Tag: economy

Public sector oil companies have accused Air India of turning down the promise of payment. The companies said on Tuesday that Air India has reneged on the promise of payment of arrears of 100 crores every month and is not even giving any concrete roadmap of its payments, while the total arrears on the company have reached 5,000 crores.

The International Monetary Fund (IMF) has once again slashed estimates for India's growth rate in FY 2019-20. According to the latest IMF estimates, India's GDP will grow at 6.1 percent this year. It was earlier estimated to be 7.3 per cent in April.

The Financial Action Task Force [FATF] is an intergovernmental body which works independently. The primary task of the FATF is to protect the domestic as well as the global financial system from unlawful activities like terror funding and money laundering. Therefore, this body looks towards ways and means to develop and promote policies for a sound global financial system.

India has lost its place as a world’s fastest economy to China after it went slower than expected in first three months of 2019. This has happened for the first time in last two years that India’s growth rate has fallen behind China.

Union Law Minister Ravi Shankar Prasad has given clarification about the statement of films earning Rs 120 crores in a day. He said that I withdraw my statement. Prasad said, 'My entire video of media interaction is on social media. Nevertheless I regret to note that a part of my statement was misquoted. As a sensitive citizen, I withdraw my statement.

Ravi Shankar Prasad said that had there been a recession in the country, the three films released on October 2 would not have earned Rs 120 crore. The films have earned so much only because the economy is healthy. He said, I love films. Movies are doing big business.

The financial condition of the United Nations has worsened. Fountains outside the headquarters, including the AC, escalators at the United Nations, will also be closed from Monday to cut expenses. Apart from this, the officials and staff working in the headquarters have also been asked to cut down the official meeting, travel and translate the documents into six languages.

The central government is going to sell stakes in three other state-owned companies after BPCL, the country's second largest oil company. The government has invited bids for this. The companies for which bids have been called include Indian Railways' company Concor.

There is another big sign of slowdown in the economy. Industrial production fell 1.1 percent in August. During this period, manufacturing, power generation and mining sector saw weakness. This is said to be the biggest drop in industrial production since February 2013.

A letter from Niti Aayog CEO Amitabh Kant to V. K. Yadav Chairman, Railway Board to constitute an Empowered group for fast track privatization....