Down but not out
India’s exports dipped in February for the third consecutive month by 8.8 per cent.
Imports also declined by 8.21 per cent.
The country’s trade deficit in February stood at $17.43 billion. February figures reflect that on a month-on-month basis, the trade deficit has come down.
Again, it’s not simply a statistical thing. There were several meetings held by the Commerce and Industry Minister, where all the officers were present, with ministries, and where ministers were also present, where we looked at strategies to contain inessential imports.
It refers to ‘Bar council allows foreign law firms to enter India. New avenues open for Indian lawyers’. It is indeed a path breaking decision which will be beneficial for Indian lawyers. This is also a pragmatic move.
Foreign law firms will have to register themselves for 5 years and all laid down rules will facilitate the concerns about FDI in the country and will ensure India becomes a hub of International commercial Arbitration.
Not only will our lawyers gain exposure but it will also generate jobs in foreign law firms opening up their offices in India. It is a win-win situation for India.
The Parliamentary standing committee on Rural Development tabled a report in Parliament on rationale behind the reduction in the allocation for the MGNREGS scheme.
The Budget estimate for the MGNREGS was reduced by ₹29,400 crore for the 2023-24. In fact it is a last resort for the rural poor. The role and importance of this scheme was evident during the pandemic.
During the two pandemic years the government had to revise the target. Another backlog in this scheme was the delay in wage payment and material fund release to the State governments.
Since the MGNREGS benefiaries belong to the extremely deprived sections of the society there is every need to make them aware of the scheme’s functioning. Depending upon a nodal human intervention perhaps added to their woes. Since the scheme is excellent the government should not ignore it and iron out its shortcomings in its functioning.
Apropos the article ‘Can Indian banks implode like SVB?’ (March 16), in Indian Banking scenario, channelising the long-term deposit funds in creating loan portfolios after meeting the statutory reserve requirements such as SLR and CRR is reasonably well controlled and supervised by RBI.
Indian Banks invest their surplus funds in the fixed rate income channels that ensure assured returns. As regards the asset portfolio, right from the first month of instalments commitment to be honored by the borrower clientele, existing mechanism of Special Mention Accounts.
With the robust ALM , Risk Management system and the supervisory mechanism for asset portfolio in vogue, chances of an SVB type of debacle in the Indian Banking scenario would be very remote unless and otherwise there are other aberrations in lending or investment decisions.
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