The total tax burden on Indian companies is one of the highest in the world and in fact more than that of businesses in major economies like the US, UK, China and Japan.
The increase in infrastructure spends in the country is likely to be driven by sectors like housing, telecom, healthcare, education and transportation.
The investments exceeded the $2 billion mark for the first time in 6 years.
In a tectonic shift in the global economic centre of gravity, the size of India's economy would grow to 90 per cent of the United States by 2050, with China becoming even bigger than the US, according to a PricewaterhouseCoopers report. The global advisory firm projected that Brazil seems likely to overtake Japan by 2050 to move to the fourth place, while Russia, Mexico and Indonesia all have the potential to have economies larger than those of Germany or the UK by 2050.
The growth in M&As is likely to gather steam as firms within the region and and outside are looking to Asia as the home for growth, it said.
Govt has decided to suspend Sections 7, 9, and 10, which are used to trigger insolvency proceedings for six months or a period not exceeding one year from the date they commence.
China on Tuesday announced a major policy change for its crisis-ridden power sector by allowing coal-fired power plants to charge their industrial and commercial customers market-driven prices. The National Development and Reform Commission (NDRC) of China said the electricity generated by coal-fired plants would discover price in market trading "in an orderly manner" from October 15. This is being done to pass on the high costs of coal and is being held up as the boldest reform in the Chinese power sector.
Airports hold pride of place in the government's National Monetisation Pipeline (NMP) programme to monetise public assets. Private airport operators, including the Adani group, Fairfax, GMR and Zurich Airport, are expected to evince interest in the next round of public private partnership (PPP) development of state-owned Airport Authority of India (AAI) airports. Industry analysts, however, do not expect bids to be as high as the last round, which saw Adani group gain control of six airports.
A significant 71 per cent of India's CEOs are very confident of their companies' growth in the next 12 months, a 7-point increase over last year's and 33 points above this year's global average (38 per cent).
The PwC survey found more than 50 per cent respondents reporting lack of adequate skill sets
Average global growth prospects for the next 12 months and the next three years are 35 per cent and 49 per cent, respectively.
Sumit Makhija, associate director, PwC said, "We have seen that frauds are happening in three main areas asset misappropriation by employees, financial mismanagement and corruption and bribery."
It is quite a shock that that company management, mainly disgraced chairman B Ramalinga Raju, kept everyone -- seemingly --in the dark for a decade.
Xi Jinping is winning the war without firing a shot in Sri Lanka, observes Colonel R Hariharan (retd).
Mercedes-Benz India, BMW India and Audi India have lined up over 50 new model launches as they seek to recoup previous year's loss in volumes, reports Shally Seth Mohile.
The industry is expected to spend an additional $500- 1,000 million during the same period on logistics functions.
L&T Housing Finance on Thursday announced selling L&T Investment Management (LTIM) to HSBC Asset Management (India) at $425 million. LTIM is the investment manager of the mutual fund business of L&T. The divestment of the mutual fund business is in line with the strategic objective of L&T Finance Holdings of unlocking value from its subsidiaries to strengthen its balance sheet, it stated in a press release. The data from the Association of Mutual Funds in India (Amfi) shows L&T Mutual Fund (MF) has average assets under management (AAUM) worth Rs 78,273.80 crore, while HSBC MF has AAUM of Rs 11,314.32 crore as in the July-September quarter.
The average time lag between the date of occurrence of a fraud and its detection is 23 months; for large frauds (Rs 100 crore and above), it was 57 months.
India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
PwC wants to know what will happen when a company with substantial reserves is merged into a new concern and the resultant entity is converted into a limited liability partnership.
According to the latest Budget papers, the staff strength of central ministries and departments is estimated to rise by 276,796 to 3.44 million at the end of FY23, it would be up by 109,266 to 3.55 million in March 2024.
'Increasing spends will lower project deferrals and protect project budgets'
The Central Bureau of India on Monday opposed the bail plea of Price Waterhouse auditor Srinivas Talluri who was arrested in Satyam fraud case for allegedly conniving with its founder B Ramalinga Raju and other aides.
India needs to follow countries such as Singapore who have and are further bolstering their cyber security apparatus.
The drying up of funds for a number of start-ups is affecting the firms' unicorn status across the globe. The past six months have seen the valuations of 147 unicorns drop, of which 71 were from the US and 29 from China, according to the latest Hurun Global Unicorn Index 2022. Eighty-one unicorns from across the globe saw their valuations drop below $1 billion-the threshold for a start-up to be labelled unicorn-from last year.
Indian startups received a record funding of $10.9 billion across 347 deals in the third quarter of 2021, according to a PwC India report. This is twice the amount of funding received in Q3 of the calendar year 2020 and an approximate increase of 41 per cent compared to the second quarter of 2021. An increase in funding activity was witnessed across all sectors in terms of value and volume.
Mathew Hayden also overtook Sachin Tendulkar as the year's leading run scorer with 1,481 to his name.
PricewaterhouseCoopers surveyed 1,201 chief executives in 69 countries.
The Tata group may have to deploy upwards of $1 billion to improve the airline's passenger reservation system, upgrade and refurbish Air India's fleet, primarily the wide-body aircraft which are the mainstay for the airline's international operations, people in the know said. While the group has not yet decided on how it intends to integrate Air India with its existing airlines AirAsia India and Vistara, sources said the first task will be to refinance Air India's existing loans, upgrade its aircraft gradually, and rewrite multiple business contracts with vendors and suppliers. "They will have to do 100 things to stabilise the airline and will have to put in a lot of money," DIPAM secretary Tuhin Kanta Pandey said, confirming that many aircraft are grounded.
According to a survey, Indian CEOs are most confident of economic growth in next year. India is followed by other BRIC nations, Brazil, Russia and China.
According to the report 'World in 2050 The BRICs and Beyond: Prospects, challenges and opportunities', the global financial crisis has accelerated the shift of the economic centre of gravity and China is expected to surpass the US to become the largest economy in the world by 2050.
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
KPMG's global board will meet in India next week
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
Half of CEOs based in developed markets believe that emerging economies are more important.
What will it take for Tesla to plug and play in India? Sector pundits say it's a mix of strategy, getting the price right, timing, the right talent, and above all, patience.
