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A prolonged <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> may possiblypush million of Indians into the "margins of subsistence," former <keyword id="466618" type="ORGANIZATION" weightage="20" keywordseo="RBI-Governor-Duvvuri-Subbarao">RBI Governor Duvvuri Subbarao</keyword> said on Sunday while expecting a V curved recovery once the COVID-19 crisis ends and the turnaround in India to be faster than some economies. He was participating in a webinar on "History repeats -but differently- Lessons for the post Corona World," organised by the Manthan Foundation here, in which former Deputy Governor of RBI Usha Thorat took part. "Because most analysts believe that this year India will actually have negative growth or growth will contract. We must remember that even ahead of the crisis two months ago our growth slowed. Now it has completely stopped. Last year growth was five per cent. Just imagine, five per cent growth last year and we are going to negative or zerogrowth this year, a decline of five per cent growth," he said. "It is true that India is going to perform in this crisis better than most other countries. But that is no consolation... Because we are a very poor country and if the crisis persists and if the lockdown is not lifted soon enough, it is quite possible that millions of people will be pushed into the margins of subsistence," he said when asked about his views onthe present situation. Subbarao said that as predicted by analysts, India will have a V shaped recovery which is far better than most of the other countries. "And why do we expect a "V" shaped recovery? Because unlike in a cyclone or in an earthquake, this is not a natural disaster constraint. No capital has been destroyed. Factories are standing. Our shops are still standing. Our people are ready to work as soon as the lockdown is lifted. So it is quite possible the recovery will be V shaped and while we have a V shaped recovery, I think India has a better chance then most of the countries," he opined. According to him, India's recovery was faster than many other countries after the 2008 global financial crisis. On IMF's prediction that India may grow at 1.9 per cent during the current year against about five per cent in the last fiscal, Subbarao said many analysts feel that theprediction is outdated and the growth in GDP may slip intonegative. He said the "life versus livelihood" dilemma for the country is arguably very "short while" for India. Usha Thor at said pumping more liquidity into the system alone cannot work and banks and Non-Banking Finance Companies(NBFC) will need credit guarantee or enhancement to start lending. She also said that states need more support during the crisis and streamlining of non-merit subsidies was required. See also: <a href="https://www.businessinsider.in/india/news/dhfls-kapil-and-dheeraj-wadhawan-taken-into-custody-by-cbi-for-role-in-yes-bank-scam-case/articleshow/75388823.cms">DHFL's Kapil and Dheeraj Wadhawan taken into custody by CBI for role in Yes Bank scam case</a> <a href="https://www.businessinsider.in/india/news/pm-modi-says-indias-fight-against-coronavirus-is-people-driven/articleshow/75387305.cms">PM Modi says India's fight against Coronavirus is 'people-driven'</a> <a href="https://www.businessinsider.in/india/news/lockdown-may-be-extended-in-covid-19-hit-urban-areas-of-maha/articleshow/75386981.cms">Coronavirus lockdown may extend beyond May 3 in urban areas of Maharashtra</a>

Millions of Indians will be pushed to margins of subsistence fit the lockdown doesn't end soon, according to former RBI Governor Subbarao

Former RBI Governor <keyword id="105089" type="PERSON" weightage="60" keywordseo="Duvvuri-Subbarao">Duvvuri Subbarao</keyword>'s book has senior Congress leader <keyword id="42332" type="PERSON" weightage="100" keywordseo="Jairam-Ramesh">Jairam Ramesh</keyword> accusing him for stirring an unnecessary controversy, Ramesh says Subbarao has done "grave injustice to his political masters". 
 In his book 'Who Moved My <keyword id="6371181" type="UNKNOWN" weightage="20" keywordseo="interest-rates">Interest Rates</keyword>, Leading the Reserve Bank of India through Five Turbulent Years' Subbarao alleged that former <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword>s <keyword id="43940" type="PERSON" weightage="20" keywordseo="P-Chidambaram">P Chidambaram</keyword> and Pranab Mukherjee interfered in the functioning of the Reserve Bank of India, especially on setting interest rates, and the differences even led to two of his deputies not getting extensions. Noting that the RBI has always been independent, Ramesh argued that the elected government of the day is answerable to the people of the country, while the central bank is not. "So, this controversy, which now Dr Subbarao has also entered, it is most unnecessary... because ultimately the Finance Minister has to weigh so many considerations, whereas the Governor of Reserve Bank of India can afford to be singleminded in his approach. Prime Ministers cannot, Finance Ministers certainly cannot (afford to be singleminded in their approach). So, I think Dr Subbarao has done grave injustice to his political masters," Ramesh told PTI. 
 
Ramesh also "completely opposed" the proposed merger of associates into the SBI, saying it is the "western mania" to have big banks and termed the move as "very ill-­advised". Citing an example, the Rajya Sabha member said the State Bank of Hyderabad played an important role, along with Andhra Bank, in propagating women self­help groups movement in undivided Andhra Pradesh as they were headquartered here and had the state's interests in mind. "And now they (SBH) will be part of this vast ocean called the State Bank of India, and it's not clear to me... except that the balance sheet of State Bank of India becomes larger, I don't think the service is going to improve," Ramesh said. 
 
Meanwhile, he also advocated that there is absolutely no reason to have a separate Railway Budget, adding that he had repeatedly in the past few years expressed this view. "There was a reason (to have rail budget) in 1920s when 60 or 70 per cent of the capital expenditure of government of India was that of the Railways. Over the years, that proportion has dwindled to not more than five per cent, or six per cent perhaps. "Also, the separate budget has put enormous political pressure on the Railways to follow policies that are economically not logical or rational," Ramesh added.

Tell-all book by former RBI Governor stirs senior congress politico, Jairam Ramesh

Mumbai, May 27 () The country's economy, which is likely to contract by 5 per cent in the current fiscal, may expand by around 5 per cent in the next financial year, former RBI governor Duvvuri Subbarao said. Rating agency Crisil on Tuesday had said the Indian economy may shrink by 5 per cent in fiscal 2021, adding this recession could be the country's fourth since Independence and perhaps the worst to date. "I do believe that getting up to 5 per cent next year (FY22) is quite probable. The reason I say that is because this (COVID-19) is not a natural disaster. Our factories are still standing, our infrastructure and transport systems are still there," Subbarao said. He was speaking at a webinar on 'Indian Economy - Navigating through a Crisis', organised by the Centre for Financial Studies (CFS) at Bhavan's SPJIMR business school. "Once the lockdown is lifted and the economy is given a green signal to restart, I am sure that we can ramp up pretty soon and reach at least 5 per cent (growth rate)," he said. Speaking at the same webinar, former deputy chairman of the erstwhile Planning Commission, Montek Singh Ahluwalia, also said there is a possibility of 5-6 per cent growth in fiscal 2021-22. "But it would be mistake to treat that as recovery because if you are down 5 per cent this year (FY21) and you are up 6 per cent from that level then what it means is that during FY21-22 you will be at the same level as you were in 2019-20," Ahluwalia pointed out. According to him, the country is going to face its worst recession in the current fiscal. Subbarao further said a sharp decline in growth would mean a disruptive adjustment even for a rich country. "For a poor country like us, it would mean enormous pain and hardship for millions of low income persons, firms and enterprises, especially in the informal sector, going bankrupt and it could mean our financial stability becoming vulnerable," he added. Amid this grim situation, the former RBI governor said he sees two silver linings -- relative stability of the external sector and bumper agricultural crop production, which would support the economy. Commenting on the over Rs 20 lakh crore fiscal stimulus package announced by the government, Subbarao said, "Within the fiscal constraints of the government, they have done a good job." He also lauded the government's decision of additional borrowing in this fiscal. "I, for one, believe that the government should borrow more in order to spend more. That is a moral and political imperative. But I don't support the view that the government should resort to open ended borrowing," Subbarao said. The government has increased its market borrowing programme for the current financial year by more than 50 per cent to Rs 12 lakh crore from the Rs 7.8 lakh crore estimated in the budget. Subbarao added that the stress in the country's financial system could deepen post the coronavirus crisis. "In January, before the COVID crisis hit us, we were extremely worried about our financial sector, health of our banks, NBFCs, NPA levels, trust deficit in private sector banks. All those parameters are going to get worse as we come out of this crisis," he said. According to Ahluwalia, there is a need to undertake serious tax reforms that are long overdue. "We should now set up a truly high level multi-disciplinary committee of people advising the kind of tax policy to be announced in the next budget. It should include a serious re-examination of the GST where there are huge leakages taking place for a variety of reasons," Ahluwalia said. The session was moderated by Ananth Narayan, associate professor (finance) at Bhavan's SPJIMR. HV ABM ABM

India's GDP growth may rebound to 5 pc in FY22, says Subbarao

When <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> handed over the baton to Urjit Patel, he also transferred in totality the bed of roses and crown of thrones from his share at the top of India’s federal bank. 
 
Newly-inducted RBI Governor Urjit Patel will have to deal with a slew of challenges. 
 Patel has already focussed on the <keyword id="6375120" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy-committee">Monetary Policy Committee</keyword> (MPC), that determined interest rates to meet <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> target. 
 
It is largely understood and as experts including former RBI Gov Duvvuri Subbarao have maintained, the new governor's legacy will be determined by how he institutionalises the monetary policy framework, in particular the protocol and conventions he establishes for the functioning of the monetary policy committee and how he manages inflation targeting at a time the growth-inflation tension is baring its fangs. 
 
Here is an overview of expectations that Patel will have to meet: 
 
1. Interest rate: After assuming office, the first task in front of the <keyword id="3449589" type="UNKNOWN" weightage="20" keywordseo="new-rbi-chief">new RBI chief</keyword> will be taming inflation and cutting down the interest rates at the same time to ease liquidity into the system. Patel will have to walk the tightrope, keeping the Centre’s interest in consideration of stimulating growth in the country and fighting an obstinate inflation. 
 
2. Banks clean-up: This was one of the major initiatives taken by Rajan and he will have to push the Indian banking sector to clean up their balance sheets and reduce bad debt. 
 
3. Inflation: It will be challenging to achieve the 4 per cent inflation target when commodity prices start rising. The idea is to bring inflation down to 5 per cent by January 2017 and eventually keep it between 2 per cent and 6 per cent. 
 
4. Monetary Policy Committee (MPC): Patel will be the new governor to make his policy stance under the new framework of the Monetary Policy Committee. This should not be a problem with him as he is close to Modi. 
 
5. Foreign Currency Non-Resident: The new governor will have to address the FCNR outflows on the Indian Banking system which is at the nascent stage. 
 
(Image: Indiatimes)

RBI Governor Urjit Patel has to tackle 5 main challenges

Some of the biggest names from the startup ecosystem are in the <a href="http://www.businessinsider.in/searchresult.cms?query=IIM+Bangalore&amp;sortorder=effectivedate">IIM Bangalore</a> campus today, either giving speeches in the auditoriums or judging competitions and providing mentorships within closed doors to startups and students from across the country, as the ninth edition of their National Annual <keyword id="107737" type="ORGANIZATION" weightage="40" keywordseo="Entrepreneurship">Entrepreneurship</keyword> Summit ‘Eximius’ kickstarts. 
 
The summit themed ‘The Time Is Now’ has names like P Chidambaram, Kunal Kapoor, Devdutt Patnaik among others associated with it, and this extravagant show has been put up by The Entrepreneurship and Innovation Cell in association with the NS Raghavan Centre for Entrepreneurial Learning at <a href="http://www.businessinsider.in/searchresult.cms?query=IIM+Bangalore&amp;sortorder=effectivedate">IIMB</a>. 
 One look at the array of events shows that like every year, this year too Eximius USP of holding the event is to get the biggies under one roof and encourage students from across the country with failed start-ups or who aspire to have startups, to be able to meet investors like <keyword id="720079" type="ORGANIZATION" weightage="40" keywordseo="IvyCap-Ventures">IvyCap Ventures</keyword> and Shark Tank during competitions or mentorship sessions. The exchange of ideas will enable these students to be better prepared before they take on the entrepreneurship journey. The competitions will have participants solving a range of problems faced by start-ups and entrepreneurs in marketing, operations, finance, sustainability and fund-raising. Several online and on-the-spot events such as quizzes and simulation games mark the event. 
 
Eximius is featuring at least 150 start-ups and in over 30 events, and Business Insider is in the campus to cover some of the best sessions. Here’s a sneak peek into what is unfolding at the <a href="http://www.businessinsider.in/searchresult.cms?query=IIM+Bangalore&amp;sortorder=effectivedate">IIM-B</a> campus: 
 
Speaker List: Eximius 2016 will host eminent speakers including P Chidambaram (former Finance Minister of India); Duvvuri Subbarao (former RBI Governor); Dr Jacob Crasta (Prime Minister's SME Council); Dr P Namperumalsamy (Padma Shree Awardee, Chairman, Aravind Eye Care); Dr <keyword id="160324" type="PERSON" weightage="40" keywordseo="Devdutt-Pattanaik">Devdutt Pattanaik</keyword> (bestselling author); Shradha Sharma (Co-founder YourStory); Sujayath Ali (Co-founder CEO Voonik); Kunal Kapoor (actor and co-founder Ketto.Org); Mukesh Singh (co-founder &amp; CEO Zopnow); Piyush Mishra (actor) and Anshu Gupta (founder Goonj). 
 
Flagship events 
Bzzwings: Bzzwings, the business plan contest, encourages individuals to conceptualise, ideate and take the plunge. Winning teams will get incubation at IIMB’s NSRCEL. Prizes worth Rs. 40 lakh will be given away in this contest. 
 
Fast Forward: Fast Forward is targeted at business ideas built around information technology that can impact millions and start a revolution. It offers exclusive mentorship to selected teams. The winners of Fast Forward will get prizes worth Rs. 2.5 lakh. 
 
The Other Incentive: The event is aimed at promoting and supporting social entrepreneurship. This is for ideas where revenues and bottom-line profits are hygiene factors and social impact is the key measure of success. The event is being organised in association with Villgro, a leading social incubator. Social entrepreneurs could win an incubation opportunity of up to Rs. 65 lakh from Villgro and prizes worth Rs. 80,000. 
 
The Game of Clicks: The event bridges the gap between students and start-ups. In this marketing challenge, teams compete in real-time for digital marketing. It gives students the opportunity to collaborate with start-ups to develop their marketing strategies. Each student team works closely with a start-up to develop and implement its digital marketing strategy over a period of three weeks. The winning teams get a chance to win prizes worth Rs. 50,000. 
 
Wipro Earthian Sustainability Quiz: Governments, organisations and leaders across the world are thinking about sustainability. Eximius 2016 will present the Earthian Sustainability Quiz in association with Wipro, based on sustainability and the environment. Prizes worth Rs. 1.1 lakh are to be won. 
 
Bootcamp Kiosk: Early stage start-ups can showcase their business models and company goals at the Startup Bootcamp. The bootcamp will give start-up founders the chance to demonstrate their vision to a captive student community of future business leaders and entrepreneurs. Additionally, start-up founders will get a chance to imbibe key lessons from industry veterans and investors. 
 
Workshops: This year the bootcamp workshops will be conducted by <a href="http://www.businessinsider.in/searchresult.cms?query=IBM&amp;sortorder=effectivedate">IBM</a>, Greg Maron (co-founder <a href="http://www.businessinsider.in/searchresult.cms?query=Zoomcar&amp;sortorder=effectivedate">Zoomcar</a>) and HeadStart Network, India’s leading community for start-ups. The workshops will cover diverse themes such as innovative business models, leveraging start-up ecosystems, start-up marketing, scaling and building an empowered venture. 
 
<a href="https://s3-us-west-2.amazonaws.com/insideiim/wp-content/uploads/2016/03/26020014/IIM-Bangalore.jpg">Image Source</a>

IIM Bangalore unveils 'Eximius' with some of the biggest names from the startup industry

<div class="image-container float_right" style="width:480px"><div class="image">Noah Seelam/AFPDemocratic Youth Federation of <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword> activists hold placards as they shout slogans during their protest over the <keyword id="6355302" type="ORGANIZATION" weightage="60" keywordseo="Rupee">rupee</keyword>'s fall in Hyderabad on August 23, 2013. India's finance minister P. Chidambaram met with top bankers Saturday to discuss ways to boost the weak rupee and bring in more foreign capital to bridge a trade gap that has put pressure on the currency.</div></div>India's finance minister P. Chidambaram met with top bankers Saturday to discuss ways to boost the weak rupee and bring in more foreign capital to bridge a trade gap that has put pressure on the currency.
Chidambaram was accompanied by top officials at the meeting in India's financial hub of Mumbai with representatives of leading private and public sector banks.
As the US economy picks up, the Federal Reserve is expected to start winding down its bond-buying stimulus scheme which has helped fuel an investment splurge in Asia's emerging markets.
"The meeting was mainly to seek ideas and suggestions on what can be done about capital inflows. It was a very good and positive meeting," ICICI Bank's chief executive Chanda Kochhar told reporters.
India's large current account deficit -- the broadest measure of trade -- must be funded with foreign capital, and the country is seen as one of the most vulnerable among emerging market nations whose currencies are under pressure globally.
India's rupee recovered from historic lows against the dollar Friday, marking its biggest single-day gain in nearly a year, but analysts warned the currency's overall trend was still bearish.
The rupee, one of Asia's worst performing currencies, bounced back 2.09 percent -- its biggest one-day gain since September 2012 -- to end trade at 63.20 Friday, up from its record closing low of 64.55 the previous day.
The Indian unit, which had hit a new lifetime intraday low of 65.56 Thursday, was boosted Friday by comments by Chidambaram and the Reserve Bank of India.
Chidambaram said the currency panic was "unwarranted" and the rupee had "overshot" its "appropriate level".
He added there was no plan to impose more capital controls on top of ones announced this month, and that reviving growth, which hit a decade low of five percent last year, would be the government's focus.
The central bank governor Duvvuri Subbarao, meanwhile, dismissed investor fears India is hurtling towards a balance of payments crisis similar to one in 1991.
Ten-year government bonds also posted their biggest weekly gain in four-and-a-half-years, of 62 paise ($0.01) to 8.26 percent, while shares rebounded by 1.13 percent to 18,519.44 points.
But analysts said the relief might be only temporary and the rupee could soften further, with Deutsche Bank suggesting it could fall to 70 to the dollar.
"There is a slight change in sentiment after the finance minister's statements but the overall trend is still bearish," said Param Sarma, chief executive at consultancy NSP Forex.
<div class="nc_footer">
Copyright (2013) AFP. All rights reserved.
</div>

You Searched For "Duvvuri Subbarao" and got 6 results

Millions of Indians will be pushed to margins of subsistence fit the lockdown doesn't end soon, according to former RBI Governor Subbarao

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