Greece bailout 'credible' despite IMF criticism:

 EU A standoff between the eurozone and the International Monetary Fund has dragged on for months, raising fears of a new debt crisis and sparking fresh talk of Greece tumbling out of the euro. |  Greece bailout credible despite IMF criticism: EU The EU firmly maintained that Greece's economy remained on track despite a withering opinion by the IMF that Athens needed major deep debt relief and less austerity to prosper. A standoff between the eurozone and the International Monetary Fund has dragged on for months, raising fears of a new debt crisis and sparking fresh talk of Greece tumbling out of the euro. The fund and the 19-nation single currency area are battling over how much debt relief Greece needs, and over economic targets required of Athens as part of a third massive bailout, agreed in 2015. "We continue to believe that the commitments reached for the programme are both credible and ambitious," said Annika Breidthardt, a spokeswoman for the European Commission, the EU's executive arm which monitors the bailout for the eurozone, along with the IMF and the ESM bailout fund. More debt relief is the condition set by the IMF to lend more to Athens, but that demand is staunchly resisted by Germany and other fiscal hardliners in the single currency

BHIM app users have spent Rs 361 cr so far

Government Minister of State for Planning Rao Inderjit Singh also said the BHIM (Bharat Interface for Money) app has brought various banks under one umbrella, making it conventient for the users. |  BHIM app users have spent Rs 361 cr so far: Government Transactions worth Rs 361 crore have so far been made using the newly-launched Bhim application for mobile phones, Lok Sabha was informed today. Minister of State for Planning Rao Inderjit Singh also said the BHIM (Bharat Interface for Money) app has brought various banks under one umbrella, making it conventient for the users

Earlier, the consumers had to use different applications offered by various banks for digital transactions. Responding to supplementaries during Question Hour, he said while Scandinavian countries have achieved a rate of 90 percent in digital transactions, in India the figure was three percent. If the figure reaches 22 percent, it will help cut down black money from the economy, Singh said. To a poser on whether security was in place for digital economy, he said though no system is "101 percent fool-proof", India being a software-rich nation, it will be able to plug the flaws on its own.

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RBI Policy: Why MPC changed monetary policy stance to neutral

 "The Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky," the central bank said in a statement. In the sixth bi-monthly monetary policy committee (MPC) meeting for FY17, the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.25 percent and changed its outlook from accommodative to a neutral. "The Committee remains committed to bringing headline inflation closer to 4.0 percent on a durable basis and in a calibrated manner. This requires further significant decline in inflation expectations, especially since the services component of inflation that is sensitive to wage movements has been sticky," the central bank said in a statement.

 "The committee decided to change the stance from accommodative to neutral while keeping the policy rate on hold to assess how the transitory effects of demonetisation on inflation and the output gap play out," it added. RBI said that inflation is edging up on the back of rising energy prices and a mild firming up of demand. "Global trade remains subdued due to an increasing tendency towards protectionist policies and heightened political tensions. Furthermore, financial conditions are likely to tighten as central banks in advanced economies (AEs) normalise exceptional accommodation in monetary policy," the release said. Listing the intent behind the outlook shift from accommodative to neutral, RBI governor Urijit Patel said that the main reason for this shift is because the committee wanted to emphasise that in a calibrated manner and on a more durable basis move closer to the 4 percent inflation mark. Secondly, the non-food, non-fuel part of the CPI index has been stubborn at 4.8-4.9 percent since September, 2016 and therefore due to such kinds of risks and various other uncertainties the committee felt it need all the flexibility that it could muster, he added.

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Budget 2017 to bring positive structure to economy

Anil Sardana Anil Sardana, MD & CEO, Tata Power is of the view that the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. Anil Sardana (more) MD, Tata Power | Anil Sardana, MD & CEO, Tata Power "We commend the efforts that the government has undertaken to bring a positive structure into the economy by moving towards a policy based administration with an increased focus on digitisation. The government’s commitment to rural electrification and the announcement of an additional 20,000 MW of solar target is a welcome step that gives a much needed boost to the renewable sector. However, we believe that for renewable sector to achieve its potential strengthening the Renewable Purchase Obligations (RPO) mechanism is essential and should be part of government’s larger vision for renewable energy

"The move towards improving electricity access to rural India will be instrumental in contributing to the social and economic development of the country. Tata Power will also continue to amplify government’s initiatives for rural development, as we partner with surrounding communities. The increased budget for the Deen Dayal Gram Jyoti Yojana will strengthen and uphold the ongoing work of feeder separation and sub-transmission & distribution infrastructure. This is a positive step towards augmenting the reliability and quality of supply distribution network which is affected due to poor financial health of discoms." "We are hopeful that our long pending demand that the electricity sector will be included in the GST regime will soon set into a roll-out stage." "Further, the reduction of individual taxation rates and provision to increase taxation net alongside clarity in taxation processes are also positive moves and we applaud the government’s efforts in initiating these reforms. We are also in support of this government’s reforms directed towards curbing corruption and bringing about a transparent system.

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Only 54% of land title documents digitised so far in Maharashtra 

Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced R Only 54% of the total 2.5 crore 7/12 receipts (a land title document) in Maharashtra have been digitised so far, a state government said. Maharashtra’s revenue minister Chandrakant Patil, in December 2016, had announced that digitisation of all 7/12 receipts will be completed by March 31, 2017. However, going by the current pace, it is highly unlikely that the state will be able to do so. See also: Maharashtra to have digitally signed 7/12 receipts from March 2017 “There have been a number of challenges, including poor internet connectivity, lack of skilled manpower and non-availability of infrastructure, to carry out the drive.

 There have been efforts to push the digitisation but other factors are affecting the progress of the project,” said an official, on the condition of anonymity. The 7/12 receipt is a crucial piece of document for the establishment of ownership of a land. The receipt is extensively used by farmers, for loan agreements, crop survey and availing government facilities. Till some years ago, hand-written 7/12 receipts were prepared by the village-level revenue officers (Talathi). Only Talathis are entrusted with the powers to make changes in these receipts and this resulted in several instances, wherein officers misused their authority. To avoid this, the state government had come up with an idea of digitisation of entire revenue documents. The aim is also to boost transparency and avoid any tampering with documents. The state government has made several provisions, including setting up optical fibre networks, providing high-speed internet connection and asking Talathis to use laptops instead of pen and paper, for issuing 7/12 receipts to needy people. We may miss the deadline but we will achieve it for sure, the official assured

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