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Much of the money allocated to the project remains unspent India’s $3 billion plan to clean the holy   Ganga   river is badly behind schedule with large stretches contaminated by toxic waste and sewage, forcing Prime Minister Narendra Modi to intervene, according to government officials and documents seen by Reuters. Much of the money allocated to the project, a flagship initiative for Modi’s Hindu nationalist government, remains unspent, say officials from the National Mission for Clean Ganga (NMCG), a government body overseeing the project. In one slide of a presentation to a top Modi aide in late January, NMCG officials marked almost the entire length of the river within three big circles to highlight “pollution in river Ganga”. SEWAGE, POLLUTION MODI TAKES CONTROL A 2018 deadline to clean the river is “impossible”, one NMCG official said. “If we want to meet the 2018 deadline, we should have commissioned plants to treat half the sewage already,” he said, re...

Banks must not wait for growth to clean their balance sheets. Rather, growth will come once the books are cleaned, said Reserve Bank of India (RBI) governor Raghuram Rajan on Thursday. He did so while rapping the lenders for abusing the tools offered by the central bank to fight bad debt, to instead hide the extent of bad loans. The recent clean-up operation has the central government’s blessings, he noted. Central bank officials had a series of meeting with the government, including at the “highest,” before coming up with its asset quality review (AQR) that is now causing havoc in banks’ quarterly numbers, throwing up heavy NPAs in the books, revealed the governor. Read Full Article Over Here :  Business Standard News