The Ministry of New and Renewable Energy (MNRE) has proposed initiating a centralized tendering process for the current year’s target of 450,000 standalone solar pumps under Component B of the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) program. The ministry has invited suggestions and comments from all stakeholders on issues like participation in
The next few months will tell us a lot about the shape of the coming global recovery. Despite ebullient stock markets, uncertainty about Covid-19 remains pervasive. Regardless of the pandemic’s course, therefore, the world’s struggle with the virus so far is likely to affect growth, employment and politics for a very long time. Let’s start with the
Bank of England Slams Bitcoin, Praises Stablecoins and CBDCs Like many other central banks around the world, the Bank of England are still thinking about developing its own digital currency. The Bank of England’s governor today slammed Bitcoin as a substandard method of payment but reiterated the bank’s interest in central bank digital currencies (CBDC) and stablecoins. Despite
State Bank of India (SBI.NS) (SBI) posted a sharp increase in net profit on Friday and provided a steady outlook for the coming quarters, even as the corona virus crisis ravages the country’s economy. SBI’s results come as Indian lenders brace for a flood of potential loan defaults, with many small businesses finding it hard
India’s surprise move to restrict imports of TVs, announced on Thursday, will boost local manufacturing, strengthening Prime Minister Narendra Modi’s flagship ‘Make in India’ drive, an industry body said. The Indian trade ministry issued a notice late on Thursday saying it would restrict inbound shipments of TVs by requiring importers to get a special license.
India’s fiscal deficit touched a record $88.5 billion in the April-June quarter, 83.2% of the target for the whole of the current fiscal year, reflecting the impact of the corona virus pandemic on tax collections and as the government front-loaded its spending. The deficit is predicted by private economists to cross 7.5% of GDP in
The Indian government is working with the central bank on a possible one-time restructuring of loans due to the impact of the COVID-19 pandemic on businesses, finance minister Nirmala Sitharaman said on Friday. “The focus is on restructuring. The finance ministry is actively engaged with the RBI (Reserve Bank of India) on this. In principle,
The U.S. economy shrank at a dizzying 32.9% annual rate in the April-June quarter - by far the worst quarterly plunge ever - when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday. The Commerce Department's estimate of the second-quarter decline
The world economy will go into recession this year with a predicted loss of trillions of dollars of global income due to the corona virus pandemic, spelling serious trouble for developing countries with the likely exception of India and China, according to a latest UN trade report. With two-thirds of the world’s population living in
China will push forward comprehensive deep reforms with greater strength, state media quoted President Xi Jinping as saying on Thursday. He also said China will proactively resolve risks, challenges and huge pressure from any area, according to Xinhua. Xi was speaking on the economic agenda for the second half of the year at a meeting with
