The government has shortlisted Cyril Amarchand Mangaldas for giving legal advice on upcoming mega IPO of India's largest insurance company LIC, an official said. Four law firms - Crawford Bayley, Cyril Amarchand Mangaldas, Link Legal and Shardul Amarchand Mangaldas & Co - had made presentations before the Department of Investment and Public Asset Management (DIPAM) on September 24. Following presentations, Cyril Amarchand Mangaldas has been selected as legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC), the official told PTI.
'You cannot fight a disease as complex as COVID-19 without a carefully calibrated, localised response.'
The implementation of their recommendations means that an adequate apparatus to change this is at the disposal of the government.
Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.
'It will be a cat and mouse game between investors and the government.' 'The issue will be launched only if there is sufficient demand from investors and the government is in agreement with the bankers on the valuations.'
The world is in the face of a devastating impact due to the coronavirus pandemic and has clearly entered a recession, the International Monetary Fund said on Friday, but projected a recovery next year. "We have reassessed the prospects for growth for 2020 and 2021. It is now clear that we have entered a recession as bad or worse than in 2009. We do project recovery in 2021," IMF Managing Director Kristalina Georgieva told reporters at a news conference.
When Nirmala Sitharaman announced her new privatisation policy, there were serious doubts if the move had the BJP's full political backing. All those doubts were dispelled when her initiatives were endorsed by Modi in Parliament, observes A K Bhattacharya.
The ripples from November 8 may be seen in next year's state budgets.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
India's manufacturing sector activities gained further strength in October as companies scaled up production and stepped up input purchasing in anticipation of further improvements in demand, a monthly survey said on Monday. Robust gains in new work aided production growth in October as output and new orders expanded at fastest rates in seven months, while business optimism hit a six-month high, the survey said. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 53.7 in September to 55.9 in October, pointing to the strongest improvement in overall operating conditions since February.
Lack of skilled labour, among other factors, led to 187,062 vacancies in nine sectors during the first quarter of the current fiscal year, showed the new revamped quarterly employment survey (QES). This accounted for a little over 0.6 per cent of the total jobs given by these establishments till April-June 2021-22. The nine sectors - manufacturing, construction, trade, transport, education, health, accommodation and restaurants, IT/BPOs and financial services - employed 30.8 million people.
RBI's latest rate cut will bring down home, car loan's EMI.
However, the Indian economy is expected to bounce back in 2021, the World Bank said.
'Tenants who pay rent above the threshold limit must be extra cautious about TDS fillings.'
Paytm's Rs 18,300-crore IPO -- India's largest public issue to date -- was subscribed only 18 per cent on the first day of bidding on Monday.
The divestment process, however, will not be an easy affair as there are multiple stakeholders, including the employee unions, whose concerns will have to be addressed.
The govt said Rs 30,729 crore was required for waiving loans of small and marginal farmers.
'We can go somewhere between 35 per cent and 40 per cent.'
Finance Minister Nirmala Sitharaman will present the much-awaited 2022-23 Union Budget on February 1. While there has been strong recovery in some sectors, touch services like hospitality, tourism and leisure continue to suffer after two Covid-19 waves. Household savings have been hit due to increased spending on health care. Consumption has still not reached pre-pandemic levels.
Pegging the cost of the covid-19 lockdown at USD 120 billion (approximately Rs 9 lakh crores) or 4 per cent of the GDP, analysts on Wednesday sharply cut their growth estimates and stressed on the need to announce an economic package. The Reserve Bank of India (RBI), which is scheduled to announce its first bi-monthly policy review on April 3, is set to deliver a deep rate cuts and it should also be assumed that the fiscal deficit targets will be breached, analysts said.
As India emerges from the COVID-19 crisis, the ninth budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
'If some measures are implemented quickly, they can help revive growth.'
Economic growth is likely to plummet to a multi-decade low of 1.6 per cent in fiscal year 2020-21 due to the Covid-19 pandemic and ensuing measures like lockdowns and social distancing, an American brokerage said on Wednesday in one of the bleakest forecasts on GDP yet. Indian policymakers have not been aggressive enough in their response till now to the crisis, and will need to eventually intensify their efforts, economists at Goldman Sachs said.
The World Bank on Sunday said the coronavirus outbreak has severely disrupted the Indian economy, magnifying the pre-existing risks to its outlook. In its 'South Asia Economic Update: Impact of Covid-19', the World Bank estimated the Indian economy to decelerate to 5 per cent in 2020 and projected a sharp growth deceleration in fiscal 2021 to 2.8 per cent in a baseline scenario.
The sweeping economic sanctions on Russia - the second largest producer of crude oil - following its invasion of Ukraine late last month can cull global and domestic growth along with the added pains of higher inflation and currency depreciation, RBI Deputy Governor Michael Patra has said. And if the war lingers on, it can even lead to deglobalisation and even a recession, he added. The ongoing war has only added a whole new dimension to the outlook, and in fact, a weighty downside, Patra said in a lecture at the industry lobby IMC on Friday evening.
The G-20 leaders under the chairmanship of Saudi Arabia's King Salman held an extraordinary video conference in which they resolved to use all available policy tools to minimise the economic and social damage from the pandemic that has killed over 21,000 people and infected more than 470,000 globally.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
The government currently holds 87.40 per cent stake in IRCTC. To meet Sebi's public holding norm, it has to lower its stake in the company to 75 per cent.
It would be a good idea to create independent oversight committees for each regulatory institution and indeed, even for their appellate bodies, says A K Bhattacharya.
'It's not as if power demand is falling. It's that generation has outpaced demand.'
United Nations Secretary-General Antonio Guterres said on Monday that he has been in 'very close contact' with India and other countries on mediation efforts towards bringing an end to the war in Ukraine.
The survey, however, said that GDP is expected to revert to growth terrain next year, when it is likely to grow by 7.2 per cent.
JM Financial, Axis Bank, and Bank of America have been roped in as the bankers to run the mandate, say sources.
This is a terrible situation for a growing economy to be in, and the central bank would be expected to act to correct the situation.
The impact of Shinzo Abe's towering personality is such that even in death, Abe remains a polarising figure, asserts Dr Rajaram Panda.
Retirement fund body EPFO net added 14.81 lakh subscribers in August 2021, reflecting a growing trend in net payroll for the first five months of this fiscal. The provisional payroll data of Employees' Provident Fund Organisation (EPFO) released on Wednesday highlights that it added around 14.81 lakh net subscribers during the month of August 2021, a labour ministry statement said. The data reflects a growing trend in net payroll for the first five months of the current financial year, it added.
Retail prices of three pulses -- tur, moong dal and urad -- are on a declining trend after the government took coordinated actions with state governments to check hoarding, the Food and Consumer Affairs Ministry said on Friday. "The upward pressure on retail prices of tur, moong dal and urad has stabilized in 2021 and is on a stable or declining trend," it said in a statement. According to the ministry, the average increase in prices of these three pulses during April to June 16, 2021 was 0.95 per cent as compared with previous three months (January-March, 2021).
An influential immigration advocacy group representing Indian-Americans on Thursday urged the Biden administration not to issue the most sought-after H-1B work visa to any individual born in India, till the time the discriminatory country-cap on green cards or permanent legal residency is removed. The current per-country cap on issuing of green cards in the US has resulted in Indian professionals, mostly from the IT sector, having to wait for decades for their legal permanent residency. Issuing new H-1B visas to more Indians would add to this agonising painful wait for green cards, Immigration Voice said in a statement.
India Inc's cash pile was up 13.8 per cent last fiscal year, thanks to a combination of higher profits in sectors such as IT and fund raising by top companies such a Reliance Industries, Bharti Airtel and Tata Motors, among others.
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