Construction, property industries in trouble: Rajan

News Network
December 7, 2019

Dec 7: India’s real estate, construction and infrastructure industries are in “deep trouble,” and non-bank finance companies which lend to these sectors should have their asset quality reviewed, former Reserve Bank of India (RBI) Governor Raghuram Rajan said.

There is also “significant distress in rural areas,” Rajan wrote in an opinion piece in India Today magazine. He said India is in a growth recession, defined as an economy growing at a slow pace and where unemployment is rising.

India’s GDP growth slowed to 4.5% in the quarter ended September, a six-year low. A crisis among shadow lenders and a build-up of bad loans at banks have curbed lending in the economy.

The RBI should carry out an asset quality review of the non-bank finance companies, Rajan said. The central bank closely monitors the top fifty non-bank financiers, which account for about 75% of total assets in the shadow banking sector, Governor Shaktikanta Das said in a press conference on Thursday.

“We have a fairly good idea of where the vulnerabilities lie,” said Das, reiterating that the central bank won’t allow any large or systematically important non-bank lender to collapse.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 17,2024

modiliar.jpg

New Delhi: In fresh claim, Prime Minister Narendra Modi on Friday said that his government sent an envoy to Israel urging them to stop the airstrike in Gaza during Ramadan. He said that he urged Israel to maintain peace rather than engage in combat during the holy month.

In an interview with Aaj Tak, PM Modi said that his envoy told Israel they should not bomb Gaza, at least during the auspicious month of Ramadan.

"During the month of Ramadan, I sent my special envoy to Israel to meet and explain to Prime Minister (Benjamin Netanyahu) that he should not carry out bombings in Gaza during Ramadan. They made every effort to follow it, but in the end, there was a fight for 2-3 days," he said.

The Prime Minister said that he does not publicise such things even though people in India keep "cornering him on the Muslims issue".

PM Modi said that some other countries also tried to speak to Israel to halt the bombings and may have also achieved results.

"They may have got the results too. I also tried," he said.

During the interview, PM Modi also said that he made standalone visits to both Israel and Palestine, unlike earlier governments which used to display token secularism.

"There was a fashion earlier that if one has to go to Israel, a visit to Palestine is a must. Do secularism and come back. But I refused to do it," he said.

The Prime Minister also recounted an episode when he needed to travel to Palestine via Jordan.

"When the President of Jordan, who is a direct descendent of Prophet Muhammad, came to know that I am going to Palestine over (the airspace of Jordan), he told me 'Modi ji, you cannot go like this. You are my guest and will use my helicopter'," Modi claimed.

Describing the unique amalgamation of circumstances, he continued, "I went to his home for dinner, but the helicopter was of Jordan, the destination was Palestine, and I was escorted by Israeli flight attendants. All three are different but for Modi, all came together in the sky."

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 14,2024

modinetanyahu.jpg

Jerusalem: Israel and India will continue to deepen their bilateral ties and lead to greater prosperity, Foreign Minister Israel Katz said on Tuesday.

Katz was responding to India’s External Affairs Minister S Jaishankar’s message on the occasion of Israel’s 76th Independence Day.

“Thank you for the warm wishes, FM @DrSJaishankar. In celebration of our Independence Day, Israel and India will continue to deepen our ties and lead to greater prosperity,” Katz said in a post on X.

Earlier in the morning, Jaishankar posted on X a 2:03-minute video showcasing the India-Israel relationship through photos of various bilateral meetings between Prime Minister Narendra Modi, himself, and other Indian ministers with Israel Prime Minister Benjamin Netanyahu and other ministers.

“Congratulate FM @Israel_katz and the people of Israel on the occasion of the 76th anniversary of Israel’s Independence. Mazel Tov!,” Jaishankar posted along with the video and repeated the same message in another post in Hebrew.

Meanwhile, President Droupadi Murmu wished her Israeli counterpart Isaac Herzog as she said on X, “I join the people of India in conveying our best wishes to President @Isaac_Herzog, and the people of Israel on the 76th anniversary of Israel’s independence.”

Lok Sabha speaker Om Birla too took to X to post his greetings to his counterpart Amir Ohana, the Speaker of The Knesset: “On the occasion of Israel’s 76th anniversary of independence, I congratulate Speaker of the Knesset @AmirOhana and the people of Israel.”

Both Murmu and Birla also included greetings in Hebrew.

“Thank you, my dear friend @ombirlakota. May the friendship between our nations grow stronger,” Ohana replied to Birla and also added a line in Devnagari script in Hindi, loosely translated as, “Thank you my dear friend Om Birla. May the friendship between our countries be stronger.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 7,2024

damudupi.jpg

Udupi: Udupi became the second city on the Karnataka coast after Mangaluru to launch water rationing, a senior official said on Tuesday.

Commissioner of the Udupi City Municipal Corporation Rayappa said that the rationing system will come into force from Wednesday and will continue till the water in the reservoir reaches comfortable levels.

The dam built across the Swarna river at a place called Baje, which is the only source of water for Udupi city, recorded 3.25 meters of water as against the top level of 6.30 meters.

The decision of water rationing will be reviewed periodically until the reservoir regains its fullest levels, the official said.

The Mangaluru City Corporation resorted to water rationing on Saturday following declining water levels in the reservoir built across the Nethravati river at Thumbe. 

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.