Inflation Rears Its Head, IIP Slumps
Retail inflation jumped to 5% in October compared to 4.4% earlier. 
 
Factory output growth slowed to 3.6% in September compared with 6.2% in the earlier months even though the Reserve Bank of India has cut the repo rate by 1.25% up to now, this year. Factory output has hit a four-month low. The dip in IIP (Index of Industrial Production) in September was due to a decline in...
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Stress on banks to ease post-resolution of sectoral issues: Jaitley
The major stress on state-run banks owing to bad loans will progressively commence easing once issues are gradually resolved in various sectors, including implementation of reforms in the power sector, Finance Minister Arun Jaitley said on Monday.
 
"The health of public sector banks, particularly in relation to the carry-over of past problems like the unacceptable level of NPAs (non-performing assets) and bad loans was discussed," Jaitley told reporters here after a meeting with heads of PSBs.
 
"The problems continue, but the banks' NPAs situation will improve," the finance minster said.
 
"Reforms in the power sector, once they are worked out, the stress posed by discoms (distribution companies) would give way. The highways sector has started moving," he added.
 
He informed media persons that the bankers had offered specific suggestions regarding the steel and aluminium sectors.
 
"Problems of the steel sector and steps taken by the government in this area were discussed. The secretary, department of financial services will co-ordinate steps with the department of revenue to take further steps for the banks," the minister said.
 
The gross NPAs of PSBs rose to 6.03 percent at June-end, as against 5.20 percent in March 2015.
 
"A series of steps suggested by the Reserve Bank of India (RBI) which the banks are implementing will ease the situation. Additionally, the government has been proactive in solving problems of various sectors," he added. 
 
Jaitley has allocated Rs.7,940 crore in the budget for recapitalisation of PSBs during this financial year.
 
In this regard, the finance minister said the "the first tranche of money that goes to the banks has already gone".
 
Noting the massive stressed assets of the state-run banks, Prime Minister Narendra Modi had late last month said the government would infuse Rs.70,000 crore in the PSBs over the next few years.
 
Jaitley had in September said the government might consider reducing its stake in PSBs to 52 percent.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Apex consumer forum to hear suit against Nestle on Tuesday
An apex consumer court posted for Tuesday the hearing of the Rs.640-crore class action suit filed by the Indian government against Nestle's Indian arm regarding its Maggi instant noodles.
 
A bench of the National Consumer Disputes Redressal Commission of Justice V.K. Jain and Justice B.C. Gupta on Monday posted the matter for November 24 after the government counsel requested to allow 31 more noodle samples to be tested. 
 
After a five-month ban on its marquee product Maggi instant noodles by the national food watchdog Food Safety and Standards Authority of India, Nestle relaunched its product in the market on November 9. 
 
The class action suit was filed by the government, accusing the company of unfair trade practices
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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COMMENTS

SKRISHNAN

2 years ago

As a consumer and on behalf of Consumer Online Foundation, representing consumers, we are not interested in the Court case as Reported before the Apex Consumer Court. However we as consumers are glad that Govt ( Consumer Affairs Ministry) has itself gone on a class action.
What is worrying is for the Consumer to be assured that Maggi is safe or not. After so much hallo ballu and media hype about Maggi not being safe it ahs made a come back, when it is still banned in several States. As consumers we have a right to know from the Food Safety and Standards Authority of India (FSSAI)an authoritative Statement based on scientific and reliable laboratory tests whether or not Maggi is safe. This controversy has hardly died when another brand Noodles has hit the headlines and is mired in controversy! As consumers we are confused. The question is what happens in the interim before tha matter is settled one way or the other in the Apex Consumer court? Do we as consumers( especially children) continue to be in risk? WHO WILL ANSWER THE QUESTION?
S. Krishnan, Advisor Consumer Online Foundation
email: krishnan.sivaraman.ks@gmail.com

SKRISHNAN

2 years ago

As a consumer and on behalf of Consumer Online Foundation, representing consumers, we are not interested in the Court case as Reported before the Apex Consumer Court. However we as consumers are glad that Govt ( Consumer Affairs Ministry) has itself gone on a class action.
What is worrying is for the Consumer to be assured that Maggi is safe or not. After so much hallo ballu and media hype about Maggi not being safe it ahs made a come back, when it is still banned in several States. As consumers we have a right to know from the Food Safety and Standards Authority of India (FSSAI)an authoritative Statement based on scientific and reliable laboratory tests whether or not Maggi is safe. This controversy has hardly died when another brand Noodles has hit the headlines and is mired in controversy! As consumers we are confused. The question is what happens in the interim before tha matter is settled one way or the other in the Apex Consumer court? Do we as consumers( especially children) continue to be in risk? WHO WILL ANSWER THE QUESTION?
S. Krishnan, Advisor Consumer Online Foundation
email: krishnan.sivaraman.ks@gmail.com

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