Unwilling to compromise autonomy for a hefty pay hike announced on Thursday, several PSUs chiefs on Friday conveyed displeasure to the government over a directive asking them not to create senior posts in their units without the approval of their administrative ministries.
'The government and corporate sector must join hands to implement action which allows all of India to develop. It would be good for the corporate sector in the long run.' 'It is not that talent is a monopoly of a few castes who have been privileged over centuries. Talent also exists in other groups. They need opportunity and exposure,'
The Centre's push to sell Air India on priority has led to delays in other strategic divestment proposals, such as privatising United India Insurance, as well as ongoing transactions, such as Shipping Corporation of India (SCI) and Bharat Petroleum Corporation (BPCL), revealed multiple officials involved in the process. The Department of Investment and Public Asset Management (DIPAM) is yet to take new privatisation recommendations of the NITI Aayog to the core group of secretaries on disinvestment (CGD) headed by the Cabinet secretary, said one of the officials. The priority now is to ensure all approvals for Air India are in place since the government intends to hand over the national carrier as early as this month.
When public sector firms are run down as public fund-drenchers, several state-run enterprises in Kerala have made dramatic a turn-around, owing to a multi-pronged strategy of the Left Democratic Front government to bring back the loss-making units from the verge of collapse.
For the first time, PSU banks will have a non-executive chairman, giving operational responsibility to managing director and chief executive officer.
NavIC consists of a constellation of seven satellites and a network of ground stations and is touted to be more accurate than GPS.
Banks recovered Rs 18,933 crore (Rs 189.33 billion) worth of bad loans during the April-December period.
Among PSBs, the top gainers have been Union Bank of India and Corporation Bank, whose shares have rallied more than 15% each. Indian Bank and Bank of Baroda, too, registered double-digit rise
A 15 per cent corporate tax rate for services companies in SEZs, setting up a fund for deep-tech startups and establishing clusters to demonstrate design-to-manufacturing capabilities of tech firms were some of the key demands made by the IT sector at the pre-Budget consultation on Monday. The participants shared their views and suggestions regarding Big Data, incentives for encouraging setting up of data centres, fiscal incentives for data localisation, incentives for pushing digital penetration in rural areas, and corporate guarantee to startups for competing with other nations.
LPG customers of Bharat Petroleum Corporation Limited (BPCL) will continue to get cooking gas subsidy post-privatisation of the nation's second-biggest fuel retailers, Oil Minister Dharmendra Pradhan said on Friday. "Subsidy on LPG is paid to consumers directly and not to any company. So the ownership of the company that sells LPG is not of any material consequence," Pradhan told PTI. The government gives 12 cooking gas (LPG) cylinders of 14.2-kg each to households in a year at a subsidised rate.
The staff of public sector banks had gone on a nationwide strike for two days beginning February 10 after discussions with the IBA failed.
After a tumultuous past few days that almost halved value of the Adani group, embattled tycoon Gautam Adani-led conglomerate had some pressure eased on Friday as two global rating firms stuck with their calls on its credit profile and its French partner backed its investments in the group firms. Also for the first time since January 24, shares of the group's flagship firm Adani Enterprises ended in positive territory after erasing an intraday loss of 35 per cent. Adani Ports and SEZ also ended 8 per cent higher. This is after a over $100-billion rout in value of group stock since the US short seller Hindenburg Research accused Adani group of stock manipulation and accounting fraud.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
A better system of operating central and state PSEs, and indeed all commercial activities of the government, would require eliminating the current system that oversees them.
What is most troubling is that not a single party that is part of INDIA has talked about any kind of reform and economic sense, argues R Jagannathan.
The demand for affordable housing is 535,400 units.
The government on Thursday suspended chairman and managing dof Coal India Limited N K Sharma on alleged charges of corruption during his tenure, official sources said in New Delhi.
With the government looking to divest loss-making steel assets, significant interest from secondary players is most likely this time apart from the anticipated list of large integrated primary steel producers, said industry experts. Rashtriya Ispat Nigam Limited (RINL), Neelachal Ispat Nigam Ltd (NINL), NMDC Integrated Steel Plant (NISP)-Nagarnar, Ferro Scrap Nigam Ltd and three units of Steel Authority of India (SAIL) - Alloy Steels Plant, Durgapur; Visvesvaraya Iron and Steel Plant, Bhadravati; and Salem Steel Plant, Salem - constitute the divestment list. All the three units of SAIL have been loss-making for more than five years.
ONGC must tackle several issues first only then it can turnaround its fortunes.
Strike is total, impacts all branches of PSU and private banks. Clearing operation at RBI also hit.
Wrapped in blue and orange wax paper, it's a familiar sight on the shelves of kirana stores across the country. Given how well travelled and mobile it is - starting its journey in Chennai, then turning to Singapore and now landing in Mexico - you could say it lives up to its name: Modern. Modern Food Enterprises, the company that manufactures and sells the bread in question as well as other bakery products under the "Modern" brand name, has recently been sold to the world's largest baking company, Grupo Bimbo, for an undisclosed amount. This latest transaction is the second change of guard at Modern within five years and third since the government divested the company at the turn of the century. At a time, when the National Democratic Alliance government has decided to privatise, or shut down, public sector enterprises except for those deemed strategic, Modern makes for a promising case study of how divestment led to the brand's growth, both in revenue and reach.
The ban on certain single-use plastic (SUP) items kicks in from Friday, with state governments initiating an enforcement campaign to identify and close down units engaging in production, distribution, stocking and sale of such items, officials said. Though several manufacturers have said they are not prepared to implement the ban due to a lack of alternatives, Union Environment Minister Bhupender Yadav had on Tuesday said the government had given enough time to the industry and the general public to prepare for the ban on SUP items and it hopes for everyone's cooperation in implementing it from July 1. Violation of the ban will invite punitive action, including a fine or a jail term or both, detailed under Section 15 of the Environment Protection Act (EPA) and under bylaws of respective municipal corporations, officials in the Union environment ministry said.
The South Delhi Municipal Corporation's decision to make washrooms in hotels and eateries open to the public for a fee highlights India's failure to expand access to toilet facilities.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
The Left parties have no objection to the deployment of pension funds in the stock market so long as the funds are managed by public sector banks and financial institutions.
The three main regulators have different approaches to grievance redressal and different standards to stop harmful from coming pitched at the consumer.
Every patriot should learn from our history and recognise that celebrating size will neither negate nor obscure the huge economic challenges that India faces, asserts Rathin Roy.
'Byju's financials only reflect the core business. At a group level, they are experiencing substantial losses.'
The previous highest divestment proceeds for the first half of a year was around Rs 21,000 crore in 2016-17.
The bosses of SBI, Union Bank and Central Bank have been driving down to their offices everyday to take stock of the biggest loan drive ever undertaken for MSMEs, discovers Tamal Bandyopadhyay.
'Those who come from outside are surprised at the relatively small strength of the RBI supervisory cadre, relative to the needs of the country and the needs of the financial sector.'
The move to make the appointment process more robust comes after last month's arrest of S K Jain, chairman and managing director of Syndicate Bank last month, over graft charges.
Foxconn means serious business in India. Its delegation to India was led by its Chairman Young Liu who met Prime Minister Narendra Modi.
Without the handsome receipts from the sale of government equity in PSUs and sharp increases in excise revenues from oil, Mr Jaitley's fiscal consolidation drive would have become even more arduous, says A K Bhattacharya.
Out of nearly 30 public sector undertakings and assets under 'strategic sale' plan, only the ONGC-HPCL plan has been completed
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
The government holds 85.96 per cent in NHPC.
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