Gita Gopinath, chief economist at the International Monetary Fund, speaks during a news conference ahead of the World Economic Forum in Davos, Switzerland, on Monday (Photo: Bloomberg)
Gita Gopinath, chief economist at the International Monetary Fund, speaks during a news conference ahead of the World Economic Forum in Davos, Switzerland, on Monday (Photo: Bloomberg)

India’s slow growth is a drag on the world: IMF

  • Fund slashes India’s FY20 growth forecast to 4.8%, also trims global outlook
  • 'Growth in India slowed sharply owing to stress in the NBFC sector and weak rural income growth,' said IMF chief economist Gita Gopinath

A slowdown in consumption, raising the threshold for GST registration, tax cuts and instances of tax evasion have contributed to the GST revenue shortfall (Photo: PTI)
A slowdown in consumption, raising the threshold for GST registration, tax cuts and instances of tax evasion have contributed to the GST revenue shortfall (Photo: PTI)

Govt could be losing 5 tn in GST revenue over defaults, evasion

  • The revenue loss is equivalent to 2.4% of GDP or 40% of the GST collection target
  • GST authorities have zeroed in on about 40,000 companies for claiming excess or wrongful tax rebates

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'The board discussed the current state of the financial sector with special focus on the regulatory and supervisory architecture of commercial and cooperative banks as also NBFCs,' the minutes said
'The board discussed the current state of the financial sector with special focus on the regulatory and supervisory architecture of commercial and cooperative banks as also NBFCs,' the minutes said

RBI pre-empts RTI by releasing minutes of October board meet

  • This is the first time RBI has revealed the proceedings of its central board to the public
  • The minutes of the 579th meeting were released as part of the central bank’s transparency initiative

DHFL’s assets under management are at  ₹1.19 trillion, of which  ₹63,690 crore is in retail loans and the remaining in wholesale.
DHFL’s assets under management are at 1.19 trillion, of which 63,690 crore is in retail loans and the remaining in wholesale.

DHFL lenders ease bidding criteria for prospective buyers

  • Eligibility norms pertaining to minimum net worth, AUM and committed funds were lowered for potential bidders
  • The 4,100 crore claim on DHFL by Prudential International Insurance Holdings has been rejected

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The unemployment rate among males in the 15-29 age group was 18.7% and for females it was 27.2%, according to the Periodic Labour Force Survey 20178-18
The unemployment rate among males in the 15-29 age group was 18.7% and for females it was 27.2%, according to the Periodic Labour Force Survey 20178-18

Budget’s biggest task is to create employment opportunities

  • The impact of the slowdown has been accentuated by the absence of jobs. People hope that the budget will ease this pain point
  • The economy is going through a tough time with GDP growth sliding to 4.5% in the September quarter, the lowest since March 2013

Photo: iStock
Photo: iStock

Opinion | Our GST has deficiencies but let us not jump to judgement

The regime may have had teething issues but it has now stabilized and will show results in time

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Finance minister Nirmala Sitharaman with senior finance ministry officials in New Delhi on Monday. (ANI)
Finance minister Nirmala Sitharaman with senior finance ministry officials in New Delhi on Monday. (ANI)

FM Sitharaman kicks off budgetary exercise with ‘halwa’ ceremony

  • Printing of the budget documents started on Monday, with Nirmala Sitharaman attending the customary ‘halwa’ ceremony
  • Close to 100 officials directly involved in budget-making and printing of the budget documents are put in a ‘lock-in’ in the North Block post the halwa ceremony

Thanks to the higher provisions, the net non-performing assets stood at about 0.89% in Q3 (Photo: Bloomberg)
Photo: ANI
A Sukhoi-30MKI fighter jet lands at the Thanjavur airbase during its induction ceremony into the Indian Air Force on Monday. (PTI)
A Sukhoi-30MKI fighter jet lands at the Thanjavur airbase during its induction ceremony into the Indian Air Force on Monday. (PTI)

IAF deploys 6 Sukhoi jets in TN, boosting capabilities in Indian Ocean

  • The development comes against the backdrop of China increasing its presence in the Indian Ocean region
  • Defence ministry says the Sukhois will ‘provide protection to our island territories and sea lines of communication in the Indian Ocean Region’

Bank of Baroda has already been merged with two smaller state-run banks - Dena Bank and Vijaya Bank
Former IAS officer Yudhvir Singh Malik will chair the board, which will craft a scheme in two months to accelerate Unitech’s pending projects. (HT)
Former IAS officer Yudhvir Singh Malik will chair the board, which will craft a scheme in two months to accelerate Unitech’s pending projects. (HT)

Supreme Court clears government’s 7-member board to take over Unitech

  • The court also granted a two-month moratorium from any legal proceedings against the new management.
  • The bench clarified that no existing projects shall be stalled by the appointment of the new board.

Bharti Airtel, which has to pay  ₹35,586 crore to the govt by 24 Jan, and Vodafone Idea, which owes the govt  ₹50,000 crore, had on Thursday also said they were evaluating filing curative petitions (Photo: Mint)
Bharti Airtel, which has to pay 35,586 crore to the govt by 24 Jan, and Vodafone Idea, which owes the govt 50,000 crore, had on Thursday also said they were evaluating filing curative petitions (Photo: Mint)

Vodafone Idea, Airtel, Tata file joint plea in SC for more time to pay AGR dues

  • Modification application, in which telcos may present a definite payment plan, is likely to be heard in SC on Tuesday
  • The modification application is the final attempt by the debt-laden telcos to negotiate for an easier payment schedule with the DoT

Long Reads
Retail food inflation climbed to 14% in December, the highest in six years. Given gross domestic product growth slowed down to just 5%, this has stoked fears of stagflation

Why food inflation may turn sticky

9 min read . 12:11 AM IST
Samsung displayed its ‘artificial human’ called NEON (right), at the Consumer Electronics Show 2020 in Las Vegas. (Photo: Getty Images)

The age of artificial humans is here

11 min read . 16 Jan 2020
Photo: iStock
Poor women and girls—at the bottom of the economic heap—put in  ₹19 trillion of unpaid care work a year, said Oxfam India.
Poor women and girls—at the bottom of the economic heap—put in 19 trillion of unpaid care work a year, said Oxfam India.

Richest 10% of Indians have three-fourths of nation’s wealth: Oxfam

  • The top 1% holds over four times the wealth held by 953 million, who make up the poorest 70% of India’s population
  • The report, 'Time to care', released in Davos, Switzerland said the bottom 50%, the majority of the population, has a mere 2.8% share of the national wealth

PM Narendra Modi with newly elected BJP national president J.P. Nadda (centre) and home minister Amit Shah (right), at the party headquarters in New Delhi on Monday. (Ramesh Pathania/Mint)
PM Narendra Modi with newly elected BJP national president J.P. Nadda (centre) and home minister Amit Shah (right), at the party headquarters in New Delhi on Monday. (Ramesh Pathania/Mint)

Former Union minister Nadda unanimously elected BJP chief

  • Nadda takes the reins at a time when the party is facing pressure over the controversial citizenship Act, NRC
  • The immediate electoral challenge for Nadda will be Bihar in Nov and Bengal in May 2021

Retail food inflation climbed to 14% in December, the highest in six years. Given gross domestic product growth slowed down to just 5%, this has stoked fears of stagflation
Retail food inflation climbed to 14% in December, the highest in six years. Given gross domestic product growth slowed down to just 5%, this has stoked fears of stagflation

Why food inflation may turn sticky

  • Despite the slowdown in rural demand, the spike in food prices is not showing any signs of cooling. Here’s why
  • This is the best time for the budget to address the volatility in food prices. Reliable market intelligence on crop production and timely advisories to farmers can help stabilize prices

The EasyDay app is limited to customers in Delhi-NCR.
Plain Facts
Unless the govt pulls back spending sharply in the last quarter, we are about to witness a major fiscal slip this year (Photo: Reuters)

How deep is India's fiscal hole?

5 min read . 20 Jan 2020
Scholars attribute the Indian Constitution’s endurance to its design and the care with which it was crafted (Photo: HT)

The Indian Constitution, in numbers

5 min read . 20 Jan 2020
Rafael Nadal of Spain and Karolina Pliskova of Czech Republic.

The European stamp on tennis

4 min read . 17 Jan 2020
Farmer suicides may not have risen in recent years and may have more complex causes than falling income, suggests new data (Photo: Bloomberg)

The geography of farmer suicides

3 min read . 16 Jan 2020
Photo: iStock
Photo: iStock

Opinion | Machine learning reveals computers as bad students

While the basic idea of smart machines is exciting, human supervision will be needed for quite a while yet

The Centre had however said it would not infuse any funds for completion of pending projects of Unitech
The Centre had however said it would not infuse any funds for completion of pending projects of Unitech

Govt to take management control of Unitech, Supreme Court agrees

  • The govt had earlier said that it is willing to take over the management control of Unitech Ltd and complete its stalled projects for providing relief to around 12,000 hassled homebuyers

The telecom dept is seeking  ₹1.47 lakh crore from all telcos in past statutory dues
The telecom dept is seeking 1.47 lakh crore from all telcos in past statutory dues

Telecom dept seeks 48,000 crore dues from Oil India

  • Oil India Ltd (OIL) is the second oil and gas firm after GAIL India to have been slapped a demand notice
  • From gas utility GAIL, the DoT has sought 1.72 lakh crore

(Photo: Getty Images)
File photo of Davinder Singh (Photo: PTI)
File photo of Davinder Singh (Photo: PTI)

Opinion | Davinder’s arrest exposes chinks in security armour

Security personnel develop a kind of arrogance in areas affected by terrorism

Unless the govt pulls back spending sharply in the last quarter, we are about to witness a major fiscal slip this year (Photo: Reuters)
Unless the govt pulls back spending sharply in the last quarter, we are about to witness a major fiscal slip this year (Photo: Reuters)

How deep is India's fiscal hole?

Taking into account a likely shortfall in revenue and off-budget spending, the real fiscal deficit could be as high as 5.5% of GDP in the current fiscal

From left) Kuldip Kumar of PwC, Shyam Sekhar of iThought, Madan Sabnavis of CARE Ratings and Naveen Wadhwa of Taxmann
From left) Kuldip Kumar of PwC, Shyam Sekhar of iThought, Madan Sabnavis of CARE Ratings and Naveen Wadhwa of Taxmann

Is there room for income tax cuts in Budget 2020?

At a time when economic growth is trending southwards and consumption has taken a hit, hopes are high that FM Sitharaman will announce some incentives in the upcoming budget. Disha Sanghvi and Ashwini Kumar Sharma ask experts if the govt has room to accommodate further tax cuts considering the widening fiscal deficit

A few clients had complained to the police, leading to a FIR against the CEO and other executives of Karvy Private Wealth in early 2019
A few clients had complained to the police, leading to a FIR against the CEO and other executives of Karvy Private Wealth in early 2019

Karvy clients challenge Banning of Unregulated Deposit Schemes Act

  • According to the petitioners, the law only applies to deposits after it came into force and hence neglects the rights of older depositors
  • Also, no competent authority has been set up to implement the law almost one year after it was enacted

Samsung on Twitter announced that the Galaxy Note 10 Lite will launch tomorrow in India (Samsung)
Police stop farmers trying to lay siege to the assembly in protest against the three-capital proposal for state of Andhra Pradesh, at Velagapudi in Guntur district on Monday. Farmers of Amaravati to be paid an ex-gratia of  ₹5,000 per month instead of  ₹2,500 per month (Photo: PTI)
Police stop farmers trying to lay siege to the assembly in protest against the three-capital proposal for state of Andhra Pradesh, at Velagapudi in Guntur district on Monday. Farmers of Amaravati to be paid an ex-gratia of 5,000 per month instead of 2,500 per month (Photo: PTI)

Andhra cabinet approves report on decentralization of capital

  • The state cabinet approved the ideology of three capitals, Visakhapatnam as executive capital, Kurnool as judicial capital and Amaravati as the legislative capital
  • Cabinet also discusses farmers’ issues, insider trading of Amaravati lands, amendments to APCRDA Act

World Economic Forum (WEF) flag. (Bloomberg)
World Economic Forum (WEF) flag. (Bloomberg)

From delicacies to delicate questions: India generating interest for all at WEF

  • There are also pavilions of Telangana government and of several Indian corporate groups including Wipro, Infosys, TCS and HCL Tech
  • This being the 50th anniversary meeting, the rush is more than usual and hotels, restaurants and other establishments are obviously not complaining

Sundar Pichai, chief executive officer of Alphabet Inc. (Bloomberg)
Sundar Pichai, chief executive officer of Alphabet Inc. (Bloomberg)

Google CEO Sundar Pichai calls for regulation of artificial intelligence

  • Sundar Pichai’s comments suggest the company may be hoping to head off a broad-based crackdown by the EU on the technology
  • In 2018, Google pledged not to use AI in applications related to weapons, surveillance that violates international norms

Maruti Suzuki Celerio. (Ramesh Pathania/Mint)
Davos 2020
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On 31 December, 2019, WhatsApp withdrew support for Windows Phones (Bloomberg)