle climate…

The Adani Group chairman described the US-based short-sellers report as a ‘combination of targeted misinformation and discredited allegations.’  In the report, Hindenburg accused the Adani Group of carrying out the ‘largest con in corporate history,’ a charge which the latter has repeatedly denied.  The issue is being probed separately by the Securities and Exchange Board of India (SEBI) and a Supreme Court-appointed expert committee.  Adani, who has seen a significant decline in his net worth, has since slipped behind countryman and Reliance Group chairman Mukesh Ambani, and China’s Zhong Shanshan,…

Sensex and Nifty continued their record-breaking rally, reaching new all-time high levels in early trade.  The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50.  The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25.  From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti, and Asian Paints were among the biggest gainers.  The rupee also touched a high of 81.97 against the American currency. On Monday, the rupee had settled at 82.03 against the dollar. …

According to a source, talks are going on with Indonesia on real-time settlement and trading in local currencies.  Two countries are also talking about linking their fast payment systems.  India and the UAE have signed a MoU to set up a framework to strengthen the use of local currencies.  New Delhi and France have got into an agreement to use India’s flagship payment system in France.   Earlier this year, India’s UPI and Singapore’s PayNow signed an agreement to make seamless, real-time, and secure cross-border transactions in both countries.  India…

Ms. Sri Mulyani Indrawati, Minister of Finance, Indonesia, and the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, here today announced the launch of the “India – Indonesia Economic and Financial Dialogue”. The platform, unveiled during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting, seeks to strengthen cooperation between the two nations and foster a shared understanding on global issues. “The evolution of India’s ‘Look East Policy’ in 1991, followed by the ‘Act East Policy’, has facilitated a rapid development in our bilateral relations, particularly in…