Economy

Newly appointed economic affairs secretary, Ajay Seth, took charge of the department of economic affairs on Friday, the finance ministry said in a Twitter update. The Appointments Committee of the Cabinet had approved the appointment of the 1987-batch Karnataka cadre IAS officer earlier this month, replacing Tarun Bajaj. Prior to this, Seth was posted in
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The Union Agriculture Ministry has signed a memorandum of understanding with Microsoft to run a pilot programme for 100 villages in six states to help farmers in reducing input cost and boost income. Agriculture Minister Narendra Singh Tomar was present at the signing ceremony, an official statement said. The minister said modern technology will help
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India is keen to advance talks with the European Union (EU) towards an agreement on investment facilitation and protection for mutually beneficial outcome, Commerce and Industry Minister Piyush Goyal said on Tuesday. The minister also emphasised on the need for proportional and simultaneous discussions on both trade and investment so that the two sides have
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The Insolvency and Bankruptcy Board of India (IBBI) is setting up two online platforms for selling distressed assets under Insolvency and Bankruptcy Code, opening up markets for soured debt involving resolution plans, interim finance and liquidation assets. The move will likely unlock big opportunities amid lockdown restrictions. This will likely make life easy for both
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The Indian economy’s recovery is likely to be ‘K-shaped’ instead of a ‘V,’ as rising inequality is poised to hit consumption and growth prospects, according to the country’s former central bank Governor Duvvuri Subbarao. “An important consequence of the pandemic has been the sharpening of inequalities,” he said in an interview Friday. “Growing inequalities are
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Partial lockdown measures could impact the movement of labour and goods which would affect industrial production significantly, according to a CEO’s survey. Covid curfew and micro containment strategies along with Covid-appropriate behaviour are effective to contain the spread of the second wave of infections, the survey by industry body CII suggested. A majority of the
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The threshold default for initiating the pre-packaged insolvency resolution process will be set at Rs 10 lakh and above for micro, small and medium enterprises, said MS Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI). Further, to maintain the resolution professional’s independence from the corporate debtor, the RP’s fees for the pre-packed
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The Insolvency and Bankruptcy Board of India has notified the pre-packaged insolvency resolution process regulations for micro, small and medium enterprises (MSMEs) on Friday. The norms, effective from Friday, enable the operationalisation of the prepack process, according to a statement from the ministry of corporate affairs. The move comes on the back of the ordinance
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Minister for Finance and Corporate Affairs Nirmala Sitharaman on Friday reviewed the progress of COVID-19 vaccination among the staff of her ministries and urged officials to get themselves and their family members vaccinated. “FM Smt. @nsitharaman today held interactions with officers and staff from Section Officers to Secretary level of all departments of @FinMinIndia and
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Union minister Anurag Singh Thakur on Thursday said India is open for stronger trade and investment with the European Union (EU). Portugal’s Minister of State for Internationalization Eurico Brilhante Dias called on Thakur ahead of the 5th Joint Economic Commission India-Portugal meeting in Delhi. The meeting would discuss the ongoing negotiation process of trade and
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India’s central bank on Wednesday announced setting up of a task force to review the regulatory framework governing asset reconstruction companies (ARCs). Governor Shaktikanta Das said that the committee would make recommendations on the policy environment for rehabilitation companies. The committee is likely to look into the long standing request of ARCs to participate in
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