The government on Saturday said it will earn an additional Rs 40,000 crore (Rs 400 billion) from the hike in excise and restoration of duties on petroleum products, while it will lose Rs 21,000 crore (Rs 210 billion) due to income tax sops.
The domestic steel companies such as SAIL and Tata Steel are likely to increase prices by about Rs 600 a tonne on account of the increase in excise duty in the Budget.
United Bank of India has drawn up plans to float an initial public offer in December this year, bank chairman and managing director S C Gupta said on Monday. The government had already approved the capital restructuring exercise of the bank, he said on the sidelines of the Ficci Banking Conclave in Kolkata.
Talks on an India-European Union Free Trade Agreement started in 2007. Six rounds of negotiations have been held but the two sides have not been able to arrive at a consensus on the level of trade to be covered under the FTA that will eventually eliminate duties on goods traded.
Assocham expressed concern over the precarious situation that the manufacturing sector is in, observing that if the trend does not reverse with monetary and fiscal measures it would be difficult for the industry to generate jobs.
India Inc's initiative to adopt Industrial Training Institutes (ITIs) across the country is facing problems because of low level of cooperation on the field as well as red-tapism, industry lobby groups have claimed.
Hospital chain Fortis Healthcare's Rs 1,000 crore (Rs 10 billion) rights issue is likely to hit the market by October, with the firm taking fresh steps to realise the plan.
The government in its budget for the current fiscal decided to borrow Rs 4.5 lakh crore (Rs 4.5 trillion) from the market, up from Rs 3.1 lakh crore (Rs 3.1 trillion) in the previous fiscal.
It is only through a trade-opening global pact that issues like distorting subsidies or generating market access can be addressed, the WTO chief emphasised.
President Pratibha Patil arrived in the Vietnamese capital, Ho-Chin-Minh City on Monday, as part of a ten-day visit to Vietnam and Indonesia to bilateral ties with these economically and strategically important neighbours in the ASEAN region.
Contributions made to public funded universities, IITs, national laboratories and autonomous bodies engaged in conducting research in science, technology, engineering and medicine has now been recognised as part of CSR by the government.
Prime Minister Manmohan Singh is likely to discuss the impact of global demand contraction on Indian economy with industry leaders in New Delhi on Saturday, ahead of the G-20 summit in London next week.
The Budget should look at giving suitable fiscal incentives both under direct and indirect tax proposals such as accelerated depreciation and nil customs/ excise levies on capital goods, say experts on the industry.
The advertisement rates had gone up substantially in recent months with a 24 per cent increase effected in October last year, minister of state for information and broadcasting Anand Sharma said. The government has also withdrawn customs duty on import of newsprint as well as glazed print magazines, he added.
Giving a clear indication on unveiling a package in the interim budget to stimulate industrial demand, the government said on Thursday it is not restrained by the Constitution from announcing urgent policy intervention in the run-up to the Lok Sabha elections.
Welcoming the government's move to name new members on Satyam's board, industry on Sunday exuded confidence that the new directors would help shape the future of the scam-hit company and restore the global investors' confidence in India Inc.
"The package addresses a wide range and should hopefully give boost to the slowing economy," said Amit Mitra, secretary general, FICCI. The chamber expected the government to review the impact of these measures and fine tune policies on a continuous basis. "We further hope that these measures would be followed by a series of measures as we go along and as the situation demands."
The income tax department has come out with a circular that redefines the term "charitable purpose", that is likely to bring associations like Confederation of Indian Industry or Ficci and Board of Control for Cricket in India, one of the world's richest sports bodies, outside the purview of exemptions. The circular, which was published on December 19, now says any entity that does business or trade in exchange for a fee or income cannot claim exemption from paying income tax
India Inc on Monday saw signs of turnaround in the economy with the GDP showing a growth of 6.1 per cent in the first quarter of the fiscal 2009-10.
One wants ban on Google Earth, other for harnessing technology to combat terror.
Till August 21, 246 districts were declared as drought affected, out of the 600-plus districts in the country.
Alongside the mini-ministerial meeting beginning in Geneva from Monday, the World Trade Organisation is convening on July 24, a 'Singalling Conference' where countries would give indications of the kind of market they are willing to concede in services. It demanded that the conference should be held in serious negotiation mode. The domestic regulations acting as barriers to the supply of services by Indian professionals in the developed markets should be removed, it said.
NHAI chairman Brajeshwar Singh said the highways authority would recruit 400 people in the next 12-18 months to deal with the manpower shortage faced by it.
An increased level of 'stressed assets' in the banking system could push up the NPA levels of banks, State Bank of India's chairman O P Bhatt, told reporters on the sidelines of a Ficci-IBA organised banking seminar on Thursday.
Enthused by government's commitment to act proactively and ensure more liquidity to promote economic growth, ICICI Bank managing director K V Kamath on Monday promised to review interest rate in the next few days.
Today, the economy requires a certain amount of push not just from the monetary policy but also from its transmission: Das.
Since most projects can be shifted to other states, the problem will be minimal, especially if industry can find ways to make farmers partners in their profits.
In a memorandum to Securities and Exchange Board of India on the proposed amendments to the Sebi (Prohibition of Insider Trading) Regulations, 1992, Ficci, while welcoming the proposal that the regulations should not freeze legitimate trading by the specified persons, feels that the management of a company should be authorised to decide and create window freeze.
Bhushan Kumar, chairman and managing director of the Rs 350 crore (Rs 3.5 billion) Super Cassettes Industries, the country's leading music company that owns the T-Series label, spoke to Shuchi Bansal on the challenges facing the music industry and his company's initiatives to keep its head above water.
Federation of Indian Airlines has appealed to DGCA to extend notice period of flyers from 6 months to a year
The industry on Monday said it was not surprised by a 'euphoric' rise in the stock prices as the market went into a buying frenzy on the back of emergence of a stronger UPA, set to start its new term on a confident note.
In order to encourage consolidation in the private sector insurance industry, the regulator IRDA on Wednesday said it would come out with a framework for mergers and acquisitions (M&A) for the sector by the end of current fiscal.
In order to encourage consolidation in the private sector insurance industry, the regulator IRDA on Wednesday said it would come out with a framework for mergers and acquisitions (M&A) for the sector by the end of current fiscal.
Zenith has 900 authorised dealers and 450 exclusive retail showrooms called 'Zenith PC World' across India.
The delegation was led by Union Women and Child Development Minister Renuka Chowdhary and comprised non-governmental organisations, FICCI Ladies Organisation (FLO), and Bollywood actress Preity Zinta.
India Inc on Monday asked the government to pull out all stops to ensure availability of enough money to drive the economy on a high growth trajectory despite the global meltdown.
"So you will not have anything better... democracy loving, capitalist respecting environment... in India," Sitharaman said at the event hosted by the Federation of Indian Chambers of Commerce and Industry in association with the US India Strategic and Partnership Forum.
Apollo Tyres on Thursday said it is looking at laying off about 1,500 of its workforce.
In a pre-Budget meeting with Finance Minister Nirmala Sitharaman, the corporate leaders highlighted several issues, including certain income tax matters which were coming in the way of mergers and acquisitions or slowing them down and roles that need to be played by state businesses to prosper at the ground level.
The EU should eliminate tariffs on 95 per cent of the goods under the Free Trade Agreement instead of the 90 per cent being targeted by the India-EU High Level Trade Group, the industry body said.
