China reduces its growth forecast for 2017 to 6.5%, a 25-year low
The Dollar Business Bureau China on Sunday cut its growth target to 6.5% this year - a 25-year low - as the country drives through some painful reforms in order to address its debt concerns and seeks to control risks in the financial sector. China is aiming to expand the economy by about 6.5% in 2017, said Premier Li Keqiang, while speaking at the opening of yearly meeting of the Parliament. The world’s second largest economy had targeted growth of 6.5-7% last year but finally achieved 6.7%, which was the slowest in the past 26 years. A lending spree and raised government spending have led to worries among the top leadership of the country about increased debt levels and the overheating housing sector. This year’s ...
PSU-Banking needs accountability: Uday Kotak
Sairaj Iyer Uday Kotak, Executive Vice Chairman and MD of Kotak Mahindra Bank, believes that the premise for rejuvenation of India’s economy (post demonetization) and the overall financial atmosphere is to replenish the confidence of the public in banks. Especially since we see receding confidence in recent times due to an uncertain global environment. But to do so there is a need to improve upon governance standards, specifically in PSU banks. At a talk show organised by the Indian Merchants Chamber, Kotak said that the PSU banking sector is an area that needs immediate attention. Referring to the rising NPAs, and infusion of tax-money into recapitalization of failing PSU banks, he said, “70% of bank accounts are with the PSUs, and I want ...
