India must be more transparent on fiscal numbers: IMF : Bulletin: Business Today
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India must be more transparent on fiscal numbers: IMF

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November 7, 2019

Nandan Nilekani on 'unethical practices' charges: 'Even God can't change Infosys numbers'
Infosys Non-executive Chairman Nandan Nilekani has said that Infosys has "very strong" processes and that even "God can't change the numbers of the company". The statement came after the Infosys Non-executive Chairman, in a statement to the stock exchanges on Wednesday, said that the reports of allegations against the company co-founders were 'mischievous insinuations'. Addressing analysts at a meeting in Bengaluru, Nilekani said on Wednesday that Infosys would soon share the findings of the ongoing investigation into the whistleblower complaints on 'unethical practices' at the company.

IMF says India a 'laggard' among G20 peers on fiscal numbers
New Delhi needs to become more "transparent" on the fiscal numbers as it is a "laggard" among the G20 peers on this front, a senior official from the International Monetary Fund said here on Wednesday. The government has been missing its budgeted fiscal targets for the past few years and there is a need for a "credible fiscal consolidation" which is more ambitious as well, the official said, adding this is more so as government has not addressed how it will make up for the massive Rs 1.45 lakh crore tax giveaways in the form of corporate tax cuts.

Centre approves Rs 25,000 crore bailout fund for stalled housing projects
The Union Cabinet has approved formation of a bailout fund worth Rs 25,000 crore to finish stalled housing projects in the country. Talking to media after the Cabinet meeting on Wednesday, Finance Minister Nirmala Sitharaman said that the government has approved forming a special window which is to be structured as an alternative investment fund. The government will infuse Rs 10,000 crore in the relief fund.

China says RCEP countries committed to work with India to resolve trade deal issues
China on Wednesday played down India's decision not to join the mega Regional Comprehensive Economic Partnership (RCEP) trade deal, saying the members of the grouping are prepared to work together to address New Delhi's concerns. Chinese Vice-Commerce Minister and top trade negotiator Wang Shouwen also expressed confidence that the differences would be resolved by the end of this year.

Jan Dhan Yojana: Average deposit balance doubles despite rural distress, economic slowdown
The average deposit balance under Prime Minister Jan Dhan Yojana (PMJDY) has more than doubled since the launch of the scheme. The five-year-old scheme, a pet project of the prime minister Narendra Modi, has seen a gradual increase in the average deposit per account from Rs 1,000 in March 2015 to Rs 2,853 in October 2019. There was a consistent rise in the account balance despite a slowdown in rural consumption amid falling rural income. The subdued economic activity has also failed to cause any negative impact on PMJDY accounts.

Working with airlines on how to tell passengers that 737 Max planes are safe: Boeing
Amid concerns over alleged technical defects in 737 Max planes, a senior Boeing official said on Wednesday that it was in discussion with various customer airlines and their pilots and cabin crew members to figure out how to communicate to passengers that the aircraft was "ultimately safe". On March 13 this year, all Boeing 737 Max planes were grounded in India by the aviation regulator DGCA after the crash of an Ethiopian Airlines' 737 Max plane on March 10 near Addis Ababa, in which 157 people were killed, including four Indians.
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