A refused to consider the request even before the state government could prepare clarifications the apex bank had sought from it on crop yields for year 2013.
RBI, on its own, examined crop yields and bank savings patterns during the period the state government said farmers were under stress. The central bank found no parameter that justified a loan restructuring.
As per RBI, crop yields should be less than half the normal for banks to consider farm loan relief. RBI found no evidence of a drop in crop yields to that level in areas declared as calamity-hit by the Andhra Pradesh government. This conclusion was based on data generated by state government bodies like the Directorate of Economics and Statistics.
RBI scrutinized the waiver request in detail since the government was trying to use rescheduled loan payments as a proxy for its promise of farm loan waivers. Rescheduled farm loans were routinely implemented by banks in the past.
Following the Cabinet meeting, CM N. Chandrababu Naidu announced his government would waive over Rs 40,000 crore of loans at Rs 1.5 lakh per farming family and Rs 1 lakh per self-help group.
Farm loans overdue in Andhra Pradesh are pegged by banks at Rs 87,000 crore. As per banks, these dues surged after the Telugu Desam Party made loan waiver a manifesto promise in the recently-concluded state elections.
RBI Chief has spoken to the Chief Election Commissioner on how to prevent political parties from making such promises in future polls.
The Union government is establishing a National Centre for Research & Development in Bulk Drug (NCRDBD) at National Institute of Pharmaceutical Education and Research (NIPER), Hyderabad, to fill the significant void in R&D in bulk drugs. The government has approved the project which will cost over Rs 52 crore and require an operating cost of over Rs 37 crore for 5 years.
The role of bulk drug sector is critical to overall efficiency and cost competitiveness of the pharmaceutical sector. There are around 2,500 bulk drugs manufacturing units in India. The estimated turnover of the bulk drug industry in 2012-13 was around $ 12.5 billion. The industry has registered a Cumulative Annual Growth Rate (CAGR) of 17% in the last 3 years and has a share of about 10% of the global bulk drugs market of about $ 110 billion. However, the import of bulk drugs has recorded a CAGR of 18% during last 3 years pointing an increasing level of dependence on foreign supply for this vital input of pharmaceutical sector.
The condition looks more complicated taking into account the fact that more than 60% share in imports of intermediate for Active Pharmaceutical Ingredients (APIs) is imported from China.
The art museum located at Darushifa, on the bank of the Musi River in the city of Hyderabad was established in 1951 and is one of the three National Museums of India.
It has a collection of 1 million objects which includes sculptures, paintings, carvings, textiles, manuscripts, ceramics, metallic artefacts, carpets, clocks, and furniture from China, Japan, Burma, India, Nepal, North America, Persia, Europe and Egypt. The museum’s collection was sourced from Salar Jung’s familial property. The museum has been declared as an Institution of National Importance by the Indian Parliament.
After Andhra Pradesh (AP) CM Chandrababu Naidu raised the retirement age of state government employees to 60, suddenly hundreds of Andhra-origin employees, who were earlier reluctant to move out of Telangana and who have about 2 years of service left, have expressed their wish to work in residuary Andhra Pradesh.
Considering the benefits, many Telangana government employees, some due to retire within months, have landed in Hyderabad and have applied for change in the state of their posting, along with their requests made to MLAs, MPs and ministers, to see that they are shifted to Andhra Pradesh.
With time running out before division of staff between Telangana and AP begins, those retiring in the next two months, are rushing to department heads with their request to transfer them to residuary AP.
The decision to raise the retirement age is likely to benefit about 3 lakh employees who are on the rolls of the Andhra Pradesh government.