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Beware the many slips between cup and lip
What all can come in the way of Budget 2021-22 accelerating India’s economic growth
Every Budget has a vision. Finance Minister Nirmala Sitharaman was clear on what she wanted to achieve as she presented her third Budget on February 1 create the conditions and impart the necessary impetus for the economy to shrug-off the pandemic and accelerate its growth. She did this by presenting a Budget with a clear direction, high on transparency and conservative in assumptions.
In line with the economic ideology a right-of-centre party would typically adopt, she eschewed hand-outs and opted to revive growth by increasing capital spending and giving a massive push to infrastructure development. Reforms were taken forward. A conscious decision was taken to go slow on fiscal consolidation with the priority being economic growth. This helped her avoid levies that could have otherwise vitiated the investment climate that the Budget sought to create.
For investors, this Budget has truly laid the foundation of a strong economic revival in the coming quarters, and the rally, which was restricted to select sectors, will broaden to economy-facing sectors like capital goods, infrastructure, real estate, metals, and cement, said Sidana.
Rebooting Economy 66: Is India facing credit deprivation to warrant corporation banks?
RBI s database, reports and other evidence show India is credit surplus; large industrial houses have high debt stress, and that easy credit poses serious macro-financial risks to the economy
Prasanna Mohanty | February 10, 2021 | Updated 18:39 IST
What compromises the Indian economy further is India s repeated failure to resolve stressed assets over the past few decades
In November 2020, an internal working group (IWG) of the Reserve Bank of India (RBI) recommended that India s large industrial houses be allowed to run banks to increase credit-to-GDP ratio from the current level of 50% to more than 150%, in line with many developed economies, for higher growth. Now Prof. Arvind Panagariya, former Niti Aayog vice-chairman, is claiming that India faces acute problem of credit deprivation to support the same cause.
Bad bank could help PSBs focus on growth, say experts
Representative image
Synopsis
According to experts, systemic corporate stress is in the range of Rs 5-6 lakh crore, out of which Rs 4 lakh crore is with public sector banks.
MUMBAI: A bad bank could be a boon for public sector banks saddled with a disproportionate share of the bad debt, which is restricting their ability to raise growth capital from the markets, experts tracking the banking sector said.
The Union budget proposed an asset reconstruction company (ARC) to take over stressed debt from banks. However, with the government not allocating funds to capitalise the ARC, banks may be told to chip in to form