Economy

bad bank

Of what good is a bad bank?

How does the piling up of non-performing assets affect the functioning of a bank? Have bad banks been set up in other countries? Finance Minister Nirmala Sitharaman on Monday announced that the National Asset Reconstruction Company (NARCL) along with the India Debt Resolution Company (IDRCL) will take over the first set of bad loans from banks and …

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repo rate

The repo rate in India

How does the repo rate work? How does it affect the country’s inflation and what are the factors that influence its efficacy? On May 4, the Reserve Bank of India, in a surprise move, announced that the bank’s Monetary Policy Committee (MPC) had held an ‘off-cycle’ meeting at which it had decided unanimously to raise …

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Export Preparedness Index 2021

Gujarat retains top position at NITI Aayog’s Export Preparedness Index 2021

Gujarat has kept its top spot in the second edition of the NITI Aayog’s Export Preparedness Index 2021, with Maharashtra, Karnataka, Tamil Nadu, Haryana, Uttar Pradesh, Madhya Pradesh, Punjab, Andhra Pradesh, and Telangana rounding out the top ten. Delhi led the index among union territories, followed by Goa, Jammu & Kashmir, Chandigarh, and Puducherry, while …

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Reserve Bank

Reserve Bank eases norms for microfinance firms

The Reserve Bank of India (RBI) gave microfinance institutions the authority to determine their own interest rates for borrowers on Monday, with the condition that the rates should not be usurious. The RBI adjusted the definition of a microfinance loan in the new rules for microfinance loans, which will take effect on April 1. A …

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monetise

Union Cabinet nod for new firm to monetise land assets

On Wednesday, the Union Cabinet authorised the formation of a new government-owned corporation to aggregate and monetise sovereign and public-sector landholdings. The National Land Monetisation Corporation (NLMC) would be established with a paid-up capital of Rs. 150 crores and initial authorised share capital of Rs. 5,000 crore. The government will engage private-sector experts and nominate …

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Trade deficit

Trade deficit widens to $21 bn again as imports climb 35%

According to preliminary foreign trade estimates, India’s goods exports increased by 22.3 percent to $33.81 billion in February, while imports increased by 35 percent to $55 billion, expanding the trade imbalance to $21.2 billion. The trade deficit decreased to about $17 billion in January after reaching a high of $22.9 billion in November 2021 and …

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virtual

What is a virtual digital asset? and How is it different from digital currency?

In her Budget 2022 address on Tuesday, Finance Minister Nirmala Sitharaman declared a 30% tax on revenue from virtual digital assets. She said that such transactions have increased significantly, and the size and frequency of these transactions have necessitated the creation of a separate tax system. She went on to say that no deductions for …

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banks

‘Banks to transfer 15 NPAs worth Rs. 50,000 cr. to NARCL’

Banks have agreed to transfer 15 non-performing assets (NPAs) totaling Rs. 50,000 crore to the National Asset Reconstruction Company Ltd. (NARCL), a “bad bank” set up to assist with the issue, by the end of the current fiscal year. At a press conference, SBI chairman Dinesh Khara said that a total of 38 accounts worth …

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india cucumber

India Emerges as Top Exporter of Cucumber and Gherkins

India has emerged as the world’s top exporter of gherkins, with outbound shipments totaling $114 million from April to October 2021, compared to $200 million in FY21. “India has exported 1,23,846 metric tonnes of cucumbers and gherkins,” the commerce and industry ministry said in a statement on Sunday. According to the report, India’s agricultural processed product …

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