Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during the Bloomberg India Economic Forum in Mumbai (Photo: Bloomberg) (Bloomberg)
Shaktikanta Das, governor of the Reserve Bank of India (RBI), speaks during the Bloomberg India Economic Forum in Mumbai (Photo: Bloomberg) (Bloomberg)

There’s room for more rate cuts, says RBI Governor

  • The government has limited space for any fiscal expansion, says Shaktikanta Das
  • Banks need to take steeper haircuts to resolve stress at some non-bank lenders, says Das

Essel Group chairman Subhash Chandra. The group now has till 31 March to repay its debt (Photo: Ramesh Pathania/Mint)
Videos
View All
The Council will also consider a uniform tax rate for lottery tickets, which are currently taxed at 12% and 28% depending on whether they are sold within the organising state or outside (Photo: Mint)
The Council will also consider a uniform tax rate for lottery tickets, which are currently taxed at 12% and 28% depending on whether they are sold within the organising state or outside (Photo: Mint)

GST Council to opt for just minor tax tweaks

  • GST Council will also consider states’ demand for extending cess on select products like automobiles beyond 2022
  • The Council will also consider a uniform tax rate for lottery tickets, which are currently taxed at 12% or 28%

Your morning ritual now travels with you!

Try Mint E-paper
A government official said on condition of anonymity that there could be measures for supporting SMEs (Photo: PTI)
A government official said on condition of anonymity that there could be measures for supporting SMEs (Photo: PTI)

Sitharaman may announce more measures on Friday to support economy

  • Sitharaman will address the media on Friday morning ahead of the 37th meeting GST Council
  • So far, the govt has announced measures to improve access to credit for small businesses and to enhance the liquidity of non-bank lenders and housing financiers

Sitharaman also assured banks that the Centre will consider their request for a special dispensation for farmers and MSMEs. (Mint)
Sitharaman also assured banks that the Centre will consider their request for a special dispensation for farmers and MSMEs. (Mint)

FM directs banks, NBFCs to focus on increasing credit outgo in 400 districts

  • Sitharaman also assured banks that the Centre will consider their request for a special dispensation for farmers and MSMEs
  • FM asked the PSB heads whether there was any impact of the announcements made by the finance ministry in the last one month on the banking secto

Mark to Market
View All
The search giant announced the new initiatives at the ‘Google for India’ event on Thursday. (Reuters)
The search giant announced the new initiatives at the ‘Google for India’ event on Thursday. (Reuters)

Google unveils integrated payments and jobs app

  • Tech firm also announces AI research lab in Bengaluru at its ‘Google For India’ event
  • Google Pay will allow users to add their credit and debit cards, and help find entry-level jobs

Former RBI governor Bimal Jalan (Photo: Pradeep Gaur/Mint)

Day’s most important news delivered to your inbox with our newsletters!

Subscribe for free
Plain Facts
Prime Minister Narendra Modi (PTI file)
Finance minister Nirmala Sitharaman. (Pradeep Gaur/Mint)
Long Reads
It’s been six weeks since the government revoked Jammu and Kashmir's special status and divided it into two union territories (Reuters)

Kashmir @ the UN: Managing the optics

9 min read . 19 Sep 2019
Bechal Kumar Singh, 23, delivers a cake to an office complex in Gurugram's sector 21 on a Sunday afternoon. Singh, who hails from Darbhanga, Bihar, joined online food delivery company Swiggy a year-and-a half. (Photo: Pradeep Gaur/Mint)

The loneliness of the delivery man

9 min read . 18 Sep 2019
On 14 September, 10 unmanned drones from Yemen caused severe damage to oil facilities in Saudi Arabia’s Eastern Province, north of Riyadh. (Photo: Reuters)

How India can play drone diplomacy

9 min read . 16 Sep 2019
A file photo of WeWork—shared office spaces in Mumbai (Mint file)
A file photo of WeWork—shared office spaces in Mumbai (Mint file)

Opinion | The four inexorable trends shaping the future of work

Recent signs of trouble at WeWork, which has so far been a poster boy of coworking spaces, raise an important question: is the ‘future of work’ dead?

Analysts see volatility continuing for a while but say opportunity in the long term. (Bloomberg)
A billboard welcoming Prime Minister Narendra Modi installed at the NRG Stadium as preparations are underway for the forthcoming 'Howdy Modi' event (PTI)
A billboard welcoming Prime Minister Narendra Modi installed at the NRG Stadium as preparations are underway for the forthcoming 'Howdy Modi' event (PTI)

Trump likely to make ‘some’ announcement at Houston

  • Trump’s statement raises expectations of a breakthrough in India-US trade relations
  • Modi and Trump will be meeting twice in three days— at Houston and during UNGA in New York

India does not have a complete and concrete action plan for these category of workers
India does not have a complete and concrete action plan for these category of workers

Draft code proposes social security for all informal, gig workers

  • The exact number of gig workers are unknown as they are still figuring out whether they are formal workers or informal workers, a study shows
  • Central Government may formulate and notify, from time to time, suitable social security schemes for gig workers, as per the draft social security code

Sonu Mehta/Hindustan Times
Former Reserve Bank of India governor Bimal Jalan (Mint file)
A file photo of Shaktikanta Das, governor RBI (Photo: Mint)
A file photo of Shaktikanta Das, governor RBI (Photo: Mint)

Banks need to take larger haircuts to resolve stress in some NBFCs, says Das

  • Shaktikanta Das said that the resolution process for the shadow banks will have to be market linked and for this, banks and other lenders will have a major role to play
  • Das said that the Finance Bill has given the RBI powers over NBFCs but it would prefer that the resolution of stress be through market mechanisms

Amazon CEO Jeff Bezos speaking during a news conference at the National Press Club in Washington. (AP)
The OECD is the latest institution sounding the alarm over the state of the global economy. Photo: HT
The OECD is the latest institution sounding the alarm over the state of the global economy. Photo: HT

Global economy seen sliding towards weakest growth in a decade: OECD

  • The Paris-based organization cut almost all economic forecasts it made just four months ago as protectionist policies take an increasing toll on confidence and investment
  • Manufacturing has born the brunt of the economic crisis brought about by a tit-for-tat trade war between the US and China

West Bengal Chief Minister Mamata Banerjee meets Union Home Minister Amit Shah at his office in New Delhi on Thursday. (ANI Photo)
West Bengal Chief Minister Mamata Banerjee meets Union Home Minister Amit Shah at his office in New Delhi on Thursday. (ANI Photo)

Mamata tells Shah NRC not needed in Bengal

  • Banerjee said she had flagged several irregularities in that exercise in Assam to the home minister
  • Her discussions with Shah came just a day after he had reiterated the need for a 'countrywide NRC'

Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur and Finance Secretary Rajiv Kumar chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)
Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur and Finance Secretary Rajiv Kumar chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)

Banks to hold public meets with NBFCs until 15 Oct in 400 districts: Sitharaman

  • The move is an attempt to increase credit disbursement ahead of the upcoming festive season
  • Sitharaman said she has asked banks no stressed MSME should be declared an NPA till 31 March, 2020

Civil aviation minister Hardeep Singh Puri (Photo: PTI)
The company stated that TVS NTORQ 125 is country’s first Bluetooth connected scooter.
The bank will allow all existing home loan customers as on 30 September to switch over to the new product (Mint file)
The bank will allow all existing home loan customers as on 30 September to switch over to the new product (Mint file)

SBI eyes 1 October launch of revamped home loan product linked to repo

  • RBI asked banks to link rates on floating rate loans to borrowers to an external benchmark from 1 October
  • The RBI recently asked banks to link their lending rates on floating rate loans to retail, personal and MSME borrowers to an external benchmark from 1 October

Union Minister for Defence Rajnath Singh after his maiden sortie in LCA Tejas with Air Vice Marshal Narmdeshwar Tiwari, at HAL Airport, Bengaluru on Thursday. (ANI Photo) (ANI )
Union Minister for Defence Rajnath Singh after his maiden sortie in LCA Tejas with Air Vice Marshal Narmdeshwar Tiwari, at HAL Airport, Bengaluru on Thursday. (ANI Photo) (ANI )

The story of LCA Tejas so far

  • The Tejas is an indigenous light weight, multi role supersonic aircraft developed in both fighter and trainer versions
  • The Tejas is designed to carry a veritable plethora of air-to-air, air-to- surface, precision guided and standoff weaponry

(Photo: Reuters)
The much-awaited report on DTC is yet to be made public. (Photo: iStock)
The SCCL produced 50.47 million tonnes of coal in 2013-14.
Chandrayaan 2's Vikram lander lost communication with ground stations during its final descent. (ANI )
Chandrayaan 2's Vikram lander lost communication with ground stations during its final descent. (ANI )

NASA captures images of Chandrayaan-2's Moon landing site: Official

  • The probability of establishing contact with the lander has a deadline of 21 September because after that the Moon region will enter into a lunar night
  • Chandrayaan 2's Vikram lander lost communication with ground stations during its final descent

HCCs are securities that give access to a specified fraction of an individual’s or a group’s future incomes for a fixed period in return for a lump sum payment today.
HCCs are securities that give access to a specified fraction of an individual’s or a group’s future incomes for a fixed period in return for a lump sum payment today.

New securities are an alternative to student debt

Courses that last for a short duration and are more vocational in nature are very well suited to HCCs, with the legal infrastructure around such contracts strengthening and regulatory uncertainty reducing

Goldman is expected to invest from its growth and venture capital investment arm, GSIP. (Getty Images)
Goldman is expected to invest from its growth and venture capital investment arm, GSIP. (Getty Images)

Goldman Sachs may lead investment round in JSW-backed Purplle

  • The online makeup and cosmetics segment has seen strong investor interest over the last few years
  • Purplle competes directly and indirectly with brands including Nykaa, founded by veteran investment banker Falguni Nayar

Union Finance Minister Nirmala Sitharaman shows e-Cigarettes during a press conference in New Delhi (Photo: ANI)
Union Finance Minister Nirmala Sitharaman shows e-Cigarettes during a press conference in New Delhi (Photo: ANI)

e-Cigarette ban: Why regulation of the emerging industry was difficult in India?

  • The Union Cabinet on Wednesday approved an ordinance for banning production, import, distribution and sale of electronic cigarettes
  • e-Cigarettes have started getting popular among schoolgoing children and that prompted the govt to act

Between 1 January and 14 September this year, 29 companies chose to let regulatory approvals for their initial public offerings (IPO) lapse. (Reuters)
Between 1 January and 14 September this year, 29 companies chose to let regulatory approvals for their initial public offerings (IPO) lapse. (Reuters)

PEs defer exit plans in a volatile market

  • 29 firms let regulatory nod for IPOs lapse this year, shows data
  • Lack of investor appetite is affecting the valuation expectations of the investors

(Right to left) Guenter Butschek, CEO & MD; Shailesh Chandra, president-electric mobility business; Anand Kulkarni, VP-product line, EVs, Tata Motors.
(Right to left) Guenter Butschek, CEO & MD; Shailesh Chandra, president-electric mobility business; Anand Kulkarni, VP-product line, EVs, Tata Motors.

Tata Motors shifts its EV strategy from fleet to personal segment

  • Tata Motors announces development of an all-new modular powertrain platform called Ziptron that will power its electric cars for personal segment in the future
  • The modular powertrain platform will be capable of providing long running range of up to 250 kms per charge along with the fast charging capability

As many as 55 of the 113 reservoirs monitored by CWC have more storage than last year. (AFP)
As many as 55 of the 113 reservoirs monitored by CWC have more storage than last year. (AFP)

As monsoon season nears end, reservoir levels rise to 85% of overall capacity

  • As per the latest report of the Central Water Commission, the live storage available in the 113 reservoirs has increased to 144.179 BCM
  • The ongoing monsoon conditions over central India and states along the west coast have led to rising water levels in many of the rivers contributing to higher storage

The attrition rate at Infosys was 23.4% in the April-June quarter, up from 20.4% in the previous quarter. (Bloomberg file)
A screen displays the company logo for Uber Technologies Inc. (REUTERS)
Finance Minister Nirmala Sitharaman (Photo: ANI)
Graphic by  Naveen Kumar Saini/Mint
Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)
Union Finance Minister Nirmala Sitharaman with MoS for Finance Anurag Thakur chairs a review meeting with the public sector banks, at Vigyan Bhawan in New Delhi (Photo: PTI)

Don't want banks to only recycle loans with existing customers: Sitharaman

  • For every one existing customer who wants a loan, banks will have to bring five fresh customers for loans, the FM told heads of PSU banks at a review meeting on Thursday
  • No stressed MSME would be declared an NPA till March 2020, said Sitharaman

IndiGo continued its market dominance of the Indian skies, carrying nearly one in every two passengers even as its market share fell to 47% from 47.8% in July (Photo: iStock)
IndiGo continued its market dominance of the Indian skies, carrying nearly one in every two passengers even as its market share fell to 47% from 47.8% in July (Photo: iStock)

Air passenger traffic slows for 3rd straight month, IndiGo market share drops

  • Domestic scheduled carriers carried 11.79 million passengers last month, compared with 11.90 million in July
  • The local carriers had flown 12.02 million passengers in June. On a year-on-year basis, passenger air traffic grew 3.8% from 11.35 million a year ago

RBI Governor Shaktikanta Das (Photo: PTI)
The US move was directed primarily at the Chinese investors who had earlier invested in several start-up companies in the Silicon Valley area in California (Photo: Reuters)
The US move was directed primarily at the Chinese investors who had earlier invested in several start-up companies in the Silicon Valley area in California (Photo: Reuters)

With eye on China, Trump makes it tougher for foreign firms in high-tech US biz

  • US has further tightened the rules governing entry of foreign investors into American businesses through takeovers and equity participation in sensitive tech and other high-tech areas
  • National security considerations are being cited as the reason for the enhanced scrutiny

Fawad Khan
Fawad Khan

Opinion | The twists and turns of an affair with Hindi cinema

Art unites people across borders but it’s a pity the same cannot be said of subcontinental politics

Companies such as Coca-Cola, Bisleri, SC Johnson, Reliance Industries, Varun Beverages, Diageo among others have agreed to be part of the entity (Photo: @karosambhav)
Companies such as Coca-Cola, Bisleri, SC Johnson, Reliance Industries, Varun Beverages, Diageo among others have agreed to be part of the entity (Photo: @karosambhav)

Consumer goods companies partner to launch packaging waste management entity

  • The entity called 'Karo Sambhav' has been developed by Packaging Association for Clean Environment, an industry body that counts over 30 companies as its members
  • 'Karo Sambhav' will work towards recycling packaging material, collection of post-consumer packaging

There is a conspiracy theory that the seeming U-turn in Trai’s thought process will in some way work to the advantage of Jio again
There is a conspiracy theory that the seeming U-turn in Trai’s thought process will in some way work to the advantage of Jio again

Will Reliance Jio profit again from Trai’s change of tune on IUC rules?

  • With Jio’s market share rising rapidly, there is a view it may soon become a net receiver of IUC
  • On the other hand, Jefferies' analysts estimate the move will result in an 18% drag on Reliance Jio Infocomm's operating profits

While the EPFO board decided to pay 8.65% interest rate to its subscribers for 2018-19 in February 2019, it has not credited this to their account till date