The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
RSS-aligned Bharatiya Mazdoor Sangh (BMS) on Monday expressed disappointment over the government's budget proposals with regard to divestment and foreign direct investment, especially in the insurance sector. The BMS, however, lauded the government for its current efforts on the massive vaccination programme, a special scheme for tea workers in West Bengal and Assam, labour oriented push on infrastructure projects in construction sector and development of five major fishing harbours viz. Kochi, Chennai, Visakhapatnam, Paradip, and Petuaghat as hubs for economic activities etc. On other Budget proposals, it said in a statement that "mixing the beautiful concept of Aatmanirbhar Bharat with FDI and disinvestment in the Union Budget is disappointing for the employees".
Income from renting of properties is taxed at a flat rate of 10%.
83% of the CEOS plan to hire more in the new year.
Though not a blockbuster budget it does not undermine the fact that key issues were addressed and the finance minister certainly did not under-deliver, says Vatsal Srivastava.
'The fact that housing units worth a whopping Rs 4.5 lakh crore in top seven cities are stuck under various stages of non-completion indicates that there is a dire need to create stress-asset fund which will help bail out lakhs of distressed homebuyers,' says Anuj Puri, Chairman, Anarock Property Consultants, a real estate services company.
Encouraging domestic financial savings through focused measures would help mobilise long term resources for funding infrastructure and economic development.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
Of the total cash outgo Rs 40,000 crore is towards enhanced expenditure under Mahatma Gandhi National Rural Employment Guarantee Program and Rs 33,771.48 crore have been sought for direct benefit transfer under Pradhan Mantri Jan Dhan Yojana and National Social Assistance Programme.
It emphasised that agricultural infrastructure needs considerable investments and hence Section 80IA benefits must be extended to all such investments like IT infrastructure, computers, VSAT, solar panels, water harvesting facilities, storage etc.
Over 80% of graduate engineers passing out of universities in India are unemployable. With digitisation going mainstream, this skill deficit can be redressed through world-class training material, points out Ankit Shyamsukha, CEO, ICA Edu Skill.
'Everyone is still trying to understand the quantum of impact demonetisation will have on the economy.'
'Public sector banks are like an extended arm of the government.' 'They rush to rescue certain sectors or they rush to invest in certain sectors to prop up the economy which the private banks don't.'
Though the Railways is yet to declare any five-year action plan, it is clear the government is not in a position to hand-hold it for any major expansion or upgrade. The issue, however, is how far the Railways can function within the PPP format. Recent history highlights some of the challenges.
'This plan is basically to allow some of the government assets for rent, and surely not for sale.' 'There is a difference between selling a house and renting out a house.'
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Mr Prime Minister, good economics and the welfare of the people are always good politics. If you follow my advice, you will be enthusiastically rewarded come election time. If you fail, history will hold you responsible, warns Kalyan Singhal.
The change in the latest Budget will impact the sale and rent of SEZ units of companies like Adani Port, which has large SEZs in Mundra.
'It is a balanced and prudent Budget that sets the foundation for future growth in the economy.'
Govt keen to revive business sentiment in india.
NDA government has shunned populism.
The Major Ports Authority Bill, 2020 was passed through ballot votes in the Rajya Sabha on Wednesday with 84 votes in its favour and 44 against it. The Lok Sabha had passed the bill on September 23 last year.
The ED is contemplating a special audit of the account in the backdrop of rating agencies downgrading various debt papers of IL&FS.
While RCom owes Indian banks close to Rs 45,000 crore, Ambani has lost close to $408 million of personal wealth year-to-date until Tuesday.
India will welcome two trade missions in 2015 focused on meeting its infrastructure needs with US technology and services.
Nine lenders have exposure to the promoter entities and had taken listed operating companies' shares as collateral from the promoter companies.
The 30-share Sensex provisionally ended up 366 points at 27,275 and the 50-share Nifty ended up 132 points at 8,235.
The two sides signed a maritime security agreement after extensive talks between Prime Minister Narendra Modi and his Mauritian counterpart Pravind Jugnauth.
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.
Not just from the likes of Alibaba and Didi Chuxing, Indian startups saw a surge in Chinese funding from financial investors in 2019. This is a seven-fold jump from $459 million in 2016.
Automobile dealers' body FADA said the Budget lacked immediate demand boosters for the automobile industry.
Over 5 million alumni from the Indian Institutes of Technology, Mumbai University and Institute of Chemical Technology, Mumbai, plan to raise Rs 21,000 crore to start the world's largest infection testing lab in Mumbai.
On the Sensex chart, IndusInd Bank was the top gainer, rallying over 11 per cent, followed by ICICI Bank, SBI, HDFC, M&M and Axis Bank. On the other hand, Dr Reddy's, Tech Mahindra and TCS were among the laggards.
Single window clearances for realty must.
Srei Infrastructure's vice-chairman -- and former Assocham president -- Sunil Kanoria discusses the Kanoria businesses and his impression of the Modi government with Ishita Ayan Dutt and Namrata Acharya.
'GIFT City is now on a growth trajectory,' says Tapan Ray, MD and group CEO, GIFT City, 'The time has come for the GIFT City to take the big leap and emerge as the next financial hub of Asia.'
DEA is currently headed on an interim basis by Corporate Affairs Secretary Tapan Ray
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.
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.
