Announcing her appointment, IMF Managing Director Christine Lagarde hailed the Mysore-born Gopinath as "one of the world's outstanding economists with impeccable academic credentials, a proven track record of intellectual leadership and extensive international experience".
The Indian government has asked a federal court in Washington to dismiss Britain's Cairn Energy suit seeking enforcement of a $1.2 billion arbitral award, saying it had sovereign immunity under US law. Cairn had in May asked a US federal court to force Air India to pay a $1.26 billion arbitration award the firm had won in December. The government on August 13 filed a 'Motion to Dismiss' petition in the US District Court for the District of Colombia, saying it lacked subject matter jurisdiction in the dispute between Cairn and the Indian tax authority, according to a filing seen by PTI.
Spiraling steel prices led the government to cut customs duty by 2.5-5.5 per cent on a range of products from semi-finished to flat and long products for the benefit of MSMEs, that have been at the receiving end.
Budget will get a welcome reception from the international biz.
Finance Minister Nirmala Sitharaman cut fuel subsidies while slapping additional fuel taxes on unblended transport fuels in the latest Union Budget. The former will hit the rural poor, households that secured a subsidised LPG connection under the Pradhan Mantri Ujjwala Yojana (PMUY), a programme that was partly instrumental in helping the Bharatiya Janata Party (BJP) win the 2019 general elections. The latter will pretty much hurt the entire population after it kicks in from October. That's what it looks like. Or, perhaps, it's not as it appears to be, at least on the subsidy front.
Indian students planning to study abroad this year have to pay higher fee, fund their quarantine stay and also compete for on campus work opportunities.
Reliance's big-bang entry across the solar ecosystem will cut dependence on Chinese imports drastically. And Ambani's repeated emphasis that RIL's new energy foray will be 'a truly global business' points that his group is playing not just for a share of the Indian pie but to be the OEM in the larger 5,000 GW global market by 2030, points out Shailesh Dobhal.
'An entrepreneur should always remain under pressure or he will die,' Vineet Rai tells Anjuli Bhargava.
The results are likely to please the Indian government, which has been trying to impress on domestic and foreign investors about its efforts to improve the ease of doing business.
Tech-driven skills will be in demand in the post pandemic era, alerts Sonya Hooja, COO and co-founder, Imarticus Learning.
Tata Power will target 10,000 micro grids across India, for which it has formed a company, TP Renewable Microgrid.
The rot is is not limited to Chitra Ramkrishna and the yogi, observed Debashis Basu.
Finance Minister Nirmala Sitharaman on Monday assured the industry that momentum of economic reforms will continue to make India a hotspot of global investment. India has turned the crisis created by COVID-19 pandemic into an opportunity to push the economic reforms, which remained pending for decades, she said while addressing the National MNC's Conference 2020 organised by industry chamber CII.
Firm to continue to press ahead with arbitration challenging new law on the tax, will seek $1 bn in damages
A business in India wanting access to maps and geospatial data would typically have to wait months before it got what it wanted. All this is set to change with the new guidelines on geospatial data, report Neha Alawadhi and Peerzada Abrar.
The government may be waiting for the outcome of an arbitration initiated against its levy of Rs 10,247 crore retrospective tax on UK's Cairn Energy Plc before deciding on appealing against losing a tax case against Vodafone Group, sources said. An international arbitral tribunal is expected to give a decree within next few days on Cairn Energy Plc's challenge to the Indian government seeking Rs 10,247 crore in retrospective taxes. If the arbitration award in the Cairn cases goes against India, the government has to pay the British firm over Rs 7,600 crore to reverse the dividend and tax refund it had ceased and shares it sold to recover part of the tax demand.
Li is currently attending the WEF annual meeting in Davos in back drop of release of the annual GDP figures by China highlighting the continuation of the slowdown of the world's second largest economy.
Finance Minister Nirmala Sitharaman on Tuesday said there were visible signs of revival in the economy but the GDP growth may be in the negative zone or near zero in the current fiscal.
This, said Sitharaman, would remove the possibility of unauthorised communication "and consequent harassment", which was a cause of concern for bankers.
Japan is not making any preparations to postpone the 2020 Olympics, the government's top spokesman said on Wednesday, stressing Tokyo's resolve to host the event as scheduled despite the global spread of coronavirus.
Is there more than meets the eye to Kitex Garments, the world's second-largest children's garment producer, abandoning Kerala for Telangana?
The criteria for allowing companies to avail of this provision will include profitability, networth, paid-up capital, and turnover.
"My family reputation kept me a silent spectator, as I mutely watched the organisation I founded come to a point where it was publicly auctioned; where my family and myself have been stripped of our legacy, our finances and my personal credibility."
The latest whistleblower complaint accusing him of pressuring finance team members to inflate profitability has come right out of the blue. There's another allegation that he made racist remarks against some board colleagues. For a man with a singular focus on the business and clients, all of this must have blindsided him.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
Joe Biden's B3W proposal aims to bring democracies together. India should come up with its own plans to contribute to the initiative, states Rahul Mishra.
'This is not without risk because extraordinary steps taken in exceptional times have the habit of becoming habits until the next crisis intervenes,' warns T N Ninan.
The lockdown that crippled the entire logistics, delivery and supply chain network to near zero, was enough to deal a body blow to India's fastest growing unicorn whose very business model saw a severe disruption, like several other firms and sectors.
In 2020 India was compelled by China to change its national security strategy. From counter-insurgency, which the army has been focussed on for years, we shifted to conventional war, observes Aakar Patel.
While the most obvious beneficiary of this roll-out will be manufacturers of FASTags, or the Radio Frequency Identification chips, a PwC report says implementation of a pan-India electronic toll collection system on national highways may help save approximately Rs 87,000 crore annually.
ONGC was the top gainer in the Sensex pack, rallying around 6 per cent, followed by IndusInd Bank, L&T, UltraTech Cement, Titan, SBI and NTPC. NSE Nifty settled 32.10 points up at 14,707.80.
...and getting GDP to measure India's data economy, recommends Ajit Balakrishnan.
In a big blow to embattled British Prime Minister Johnson, two of his senior Cabinet colleagues, including Chancellor Rishi Sunak, resigned on Tuesday, as they expressed their loss of confidence in his leadership amidst a spate of scandals.
Leveraging global capital markets to give muscle to an innate competitive advantage in rapid mass transaction systems will lead to India becoming a petri dish for global enterprises and new-age innovation that it yearns to be.
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
Headline inflation will come down under the 6 per cent mark in July itself but will stay at an elevated level of over 5 per cent for some time, Chief Economic Advisor K V Subramanian said on Thursday. Such an outcome will get the price rise back into the upper-end of the target band given to RBI, he said, adding that consumer price inflation had breached the mark for three consecutive quarters last fiscal because of supply side issues like challenges in movement of goods. "With reasonable probability, I expect this month the (inflation) print to come less than 6 per cent," Subramanian told a conference organised by industry lobby Ficci. Right after data for May showing inflation at 6.4 per cent had come out, Subramanian said he had predicted it will cool down in internal meetings and also during "deliberations with the regulator".
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the finance ministry said on Thursday.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
