The Economic Survey 2018 has pegged FY19 GDP
growth at 7‐7.5%. The Finance Minister today
tabled the Economic Survey 2017‐18 in the lower
house. The Survey has said that India can be
rated as among the best performing economies in
the world as the average growth during the last 3
years is around 4% points higher than the global
The share of bank lending to real estate sector
has fallen sharply to 17% in 2016 from over 68%
in 2013 as banks are reluctant to provide credit to
this industry due to rising NPAs and lower profit
in property business, according to the Economic
Survey. The survey also expressed concern over
rising NPAs of individual housing loan porolios
of PSBs and housing finance companies (HFCs).
The finance ministry would soon initiate a
performance review of heads of PSBs that are
under the RBI's Prompt Corrective Action (PCA)
as part of the reform process, official sources said.
The government is considering a comprehensive
reshuffle of top executives at PSBs, days aftaer it
unveiled a reform agenda linked to its recapitalisaon
plan. A senior finance
ministry official confirmed that MDs and chief
executives of about 4 PSBs may be moved as their
performance has not been up to scratch. This is
meant to send a signal to others. "Their
performance is under review. Most of these
lenders are already under the RBI's prompt
corrective action (PCA) plan and if required we
will make some leadership changes, " he said.
Canara Bank may consider selling its 30.44% stake
in its subsidiary Can Fin Homes, sources
told CNBC‐TV18. Interested candidates can
express non‐binding interest in the housing
finance Co on February 8. The candidates will
have to show commercial interest on February
16, and Canara Bank will announce the selected
candidates on February 22. The bidders will be
given the due diligence report. The bank may
announce an open offer adter the selected
candidates transfer the money to escrow
accounts. The selected candidates will have
to give Canara Bank the money on March 2.
The disinvestment will reportedly be put off if the
money is not received by March 31.
HDFC Ltd today reported an over 2‐fold jump in
its consolidated net profit at Rs 6,677.06 crore for
the third quarter ended December 2017. The Co’s
consolidated net profit in the corresponding
quarter of the previous fiscal stood at Rs 2,728.66 crore.
The Union Labour and Employment Ministry has
raised concerns about the ‘bail‐in’ clause in the
FRDI Bill stating that the move may impact
medical benefits under ESIC. A (Business
Standard) report states that the bail‐in clause —
under which bank deposits can be used for
helping failing PSBs to stay afloat — may render a
substantial chunk of money kept in fixed deposits
of PSBs for providing medical benefits under the
Employees’ State Insurance (ESI) scheme to
around 30 million employees unsafe.
SEBI today said it has introduced online
mechanisms for depositories and stock exchanges
to make it convenient for them to do business.
The new system would help these entities to
complete registraon and other regulatory filings
with Sebi in a much faster and cost‐effecve manner.
Foreign exchange earnings (FEEs) from tourism
grew 20.8% to USD 27.7 billion in 2017, helped by
the initiatives taken bytithe government for the
sector, the Economic Survey said today.
The Economic Survey today said the average
retail inflaon has declined to a 6‐year low of 3.3
per cent in 2017‐18, with the economy moving
towards a more stable price regime.