Policy
FSDC panel reviews macro developments
The Financial Stability and Development Council's sub-committee, chaired by RBI Governor Shaktikanta Das, reviewed key global and domestic macroeconomic and financial developments. They discussed inter-regulatory coordination and potential risks to financial stability, focusing on improving resilience amid emerging challenges like global spillovers, cyber hazards, and climate change.
Expect new MPC members to be in place in time: Shaktikanta Das
Reserve Bank Governor Shaktikanta Das anticipates the timely appointment of new external members to the Monetary Policy Committee (MPC) before its scheduled meeting on October 7. The terms of three current external members end on October 4. The MPC, which includes six members, votes on rate decisions, with recent meetings showing dissent over rate cuts versus inflation control.
FSDC reviews global, domestic macroeconomic, financial developments
The Reserve Bank Governor Shaktikanta Das chaired the 31st meeting of the FSDC Sub-Committee, reviewing global and domestic macroeconomic and financial developments. The committee discussed potential risks to financial stability and emphasized improving financial sector resilience through inter-regulatory coordination, while remaining vigilant about emerging challenges like global spillovers, cyber hazards, and climate change.
ICSI introduces framework for sustainable, responsible investment practices
The Institute of Company Secretaries of India (ICSI) has introduced a framework to encourage sustainable and responsible investment practices. The ICSI Guiding Principles on Stewardship (IGPS) aims to empower institutional investors and service providers by outlining best practices for responsible investment, covering environmental, social, and governance factors. The framework was launched at the Middle East Conference in Abu Dhabi.
Shaktikanta Das suggests a new playbook to set right a long-standing job market imbalance in India
Das emphasised the financial sector's role in bridging the gender gap by providing more employment opportunities for women and creating tailored schemes for women-led businesses. He highlighted the need for inclusive growth, improved education, skill development and workplace safety to empower women entrepreneurs and MSMEs.
Govt to soon launch INDIAsize initiative, says Textiles Minister Giriraj Singh
The government is set to launch the 'INDIAsize' initiative to create standardized measurements for Indian body types, addressing fitting issues with current US and UK size standards. Union Textiles Minister Giriraj Singh announced this alongside the launch of VisioNxt, a platform combining AI and Emotional Intelligence for fashion trend insights.
India will find it difficult to slash fossil fuel imports, no need for too much EV subsidies: Nitin Gadkari
Union Transport Minister Nitin Gadkari highlighted the challenges of reducing India's crude oil imports by 25% at the BloombergNEF summit. He emphasised the potential for green fuel, particularly hydrogen, and aimed for India to become a leading manufacturer of lithium-ion batteries and green-fuel automobiles. Gadkari noted that India's low production costs would attract automobile companies and reduce import dependency.
India at critical juncture, geared for orbital shift; massive changes taking place: Shaktikanta Das at FICCI event
RBI Governor Shaktikanta Das addressed the FIBAC 2024 event, highlighting India's economic growth prospects and the need to cut down on noise around growth debates. He noted strong rebounds in private consumption and investment, despite muted public spending. Das emphasised the continued strength of industry and services sectors.
Finmin relaxes norms for expenditure exceeding Rs 500 cr to give boost to capex
The finance ministry has eased norms for expenditures over Rs 500 crore to boost capital expenditure, set at Rs 11.11 lakh crore for this fiscal year. This aims to enhance government spending, which slowed due to elections. The relaxation is subject to strict compliance with guidelines and plans by ministries.
Employees’ Pension Scheme subscribers could withdraw pension from any bank across India from January 1, 2025
Labour and employment minister Mansukh Mandaviya on Wednesday approved the centralized pension payment system (CPPS) under the Employees’ Pension Scheme, 1995, allowing 7.8 million EPS subscribers to withdraw pension from any bank in India. Besides, it will also ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another even when the pensioner moves from one location to another or changes his bank or branch.
Must Watch
India needs to rethink its approach to ships, infra to boost maritime governance: Sanjeev Sanyal
India is rethinking its maritime strategy to enhance its role in global maritime governance. The Sagarmanthan Dialogue, scheduled for November 2024, will focus on the blue economy, maritime logistics, and sustainable development. Key figures emphasize the importance of this initiative for India's economic growth and international partnerships.
Targeting 7%+ growth for next 2 decades: DEA secretary
The secretary called for "deepening and widening" the corporate bond market, expanding access to insurance, pension and capital market products, and improving the quality and efficiency of financial services that would reduce the intermediation cost.
Finance minister Nirmala Sitharaman asks ministries to set quarterly capex targets
Finance Minister Nirmala Sitharaman has urged various ministries and departments to speed up capital spending and set quarterly targets. In a series of meetings, she reviewed productive spending and asset creation across infrastructure sectors. Discussions included national highways, private capital attraction, and FY25 capex plans for Bharat Net and 4G mobile projects.
GST on insurance premiums: Karnataka in favour of exemption on products used by working class
Karnataka will propose a GST exemption on health and life insurance for the working and lower middle classes at the upcoming GST Council meeting. The state opposes a blanket exemption for higher income groups. The council will consider opinions from member states on this issue, aiming to support the struggling working class.
GSTN to launch invoice management system from Oct 1
The GST Network will introduce the Invoice Management System (IMS) from October 1 to help taxpayers match their records with those issued by suppliers for accurate Input Tax Credit. This new system will allow recipients to accept, reject, or keep invoices pending, enhancing the audit trail during GST audits.
Labour ministry urges states to include unorganised workers under Pradhan Mantri Awas Yojana
The Ministry of Labour and Employment has urged state governments to include various unorganised workers under the Pradhan Mantri Awas Yojana. This follows the union cabinet's approval to extend PMAY for five more years, aiming to provide two crore additional houses. The ministry also launched a MIS portal for better data management.
