Sunny Verma

Profile

Sunny Verma is an Assistant Editor with The Indian Express and writes on economy and finance.

October GST mop-up since rollout: Collection dips, govt asks top tax officials to meet
Tue, Dec 05, 2017

Centre to gauge revenue receipt trends, look at ways to increase compliance.

Electoral bonds: Govt, RBI finalising norms; unveiling likely by year-end
Thu, Nov 30, 2017

These bonds are likely to be issued by the RBI and some public sector banks and will have a limited validity during which these can be deposited into designated accounts of the political parties.

Revenue shortfall: Centre may get lower than expected dividend from PSBs
Wed, Nov 29, 2017

Banks’ profits strained by rising NPAs and increased provisioning.

Nations will have to frame common rules governing cyber security: Timo Soini
Tue, Nov 28, 2017

Soini, who participated in the Global Conference on Cyberspace in New Delhi, said cyber security is of utmost importance in today’s digital age.

Moody’s India rating upgraded, all eyes on word from S&P now
Fri, Nov 24, 2017

Moody’s upgraded India’s sovereign ratings to Baa2 from its lowest investment grade Baa3 citing the NDA government’s “wide-ranging program of economic and institutional reforms” among the reasons for the move.

Assets Ordinance cleared: Govt tightens screws on defaulters with tough new rules for bidding
Fri, Nov 24, 2017

No ban but bar raised high; also on blacklist those banned from trading

Insolvency and Bankruptcy code being changed, wilful defaulters can’t bid for stressed assets
Thu, Nov 23, 2017

Insolvency and Bankruptcy code: The ordinance also proposes to disallow sale of property to a person who is disqualified to be a resolution applicant.

Insolvency code being changed to stop wilful defaulters from bidding for stressed assets
Wed, Nov 22, 2017

Government sources said the amendments to the IBC “explicitly prohibit persons declared as wilful defaulters” or those convicted of fraud, from submitting a resolution plan for companies that are going through the corporate insolvency resolution process.

Rs 2.11-lakh crore recapitalisation plan: To help fund bank cash infusion, Government looks to tap RBI’s reserves
Thu, Nov 09, 2017

The discussions, an official said, are at a “nascent stage” and depending on the response of the RBI, the Finance Ministry will work on creating a mechanism for capital infusion that is in consonance with fiscal responsibility regulations.

Demonetisation anniversary: New numbers are in, 1.5 million jobs lost in January-April this year
Wed, Nov 08, 2017

Demonetisation anniversary: According to CMIE data, the estimated total employment during January-April 2017 was 405 million compared to 406.5 million during the preceding four months, September-December 2016.

Cash-to-GDP ratio: Why less cash in itself may not necessarily mean less black money
Wed, Nov 08, 2017

A lower ratio could be due to a combination of factors — lower currency supply, shrinkage in cash-dependent enterprises due to the note ban, and shortage of cash in pockets of the economy.

One year of demonetisation: Auto sales rebound; credit growth, SMEs, realty face lingering pain
Tue, Nov 07, 2017

Demonetisation, along with GST, continue to squeeze small, medium firms in the informal space.

Capital infusion: Prepping strong banks to acquire the weak
Tue, Oct 31, 2017

Well capitalised banks can better absorb weak ones and can also speed up NPA resolution as they will have resources to write down potential losses.

Recapitalisation monumental step, says RBI Gov Urjit Patel, better banks ahead in line for capital
Thu, Oct 26, 2017

Of the total of 22 PSU banks, as many as eight currently have gross non-performing assets (GNPA) above 15 per cent while 14 banks have GNPA of more than 12 per cent.

Tables turned: India loses momentum as other economies gather pace
Tue, Oct 24, 2017

As per IMF data, while the US & Japan are expected to grow 50 bps higher in 2017 than the growth seen last year and China likely to grow at 6.8% against 6.7% a year ago, India may witness a slower growth rate of 6.7% in FY18 over the previous year’s 7.1%

RBI to make LEI must for cos with over Rs 5 crore exposure
Mon, Oct 23, 2017

Move to help in preventing multiple loans to firms against the same collateral.

‘Central banks’ balance sheets don’t need to shrink’
Sun, Oct 22, 2017

‘..to stop the inflation from going too high, they have to sell some of their bonds with the deliberate aim of increasing long term interest rates. Then they should shrink balance sheets. If that is not needed, they shouldn’t shrink it’ Adair Turner, chairman, Institute for New Economic Thinking.

$1-billion pledge: Abu Dhabi to pick up a stake in infra fund
Tue, Oct 17, 2017

The initial size of the Fund, set up two years ago, is being expected to close at $2.1 billion, with the government keeping a green shoe option to raise it up to $2.8 billion.

Building large number of apartments in India will require smart solutions: Finnish environment minister
Sat, Oct 14, 2017

Tiilikainen also expressed optimism that the India-EU free trade agreement would move forward in near future

India needs to get real with the scale of employment generation challenge: Adair Turner, chairman of INET
Fri, Oct 13, 2017

The building of infrastructure, high levels of infrastructure spending can be a major drive, which I think is less vulnerable to short-term automation than manufacturing, said Turner.

GST relief for small firms, rates cut for many groups
Sat, Oct 07, 2017

At its 22nd meeting which went on for nearly nine hours, the Council, allowed the small firms to their returns quarterly and also made it easier for exporters to claim tax refund. It also reduced the tax rate on over two dozen goods and services  categories

GST Council has done some work on rates to ease pain: Revenue Secretary Hasmukh Adhia
Fri, Oct 06, 2017

Rationalisation has to be done for sure. Finance minister has said that we will wait for revenue trends to emerge, but some rationalisation is required, said Hasmukh Adhia.

Red flags: Slowing private investment, credit growth, job cuts
Thu, Oct 05, 2017

As on July 21, outstanding gross bank credit fell by 2.7% to Rs 69.45 lakh crore.

Steps to ease GST pain points soon: Revenue Secretary Hasmukh Adhia
Thu, Oct 05, 2017

Revenue Secretary Hasmukh Adhia also indicated that concerns raised by exporters and small scale industries would also be taken up by the GST Council.

Petrol price, diesel price cut by Rs 2: Under Opposition fire, Centre climbs down, cuts excise duty
Wed, Oct 04, 2017

Excise duty on petrol, diesel cut by Rs 2: Excise duty on petrol and diesel was Rs 9.48 and Rs 3.56 a litre respectively before the NDA government took office, which has gone up to Rs 21.48 and Rs 17.33 a litre, respectively, an increase of 226 per cent and 486 per cent, respectively, over the May 2014 level.

Extra capital into PSBs: Recapitalisation bonds being considered
Tue, Oct 03, 2017

Government sources said that discussions are underway to raise capital support by another Rs 20,000-25,000 crore for the PSBs.

Market, Rupee Slide: ‘Stay invested as fundamentals intact’
Fri, Sep 29, 2017

Experts say the market saw sell-off on account of weak global cues due to geopolitical tensions surrounding North Korea, recent revision of China’s sovereign rating and is expected to bounce back as fundamentals are strong.

Slowing economy: Growth revival hinges on targeted intervention
Tue, Sep 26, 2017

Analysts warn against overshooting fiscal deficit goal, but advise well-targeted capital expenditure on medium & small enterprises, roads, railways and urban development

FinMin response to RTI query: ‘No framework for discussion between DEA officials, MPC’
Mon, Sep 25, 2017

The ministry said that no official had sought meeting in their "personal capacity" with the MPC members prior to the June review of the monetary. However, a meeting was sought to exchange views on macroeconomic situation in the country, it said in the reply.

GSTN glitches: 80 days later, hiccups remain
Tue, Sep 19, 2017

Slow processing, popping up of incorrect data in the error report and portal's inability to take a large amount of data in GSTR-1 in one go are some of the issues still being faced by those filing returns

Niti Aayog’s Three Year Action Agenda: ‘Land law tweak, higher floor space index to lift development’
Sat, Sep 16, 2017

Amending rules related to acquisition, utilising surplus land of sick PSUs for affordable housing and relaxing FSI are some of the suggestions made by the govt think-tank to push development across the country

Bankruptcy Code: 28 solvent firms initiate voluntary liquidation
Wed, Sep 13, 2017

Among the companies that filed for voluntary liquidation are — Wadia BSN India Ltd, HSBC Global Shared Services (India) Pvt Ltd, IL&FS Capital Advisors, Khel Gaon Estates Pvt Ltd and Ujjivan Social Services Foundation.

Insolvency and Bankruptcy Proceedings: Little recourse for homebuyers
Tue, Sep 12, 2017

In the event of liquidation following a failed resolution of a real estate company, while the secured lenders or the banks will have recourse to the under-construction property that may be mortgaged to them, the people who have taken a home loan will be among the last to any receive compensation from the leftover liquidation proceeds.

Synergies Dooray Automotive debt resolution plan: NCLAT admits Edelweiss ARC’s objection plea
Sat, Sep 09, 2017

The total bad debt involved in the case is worth Rs 972.15 crore — comprising Millennium Finance’s claim of Rs 673.91 crore, Alchemist Asset Reconstruction Company’s Rs 122.06 crore, Synergies Castings’ Rs 89.26 crore and Edelweiss ARC’s Rs 86.92 crore.

NCLT appoints Deloitte’s Samson as interim resolution professional
Wed, Sep 06, 2017

Bank of Baroda is the lead bank of the consortium comprising Oriental Bank of Commerce and Bank of Maharashtra as the other lenders, which signed a term loan agreement with Amrapali Silicon City on 25 February 2012.

Expenditure on food security: When Nirmala Sitharaman fought for a peace clause
Mon, Sep 04, 2017

Countries like Canada, Mauritius, Israel and the European Union have been expecting India to take the lead and conclude the negotiations for their respective Free Trade Agreement (FTA) as soon as possible.