India Inc on Friday said Prime Minister Manmohan Singh's assertion that the government will not impose capital controls, although reassuring to investors, must be supplemented with tough reform measures.
The capital raised by Indian companies in the 2010 calendar year was over one-third more than the Rs 1,50,000-crore (Rs 1,500-billion) mop-up in the previous year and was a beacon of hope in a global economy that has been witnessing turbulence on account of the poor health of Western economies.
What do we need more of: Leaders who dominate global institutions or local leaders with a 'Make-in- India' mindset?
E-commerce platform Snapdeal is looking at filing its Draft Red Herring Prospectus (DRHP) in the next few weeks to launch an initial public offering in first half of next year, according to sources. Sources close to the development said the company is looking at a $250 million (around Rs 1,870 crore) IPO that could value Snapdeal at about $1.5-1.7 billion. Snapdeal is looking at filing the DRHP in December-January time frame, and launch the IPO in the first half of 2022 after the necessary approvals, they added. One of the sources said the founders will not be selling shares as part of the IPO, and major shareholders are also expected to hold onto their shares.
The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts.
Industry bodies said the decisions will help attract much-needed capital, create jobs, encourage collaboration and benefit cash-starved small and medium enterprises.
What is the correct way to pronounce suit? Is it soot or sweet?
India's biggest firm, Reliance Industries, has decided to cut salaries by 10 per cent in its oil and refining divisions. Several smaller companies like Kajaria Ceramics have followed suit with cuts as high as 40 per cent for those earning more than Rs 50 lakh.
MakeMyTrip, RBL Bank, Inox wind and IRCTC are among the firms that have made it to the Fortune Next 500 list of Indian companies.
Here are some facts about Rishi Sunak and his India connections.
Experts said a future rate cut would depend on the inflation.
Encouraged by softening inflation, the RBI on Thursday decided to cut the benchmark interest rate by 0.25 per cent to 7.75 per cent with a view to boost growth.
Stating that recent agriculture reforms have opened new opportunities, the RBI Governor said the farm sector is emerging as a bright spot.
Of the total investment announcements, tracked by an Assocham Eco Pulse study during August and September this year, the petroleum sector attracted Rs 53,300 crore (Rs 533 billion) with Indian Oil Corporation and the Reliance Group planning to pump in Rs 43,500 crore (Rs 435 billion) and Rs 8,000 crore (Rs 80 billion) respectively.
Ashish Aggarwal of San Francisco and two others have surrendered.
A three-member team each from the Central Drugs Standard Control Organisation (CDSCO) and the State Drug Controller visited the plant in Tamil Nadu's Kancheepuram, 40 km from Chennai, on Friday after the company recalled the eye drop.
The difference between what the banks play in the US and India is not that of soccer and football but rugby and football. SVB also has a unique character. But when risks are mispriced, the fallout could be very similar, points out Tamal Bandyopadhyay.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
There is positive correlation between crude oil prices and Indian equities and investors can expect more upside after the recent rally in Brent crude price.
Not just mid- and small-sized firms, even big ones will either sell group companies or stakes in their listed entities to tide over crisis; more sell-offs seen in coming months.
"Satya Nadella is a perfect example of how appropriate, thoughtful immigration reform can benefit both our free-market democracies, says Ron Somers, president of the US-India Business Council.
50-odd biz leaders are part of Modi's entourage for the 3-nation tour
Corporate India raised decent fund via debt in April.
Adapting to the new hybrid normal of remote and office work, cautiously optimistic corporate are looking to hire more people and provide better appraisals in the new year as they step out of the pandemic-ravaged 2020. The coronavirus pandemic emerged as the biggest inflection point for the Indian job landscape. For the corporates, work-from-home and remote workers became the new normal and for the professionals, online learning and digital skills took centrestage.
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.
Reversing a six month declining trend, WPI inflation moved up marginally to 0.11 per cent in December mainly because of increase in prices of food items.
If the fear of ED could drive the powerful people of today to be honest or at least be minimally corrupt, will it not be a great thing for our nation?, asks Sudhir Bisht.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
US President Donald Trump on Tuesday wooed Indian industry leaders to invest more in America, promising to reduce more regulations in his country as he looked for overseas investment to boost the economy there. Speaking at a high-profile CEO round-table which included captains of the Indian industry such as Reliance Industries chairman Mukesh Ambani, Mahindra group chairman Anand Mahindra, Tata Sons chairman N Chandrasekaran and Aditya Birla group chairman Kumar Mangalam Birla, Trump reassured that regulations "will only get better" for investment in the US.
'These are the people that have worked for you. These are the people who have served you all their careers. You send them out to live in the rain. Is that your definition of ethics when you treat your labour force that way?' the titan asks.
The lack of a strong diversity policy on the part of companies, a limited pool of women candidates as well as socio-cultural factors contribute to their low numbers.
Speaking at an Assocham event, Modi said the recent cut in corporate tax has brought rates to all-time low for businesses, adding that labour force should also be taken care of.
Presenting the Narendra Modi government's maiden Rail Budget, Railway Minister Sadananda Gowda announced setting up of logistic parks and private freight terminals on PPP model.
The higher than expected growth in the second quarter of 2013-14 is an indication of recovery in economy but some key sectors still need to perform better, India Inc said on Friday.
'It will send a very strong signal that it is now our time to grow.'
Hailing Prime Minister Narendra Modi's Make in India campaign and the emphasis on ease of doing business, India Inc today said the initiative mirrors the country's ambition to sprint ahead in the global manufacturing race, thereby creating jobs and boosting economic growth.
India Inc's net profit has slowed down to 15 per cent in the September quarter so far compared to a 16.8 per cent rise in the same period last fiscal due to the ongoing economic slowdown, industry body Assocham said.
The RBI working group's proposal to allow corporate houses to set up banks is a 'good-looking' step in a 'bad direction' and may lead to crony capitalism and eventual financial instability, former chief economist of World Bank Kaushik Basu said on Thursday. Basu further said that there is a good reason why all successful economies have a clear dividing line between industries and corporations on the one hand, and banks and lending organisations on the other.
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