Shiv Sena firebrand leader Sanjay Raut hit out at the central government in Rajya Sabha over country's economic condition, saying that the centre has put out a sale of Air India, Indian Railways, Life Insurance of Corporation since the Reserve Bank of India has gone bankrupt. "Country's economic condition is very serious. The situation is such now that GDP and RBI have gone bankrupt. So the government has put Air India, Railways, LIC and many other assets on sale in market. And Jawaharlal Nehru Port Trust has been added in this list," Raut said in Parliament on September 17.
Equity benchmark indices surged nearly 1 per cent on Thursday after the Reserve Bank of India (RBI) kept the repo rate unchanged at 4 per cent. The BSE S-P Sensex closed 362 points or 0.96 per cent higher at 38,025 while the Nifty 50 gained by 99 points or 0.89 per cent at 11,200. Except for Nifty PSU bank, all sectoral indices at the National Stock Exchange were in the green with Nifty IT gaining by 1.8 per cent, FMCG by 1.4 per cent and pharma by 1.2 per cent.
Reserve Bank of India (RBI) on August 06 announced that repo rate and reverse repo rate will remain unchanged. RBI Governor Shaktikanta Das said, "Repo rate remains unchanged at 4% and Reverse repo rate also remains unchanged at 3.35%. Accommodative stance of the monetary policy will continue as long as necessary to revive growth and mitigate the impact of COVID-19 pandemic, while ensuring that inflation remains within target going forward." He further said, "Monetary Policy Committee (MPC) noted that in India too, economic activity had started to recover, but surges of fresh infections have forced fresh lockdowns, hence several high-frequency indicators have levelled off."
While media brief, RBI Governor Shaktikanta Das said, "With COVID-19 infections rising under fragile micro-economic and financial conditions, we propose to take regulatory and developmental measures - enhance liquidity support for financial markets, ease financial stress caused by COVID-19 while strengthening credit discipline improve the flow of credit, to deepen digital payment systems and facilitate innovations by leveraging technology."
Reserve Bank of India (RBI) Governor Shaktikanta Das briefed mediapersons on Aug 06. He said, "RBI is perhaps the only central bank in the world which has set up a special quarantine facility for continuity of critical operations." He further said, "Taking into consideration all factors, the GDP growth in the first half of the year is estimated to remain in the contraction zone. For the year 2020-21 as a whole, real GDP growth is also estimated to be negative."
Union MSME Minister Nitin Gadkari on August 16 informed that unregistered enterprises need to register themselves under Micro industry to get MSMEs benefit. "Unregistered enterprises need to register themselves under Micro industry to get the benefit of MSMEs. We are also in the process to cover small traders. We need help from NGOs to encourage such people to register," said Gadkari at Swavalamban e-Summit 2020.
Union Defence Minister Rajnath Singh spoke on Prime Minister Narendra Modi’s 'Aatmanirbhar Bharat’ vision. Singh said 'we can save large proportion of money by producing in India'. He inaugurated new projects as part of ‘Atmanirbhar Bharat Week’ celebrations. "PM Modi’s vision is one to boost our self-confidence. We can’t build self-confidence while relying on others. We can’t bring India among top 3 economies if we rely on others. We can save a large proportion of money if we produce in India. We can use the money to boost MSMEs related to Defence industry," the Defence Minister said. Singh on Sunday announced a ban on import of 101 items including weapons. Import of transport aircraft, light combat helicopters, others to be stopped by 2024. Step taken to boost India’s domestic defence industry. The step is in tune with government’s ‘Atmanirbhar Bharat’ initiative. Defence Expert Major General (Retd) Asthana welcomed the step. Asthana said, "No country can be military power unless its self reliant in defence industry. Decision to put ban on 101 items is a first major step towards self-reliance. Importing is costly, you pay in dollars, it can be choked anytime. For Make in India, it cannot be only government or private players. R&D Defence is very costly for private player, investment is risky. Now, certain money has been allocated & collaboration has been accepted. Indian industry can now find a partner with R&D base & manufacture in India.
Credit: HT Digital Content Duration: 05:18Published
Union Defence Minister Rajnath Singh attended the inaugural session of 'Atma-Nirbharta Week' on August 10. He said, "If we become capable of manufacturing things within India itself, then we will be able to save a large section of the capital of the country. With the help of that capital, around 7000 MSMEs, associated with Defence Industry, can be encouraged."
Union Minister of Micro, Small and Medium Enterprises (MSME), Nitin Gadkari interacted with members from Bhartiya Udyog Vyapar Mandal on 39th Rashtriya Vyapari Diwas via video conferencing on August 09."Our fight on economic front is as important as the fight against COVID-19. We have to accomplish the mission of making India a USD 5 trillion economy and we have that potential. We have young, talented and skilled manpower," Nitin Gadkari
Central Reserve Police Force (CRPF) has organized a fitness camp for sportspersons in Srinagar. The camp has been organized in the amid COVID-19 pandemic with precautions, to get sportspersons back in shape. CRPF has provided basic facilities and infrastructure for the camp. The 21-day camp has been organized with collaboration of an NGO 'Sunrise in Kashmir'. "Due to COVID-19 pandemic we all were staying at home and didn't have any platform for practice. The indoor stadium has also been transfer into COVID facility. We didn't have any equipment to practice, the camp is beneficial for ours physical and mental fitness too," said Munaza Gazi, a Wushu player. "CRPF's Srinagar sector has helped us a lot. We didn't have resources to organize the camp. So they helped us in every possible way," said Afreen Hyder, member of 'Sunrise in Kashmir' NGO. CRPF aims to channelize youth towards sports in the Valley.
The Reserve Bank of India left the repo rate unchanged at four per cent after the meeting of its six-member Monetary Policy Committee. The reverse repo rate was also kept unchanged at 3.3 per cent. The..