Almost all infrastructure ministries continued spending on capex throughout the lockdown, even as the Centre tried to maintain some semblance of economic normalcy.
Hectic fundraising through initial public offerings (IPOs) is expected in October-November, with at least 30 companies are looking to collectively raise over Rs 45,000 crore through initial share-sales, merchant banking sources said. Of the total fundraising, a large chunk would be garnered by technology-driven companies. The successful IPO of food delivery company Zomato, which was overwhelmingly subscribed by over 38 times, encouraged new-age tech companies to come out with their primary share-sales.
Enthused by India's financial inclusion drive, US-based Accion, one of the biggest micro finance organisations in the world, has renewed its focus in India. Michael Schlein, bottom, left, chief executive officer of Accicon, tells Namrata Acharya in an email interview the Wall Street and Silicon Valley are eager to participate in opportunities presented by the issuance of the small finance and payment bank licences, the expanded banking correspondent opportunities, and the Jan-Dhan Yojna.
The Cabinet on Thursday approved 49 per cent foreign investment in insurance companies through the Foreign Investment Promotion Board route ensuring management control in the hands of Indian promoters.
'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
We dance on every small achievement and forget the long-term objectives: Ajit Gulabchand, MD, Hindustan Construction Company.
Race for Asia's No. 1 MFI spot: Bandhan now closes in on Grameen Bank
'We have to make doing business in India easier.'
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
M-Cap of top 10 business groups went up by 46% this year.
Prime Minister Narendra Modi began his engagements in the US on Thursday by meeting with leading American CEOs from five different key sectors and highlighted the economic opportunities in India.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, 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.
Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
Finance Minister Arun Jaitley said that it is imperative to maintain high growth rates.
A Japanese delegation will soon visit India to study the opportunities
Japan offers India soft loan for $15 bln bullet train in edge over China
The New Year, like 2014, will see brisk hiring. But, specialisation and strong domain skills will decide who gets hired.
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.
'The force of reforms. The force of investment. The force of formalisation. The force of digital and green technology. And the force of youth and entrepreneurship. I am convinced that these 5 forces will propel India's rise over the next several decades,' predicts Kumar Mangalam Birla, chairman, Aditya Birla group.
Sitharaman, a newcomer on the Forbes most powerful women list, is ranked 34th. The Forbes 2019 list of 'The World's 100 Most Powerful Women' has been topped by German Chancellor Angela Merkel, followed by President of the European Central Bank Christine Lagarde in the second spot and Speaker of the US House of Representatives Nancy Pelosi, ranked third. Also on the list is Bangladesh Prime Minister Sheikh Hasina (29).
DOIT is a 100 per cent subsidiary of Morgan Credits in which Rana Kapoor's daughters Radha, Roshini and Raakhe, are directors. In 2018-19, the company incurred a net loss of Rs 48.76 crore on revenues of Rs 59 crore - a sharp contrast to 2017-18 when it had profits of Rs 2.7 crore on revenues of Rs 43 crore. To fund these aggressive investments into its subsidiaries in 2018-19, DOIT used debt which doubled to Rs 600 crore in 2018-19 from the previous year.
These firms reported a combined operating profit of Rs 26,077 crore (Rs 260.77 billion).
'What we are actually missing in India is a platform wherein the government engages with cybersecurity experts, gets them employed and then utilises their capability to deter such attacks.'
Modi along with Assam Governor Jagdish Mukhi and Chief Minister Sarbananda Sonowal also walked a few metres on the bridge.
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
It is rare for Cabinet ministers to tick off state-owned companies publicly, yet that was what then petroleum and natural gas minister Dharmendra Pradhan did for ONGC. Speaking at an event on June 29, Pradhan said he has asked India's premier exploration company to find fresh oil acreages fast. "Do it yourself through some joint venture (or) through a new business model. But the government cannot permit you to hold resources for an indefinite time." The reason for this stricture is India's rising dependence on imported oil and gas. Or, to put it another way, falling domestic production (see chart: "Crude truth"), especially from ONGC, which faces a simple problem.
Government may also consider giving relief to some of the worst-affected sectors.
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
The Union Cabinet on Wednesday approved the participation of the private sector in the entire range of space activities, including planetary exploration missions, Union minister Jitendra Singh said. The newly-created Indian National Space Promotion and Authorisation Centre (IN-SPACe) will provide a level playing field for private companies to use Indian space infrastructure, Singh, who is the minister of state in the Prime Minister's Office, said.
At $37 per dose, the Pfizer vaccine is much more expensive compared to $3 per dose for the Covishield.
The idea is to boost household savings and turn more of them into growth capital. If the plan succeeds, sustained eight per cent-plus rates of gross domestic product growth should be within reach in a few years.
'We get to know secrets such as some of India's top-rated firms do not always make payments when due and many State-owned, listed, enterprises that borrow in bond markets default regularly.' 'Without naming the bank, he says that ever-greening of poor loans by a part of India's shadow banking lay at the doorstep of India's banking, notably 'one private bank'.' Viral Acharya's Quest for Restoring Financial Stability in India won't be music to many ears, observes Tamal Bandyopadhyay.
Piyush Goyal emphasised that India is committed to pursue a green path to growth.
Woefully inadequate infrastructure is just one of the many reasons why a case is not settled within 180 days and even 270 days as envisaged by the law, says Tamal Bandyopadhyay.
The procurement and distribution will be centralised though the government is yet to take a call on the initial number of doses that will be procured.
Henry Kravis, co-founder of global private equity firm Kohlberg Kravis Roberts & Co, thinks India should go for a bad bank to deal with bad assets in banks. In an interaction with journalists in Delhi, he says there are plenty of opportunities in India. He was joined by India CEO Sanjay Nayar.
Special Economic Zones are likely to be central to realising Prime Minister Narendra Modi's ambitious Make in India agenda.
Unlike RIL, the Adani group has not yet brought in any big stakeholders to refinance debt or expand.
'If the Union Budget can provide incentives for animal spirits to come as well as induce demand stimulus and consumption, the Budget would have done a wonderful job.'
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