The Maharashtra government on Saturday approved a farm loan waiver of Rs. 34,000 crore that would benefit 8.9 million farmers in the state. CM Devendra Fadnavis noted that this size of loan waiver would significantly impact government finances, forcing the state to cut back spending elsewhere. The waiver, he noted, would make nearly 90% of indebted Maharashtra farmers “debt-free”.
Low and falling oil prices have impacted the economies of Gulf states, forcing them to cut back on government spending. In the oil rich region, power cuts are becoming the norm, with states saying that low oil prices mean less money available. It is also fuelling rising tensions in the regions, with over 30% of youth in Saudi Arabia unemployed, and growing dissatisfaction among the populace. In India, oil marketing companies including BPCL and HPCL say that prolonged low crude prices will impact their margins, especially in selling inventory that was previously purchased at a higher price.
The GTPL Hathway IPO, which had seen a sluggish start, ended the third and final day with 1.5x subscriptions, The retail investor portion was however not fully subscribed, closing at 0.98x subscription. The portion of shares reserved for institutional investors was subscribed 1.48 times, while the portions reserved for high net-worth individuals was subscribed 2.85 times
Photo: A bear plays with a ball on a hot day in a park. Kim Hong-Ji/Reuters
