Rahul raps Modi over wealth holding of India's richest 1% | WeForNews | Latest News, Blogs Rahul raps Modi over wealth holding of India’s richest 1% – WeForNews | Latest News, Blogs
Connect with us

Business

Rahul raps Modi over wealth holding of India’s richest 1%

“Modi extracts wealth from poor & gives it to his crony capitalist friends & the big power brokers he’s dependent on. 1% of India’s super rich, now own 4 times more wealth than 1 Billion of India’s poor,”

Published

on

Rahul Gandhi

New Jan 20 : Former Congress President Rahul Gandhi took a swipe at Prime Minister Narendra Modi over the reports that India’s richest 1 per cent owned more than 4 times the wealth of 953 million people, who make up for the bottom 70 per cent of the population.

The total wealth of all Indian billionaires is more than the full-year budget.

“Modi extracts wealth from poor & gives it to his crony capitalist friends & the big power brokers he’s dependent on. 1% of India’s super rich, now own 4 times more wealth than 1 Billion of India’s poor,” Rahul Gandhi tweeted.

The Congress leaders have been attacking the Prime Minister for his proximity to the industrialists.

Congress chief spokesperson Randeep Singh Surjewala alleged last week that the government was favouring Adani JV with HSL in awarding the Rs 45,000 crore contract for building six diesel-powered submarines, despite the company having no experience in submarine building.

“The government is flouting norms and the defence procurement procedure 2016 in awarding contract to the Adani HSL JV for building submarines, and promoting crony capitalism,” he said.

Business

Bank credit growth may rise 200-300 bps next fiscal: Crisil

Incremental net domestic credit this fiscal up to December 2019 is just a fifth of what it was a year ago.

Published

on

By

Rupee

New Delhi, Feb 25 : Bank credit growth is set to bottom out but may rise 200-300 bps next fiscal while retail lending, supported by securitisation, will remain the key driver in the next fiscal.

The prolonged slowdown in bank lending may be bottoming out this fiscal, with gross credit offtake set to rise 8-9 per cent on-year in fiscal 2021, a good 200-300 basis points (bps) over the likely growth of 6 per cent this fiscal.

A gradual pick-up in economic activity, continuing demand for retail loans, and strong growth in lending by private sector banks should drive the uptick.

Recent policy moves announced in the Union Budget, and by the Reserve Bank of India (RBI) are also expected to provide the spur, Crisil Ratings said on Tuesday.

As for this fiscal, some growth momentum is expected in the fourth quarter, after a subdued three quarters — due to traditional fiscal year ending growth.

The RBI’s move to exempt banks from cash reserve ratio requirement for incremental credit to certain sectors for up to five years will also support lending.

Incremental net domestic credit this fiscal up to December 2019 is just a fifth of what it was a year ago.

Lending to the retail segment and non-banking financial companies showed good growth, while credit to corporates (ex-NBFC) and micro, small, and medium enterprises declined, Crisil said.

Continue Reading

Auto

Maruti Suzuki launches all new Vitara Brezza

Published

on

By

Maruti Suzuki Vitara Brezza

New Delhi, Feb 24 : Automobile major Maruti Suzuki India on Monday launched the all new compact SUV Vitara Brezza, which was unveiled at the recently held Auto Expo 2020.

The new vehicle has been priced in the range of Rs 7.34 lakh to Rs 11.40 lakh, the automobile major said on Monday.

According to the company, the new compact SUV offers enhanced sportiness, bolder looks, stronger stance, premium interiors and a host of new features.

The vehicle is equipped with the powerful 1.5 litre K-series BS6 petrol engine.

“The compact SUV will be offered with 5-speed manual and advanced automatic transmission with Smart Hybrid,” the company said in a statement.

In less than 4 years of its launch, Vitara Brezza has sold over 500,000 units.

Continue Reading

Business

Dow Jones plunges 1,000 points over coronavirus fears

Earlier this month, Apple, the world’s most valuable company, rang alarm bells on Coronavirus impact on its sales.

Published

on

By

us stock

Mumbai, Feb 24 : The possibility of a coronavirus pandemic sent shock waves across global markets on Monday. Dow Jones Industrial Average lost over 800 points within minutes of its opening.

A sharp sell-off in US markets followed worries of further disruption in economic activity as coronavirus related deaths jumped sharply, particularly outside China.

The S&P 500 traded lower by 84.89 points, or 2.54 per cent, at 3,252.86 while the Nasdaq Composite dropped 287.27 points, or 3 Aper cent, to 9,289.32 at the opening bell.

Italy saw virus cases jumping exponentially from three on Friday morning to more than 150 by Sunday. Italy’s spike now marks the biggest outbreak outside of Asia.

In China, the epicentre of the outbreak, the coronavirus related deaths jumped past 2,600. The deadly virus has infected more than 77,000 people in China and was described by President Xi Jinping as the “largest public health emergency since the founding of the country”.

Earlier this month, Apple, the world’s most valuable company, rang alarm bells on Coronavirus impact on its sales.

Jaguar Land Rover CEO Ralf Speth also reportedly said that the company does not have enough parts from China to maintain its British production post two weeks.

Continue Reading
Advertisement

Most Popular