Sunny Verma

Profile

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

$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.

Demonetisation: In value, digital deals surge, then dip to 5-month 
Thu, Aug 31, 2017

Demonetisation: On digital transactions, too, RBI data shows that the volume of electronic payments, after peaking in December 2016 at 957.50 million transactions compared with 671.49 million in November, has been on a decline.

Getting states on board for reforms was a tough task: Arvind Panagariya
Thu, Aug 31, 2017

As the new vice-chairman Rajiv Kumar prepares to assume the office from Friday, Panagariya tells The Indian Express that instead of advising Kumar, he would brief his successor about the state of the institution letting him set his own priorities for the think-tank’s functioning.

Niti Aayog’s Three Year Action Agenda: ‘Focus on higher education, greater skills must for raising employability’
Sat, Aug 26, 2017

Niti Aayog also suggests reforms in the Right to Education Act as well as the University Grants Commission, and a comprehensive & continuous evaluation system to bring in improvement in learning outcomes

Trading Restriction on 331 ‘shell firms’: Sebi stick falls evenly on erring and better-run
Tue, Aug 22, 2017

Of the total, 162 actively traded companies’ financials show that several firms on the Sebi list have operational businesses and have been reporting quarterly revenues and profits on a regular basis

Refinance by govt up 5.62% to Rs 3,525.94 cr in 2016-17
Mon, Aug 21, 2017

Sharp fall in refinance to public sector banks, down 28.90% to Rs 1,886.73 crore

Goods and Services Tax: Businesses struggle with multiple tax rates, returns
Tue, Aug 15, 2017

Entities face issues such as difficulty in coding items in HSN codes, need for filing service tax returns for each state of operation and likely challenges in matching of invoices under the new indirect tax regime.

Non-performing assets: Govt-run banks write off record Rs 81,683-crore bad loans in FY17
Mon, Aug 07, 2017

An increase of about 41% as compared with the previous year’s Rs 57,586 crore: Finance ministry data

Sikkim standoff may derail business progress achieved in recent years
Sat, Aug 05, 2017

Doklam standoff: The investment exposure of Chinese companies in India over the last 17 years, which remains limited to a cumulative FDI inflow of $1.63 billion (Rs 10,094 crore) as on July 31, 2017, shows a notable rise in Chinese business interest over the last three years.

Govt moves to check benami, Aadhaar to be made must for property deals
Wed, Aug 02, 2017

The government has also firmed up plans to enable electronic registration of properties, for which Aadhaar-based authentication will be a prerequisite.

Arvind Panagariya raised red flags, couldn’t stop power centres within
Wed, Aug 02, 2017

In January, Arvind Panagariya had raised the first red flag on the possibility of taxpayers being harassed post-demonetisation and had reportedly written to the Prime Minister’s Office.

Niti Aayog’s Appraisal of the Twelfth Five Year Plan: Low manufacturing growth holds back job creation
Tue, Aug 01, 2017

Higher focus on capital-intensive and high-skilled sectors in India has led to fast growth only in segments such as automobile and telecom which do not employ low-skilled workers; as a result of this, vast majority of workers remain concentrated in agriculture and unorganised sectors

Benami Transactions: Government provisionally attaches properties in 233 cases
Mon, Jul 31, 2017

Government data show that while the value of attached properties is Rs 813 crore, those attached in Kolkata region alone accounted for Rs 477 crore or more than 58 per cent of the value of benami properties under provisional attachment.

Govt suggests RBI to freeze accounts of defaulting firms
Sat, Jul 29, 2017

The Reserve Bank says it has no powers to freeze such accounts currently

At employment exchanges, rise in applications but less than 1% get jobs
Wed, Jul 26, 2017

While Gujarat comes on top in terms of providing placement through exchanges, it isn’t the top state when it comes to the number of job-seekers. That’s Tamil Nadu with more than 80 lakh registrations with employment exchanges in first nine months of 2015, as against Gujarat which had only 6.88 lakh registrations.

Twelfth Five Year Plan: On weak economy, infrastructure investment projected to decline sharply
Wed, Jul 26, 2017

The Central government and states’ investment in infrastructure sectors put together is estimated at 88% of their original Plan estimates

10-year review of PSU banks’ equity return: Profitability fails to keep pace with govt capital infusion
Tue, Jul 25, 2017

Profits deteriorated sharply in the last two years as NPAs spiked and the RBI-mandated asset quality review forced them to make higher disclosures of non-performing loans.

‘Clear case of organisation form or legal form abuse, without reasonable business purpose’
Wed, Jul 19, 2017

I-T demand of tax on $150 million investment in NDTV