Connect with us

Business

Raghuram Rajan’s successor faces balancing act on bank clean-up

Published

on

While Rajan’s initiatives to cut bad loans has started yielding results, banks have been scared out of lending which has taken credit growth down to a two-year low.

The next Reserve Bank of India governor faces a tricky task completing a bank clean-up spearheaded by outgoing Governor Raghuram Rajan, while coping with the demands of a government that is desperate to see a revival in lending to businesses.

Rajan was feted by investors for his efforts to deal with a mountain of bad debt clogging India’s financial system, but his critics say an excessive focus on asset quality has scared banks out of lending and is partly to blame for credit growth slumping to a near two-decade low.

“The bad thing is that funding by banks has almost stopped. There’s too much negativity. The government may not want it to precipitate more,” said a senior banker, adding it would be hard for the new governor to push balance sheet reform much further.

Senior officials have told Reuters the government has narrowed down to four its list of candidates to replace Rajan, who stunned markets when he announced on June 18 he would not seek reappointment in September.

Rajan, a former International Monetary Fund chief economist, has spoken out against India’s “crony capitalism”, which has seen banks endlessly rolling over dud loans to companies, and insisted lenders fully reveal the extent of bad assets and undertake “deep surgery” to deal with them by March 2017.

A review of banks’ asset quality by the Reserve Bank of India (RBI) has brought to light roughly $35 billion (nearly Rs 2.32 lakh crore) of new bad loans since September.

As the clean-up has taken hold, loan growth slipped to 10.7% in the last fiscal year to the end of March, the slowest in almost 20 years.

The risk is that clamping down too hard on lending crimps economic growth, stoking a vicious cycle of more defaults and lower business investment and production.

Finance Minister Arun Jaitley said in a recent television interview with the Zee Media network that banks should strike a balance between expanding credit and cutting non-performing assets, warning them not to stop lending as a “panic reaction”.

Business

IT Minister Rohan Khaunte launches ‘Yellow Skies’, a business social media platform

Published

on

Porvorim: Information Technology Minister Rohan Khaunte on Friday launched a Goan Start Up, The Yellow Skies (www.theyellowskies.com), an unique Business Social Media Platform.

The Yellow Skies is an online business social media platform that is created to promote various businesses across the globe, said Mr. Suraj Palekar – Founder of The Yellow Skies, The Yellow skies is the brainchild of Suraj Palekar

We are beginning our operations in Goa but our target is to go global soon, said Mr. Kiran Chandra who is the co-founder of The Yellow skies.

Vasudev Bhat- Co-founder mentioned that the platform will have lot of technological improvisation at regular intervals. Vasudev bhat heads the tech department for THE YELLOW SKIES .

Suraj Palekar appealed to business owners in Goa to subscribe to THE YELLOW SKIES and use it to promote their business. (GoaNewsHub)

Continue Reading

Business

Incentives disbursed to Start-up : SPC

Published

on

Panaji: The Start-up Promotion Cell (SPC), Government of Goa, has disbursed Rs. 17.00 Lakhs incentives to various startups approved by the High Powered Committee(Chaired by Hon’ble CM) under Seed Capital, Co-working space, interest subsidy and trademark reimbursement schemes of  Goa Startup Policy 2017.

For boosting the Goan Startup Ecosystem, SPC in association with AIC-GIM, had organized a 2 day (29th August 2021 and 3rd September 2021) Startup Conclave & Entrepreneurship Summit called AnthaPrerna. The event witnessed participation from 50+ startups, 15 investors, students from various colleges, incubators and other stakeholders including the Ministry of Electronics and IT ( Meity).  The event had various sessions related to New Startup Policy, Startup Showcase, success stories of Goan Startups, Successful Indian startups addressing Goan Startups, Investors round table conference, etc.

Recently, the Cabinet has approved the new Goa Start-up Policy 2021, revamping the old policy with various additional benefits. The new policy will also give impetus to Women Entrepreneurs. Access to Finance, Market and Talent along with Skill Development of Goan youth are the main pillars of the Goa Startup Policy 2021. The new policy has aligned the Goan Startup Definition with the Department for Promotion of Industry and Internal Trade (DPIIT).  Further, the policy envisages creating a Fund of Funds. With New Goa Startup Policy 2021, Goa is set to embark on its journey to empower, enable the local startup ecosystem and the new policy will be the start of putting Goa on the Startup map of India, Asia and world. (GoaNewsHub)

Continue Reading

Business

Goa Cashew Feni Distillers and Bottlers Association hails notification of ‘Goa Feni Policy 2021’

Published

on

Panaji : The Goa Cashew Feni Distillers and Bottlers Association (GCIDBA) has hailed the notification of the Goa Feni Policy, 2021 Speaking at the media conference held on Thursday. Gurudatta Bhakta. president, GCFDBA said, “On behalf of the stakeholders of the cashew feni industry we would like to express our gratitude to the chief minister.

Dr Pramod Sawant for initiating the notification of the “Goa Feni Policy, 2021 The notification of the feni policy in the state will lead to rapid intervention and important improvements which will positively impact the feni industry as a whole.”Bhakta also expressed his gratitude to the  late chief minister Manohar Parrikar for initiating the ‘Feni Policy and former CM Laxmikant Parsekar for giving feni the status of Heritage Spirit of Goa According to Bhakta, the GCFDBA had achieved success in creating awareness and raising standards for the betterment of cashew feni in Goa and worldwide.

Bhakta complimented commissioner of excise, Shashank Tripathi. for paving the path for stakeholders to chalk out a road map for feni and former commissioner of excise and Menino D’Souza for initiating this process.Bhakta thanked the team of Revisions Martins and Deepak Parab of the department of science and technology for initiating a geographical indication (GI) status for cashew feni. He said, “The GI is an intellectual property right (IPR) provided by the Government of India to protect cashew feni and its stakeholders from any attempt to infringe appropriately or dilute the status of cashew feni as the Heritage Drink of Goa.”

Speaking on the occasion, Hansel Vaz, secretary, GCFDBA said that the feni industry directly injected revenue to all of Goa’s rural and marginal farmers and hinterland communities who operated without any government support or subsidy -The present prevailing system is unique to the world and exclusive to Goa and allows communities to themselves remain self-sufficient by adding value, skill upgrade and reducing farm waste through cashew distillation.

This approach is in sync with the prime minister’s philosophy of an ‘Aatmanirbhar Bharat (self-reliant India), Vaz said Tukaram Haldankar, treasurer. GCFDBA sought the support of the state to help in exporting Goan cashew feni to other countries and states within India. The state government must create a sponsored initiative to promote feni as the state drink of Goa. We want to take our Goan fent to the world, Haldankar said. (GoaNewsHub)

Continue Reading
Advertisement

Trending