Note ban just a short-term pain; more 'reforms' ahead: Modi

Mumbai, Jan 15: Michael Debabrata Patra took over as Deputy Governor of the Reserve Bank of India (RBI) on Wednesday.

He was an Executive Director of India's central bank before being elevated to the post of Deputy Governor.

An RBI release said that as Deputy Governor, Patra will look after Monetary Policy Department including Forecasting and Modelling Unit (MPD/MU), Financial Markets Operations Department (FMOD), Financial Markets Regulation Department.

He will also look after Market Intelligence (FMRD/MI), International Department (Intl. D), Department of Economic and Policy Research (DEPR), Department of Statistics and Information Management (including Data and Information Management Unit) (DSIM/DIMU), Corporate Strategy and Budget Department (CSBD) and Financial Stability Unit.

Patra, a career central banker since 1985, has worked in various positions in the Reserve Bank of India.

As Executive Director, he was a member of the Monetary Policy Committee (MPC) of RBI, which is invested with the responsibility of monetary policy decision making in India. He will continue to be an ex-officio member of the MPC as Deputy Governor.

Prior to this, he was Principal Adviser of the Monetary Policy Department, Reserve Bank of India between July 2012 and October 2014.

He has worked in the International Monetary Fund (IMF) as Senior Adviser to Executive Director (India) during December 2008 to June 2012, when he actively engaged in the work of the IMF's Executive Board through the period of the global financial crisis and the ongoing Euro area sovereign debt crisis.

The release said that his book "The Global Economic Crisis through an Indian Looking Glass" vividly captures this experience.

He has also published papers in the areas of inflation, monetary policy, international trade and finance, including exchange rates and the balance of payments.

A fellow of the Harvard University where he undertook post-doctoral research in the area of financial stability, he has a PhD in Economics from the Indian Institute of Technology, Mumbai.

He will hold the post for three years or until further orders. The post fell vacant after Viral Acharya resigned on July 23 last year.

New Delhi, Jan 20: Union Finance Minister Nirmala Sitharaman on Sunday said the kind of cleaning in the system that the BJP-led government had to carry out after coming to power in 2014 was "unbelievable" and it undertook the exercise without any grudge or worry.

Between 2014-16, there were a lot of questions as to why reforms did not come fast and there were comments that the government was incapable of bringing them, she said delivering the Nani Palkhivala Memorial lecture on "Road Map to $5 Trillion Economy" here.

Pointing out that there were allegations and criticism that the government wants to do something but it did not, Sitharaman said, "I am fully willing to buy that." She recalled that Prime Minister Narendra Modi often said he did not believe in incremental changes and the country needed good transformational change. The stage in which India is today, it cannot have little marginal increments, but good transformational change.

"But still one might say in the last five years the government never did. That can be a critical analysis and I am fully willing to buy that. Because post-2014 the kind of cleaning up the government had to do was unbelievable and we undertook that exercise without a grudge without a worry.. we had to do it and it is part of the game," she said. Elaborating, Sitharaman said states have their own views on Land Acquisition Bill and the government could not have done anything because land, after all, is with them.

Commenting on the topic 'Road Map to $5 trillion economy,' she said quoting Prime Minister Narendra Modi's comments, the government would take the route "Sarkar ka abhaav nahi hona chahiye, prabhaav hona chahiye aur dabaav nahi hona chahiye."

"Abhaav and dabaav both of which are not desirable, abhaav is the inadequacy or lack of adequate presence or shortfall. You do not need a shortfall. You need a government where it should be present, where it is expected to function.", she said.

"So there should not be abhaav. Dabaav (meaning pressure) is not something you want from the government. So, you want Prabhaav. It is broadly an influence, facilitation, broadly the philosophy with which it is mandated, she said.

Noting that the government has got the mandate through the election, she said, "The mandate was spelt out in so many different ways in its manifesto. So the route towards $5 trillion is this."

"We have to be there to facilitate. We have to be there to make it easy. We have to be where you need us, where there is no policy (reforms from the government)," she said.

On the Insolvency and Bankruptcy Code (IBC) implemented by the government, the union minister said the approach of the IBC was not to shut business. "IBC takes on the approach in having some kind of resolution where all people who exploited the company do not come back through the "back door," she said.

IBC was done through better management so that the institution is alive and kicking. It is something which she wanted to carry forward from Modi 1.0 to 2.0. "The point I am trying to make on this road to $5 trillion economy is that it is not just an abstraction, this is not how I want India to be. But in micro-level too, we are coming in response to every stakeholder," she said.

New Delhi, Jun 30: In a huge blow to popular apps such as TikTok, the Indian government has banned as many as 59 apps that are owned by Chinese companies. The latest announcement comes close on the heels of a rumour of the same, which was termed a hoax by the government. A press release by the Ministry of Electronics and Information Technology has listed 59 apps that will be blocked on internet and non-internet served devices in India, citing reasons that these apps "are engaged in activities prejudicial to sovereignty and integrity of India, defence of India, the security of state and public order."

Government of India's orders follow the tensions rampant at the Indo-China border after some Indian soldiers were martyred at the Galwan river valley. Ever since the incident, there has been an uproar on social media urging boycott of anything that is related to China, including smartphone brands and apps. While there has been no announcement for the Chinese smartphone brands, the government has immediately blocked as many as 59 apps in India. This means they will not function in India, in addition to their discontinuation on both Google Play Store and App Store at large.

Here are the 59 Chinese apps that have been blocked by the Indian government:

1.            TikTok

2.            Shareit

3.            Kwai

4.            UC Browser

5.            Baidu map

6.            Shein

7.            Clash of Kings

8.            DU battery saver

9.            Helo

10.          Likee

11.          YouCam makeup

12.          Mi Community

13.          CM Brower

14.          Virus Cleaner

15.          APUS Browser

16.          ROMWE

17.          Club Factory

18.          Newsdog

19.          Beauty Plus

20.          WeChat

21.          UC News

22.          QQ Mail

23.          Weibo

24.          Xender

25.          QQ Music

26.          QQ Newsfeed

27.          Bigo Live

28.          SelfieCity

29.          Mail Master

30.          Parallel Space

31.          Mi Video Call - Xiaomi

32.          WeSync

33.          ES File Explorer

34.          Viva Video - QU Video Inc

35.          Meitu

36.          Vigo Video

37.          New Video Status

38.          DU Recorder

39.          Vault- Hide

40.          Cache Cleaner DU App studio

41.          DU Cleaner

42.          DU Browser

43.          Hago Play With New Friends

44.          Cam Scanner

45.          Clean Master - Cheetah Mobile

46.          Wonder Camera

47.          Photo Wonder

48.          QQ Player

49.          We Meet

50.          Sweet Selfie

51.          Baidu Translate

52.          Vmate

53.          QQ International

54.          QQ Security Center

55.          QQ Launcher

56.          U Video

57.          V fly Status Video

58.          Mobile Legends

59.          DU Privacy