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<keyword id="6362858" type="UNKNOWN" weightage="20" keywordseo="Kerala-Tourism">Kerala Tourism</keyword> is targeting a healthy 10-12 per cent growth in both arrivals as well as in earnings in the year to March 2020 as the state has returned to normalcy after the worst deluge in a century had ravaged the entire state last year, a senior official has said. Despite the killer floods, the state had recorded a 6 per cent increase in both footfalls and revenue in 2018. It can be noted that tourism was one of the worst affected business sectors of the state's economy that was impacted by the worst deluge in a century that ravaged the entire state in August-September of 2018. The tourism hot-spot <keyword id="30469" type="LOCATION" weightage="20" keywordseo="Kochi">Kochi</keyword> and the surrounding areas and the Alappuzha, known for its famed boat-houses and backwaters, bore the brunt of the floods bringing the industry to a complete standstill. Apart from remittances, tourism is the mainstay of the Kerala economy with 12 per cent of the state GDP is contributed by this. "After the worst floods last year, tourism has recovered fully from January 2019. We saw 8.07 per cent growth in arrivals in the first quarter at 41,90,468 against 38,77,712 during the same period last year. Looking at the current trends we expect 10-12 per cent growth in both arrivals as well as in earnings this fiscal year," Kerala Tourism information officer Suraj PK told PTI. Despite the floods, Kerala closed 2018 with total footfalls of 16.7 million, up 6 per cent over 2017 while the earnings were over Rs 36,520 crore, up from Rs 28,740 crore, he added. In 2017, the footfalls were 15.67 million, recording an increase of 5.93 per cent. Of the total footfalls, 1.09 million were foreign tourists. The share of revenue from foreign visitors touched Rs 8,764.46 crore. Domestic tourism sector also gained during the period with visitors exceeding 15.6 million, showing an increase of 6.35 per cent, according to the numbers shared by the department. Buoyed by a healthy surge in domestic tourist arrivals, Kerala Tourism is all set to kick-start a new aggressive marketing campaign with a string of partnership meets across 10 cities, showcasing a combination of the state's traditional art forms and its attractive products of touristy appeal. Suraj said tourism will also get a boost from the very first edition of the Kerala's Champions Boat League (CBL), which began from late August. The boat league is conceived in the IPL format. "Every weekend any tourist who comes to Kerala will be able to witness one 'Champions Boat Race' in any of the major backwaters. It will end with the President's Trophy Boat Race in <keyword id="6357351" type="LOCATION" weightage="20" keywordseo="kollam">Kollam</keyword> on November 23, holding 12 races during the intervening weekends. It will be a world-class experience for the guests," he added. To attract tourists, the state has also added an array of new destinations and experiences that will make Kerala a 365-day destination for leisure travel. "A special attraction would be the <keyword id="61688" type="PERSON" weightage="20" keywordseo="Jatayu">Jatayu</keyword> Earth Centre, an hour drive north of the state capital Thiruvananthapuram, which houses a giant statue of Jatayu, he said. The statue is 200-feet long, 150 feet wide and 70 feet in height, making it the largest functional bird sculpture in the world, Suraj added. Another new attraction is the country's first biodiversity museum, which is tucked away on the outskirts of the capital city. This museum, once a boathouse, is now home to the state's first-ever science-on-sphere system. Another first is the <keyword id="489015" type="CITY" weightage="20" keywordseo="Muziris">Muziris</keyword> Heritage Project, expected to be completed this year, is the largest heritage conservation project in the country. The remains of a once-thriving port frequented by the Arabs, the Romans and the Egyptians during the first century BC is preserved across 25 museums. Another offering in the historical space is the Spice Route Project that rekindles the 2,000-year-old ancient sea links and the shared cultural and culinary legacies with 30 countries. Kerala is keen to figure prominently in the meetings, incentives, conferences, and events (MICE) tourism destinations as well, Suraj said.

Kerala wants to bounce back after floods, eyes 10-12% growth in tourism

<ul><li>The Integrated <keyword id="138263" type="PERSON" weightage="20" keywordseo="startup">Startup</keyword> Complex is India’s biggest startup hub covering an area of 1.82 lakh sq ft. </li><li>Bengaluru currently holds the top position in the country, with the most number of deals. </li><li>The state plans to further expand the ecosystem to 5 lakh sq ft to make it Asia’s largest hub. </li></ul>Bengaluru has established itself as India’s silicon valley. Delhi NCR, Mumbai and Hyderabad too have offered a good breeding ground for India’s aspiring entrepreneurs. Now, there is a new contender - Kochi, a 900-year old trading centre both for seafarers and inland merchants. The <keyword id="71501" type="ORGANIZATION" weightage="20" keywordseo="Communist">communist</keyword> party of India that leads the ruling Left Democratic Front government has just <a href="https://www.businesstoday.in/top-story/cm-pinarayi-vijayan-inaugurates-india-largest-startup-ecosystem-in-kerala/story/309750.html">unveiled</a> one of the country’s biggest startup hub covering an area of 1.82 lakh sq ft in Kalamassery, an industrial area in Kochi, with plans to expand it to 5 lakh sq ft to make it Asia’s largest hub for <keyword id="6355118" type="UNKNOWN" weightage="20" keywordseo="technology">technology</keyword>. During the inauguration, the state’s Chief Minister Pinarayi Vijayan <a href="https://timesofindia.indiatimes.com/city/kochi/pinarayi-launches-incubation-centres/articleshow/67517626.cms">said</a> that the government wants to make <keyword id="28504" type="CITY" weightage="20" keywordseo="Kerala">Kerala</keyword> one of the world’s top IT destinations. This isn’t Kerala’s first attempt at building a startup ecosystem. Back in 2006, the state had established Technopark Technology Business Incubator in state capital Thiruvananthapuram. Then in 2012, Startup Village was set up in Kochi to boost student startups and innovation. Just three years later in 2015, Hyderabad, with a massive push from the Telangana Government, set up India’s largest incubator, until now, T-Hub. Now, The Integrated Startup Complex in Kochi, which will have firms from hardware to medical technology working on cancer diagnostics, promises to create 2.5 lakh IT jobs in the state. Currently, Kerala Startup Mission has over 232 IT startups and 52 hardware startups out of a total of 578 companies. The state has over 1,402 startups that received $38 million funding in <a href="https://keralastartupmission.files.wordpress.com/2018/11/kerala-startup-ecosystem-report-2018.pdf">2017-18</a>. In 2018, <a href="https://yourstory.com/2019/01/2018-india-startups-funding-roundup-unicorns/">India </a>saw a total of $12.68 billion raised in equity funding, $1.14 billion in debt funding through 864 deals. The Commie DNA Kerala famously had the world’s first elected communist government in 1957 under EMS Namboodiripad. It is the eighth-largest economy in the country among 29 states, yet industrial growth in Kerala has, for long, stunted by the state’s affinity for left-wing politics. It is one of the states that aggressively implements the <a href="https://www.thenewsminute.com/article/kerala-s-new-labour-policy-minimum-wages-increased-creches-be-established-81461">minimum wage laws</a> that has attracted workers from around the country to take up jobs across the value chain. State-wide shutdowns by trade unions and political outfits have been a regular feature in the southern state famous for its backwaters among tourists both local and international. Last year alone, the state witnessed 97 strikes. In 2017, Kerala ranked <a href="https://timesofindia.indiatimes.com/india/india-lost-11-73-lakh-man-days-to-strikes-in-2017/articleshow/62539692.cms">second</a> in having lost the most number of days due to hartals and thus, affecting the state’s GDP. According to the Cochin Chamber of Commerce, the hartals cost the state’s GDP <a href="https://thewire.in/labour/why-traders-in-kerala-have-declared-2019-the-anti-hartal-year">over $1 billion. </a> However, the latest push towards startups may be a big sentiment booster for an economy that has seen more <a href="https://timesofindia.indiatimes.com/business/india-business/govt-doing-utmost-to-arrest-brain-drain-in-statevijayan/articleshow/59795237.cms">brain drain</a> to other parts of the world than many other Indian states. See Also: <a href="https://www.businessinsider.in/the-indian-government-has-reportedly-invested-just-19-of-its-fund-dedicated-to-boosting-startups/articleshow/67323307.cms">The Indian government has reportedly invested just 19% of its fund dedicated to boosting startups</a> <a href="https://www.businessinsider.in/startup-founders-ready-plans-for-growth-job-creation-ahead-of-their-meeting-with-pm-modi/articleshow/60098744.cms">Startup founders ready plans for growth, job creation ahead of their meeting with PM Modi</a> <a href="https://www.businessinsider.in/more-indians-have-left-the-country-as-its-economy-has-grown-report/articleshow/66732249.cms">More Indians have left the country as its economy has grown: Report</a>

An Indian state led by a communist party has built the country’s biggest home for technology startups

New Delhi, May 20 () The coronavirus pandemic has revealed the strength of the states and their ways to deal with the crisis in a federal structure, World Bank Country Director for India Junaid Kamal Ahmad said on Wednesday. In an interactive session organised by industry body PHD Chamber, Ahmad said the economies of India and some neighbouring countries remain largely informal unlike the developed countries of the US and that in Europe. "What is revealed is that our health systems were not ready to deal with the pandemic of this scale...I think that it is a very important lesson to learn going forward," Ahmad said. However, given the huge number of casualties in the US specifically New York and Italy in Europe, their health systems too could not handle well the pandemic of this nature. The World Bank India Country Head lauded the efforts of Kerala in effectively dealing with the pandemic as it has a very strong system of working closely with its community organisations including those at panchayat level. "Kerala has done extremely well, particularly strong cultural, panchayat and community organisations. It was able to deal with this as part of our system very differently from the West. It reveals the fault lines and how states are engaging...Kerala has that history of engagement," Ahmad said. He said the pandemic has in a way led to re-emergence of states and their presence is being felt in the federal system of India. Giving example, Ahmad said the way of dealing with the coronavirus is very different in Kerala from that of Tamil Nadu while that of Tamil Nadu from Bihar. "I think that this emergence of states should not be under-estimated because it really puts the onus on what is the nature of the state, what is the nature of the state going forward." He said India must strengthen the federalism led ability of the states to respond to the pandemic. KPM MR MR

COVID-19 reveals strength of states to deal with crisis: World Bank official

In the wake of shortage of funds, <keyword id="28504" type="General" weightage="100" keywordseo="kerala" source="Orion">Kerala</keyword>'s <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Department has capped <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">Treasury</keyword> payments in the first month of the new fiscal. In its directive to the <keyword id="114127" type="General" weightage="50" keywordseo="treasuries" source="Orion">Treasuries</keyword> Director, the Department asked for the reduction of the ways and means limit from Rs 1 crore to Rs 25 lakhs with immediate effect. If there was a requirement for any payments to be made above Rs 25 lakhs, then special sanctions will have to come to effect. Till April 25, the Treasuries were allowed to pay bills up to Rs 1 crore. According to informed sources, the decision comes as the Kerala government is on a borrowing spree and is done to pay the salaries and pension to state government employees, besides paying of interests on earlier borrowed loans. Kerala appears to have gone 'broke' is on account of a delay in sourcing funds, they added. If borrowed funds do not return on time or if the GST compensation to the state does not come in time from the Centre, then the salaries and pensions to be paid in the first week of May might not happene. When the economist turned Minister of Finance, Thomas Isaac was at the helm of affairs during the first <keyword id="6356705" type="General" weightage="50" keywordseo="pinarayi-vijayan" source="Orion">Pinarayi Vijayan</keyword> government (2016-21), he deftly managed the poor state of finance through proper fiscal management and now with first-time legislator K.N.Balagopal as the Finance Minister, things appear a bit tough. Incidentally the total outstanding public debt of Kerala had skyrocketed after Vijayan took over and it now stands at above Rs 3 lakh crores. Outstanding debts is the sum total of public debt which consists of internal debt, loans and advances from the Centre besides loans from financial institutions such as LICA and special securities and not to mention of borrowings from deposits in state PF, treasury, pension funds and insurance. To get a clearer picture of the debt, it is best highlighted as a ratio of the size of the state economy/state gross state domestic product (GSDP). A comparison of the national picture of states and union territories with the highest debt GSDP ratio in 2022 are Arunachal Pradesh 57.4 per cent, Jammu and Kashmir Kashmir 56.6 per cent, Punjab 53.3 per cent, Nagaland 44.2 per cent, Himachal Pradesh 43.4 per cent, Rajasthan 39.8 per cent, Meghalaya 39.2 per cent, West Bengal 38.8, per cent Kerala 38.3 per cent and <keyword id="37102" type="General" weightage="50" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword> 37.6 per cent. One thing which has to be noted is the present staggering figure of the outstanding debts of Kerala did not happen overnight and successive state governments to a certain extent can take credit for the achievements of the state in the fields of education and health, which leads the rest of the country and to reach here, investment is required, but looking deeper into it experts revealed the real situation. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/investment/news/telegram-users-can-now-send-crypto-payments-to-each-other/articleshow/91170010.cms">Telegram users can now send crypto payments to each other</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/ongc-is-hiring-over-3600-apprentices-with-a-maximum-stipend-of-9000-per-month/articleshow/91169869.cms">ONGC is hiring over 3,600 apprentices with a maximum stipend of ₹9,000 per month</a>

Kerala government caps treasury payments in the wake of fund shortage

New Delhi, Dec 18 () With tax revenue slowing in a sputtering economy, some states on Wednesday suggested Finance Minister Nirmala Sitharaman to go for fiscal expansion and relax the deficit target to 4 per cent of the GDP.
 The finance minister in her July Budget reduced the fiscal deficit target to 3.3 per cent from an earlier 3.4 per cent for 2019-20. Keeping in mind its fiscal deficit target, the government has stayed with the borrowing plan for the fiscal as announced in the budget despite a sharp cut in corporate tax rate that is expected to cost Rs 1.45 lakh crore.
During the pre-budget consultation with Union Finance Minister, some states made a case for fiscal expansion by boosting consumption to tide over the sluggishness in the economy.
 "The biggest take home from Pre- Budget discussion of FMs is suggestion by Bihar and Kerala to raise the fiscal deficit limit to 4 per cent. It was agreed to large number of states. In current year real expenditure of states will decline- a crazy macro outcome in time of recession," Kerala Finance Minister Thomas Isaac said in a tweet after pre-budget meeting here.
 Some experts have already predicted that the fiscal deficit is expected to rise to 3.6-3.8 per cent of the GDP during the current fiscal due to weak revenue collections resulting from sluggish economic growth and government's sweeping corporate tax rate cut. 
 The country's fiscal deficit hit 102.4 per cent of 2019-20 Budget Estimate at Rs 7.2 lakh crore at the end of October. The fiscal deficit or the gap between expenditure and revenue was at Rs 7,20,445 crore as on October 31, 2019.
 Many economists, including former RBI Governor Raghuram Rajan, have expressed fear of India getting into a slow growth high inflation or stagflation mode.
 Rising food prices pushed retail inflation in November to an over three-year high of 5.54 per cent, while industrial sector output shrank for the third month in a row by 3.8 per cent in October, indicating deepening slowdown in the economy.
 India's economic growth slowed to a 6-year low of 4.5 per cent in the July-September quarter. With inflation rising, fears of stagflation -- a fall in aggregate demand accompanied by rising inflation -- have resurfaced. DP ANZ MR

Some states pitch for relaxation in fiscal deficit target to 4% to boost consumption

In the first week of 2019, <keyword id="154034" type="PERSON" weightage="20" keywordseo="Gita-Gopinath">Gita Gopinath</keyword> took over as the <keyword id="69755" type="POSITION" weightage="20" keywordseo="Chief-Economist">chief economist</keyword> of the <keyword id="6366068" type="COMPANY" weightage="20" keywordseo="international-monetary-fund">International Monetary Fund</keyword> (<keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>), the international body responsible for ensuring the financial stability of developing countries. Prior to stepping into the role, the Indian-born Gita Gopinath was a tenured economics professor at Harvard. She was appointed to succeed Maurice Obstfeld in October last year. Obstfeld retired on 31 December. As an expert on trade, exchange rates, monetary policy and public debt, Gopinath will be tasked with adapting the IMF’s role in a world beset by an emerging market crisis and unconvinced by the supposed benefits offered by globalisation. Here are five things you should know about her:- She follows in the footsteps of a former <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> governor Gopinath is the second Indian to be take over the role of chief economist after <keyword id="6358908" type="PERSON" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword>, who was the governor of the Reserve Bank of India from 2013 to 2016. Rajan was named the IMF’s chief economist in 2003 before leaving the organisation in 2006 to join India’s finance ministry as its chief economic advisor. Gopinath’s appointment has led to speculation that she could one day be considered for the top job at India’s central bank. She is the first woman to head the IMF’s research department In addition to being the IMF’s Economic Counsellor, Gopinath will be director of the body’s research department - becoming the first woman to do so. The department is crucial to the IMF’s functioning as it monitors the global economy and policies of member countries and is also tasked with publishing the <keyword id="188983" type="COMPANY" weightage="20" keywordseo="World-Economic-Outlook">World Economic Outlook</keyword> every year. She was a critic of the Modi government’s demonetisation initiative Like Rajan, who said demonetisation “was not a well-thought out exercise”, Gopinath was also vocal in her criticism of the move. In <a href="https://www.business-standard.com/article/economy-policy/not-a-single-macro-economist-thinks-note-ban-was-a-good-idea-gita-gopinath-117122101525_1.html">an interview </a>with Business Standard in December 2017, she went on record to say that demonetisation wasn’t a good idea and the government should have spent more time refining its plans to implement the goods-and-services tax (GST) regime, a reform that she supported. She added that she didn’t know any macroeconomists who thought the note ban was useful. India’s balance of payments crisis in 1991 shaped her academic interests Before moving to America for her Masters and PhD in economics, Gopinath pursued her undergraduate and graduate degrees in economics from Lady Shri Ram College and the Delhi School of Economics. Her time at Delhi University coincided with India’s balance of payments crisis in 1990-91 and this inspired her to pursue her interest in international finance. The crisis, which stemmed from a ballooning of imports in the mid-80s, saw India battle the problem of a fiscal deficit as well as a trade deficit. Faced with a shortfall in its foreign exchange reserves, the government received an emergency loan from the IMF to cover its spending obligations, pledging its gold reserves as collateral. The move led to the liberalisation of the Indian economy. She was the economic advisor to the chief minister of Kerala Between 2016 and 2018, Gopinath has been advising Kerala’s CM, Pinarayi Vijayan, on economic affairs, having reportedly made recommendations on skill development and healthcare. Till date, this is the only role she has taken one that has required her to directly advise a central or state government. Her appointment, however, was the subject of controversy given that her free-market beliefs were in opposition to the ideals of Kerala’s left-wing parties. For example, in January 2018, she flagged the state’s growing welfare expenditure as a potential budgetary concern.

India's Gita Gopinath just took over as the chief economist of the IMF— here are 5 things you should know about her

<ul><li>Earlier this week, Prime Minister Narendra <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> politely refused a ₹7 billion donation from the <keyword id="6354870" type="LOCATION" weightage="20" keywordseo="United-Arab-Emirates">United Arab Emirates</keyword> for <keyword id="28504" type="CITY" weightage="20" keywordseo="Kerala">Kerala</keyword>’s flood relief efforts. </li><li>The central government’s decision has its origins in a policy set forth by the previous Congress administration in December 2004 to not accept funds for disaster relief. </li><li>However, aid can be channeled from foreign entities through the foundation route. </li></ul>There was a huge brouhaha earlier this week over whether or not the BJP-led central government should accept donations from foreign countries. Prime Minister Narendra Modi’s decision to politely refuse a ₹7 billion donation from the United Arab Emirates, which is home to many Indians from the state of Kerala, drew criticism from many parts. Thomas Isaac, Kerala’s finance minister, said that the central government should stump up the same amount of money that it rejects from foreign countries. The central government’s decision has its origins in a policy set forth by the previous Congress administration. In December 2004, Manmohan Singh, the former Prime Minister, rejected foreign aid in the aftermath of the Tsunami, something that had been common practice in almost every natural disaster on Indian soil up until that point. It was a declaration of India’s growing economic clout and significance on the world stage - something that had multipartisan consensus - as well a desire not to be diplomatically beholden to any country. An ill-advised move The move to reject foreign aid for disaster rehabilitation, however, is somewhat ill-advised. India should think less about its global image. The damage in Kerala, so far, is estimated to total ₹210 billion. Hundreds have died, tens of thousands of kilometres of highways have been destroyed, hundreds of thousands have been displaced from their homes and millions of hectares of agricultural land has been ravaged. In response to the state government’s request for a modest ₹26 billion aid package, only ₹6 billion has been disbursed by the central government. India is currently in the throes of a multi-pronged financial muddle. A widening fiscal deficit, depleting foreign reserves, high oil prices, a depreciating currency and a ballooning debt burden are weighing on the economy. To put it simply, it needs all the help it can get. It isn’t the best time to rely on domestic resources. And more importantly, this aid isn’t coming from the US’s and UK’s of the world. Its coming from Middle Eastern countries like <keyword id="6358356" type="LOCATION" weightage="20" keywordseo="uae">UAE</keyword> and Qatar, where millions of Keralans live and work.. It is the recognition of the efforts of the Indian diaspora. The foundation route There is, however, a way for India to accept foreign aid without directly violating its policy on foreign aid acceptance. Donations and aid from foreign entities can be channeled through foundations, which can then directly contribute to the Prime Minister’s and Chief Minister’s Relief Fund. While the Indian government does not accept donations for disaster relief, this restriction does not extend to funds for long-term rehabilitation - which is assessed on a case by case basis. The government can also accept donations from NRIs and persons of Indian origin directly to the PMs and CMs relief fund. For example, a group of UAE-based NRIs pooled <a href="https://www.arabianbusiness.com/culture-society/403036-wkd-uae-based-indian-tycoon-donates-7m-to-kerala-aid-fund">in $7 million</a> for the relief programme in Kerala through the UAE President’s foundation - the Khalifa Bin Zayed Al Nahyan Foundation. In times of disaster, every bit counts. Not only for immediate relief, but to put programmes in place for long-term development. Regardless of what the implications will be of looking like an aid taker, the Indian government should give its policy a rethink.

Here’s why and how the Indian government should accept foreign aid

Mumbai, May 10 () After the government over the weekend hiked market borrowing by 54 per cent in the wake of the coronavirus pandemic, calls for monetising debt seem to be gaining traction with experts saying that repercussions of not spending to support the economy will be irreparable. Conservative monetary economist and former RBI chief Raghuram Rajan, over the weekend, has also pitched for monetising public debt and higher fiscal deficit in a ''measured'' manner to protect the economy and the poor and the vulnerable in these ''abnormal times''. The first such call came in early April when Kerala Finance Minister Thomas Isaac after the state had to pay a tad less than 9 per cent for Rs 6,000-crore market borrowing to meet the exigencies arising from the pandemic. Coronavirus has snuffed out lives of more than 2,100 people and infected nearly 63,000 in India. Globally, the death toll is over 2.79 lakh and more than 40 lakh have been infected. Another solution for raising funds suggested by Isaac was to launch COVID bonds with under 5 per cent interest rate by the Centre and paying the states from the mop-up. Isaac had said RBI should buy such bonds from the Centre. Many other economists have also called for adopting unconventional tools to help the poor and boost the economy. Monetisation is generally central bank printing more currency by expanding its balance sheet. Monetisation should not be a constraint on public spending, Rajan said, adding, "the government should be concerned about protecting the economy and should spend what is needed". Devendra Kumar Pant, Chief Economist at India Ratings, also backs the idea of government borrowing more and supporting the economy at the cost of fiscal prudence, saying the repercussions of not spending now to support the poor and the economy will be much more severe and irreparable. "The need of the hour is money. The Centre being the best and the largest borrower, it has to do the heavy-lifting in these extraordinary times and should not be constrained by the worries about fiscal deficit and other attendant pains. "Money is the only need now," Pant told without directly calling for monetising debt. According to him, the Centre should bring money from wherever possible and give to the states as loans at a lower interest rate than they are being forced to pay now. That Kerala, despite being the best performing large state in the COVID-19 fight, had to pay 8.96 per cent is not something that the Centre should ignore, Pant noted. He underlined that talking about fiscal prudence now will be suicidal "as the repercussions of not spending now will be so severe that it will take years to return to normalcy". Singaporean lender DBS Bank's economist Radhika Rao also favours higher spending and suspending the FRBM (Fiscal Responsibility and Budget Management Act) goal posts given the extraordinary risks to growth and the need for pump-priming the economy. She also expects a larger fiscal package being offered soon as the so far given support -- Rs 1.7 lakh crore or 0.8 per cent of GDP -- is much smaller than the anticipated economic cost of the lockdown. "The second package should be a combination of higher food and cash handouts to the vulnerable, backstop for MSMEs, shouldering part of the wage burden for smaller enterprises, temporary relief to taxpayers, amongst others," she told . The Reserve Bank should contain the borrowing costs of the Centre and the states by higher bond purchases which will help quell bond yields, she added. Rajan's comments on monetising deficit has came after the finance ministry on May 8 decided to raise market borrowing by 54 per cent to Rs 12 lakh crore for FY21, up from Rs 7.8 lakh crore estimated in the budget. This will take the total market borrowing by the Centre and the states to close Rs 24 lakh crore this fiscal. "Monetisation will neither be a game-changer nor a catastrophe, if done in a measured way. However, the caveat-- it should be measured -- is key," Rajan said. On fiscal deficit, which is slated to top 5 per cent this year, Rajan in his blog post said the government "should also worry about getting fiscal deficit back in shape over the medium term, and the more it spends now, the harder that will be. But its inability to finance itself or fears of monetisation should not be a constraint". According to Rajan, the professor for finance at the Chicago University, large government spending will directly ignite demand which is needed especially "in abnormal times like this when demand is depressed and the environment is disinflationary, and this should not be a central worry". BEN RAM

Calls for debt monetisation gain traction as COVID-19 cripples economy

New Delhi, Apr 19 () Kerala-based ESAF Small Finance Bank has expressed its commitment for going public by listing its stock in line with the RBI's requirement and the money raised will help support the country's economy hit hard by the COVID-19 pandemic. Currently, promoters and promoter group together hold 77.94 per cent stake in the bank, which commenced its operation in March 2017. Besides, SIDBI Trustee Company Ltd-A/C Samridhi Fund holds 12.24 per cent stake in the bank. Speaking to , ESAF Small Finance Bank Managing Director K Paul Thomas said, "We have got the approval from Sebi for the initial public offering only in March. We have time till March 2021 and we hope that things will be normal by that time." Thomas, who holds 7.29 per cent stake in the bank in his individual capacity, said that making any prediction about the timeline at this point of time is difficult but going forward, things should improve. In terms of the licensing guidelines, a small finance bank is required to list its equity on the stock exchanges within a period of three years from reaching a net worth of Rs 500 crore. Talking about various efforts undertaken by the bank to help poor and hapless during the ongoing nation-wide lockdown, Thomas said, "We are not only providing banking service but engaging to support underprivileged especially stranded migrant workers in meeting daily needs under the corporate social responsibility initiative. The bank has launched mobile clinics called 'Bandhu Clinics' to cater to medical needs of migrant workers especially from eastern India in Kerala and also set up a dedicated helpline number for them, he said. On the banking side, the bank has launched COVID-19 care loan, he said adding that it is a pre-approved loan for getting started once the lockdown is over. As about 96 per cent of customers are small borrowers, the bank has provided a three-month moratorium in default mode as per the RBI guidelines of March 27 to help them in these difficult times. Citing the experience of the bank during the devastating Kerala flood in 2018, he said small businesses if given timely financial support are back on their feet quickly. "Keeping that in mind, the bank is ready with products for our different sets of borrowers and disbursement will start quickly after the lockdown is over," he added. Bank branches and ATMs across the 17 states and union territories are functioning and providing help to customers and the public at large, he added. ESAF Small Finance Bank, which got go-ahead from the Securities and Exchange Board of India (Sebi) to float a Rs 976-crore initial public offering last month, plans to raise Rs 800 crore through fresh issue and Rs 176.2 crore via offer-for-sale (OFS). The bank may consider a pre-IPO placement of up to Rs 300 crore. The proceeds from the fresh issue will be used to augment the bank's tier-1 capital (primarily loans or advances and investment portfolio) to meet future capital requirements. DP HRS

ESAF Small Finance Bank expresses commitment for listing

Thiruvananthapuram, May 13 () The Kerala governmenton Wednesday decided to increase the price of Indian-madeforeign liquor (IMFL) in order to gain some extra revenue amidCOVID-19 lockdown and subsequent slowdown in the economy. The state cabinet, which met here, decided torecommend the Governor to issue an ordinance to increase thesales tax on the IMFL.It has recommended to increase ten per cent tax forbeer and wine and 35 per cent for all othercategories. At present, the sales tax on IMFL is 202 per centfor brands priced up to Rs 400 and 212 per cent for brandsabove that. With the new rates, thepercentage will increase to237 and 247 per cent respectively. "All the major revenue generation options of thestate government has been stopped due to the lockdown.Lotterysale was stopped, Bars were closed. The GST revenue has drastically dropped.Hence thestate cabinet has decided to find a revenue generationmethod," a release issued by the state government said. The state cabinet has recommended to increase tenper cent tax for beer and wine and 35 per cent for allothercategories. At present, the sales tax on IMFL is 202 per centfor brands priced up to Rs 400 and 212 per cent for brandsabove that. With the new rates, thepercentage will increase to237 and 247 per cent respectively. RRT BNWELCOME BNWELCOME

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