As per the survey, PMI was weighed down by slower increases in new orders and output as growth of new work moderated to the weakest since June, reflecting challenging economic conditions.
Considering that big corporates are over-leveraged, banks need to explore new avenues for profitable lending to spruce up their balance sheets.
Jaitley also underlined the need for kick-starting the manufacturing sector and giving a boost to small and medium enterprises with a view to generating more jobs.
What is most worrying is that the Prime Minister seems even to have allowed Rahul Gandhi to get under his skin with his ‘suit-boot ki sarkar’ comment.
Those invited for the meeting with PM Modi include Reliance India Ltd chairman Mukesh Ambani and Tata group chief Cyrus Mistry.
The council, led by the secretary, department of economic affairs, was set up in June 2013 to review the competitiveness of the Indian financial sector.
Total expenditure in April-July was 33.8 per cent of the Budget estimate (BE) for the full year, according to data compiled by the Controller General of Accounts.
“GDP growth this year will be led by consumption growth (backed by falling inflation and monetary easing), investment growth revival will take place once capacity utilisation starts increasing,” said DK Pant, chief economist, India Ratings.
In August, the rupee has depreciated by about 3.3 per cent against the US dollar. Such volatility and decline in asset prices are stressful.
Initial indications reveal that growth remains on the same footing as the last quarter, if not lower.
The central bank managed to add $ 34 billion through inflows from foreign currency deposits and a concessional swap facility for banks.
The seven-figured citizens are seeking more than what Indian cities have to offer
The rupee’s relative strength vis-à-vis the dollar has eroded India’s price competitiveness, reflected in farm exports registering a 24 per cent drop during April-June over the same quarter of last year.
An Organiser article slams non-NDA parties for the Parliament logjam, saying that their actions and decisions on national issues, too, are vote-bank-centric, which may even harm the country’s interests.
We need to look beyond monetary easing. The old export-led growth model is seriously fractured.