Category Archives: Economy

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Public Sector Banks Don’t Have a Monopoly Over Fraud

Public Sector Banks Don’t Have a Monopoly Over FraudPunjab National Bank is in the exalted company of some of the most sophisticated private banks worldwide. So to contend that privatisation will usher in an era of clean, problem-free banking is the height of ignorance. Frauds in banking don’t just relate to loans. They may also… Read More »

EPFO Cuts Interest Rate on Employees Provident Fund to 8.55% for 2017-18

EPFO Cuts Interest Rate on Employees Provident Fund to 8.55% for 2017-18All units employing 20 or more employees are mandatorily covered under the social security schemes run by the Employees’ Provident Fund Organisation. The EPFO served over six crore subscribers. Credit: EPFO official website New Delhi: Retirement fund body EPFO on Wednesday lowered the rate of… Read More »

Two Recent Taxation Changes Will Likely Boost Investment, So Why Are They Sparking Criticism?

Two Recent Taxation Changes Will Likely Boost Investment, So Why Are They Sparking Criticism?Some from within the government have also slammed the taxation changes. Finance minister Arun Jaitley. Credit: PTI While the recent Union Budget announced a number of changes related to taxation policies – like a change in corporate tax rate, a standard deduction… Read More »

Aadhaar Alone Will Do Little to Improve Women’s Financial Inclusion in India

Aadhaar Alone Will Do Little to Improve Women’s Financial Inclusion in IndiaGovernments and banks must first tackle issues such as corruption, low informal sector wages and female illiteracy. We first have to ask what prevents women from holding bank accounts. Credit: Reuters If we want women to have the same economic opportunities as men, we need to… Read More »

Government Opens Commercial Coal Mining to Private Companies, Coal India Monopoly to End

Government Opens Commercial Coal Mining to Private Companies, Coal India Monopoly to End Following nationalisation by late Indira Gandhi in 1973, only state-owned CIL was allowed to sell coal. The state-owned entity currently accounts for over 80% of domestic coal output.   West Bengal, Odisha, Jharkhand, Chhattisgarh, and Madhya Pradesh are the major coal-bearing states.… Read More »

Labour Market: Economic Surveys, Budget Legitimise Short-Term Illusory Gains

Labour Market: Economic Surveys, Budget Legitimise Short-Term Illusory GainsThe government’s strategy regarding labour welfare in general and jobs in particular quite clearly projects that temporary jobs and current higher income are good enough. Centre of Indian Trade Unions (CITU) members at the protest in November 2017. Credit: Ajoy Ashirwad Mahaprashasta/The Wire The biggest challenge the… Read More »

Data Set for Modi’s ‘7 Million Jobs’ Claim Badly Maintained, ’30-40% Unclean’

Data Set for Modi’s ‘7 Million Jobs’ Claim Badly Maintained, ’30-40% Unclean’The Employees’ Provident Fund Organisation data analysed by researchers showed that in some cases, members have received contributions even before their joining date. Prime Minister Narendra Modi. Credit: PMO India New Delhi: A presentation made by State Bank of India chief economist Soumya Kanti Ghosh and Indian… Read More »

‘Independent’ Seven Million Jobs Study Was Carried out With Government Help

‘Independent’ Seven Million Jobs Study Was Carried out With Government HelpThe EPFO data for the Ghosh and Ghosh study was given by the Niti Aayog, which in turn was tasked by the Prime Minister’s Office to give quick indicators for direct reflections on employment data. The two economists worked out of the Niti Aayog office… Read More »

Budget 2018: Will Women Really Be Better Off at the End of This Fiscal?

Budget 2018: Will Women Really Be Better Off at the End of This Fiscal?In the gender Budget, the Modi government has not done much more than pay lip service to policies that impact women. A cursory look at the overall gender Budget shows that the government’s commitment to women has been underwhelming at best. Credit:… Read More »

Explained: Punjab National Bank’s $1.8 Billion Fraud

Explained: Punjab National Bank’s $1.8 Billion FraudThe latest scam uses an age-old method employed to defraud the banking system. In what may turn out to be one of the biggest scams in the country’s corporate history, Delhi-based Punjab National Bank (PNB) said on Wednesday it had been defrauded of about Rs 114 billion by jeweller… Read More »