The queries, sent in November, were mainly about Capital Investment Trust, which the I-T department said, was used for the purpose of transferring foreign funds comprising global depository receipts (GDRs) of the value of $400 million to two Indian entities - Reliance Utilities & Power (RUPL) and Reliance Port & Terminal (RPTL), owned by the Ambani family. A show-cause notice issued on March 29 to Ambani's wife Nita, and their three children.
India's real estate industry staged a rebound from 2020's downturn, with housing sales seen rising by over 50 per cent. The performance, though short of pre-COVID levels, has property developers hoping for stronger gains in the New Year and the beginning of a long upcycle. A strong foundation has been laid this year for revival in the Indian real estate sector, which is projected to reach $1 trillion mark by 2030 from $200 billion in the pre-pandemic year.
Why do we need a bad bank, owned by the banks themselves when there are at least 28 ARCs around, asks Tamal Bandyopadhyay.
The Indian economy can contract by 7.7 per cent in current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. The contraction in FY21 is mainly due to coronavirus (Covid-19) pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it. The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31.
'If we want to ensure this isn't a once-in-four-decade phenomenon, then we have to produce 1,800 players all the time, create infrastructure, so that we are constantly challenging at the top of the ladder.'
India has an urban housing shortage of about 18.7 million units, with 95 per cent of this shortfall in the low-cost housing segment, and 43.7 million in the rural belt.
India Inc is encouraged by a determined Budget.
Investment in infrastructure was necessary for the economy, as power shortages, inadequate transport and poor connectivity affect overall growth performance, as per the Economic Survey 2019-20 tabled in Parliament by Union Finance and Corporate Affairs Minister Nirmala Sitharaman. "To achieve GDP of USD 5 trillion by 2024-25, India needs to spend about USD 1.4 trillion (Rs 100 lakh crore) over these years on infrastructure so that a lack of infrastructure does not become a constraint to growth," it said.
Additional infrastructure for dining rooms in each of the school has been recommended.
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.
'They want (the ownership and management of PSU banks) to pass into the hands of a private sector entity.' 'Ownership of these banks will go from the public sector to private sector.'
Nitish Kumar has to eschew disastrous experiments with prohibition and reservations in the private sector. Unless he is dissuaded from pursuing these flawed measures, he will pave the way for Bihar to again become a part of the BIMARU group of sick states, says Amulya Ganguli.
NDA government has shunned populism.
The industry's reactions to the Budget have been mixed.
'Modi's recent decisions to improve India-China relations, adjust India's neighbourhood policies and to rebalance India's ties with the major powers are linked to his political agenda.' 'Of course, the good part is that this agenda is also in the national interest,' says Ambassador M K Bhadrakumar.
Walmart-owned Flipkart on Wednesday said it has set up a new fulfilment centre (warehouse) in West Bengal, its second-largest in the state, that will help in creating nearly 3,500 direct jobs. Spread across an area of over 2.2 lakh sq ft, the new facility in Dankuni will cater to the needs of Flipkart and Myntra customers in the region and bolster the e-commerce major's efforts to ramps up supply chain infrastructure in the eastern part of the country. The facility will also help thousands of sellers offer a wider selection and enable faster deliveries of customer orders within the region and neighbouring states while also helping create national market access, according to a statement.
'The government wants foreign companies to capture the insurance market.'
Before you start planning for taxation, you must understand that at the end of the day, it is just another investment you are making.
'To represent one's country at the biggest stage is what drives us.' 'My goal is to reach the Olympics. So, Beijing 2022 it is!'
We all need an expert whose advice you can trust, who will not start pushing products at you and rather help you understand why your wealth is not growing as it should, says Erik Hon.
But it is disappointing to note that Sitharaman's third Union Budget continues to promote a few problematic ideas, observes A K Bhattacharya.
Rather than talking endlessly about lost and marginal opportunities, India's climate envoys need to start thinking bigger, says Mihir S Sharma.
The manifesto proposes to launch a Sagar Mala project to set up new ports and upgrading the existing ones and "stringing them together".
Indeed, there were frauds, and the politician-banker-industrialist nexus played a role in the rise of NPAs, but governance issues in Indian banking are far more nuanced and complex, reveals Tamal Bandyopadhyay.
Biden's proposal also sets aside USD 20 billion for a national vaccination programme and USD 50 billion to scale up coronavirus testing.
Nitin Desai suggests some concrete measures to revive investment and boost growth.
The first quarter of 2018 saw infrastructure and real estate drive investment worth close to $8 billion across 180 deals
NHAI expected to be debt-free by 2030-31 and added the authority, which raised about Rs 14 billion (Rs 1,400 crore) in 2009-10 through capital gains tax exemption bonds, planned to mobilise Rs 40 billion (Rs 4,000 crore) in the current financial year.
The view is that the attention on the national team is fleeting, incidental and dependent on the results they produce.
The infra-major going belly up cracked open some major flaws in the system - the most evident being weak corporate governance and how layers of corporate structures could be formed adding to the opaqueness of the group.
Piramal will join the JSW, Vedanta and Tata groups, which are bidding aggressively for distressed assets, especially in the infrastructure and steel sectors.
The session started on January 29 and was originally slated to end on April 8 but several members had urged Speaker Om Birla to end the session earlier as they focus on electioneering for the five assemblies.
Sheridan and Waldron will stand in a match between Tea Tree Gully and Northern Districts in Adelaide featuring Australia's vice-captain Travis Head.
His comments came in the midst of the disengagement process between Indian and Chinese armies in Pangong Tso areas in eastern Ladakh where the two sides have been locked in a nine-month standoff.
To attract bidders, the government had decided to hive of around Rs 35,000 crore of the company's debt into a separate subsidiary, leaving around Rs 23,286 crore to be absorbed by the new bidder.
Sensex zooms 200 points in Muhurat trading, Nifty regains 7,800.
Finance Minister Nirmala Sitharaman on Friday hiked tax on petrol and diesel, raised import duty on gold, levied additional surcharge on super rich and brought a tax on high value cash withdrawals as she sought to spur growth with reduction in corporate tax and sops to housing sector, startups and electric vehicles.
The actual expenditure will only be marginally higher and hence, the multiplier effect will be muted.
SBI remains a favourite of most brokerages in the PSB segment.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
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