Jaya's situation 'extremely grave', says London specialist

Mumbai, Jan 15: The Reserve Bank of India (RBI) on Wednesday redistributed portfolios of Deputy Governors following the appointment of Michael Debabrata Patra to the post.

An official release said that NS Vishwanathan will handle co-ordination, Department of Regulation (DOR), Department of Communication (DoC), Enforcement Department, Inspection Department (ID), Risk Monitoring Department (RMD), and Secretary's Department.

BP Kanungo will look after Department of Currency Management (DCM), Department of External Investments and Operations (DEIO), Department of Government and Bank Accounts (DGBA), Department of Information Technology (DIT), Department of Payment and Settlement Systems (DPSS), Deposit Insurance and Credit Guarantee Corporation (DICGC), Foreign Exchange Department (FED), Internal Debt Management Department (IDMD), Legal Department (LD) and Right to Information (RIA) Division.

The release said that MK Jain will handle the Department of Supervision (DOS), Consumer Education and Protection Department (CEPD), Financial Inclusion and Development Department (FIDD), Human Resource Management Department (HRMD), HR Operations Unit (HR-OU), Premises Department (PD), Central Security Cell (CSC), and Rajbhasha Department.

Patra will look after the Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department including Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics & Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

New Delhi, Jan 20: Surging inflation and slowing growth are raising serious concerns about the future growth prospects of the economy and as a remedial measure the government should resolve supply-side hurdles and ensure more stringent governance norms, a report said on Monday.

According to the Dun and Bradstreet Economy forecast, even though the Index of Industrial Production (IIP) turned positive in November 2019, it is likely to remain subdued.

"Slowdown in consumption and investment along with high inflationary pressures, geopolitical issues and uncertainty over the recovery of the economic growth are likely to keep IIP subdued," the report noted.

Dun and Bradstreet expect IIP to remain around 1.5-2.0 percent during December 2019.

As per government data, industrial output grew 1.8 percent in November, turning positive after three months of contraction, on account of growth in the manufacturing sector.

On the price front, uneven rainfall along with floods in many states and geopolitical issues have led to a surge in headline inflation even as demand remains muted.

The Consumer Price Index (CPI) in December rose to about five-and-half year high of 7.35 percent from 5.54 percent in November, mainly driven by high vegetable prices.

"The sharp rise in inflation has constrained monetary policy stimulus while revenue shortfall has placed limits on the government expenditure," Dun & Bradstreet India Chief Economist Arun Singh said.

According to Singh, growth-supporting measures and deceleration in growth are likely to cause slippage in fiscal deficit target by a wider margin.

"The government should focus on taking small steps to address the slowdown; in particular, resolve the supply-side hurdles and ensure more stringent governance norms," Singh said.

Unless these concerns are addressed through a comprehensive policy framework, it will not be easy for India to clock a sustainable growth rate to become a USD 5 trillion economy, he added.

New Delhi, May 22: Air India on Friday started booking for domestic flights amid the COVID-19 lockdown.

"We have started bookings for domestic flights," said Air India in a statement.

The airlines will operate a total of 8,428 flights each week for the next three months from May 25 to August 25 as the Central government has announced the resumption of domestic flights.

Civil Aviation Minister Hardeep Singh Puri on Thursday said that a minimum and maximum fare for three months has been set for the domestic flight services, which resume from May 25.

In the case of Delhi, Mumbai the minimum fare would be Rs 3,500 for a journey between 90-120 minutes. The maximum fare would be Rs 10,000.

"This is operative for three months -- till one minute to midnight on August 24," said Puri at a press conference here.

Puri said that guidelines have been issued for the passengers and airports, which are to be followed during flight operations.

He also said that self-declaration or Aarogya Setu App status on a compatible device would be obtained to ensure that a person does not have COVID-19 symptoms.