"Primarily, I would believe that that would continue going forward with whoever is the governor and with Governor Malhotra there, I think we are in very good hands because he brings several, I would say, set of experiences," says KV Kamath , Chairman, NABFID & Veteran Banker In your understanding we are looking at end of an era, Shaktikanta Das. He has been rated as the best central banker for three years on the trot now and everyone will miss him. KV Kamath: Yes, I think indeed. He had to manage multiple challenges. Admirable. So, we all owe a big thank you to Mr Das. At Reserve Bank of India while it is an organisation which is built on a framework, but personalities also have had a very large role to play in the functioning of Reserve Bank of India. So, now that we have a new boss at RBI , what to your mind will change and what will not change? KV Kamath: I have had the privilege of actually looking at Reserve Bank closely from 1996 when I returned to India. And I find that if I look at the governor's system, there is always continuity. The institution itself is an institution which stands for firm policy and provides continuity to the system in the country. Primarily, I would believe that that would continue going forward with whoever is the governor and with Governor Malhotra there, I think we are in very good hands because he brings several, I would say, set of experiences. One, he brings an experience leading a financial institution. If I try to remember, I cannot remember any other governor who actually led a financial institution. Then, he led the Department of Financial Services, so that is second. Then, of course, he was the Revenue Secretary of the country. And then, of course, I would take a very important aspect of Mr Malhotra's background. He is an engineer with a background in computer science and that is what today really is key in the financial sector, not only in India, but globally. 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I do not want to say challenges that we have in the financial sector. But the way economics can be interpreted, there are a lot of ways. The way policy can be conducted, there are several measures. It is widely believed that a change of guard means a new thinking. New thinking in terms of innovation, new thinking in terms of interest rate dynamic, new thinking in terms of how to control inflation and how to kickstart growth. What to your mind could be a big departure from Mr Shaktikanta’s regime to now? KV Kamath: I think you earlier in your comments said that here we have Shaktikanta Das who has been selected in his own way as the best governor for three years running around the world. I think there are a lot of things that he has laid down, an agenda which the Reserve Bank can drive going forward. See, to me, economic policy, monetary policy is one set of equations. Another set of equations is to look at opportunity, which is now in terms of using new tools, using new instruments, using new types of approaches to do things. And I think all that is there on the table for Mr Malhotra as he comes in because India has set the path. It is not as if it is a closed door. It would be great to see how this could be further rolled out in the country. So, these are exciting times for India with the long runway. It is exciting times what is happening in the financial services sector. I am sure Mr Malhotra will marshal all these things and then drive business as it goes. The priority should be to get growth back, this GDP growth back above 7% because that in a sense is the base. Do you think the priority should be to keep inflation closer to 4% or the priority should be right now to defend the rupee and ensure the decline in rupee if arrested, that will take care of everything indirectly? KV Kamath: I think a very interesting trinity that you have put forth there. This is the trinity that all governors deal with. I think the art is in keeping these in balance. And I am sure Mr Malhotra will find a way to keep these in balance. But having said that, if you look at in the Indian context, none of these are actually out of control. We have interest rates which are not really out of control. We have inflation also which has been in control. Some moments upwards and down, but not gone out of control. Reserve Bank has always been able to control it. Exchange rate also, if you look at several currencies around the world, we are not done as badly as other countries. So, within limits, I think our exchange rate has done very well and then you mentioned growth. To me, growth at times also goes through cycles. We had two quarters where things slowed down and then it surfaced in the last quarter. To me, it is transition with the government spending coming back and expected to stay strong as we go along. Growth should come back. Let us look at the parameters for growth in India. The runway, nobody doubts, exists. The runway is the unfinished agenda for India. If that exists, the rest of it follows. There may be minor ups and downs as we are now probably looking at it. But I would think these are transitionary. As long as policy remains steady, the players in the system, whether it is corporates or the banking sector, remain healthy, then I think nothing can stop our growth. Now, if you look at what the Reserve Bank has done in the past, it is exactly that. Try to keep stability. We are getting carried away by short-term movements. So, I am sure as a country, this is how we will grow. And we look to a time of sustained growth. Rightly or wrongly but Reserve Bank of India in one front, in a sense, has been criticised that they have been tightening the liquidity. Credit has not gone below a certain threshold level, which is what we say in economics, bottom of the pyramid. And the evidence is there if I look at rural demand, if I look at two-wheeler demand, if I look at even soap and shampoo demand. Do you think this is a place where we need RBI policy to change and tilt, especially in the area of pushing credit down or making credit available at the bottom of the pyramid? KV Kamath: As I see, I will break it into three parts. A large part of momentum is provided by government spending in India, so that clearly we know was slow, that clearly we know is going to come back because that has already happened from the aggregates. If you see, aggregates are drawn down. So, we should see that impact in this quarter and the coming quarter, so that is number one. Second, if corporates have starved for credit, then you have a situation where, yes, liquidity has to be injected. But honestly, I have not seen corporates starve for credit. Why? Because corporates have never had balance sheets as good as this. In my 50 years, 54 years to be precise, of being in the financial services business, I have not seen corporate balance sheets as good as this. Corporates throwing out or throwing up as much cash flow, free cash flow, as they are now doing. So, there is no constraint there. Thirdly, if you look at the banking side, which is the provider of funds, again the balance sheets are pristine. I have never seen balance sheets as clean as this. So, given this, to me whatever challenges are there is transitional. Now, pumping credit without, I would say, being conscious of the risks, at least the Reserve Bank if you see in the last six months, Governor Das has been particularly on unsecured lending has been raising a cautionary flag. Clearly, some discomfort is felt on that front and that could be a reason why there is some set of people who do not have access to funding. But, say, larger call, would that loose lending actually have done good or it would have created more problems which would have required harder steps to resolve? So, I think it is a careful balance. But I would look at government spending, corporate free cash flow, corporate quality of balance sheet, and banks' quality of balance sheet, if these are you give a green mark to this or a green tick to this, then things happen. A lot also boils down to what kind of forex reserve or what kind of forex reserve policy the Reserve Bank of India really wants to maintain. We have $650 billion of forex reserve, which is sizable looking at our economy. Do you think that is a good enough number and now Reserve Bank of India should go all out to defend the rupee because that will automatically take care of a lot of imported inflation? KV Kamath: This is again a policy call. Typically, I do not comment on a policy call. But let me look at it in a structural broader way. Ultimately, the balance will go up and down depending on how strong you are and what you get in as flows. And there, it has been a steady growth over a number of years and I expect that growth to continue. Without putting a concrete number that we need to have X billion dollars in terms of reserves. I do not think that is a way to go about it. It will go about steady. As far as intervening, Reserve Bank intervenes very selectively and the rest of it, the economy has to perform and showcase the rupee as having strength, that has been happening. So, it is going to be judicious intervention as required. I am saying this from past experience, and I do not expect that to continue because this has worked well for us for a very long period of time. We are moving to an era of de-globalisation if I may use that word. Tariffs are a reality now. And when tariffs they go higher, inflationary threats they automatically go higher and that is where I think the world is headed and that is where I think the hints are coming from US President-elect Donald Trump. What can the regulator do or RBI do in this kind of a scenario where you know that some percentage points of growth will automatically get crippled? KV Kamath: I think, again, we would need to concentrate on our foundation and that foundation has to be stable and facilitate our own growth. I will give a counter argument to what you said. In India's context, the runway for growth is domestic. That is very clear if you actually drill down. Because there is an unfinished agenda, starting with infrastructure. Just imagine this that we have now infrastructure for, let us say, a 4 trillion economy. When you look at 8 trillion economy and I would look at that as five to six years from now, the infrastructure aggregates that you require are not double of what it is today. Even assuming that we have everything that we want today, which we are short of what we should have, but let us assume what we have today is good for 4 trillion. For 8 trillion, it is not double, it is three times because the aspirations of the people have changed. Money in their hands changes. So many other equations change. And to meet those expectations, you will need a whole set of infrastructure outlays, which are the far infrastructure investments actually on the ground and executed. I am saying not two times, but three times. To me, that is opportunity. So, we should concentrate on doing what is required for us. Once we do that, then, of course, aspirations of people at 8 trillion economy, we will need to look at in terms of their appetite for goods, manufactured goods. So, manufacturing sector will have to respond. So, every area and I can break it down into development at the urban level, development at the rural level, this is how the engine starts picking faster and faster. I am sure the regulatory context and the government context, they recognise this opportunity for growth that at 8 trillion and I am not thinking of beyond that, 16 trillion, at this moment 8, the requirement that we have for various aggregates is three times what we have today and that itself is a growth engine. There were a lot of events which were at play in 2024. It was like a big election year for the world, Indian elections, local elections, US elections. Then, somewhere in 2024, inflation topped out and Fed started talking about decreasing rates. 2024 was also a year when we saw a lot of geopolitical moves. What, to your mind, could be that big event or calendar event which could inject volatility in financial markets in 2025? KV Kamath: Actually, I would look at it the other way. I would think it is now time for stability globally. We have had turmoil now in one way or the other starting from March 2020. As we get into the fifth year, we need stability. And let me put that in context. I think the medical emergency of COVID is now behind us. The global conflict in Europe should settle with the changes that are happening. I would think this would provide a time of stability going forward and that plays into what we need at this point in time, stability. If inflation comes down globally, even to lower levels, the uncertainties across the world again reduce. Good for us. So, I think the regulators will have more leeway in doing things that they need to do or would like to do. So, I see a time of opportunity and I see good times. (You can now subscribe to our ETMarkets WhatsApp channel )'Huge opportunity' ahead for this ASX 200 healthcare stock
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Manmohan Singh, India’s economist-turned-Prime Minister, was known for his grace, soft-spoken demeanor, and sharp economic vision. Throughout his career, he earned praise from both rivals and colleagues. The architect of India’s economic reforms, Singh passed away in Delhi on Thursday night at the age of 92. His legacy as a transformative leader and a guiding force in India’s economic journey will be remembered fondly. Singh’s death was announced by the All India Institute of Medical Sciences(AIIMS) in Delhi, where he was admitted to the Emergency ward around 8:30 PM in critical condition. Earlier this year, Prime Minister Modi praised former PM Manmohan Singh as an “inspiration” for lawmakers during a heartfelt farewell event for retiring members. Singh concluded his remarkable 33-year-long parliamentary career in the Rajya Sabha in April this year, leaving behind a legacy of dedication and service that continues to inspire many. His passing marks the end of an era, and his contributions to India’s economic and political landscape will be remembered fondly by many. Prime Minister Modi’s praise came after Dr. Manmohan Singh demonstrated his commitment by arriving in a wheelchair to cast his vote in the Parliament. “I remember during the voting in the House, it was known that the treasury bench would win but Dr Manmohan Singh came on his wheelchair and cast his vote. This is an example of a member being alert of his duties. He was an inspirational example,” PM Modi said, referring to the vote Manmohan Singh cast over a key legislation. #ManmohanSingh was ill, knew that his one vote can't change the outcome in NDA Majority Rajyasabha, yet he used to come for voting in a WHEELCHAIR. ~ PM Narendra Modi praised him for this stand alone dedication for Democracy 🇮🇳 Om Shanti. pic.twitter.com/kKZlR5npfh — The Analyzer (News Updates🗞️) (@Indian_Analyzer) December 26, 2024 In August 2023, despite his frail health, Dr. Singh made a determined appearance in a parliamentary debate on a bill granting the central government more control over Delhi’s administrative matters, arriving in a wheelchair. He also used a wheelchair to cast his vote during the Presidential elections. These moments highlighted his dedication and resilience, leaving a lasting impression on those who witnessed his steadfast devotion to his duties. In 2022, Union Minister Nitin Gadkari expressed his deep respect for Manmohan Singh, stating that the nation would always remain indebted to the former Prime Minister. Gadkari reminisced about his time as a minister in Maharashtra during the mid-1990s, recalling how Singh’s economic reforms enabled him to secure funds for building roads in the state. This acknowledgment highlighted the lasting impact of Singh’s visionary policies on India’s infrastructure development. His contributions continue to be felt and appreciated, underscoring the profound influence he had on the country’s progress. Also Read: Former PM Manmohan Singh Passes Away: When ‘Maunmohan’ Took A Jab At Narendra Modi Against ‘Silent PM’ Written By Lakshmi Ranjith
Yoon Suk-yeol's latest political gambit undoubtedly did not unfold as he expected. After abruptly declaring martial law on Dec 3, South Korea's scandal-plagued president was forced to lift the order within hours in the face of public protests and legislative opposition. He now faces an impeachment motion filed by the opposition Democratic Party, which has condemned his "insurrectionary behaviour". As of this writing, the opposition is eight votes shy of what it needs to oust Mr Yoon. But given the artful design of South Korea's 1987 constitution and the country's recent experience with impeachment, the opposition has an advantage, and it stands on firm legal ground. Mr Yoon's removal would serve as a global example -- in stark contrast to the United States -- of how democracies can and should deal with those who abuse the privileges of incumbency. A South Korean president can be impeached for violating "the constitution or other laws in the performance of official duties". While a simple majority in the National Assembly can propose an impeachment bill, it must then be approved by a two-thirds supermajority. As in the US, the constitution limits the effect of impeachment to removal from office, and expressly leaves open the possibility of a criminal prosecution. But unlike in the US, a Korean president who faces impeachment immediately passes his or her duties to the prime minister. And in another departure from the American model, the impeachment motion then goes to the Constitutional Court for final approval. This design has resulted in two successful impeachments in the last two decades. In 2004, president Roh Moo-hyun was impeached, but the court held that the charges against him were inadequate to justify his removal. Roh went on to finish his term, but later committed suicide while facing corruption charges. Then, in December 2016, Park Geun-hye was impeached, and this time the Constitutional Court confirmed the decision. In 2018, Park was convicted on corruption and abuse-of-power charges and jailed. Since the vote in the Park case was bipartisan, members of Mr Yoon's People Power Party cannot take refuge in simply voting along party lines. Precedent demands that they take their constitutional responsibility seriously, as others before them have done. The Constitutional Court's certification of their decision -- in effect, checking the legality of their work -- also serves an important function, shielding legislators from accusations of partisan impropriety. In 2004, the court made clear that while the National Assembly had a political and fact-finding role to play, judges would ultimately decide whether the facts presented met the constitution's threshold for removal. Nor can legislators be accused of acting undemocratically. After all, a fresh election necessarily follows from a successful impeachment vote. Far from overruling the people, they are preventing the people's trust from being abused. The Constitutional Court's final review and the quick triggering of new elections are both missing in the US system. Thanks to wise choices made by the drafters of the South Korean constitution, impeachment functions as a "hard reset" of the democratic system. When malign incumbents show their true colours, they can be shown the door before public confidence in the system is lost. The court ruling in Roh's case made this point. Given this standard, there is a powerful case for concluding that Mr Yoon's actions -- even more so than Park's -- fit the bill. Under the 1987 constitution, the president may declare martial law solely "to cope with a military necessity or to maintain the public safety and order by mobilisation of the military forces in time of war, armed conflict, or similar national emergency". Mr Yoon's decision not only fell far short of this standard; it made a mockery of it. In declaring martial law, Mr Yoon did not bother to cite any "military necessity" or credible threat to "public order". Instead, he offered an intemperate word salad of complaints about legislators' fiscal decisions, investigations into his scandals, and unsubstantiated claims about "threats of North Korean communist forces and ... shameless pro-North Korean anti-state forces". Far from meeting the constitutional standard for imposing martial law, Mr Yoon's behaviour and plain disregard for the facts revealed a disregard for the democratic system. At a moment when leaders in other backsliding democracies seem to enjoy impunity, South Korea's latest impeachment saga is a reminder that democracy, once established, can easily be lost through inattention or venality. The authority of a president must not be confused with the naked flexing of power by someone who once won an election. ©2024 Project Syndicate Aziz Huq, Professor of Law at the University of Chicago, is author of 'The Collapse of Constitutional Remedies' (Oxford University Press, 2021).Under pressure, UK’s Starmer sets out plans to deliver on election pledges
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US stocks take a breather, Asian bourses rise in post-Christmas tradeTHERE is limited stock of Gunness on offer in pubs across Britain due to “exceptional demand” for the popular Irish stout in recent weeks. Watering holes across the country have been allocated a limited supply by Guinness makers Diageo to ensure there is enough stock to meet demand over the busy Christmas period. The drinks maker claims the rise in popularity of the drink - which is now increasingly popular with a new younger demographic - has left them struggling to meet demand. They also cite recent sporting events among reasons for the surge in pint purchasing. All Guinness sold in the UK is brewed at the brand’s headquarters, St James’ Gate Brewery in Dublin. The site has been brewing Guinness for more than 260 years, but it appears currently it can’t quite keep up with demand for the black stuff. “Over the past month we have seen exceptional consumer demand for Guinness in Great Britain,” Diageo said in a statement. "We have maximised supply, and we are working proactively with our customers to manage the distribution to trade as efficiently as possible." A further notice posted at the pump in a London pub explained that “Guinness is in short supply in Great Britain due to exceptional demand driven by its rising popularity, recent rugby internationals, and Christmas preparations”. It adds that “despite operating a full capacity” Diageo has imposed “limits on orders to manage distribution”. The firm says sales of Guinness from kegs have “surged” by 20 per cent, while overall beer consumption has declined. Apologising for the "inconvenience” of current short supply, the notice added that the “situation is beyond our control”. In Liverpool, Dubliner Stephen Crosbie, the owner of Irish pub the Liffey, told the BBC that his usual Guinness delivery of 12 50-litre barrels was reduced to just one barrel because of Diageo’s limiting of allocations. See More: Guinness
(BPT) - Every year, roughly 20-30% of older Americans head to warmer climates for the colder winter months. Snowbirds are often retirees on fixed incomes, though flexible work environments now provide more opportunities for anyone to spend several months escaping the chill. Whether on a fixed income or an empty nester with disposable income, consumers are interested in saving money where they can. With this in mind, snowbirds can look to their AARP membership to take advantage of relevant discounts and offerings as they fluff their feathers and get ready for takeoff. From savory breakfast options while driving to your seasonal destination, to home and auto protection, and even resources to support mental and physical health, AARP member benefits offer deals and savings that will help snowbirds take flight this winter. "Spending winters in warmer places has so many benefits that come with being able to be outside more often. Warmth and sunlight not only increase serotonin levels , which can result in more positive moods and a calm, focused mental outlook, but they also stimulate vitamin D production and may even boost immunity ," said Elvira Christiansen, Director of Retail and Loyalty for AARP Services. "An AARP membership makes it even better by offering savings as you plan your trip, as well as at many dining, entertainment and retail locations you will come across in your winter getaway destination, helping you to enjoy it to the fullest." 1. Order Up Road trips are often the preferred way to travel to a winter home for the flexibility of having a car once there. Whether your drive will have you behind the wheel for hours or days, you'll want to make sure you have your meals planned out. Fill up with a tasty breakfast or lunch with a stop at Denny's, which is easy to spot from most major highways. AARP members can save when heading to Denny's . With over 1,500 locations nationwide, members save 15% on everything from diner classics to breakfast items every day; maximum discount not to exceed $10. Restrictions apply. 2. Primary Care from Almost Anywhere Feeling under the weather can put a damper on your winter travels, so it's a good idea to make sure you can access quality healthcare even when you're at your winter destination. If you are on Medicare, you can check whether there is an Oak Street Health primary care clinic near you. Oak Street Health , the only primary care provider to carry the AARP name, provides primary care for adults on Medicare and focuses on prevention with personalized care to help keep you healthy — physically, mentally and socially. Benefits include same-day/next-day appointments where available, convenient locations, a dedicated care team and a 24/7 patient support line. AARP membership is not required to visit an Oak Street Health clinic. 3. Wellness Checklist Once you check off primary care needs for your winter destination, don't overlook other priorities like maintaining your prescriptions and protecting your vision. Start by making sure your prescriptions are up to date before you head out of town. If you do need a refill while you're away, you have access to a free prescription discount card from AARP ® Prescription Discounts provided by Optum Rx ® that can be used at over 66,000 pharmacies nationwide for savings on FDA-approved medications. You do not need to be an AARP member to take advantage of these benefits, though AARP members receive additional perks, including deeper discounts on medications, home delivery, coverage for your dependents and more. If you're having trouble with your vision, want to update your sunglass prescription, or simply want to maintain your annual visits to an optometrist or ophthalmologist while away, AARP members have access to information on vision insurance options that offer individual and family plans, featuring a large doctor network, savings on frames, lens enhancements, progressives and more. 4. Home (Safety) Away from Home One thing that should always be a priority is keeping your home safe while you're away for the winter. While Neighborhood Watch is always helpful, long periods away from a home require additional security systems. With an AARP membership, homeowners can secure their homes for less. Members save 5% on monthly home security monitoring with ADT Home Security , which covers smart home security systems including intrusion monitoring, connected smoke and CO detection, and smart automation for video doorbells, security cameras and smart locks. 5. Pack Auto Coverage in Your Luggage Driving south for the winter? Utilize AARP member benefits to save on auto care so you can road trip worry free. AARP members save up to 20% on annual membership fees for Allstate Roadside Assistance plans, which provides access to assistance for towing, jump-starts, tire changes, lockout assistance, fuel delivery and more. Allstate Roadside plan benefits can be used 24/7 in any car you drive, including rented and borrowed ones. And, if you want to bring any personal items with you but don't have room to squeeze them in your car, Budget Truck Rental has a variety of trucks for you to choose from. AARP members can save 20% on local or one-way truck rentals on Sunday through Thursday and 10% on Friday and Saturday, plus receive a $10-per-day Physical Damage Waiver. Regardless of how you're traveling or spending your winter months, AARP member benefits can help you maximize your budget while you prioritize the things that matter. To learn more about the benefits and discounts for AARP members to help you prepare for your relaunch, please visit aarp.org/save . AARP member benefits are provided by third parties. AARP receives a royalty fee for the use of its intellectual property. These fees are used for the general purposes of AARP. Provider offers are subject to change and may have restrictions.
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DICKINSON — With Thanksgiving coming tomorrow, Nov. 28, 2024, The Dickinson Press and Players Sports Bar and Grill decided to tip things off a bit early and get the show in so everybody can enjoy the weekend. While the H-O-R-S-E showdown between Gaylon and Jared Scheeler is off for now ... postponed until a later date to be determined later ... the Blue Hawks' show is at home — and on the road — as Dickinson State University's men's and women's hoopsters are at Scott Gymnasium versus Rocky Mountain — starting at 5 p.m. on Black Friday — while Montana State-Northern will be in town on Saturday for a set of games beginning at the same-Hawk-time and same-Hawk-gymnasium. And don't forget about the big DSU gridiron showdown in Dillon against Montana Western on Saturday at high-noon in the second round of the NAIA playoffs. Handsome Rob offers an update on Players' specials for the weekend and the crew breaks down all the previews a day-early. Enjoy ... and y'all have a Happy Thanksgiving and a blessed Holiday Season. ADVERTISEMENTElon Musk calls Trudeau an ‘insufferable tool’ on his social media platformUMass 62, Harvard 54
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