Farmers reel under double whammy of drought and fund crunch

Many farmers in drought hit states are seeking MGNREGA work but the state government’s coffers do not have enough fund to pay the salaries of these workers.

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Government And Reserve Bank of India Must Have Continuous Dialogue, Says Vice President M Venkaiah Naidu

New Delhi: In an apparent reference to the recent spat between the government and the Reserve Bank, Vice President M Venkaiah Naidu said that there should be continuous dialogue between two their boardroom rather than discussions through media. In the recent past, the RBI and the Centre have not been on the same page with regard to certain key issues like the level of the central bank’s reserves, lending to MSMEs, and liquidity of NBFCs.

Addressing an event in the national capital on Tuesday, Naidu said, “Reserve Bank of India&govt of India must have a regular continuous dialogue. There is no question of who is powerful or who is final. Final is the people&their interests. All these systems are created to facilitate people’s welfare.”

“So they should have to have a dialogue within their boardroom rather than discussions through media and then come to some solutions addressing the actual problems,’ added Vice President Venkaiah Naidu.

Referring to the issue of liquidity crunch, Naidu said the problem was because few “black sheep” who have taken the system for a ride, affecting the entire industry.

“The problem of liquidity crunch is due to a few black sheep. All of us have to introspect. Few people have taken the system for a ride and banks lent money left and right.RBI wasn’t doing things at that time and now they have tightened everything resulting in problems,” Naidu said.

It is to be noted here that the Finance Ministry had earlier sought discussions under the never-used-before Section 7 of the RBI Act which empowers the government to issue directions to the RBI Governor.

RBI Deputy Governor Viral Acharya had in a speech last month talked about the independence of the central bank, arguing that any compromise could be “potentially catastrophic” for the economy.

On November 19, the RBI board had held a marathon meeting amid a rift between the central bank and the government over several issues including how much capital the apex bank needs, lending norms for small and medium enterprises and rules for weak banks.

Following the meeting, the RBI and the government agreed to refer to an expert committee the contentious issue of the appropriate size of reserves that the RBI must hold, while restructuring of stressed loans of small businesses would be considered by the central bank.

The government feels that MSMEs, which employ about 12 crore people, play a critical role in the economy, and the sector which was hit by demonetisation and implementation of the Goods and Services Tax (GST) needs some support.

However, the central bank has been averse to the government’s demand for special dispensation for MSME and NBFC sectors as it considers them to be vulnerable.

(With agency inputs)

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The biggest hurdle Ayushman Bharat will face in Bengal

West Bengal signed an MoU with the Centre for jointly implementing Ayushman Bharat but so far officials have received no word about how it will be done and the deadline is almost here.

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Civil Services Examination Cut-off Date 2018 Decided, Centre Fixes Upper Age Limit to 32

New Delhi, Aug 3: The upper age limit for Civil Services Examination (CSE) 2018 aspirants has been decided by the Centre and fixed at 32 while for those of the reserved category candidates it is relaxable. Union Minister Dr. Jitendra Singh in Rajya Sabha said, “The upper age limit as on 01.08.2018 for Civil Services Examination (CSE) 2018 is 32 years. This upper-age limit is relaxable for reserved category candidates.”

Singh refuted the theories which were revolving around the examination and rejected reports of unfair treatment being meted out to some candidates. Singh said, “The rule is equally applicable to all the candidates. Therefore the question of being unfair to some does not arise.”

The Department of Personnel & Training (DoP&T) has issued guidelines on the same on crucial date for determining age limits for competitive examination conducted in parts by the UPSC/SSC vide OM No. AB.14017/70/87-Estt.(RR) dated July 14, 1988, the cutoff date for Civil Services Examination is decided.

Singh passed on this information in a written reply to a question in Rajya Sabha on Friday.

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