THE second wave of the pandemic has destroyed more lives than the first wave even infected, and despite no national lockdown having been announced (yet), the entire industrial and commercial ecosphere is quickly collapsing into itself. The problem with small business owners has been almost doubled from the desperate situation they were in during the first Covid-19 wave. As the first wave seemingly ebbed, businesses started opening. Those who had lost heavily took massive risks and invested more into their businesses, hoping for some recovery from past pains. They had no warning of the second wave, and now interest on new loans are compounding beyond their means. They are sinking, yet again. It’s déjà vu.
Actually, it is more than that. During the last wave, the government at least made an effort to announce financial incentives and courts—specifically the Supreme Court which bunched a plethora of appeals—heard many applications, finally managing to work out a formula on how outstanding dues were to be handled and how compounding interests were to be put on hold. There was a generally agreed moratorium. As the second wave hit with immense ferocity, the entire administrative system of the country virtually collapsed. The government and even the courts have been busy just helping people survive, arranging for vaccines, medicines, hospital beds and even oxygen. The situation has gone so bad that neither the relevant ministries of the government nor the Reserve Bank of India (RBI) has been able to come up with any viable financial module, or even an announcement that can ameliorate the intense financial pains of the public.
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The Height Of Debt, US Style
The recent stalemate in America over its debt crisis has been solved, but it is a temporary band-aid and the issue could one day impact global economy in a major way
The Conscience of the State
A row recently erupted in Punjab over the office of the A-G. Though the A-G is the CM’s man, he has to act without fear or favour in protecting the rule of law, constitutionalism and judicial independence in the state
Too Little, Too Late
The apex court had asked NDMA to recommend guidelines for ex-gratia assistance to family members of persons who died due to Covid-19. Later, it expressed displeasure over the delay in framing guidelines for the issuance of death certificates to the affected families. Now, the government has taken a U-turn and responded
The Greening of the Court
Recent and past judgments by the apex court show that environmental matters are being taken up with the seriousness they deserve, with the top court acting on them decisively
Bottom of the Barrel
The Competition Commission of India has cracked down on a range of beer producers, nailing a cartel that was fixing beer prices and levying hefty fines. These include some of the biggest names in the business. How was this done and how can it be stopped?
Has The Rajasthan Government Legitimised Child Marriage?
The Rajasthan assembly recently passed an amendment Bill to The Rajasthan Compulsory Registration of Marriages Act, 2009. It is alleged that the Bill has legitimised child marriage. Here is a reality check on what exactly has happened and what is the law on the subject
Rough Ride For Taxpayers
The portal has faced numerous glitches despite being handled by tech giant Infosys. As taxpayers face hurdles in filing their returns, the government should act fast to sort out this issue
The Ramana Effect
The CJI’s tenure has seen many firsts—appointments to courts, more women judges and elevation of lawyers. His boldness in promoting the rule of law should also be seen in expediting adjudication of cases
India's Reality: Voting their Caste
The demand of pro-Muslim groups that any caste census should include them and all religions is legitimate. Depriving others would be a travesty of justice and contrary to the constitutional principles
Evergrande, with a debt burden of around $ 300 billion, is the world’s most indebted real estate developer, and its position has sent shivers down the spine of the world’s financial markets
India's Stressed Banks
“This is the classic crisis of confidence”
India Is The Latest To Meddle In Its Central Bank's Affairs
The autonomy of India’s central bank is under threat.
Boosting organizational and systemic resilience
Mahesh Kumar Jain, Deputy Governor, Reserve Bank of India, gave a speech titled ‘Building a More Resilient Financial System in India through Governance Improvements’ on June 18, 2021 at the India international Centre, New Delhi. Edited excerpts:
वित्तीय समावेशन बढ़ाने पर जोर
सरकार ने बैंकों को पेंशन, बीमा और डिजिटल दायरा बढ़ाने का दिया निर्देश
आरबीआई ने एसबीआई पर ठोका 1 करोड़ का जुर्माना
दिशा-निर्देशों का पालन नहीं करने पर
TIGHTENING THE SCREWS
Non-Banking Financial Corporations (NBFCs) due to their magnitude, intricacy and interconnectedness are revolving systematically over the years.
RBI calls for supply-side reforms to ease shortages
The Indian economy had crossed a turning point in Aug-Sept, said the central bank
Govt to soon reach out to potential buyers of IDBI Bank
The government will soon reach out to interested buyers of IDBI Bank and inform them about the broad contours of the strategic disinvestment, which is going to lay the groundwork for privatisation of public sector banks.
States must step up capex, says RBI guv
Quality spending can have multiplier effect: Das