The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
Crisil Ratings on Wednesday said a broad-based recovery is on for India Inc currently, and upgraded its credit quality outlook to 'positive' from the earlier 'cautiously optimistic'. The rating agency said the credit ratio, which illustrates the number of upgrades to downgrades, rose to over 2.5 times in the first four months of the fiscal, as compared to 1.33 times in the second half of FY21, it said in a statement. The rating agency said it has also done a study of 43 sectors, excluding the financial sector, accounting for 75 per cent of the overall Rs 36 lakh crore in outstanding debt, which shows that the current recovery is broad-based.
The US on Thursday raised concerns over India's Personal Data Protection (PDP) Bill and draft non-personal data governance framework, claiming these could potentially threaten innovation and economic growth. In its latest 'Special 301' Report, the US Trade Representative (USTR) kept India on the priority watch list, maintaining the country remains one of the world's most challenging major economies with respect to protection and enforcement of intellectual property (IP). In December 2021, a joint parliamentary committee released a report recommending changes to the PDP Bill, 2019, that could undermine important IP protections in India.
India's second-largest IT services company Infosys on Wednesday said its consolidated net profit grew by 20.5 per cent to Rs 4,845 crore for the September quarter, and it has raised revenue forecast to 2-3 per cent for FY21. Infosys had clocked a net profit of Rs 4,019 crore in the same period last fiscal, Infosys said in a regulatory filing.
The status of the current submarine force level is alarming and we need to address the threat perceptions expeditiously. Critical decisions pertaining to national security cannot be delayed any further due to the rapidly changing maritime threat perceptions and growing strategic importance of the Indian Ocean region, asserts Commodore Venugopal Menon (retd).
All costs relating to room, boarding, nursing expenses, medical consultation including telemedicine, consumables such as PPE kits and intensive care unit will be covered under the policy. It will also include the cost of treatment for any other co-morbidities, including pre-existing comorbid conditions along with the treatment for Covid-19.
As it celebrates 50 years of being in business, Joginder Tuteja looks at the big hits in the first part of this special.
The amount of loans that carry a high risk of slippage into the NPA category over the next few quarters is about Rs 2.8 trillion.
Is the worst over for Indian banks? The past two years saw them ride on treasury trades as deposits soared and credit growth dipped sharply. Gross and net non-performing assets (NPAs) moved south, and the provision coverage ratio (PCR), capital buffers, and profitability indicators are back at pre-pandemic levels. So, what's the plot ahead?
'Your body will be able to deal with Omicron at any time, but it depends (on when) if you are vaccinated.'
This comes after the ministry of home affairs issued guidelines for the fourth phase of the nationwide lockdown, giving power to states and union territories to delineate red, green and orange zones as per the COVID-19 situation taking into consideration the parameters shared by the union health ministry.
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
A summary of sports events and persons who made news on Friday
This was a difficult election to win, but the Modi card, the caste divide and the division in the Opposition vote bank helped overcome many challenges.
'The COVID-19 pandemic must push the military into a long-term reconsideration of its primary challenges.' 'There must be greater emphasis on humanitarian aid and disaster relief including the management of contagious illnesses and impending crises caused by climate change,' notes Ajai Shukla.
A probe finds several pharma majors in breach of the law; and in turn they blame the government.
Though the government claims there are more beds than needed, the national capital's COVID-19 reality, retold through social and other media, is also about the anguish of sons, daughters, wives and others trying desperately to get medical help for their unwell family members.
India, the world's fastest-growing large economy, can surely move ahead in this area faster than the average.
Officials said as part of the reorganisation in the Commission, a move is afoot to strengthen the PEO with new roles, powers and jurisdiction.
'Nobody will wait now. Everyone will come to deposit their old notes. The confidence is shaken.'
''Even without major reforms, with a business as usual scenario, and with current inflation trends, we should be clocking around 11 to 12 per cent nominal growth.' 'That is not happening and is a source of worry,' Rathin Roy tells Arup Roychoudhury.
Analysts refuse to read too much into the early birds numbers.
How will China deal with Taiwan's first woman president? Srikanth Kondapalli explains the significance of a historic election.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
Pulwama must become the defining moment in our fight against terror, effecting a sea change in our mindset. The erratic, blow hot blow cold approach, the hallmark of our anti-terror-Pak-Kashmir policy must end. In its place is required a pragmatic, comprehensive, robust hard line course that is relentlessly pursued even in times of relative calm until the final objective is met, namely the eradication of separatism and the total annihilation of terror, says Vivek Gumaste.
The recovery was led by information technology exporters.
While there are no specific data for money that could be of Indians, this includes outflows to the tune of 100 billion Swiss francs that are related to fine payments in the context of declaration of untaxed money, as per a new study by PwC.
India has one thing that China has - the potential to be of interest as a huge market in its own right.
Mohammad Sajjad salutes the memory of Mushirul Hasan -- historian, thinker, academic, institution builder, -- who passed into the ages this week.
The Niti Aayog has finalised the first draft of a new national energy policy.
However, independent economists are not as gung-ho as the finance ministry over the likelihood of deficit target being met this time around, says Indivjal Dhasmana.
The two countries also signed memoranda of understanding in education and health sectors after visiting External Affairs Minister Sushma Swaraj and her Lankan counterpart Mangala Samaraweera co-chaired the 9th Indo-Lanka Joint Commission meeting in Colombo.
Pasbola wound up his cross examination, tabling a new narrative in the murder case. That Sheena Bora had been murdered not by her mother. But by her brother.
'Foreign policy-making cannot be shifted out of Delhi and the regional satraps, who do not have a national perspective, should not be allowed to dominate foreign policy. But regional inputs should be integral to foreign policy-making at every step of the way,' says Ambassador T P Sreenivasan.
Narendra Modi's promise to allow states a bigger say in strategising and building foreign policy is unexceptionable, says TP Sreenivasan.
'There are so many dimensions to history that we need to attend to: We need more space for local and regional histories; we need to delve into the histories of particular communities; we need to emphasise gender history and environmental history.' 'We need to think about India's history beyond India's current borders.'
'In a country like ours, people talk about wanting to be like Singapore, but when it comes to paying taxes, they start criticising.' 'The medicine is bitter, but the long term effect is good,' Senthil Natarajan, who runs Kovai Pazamudhir Nilayam, a one of its kind fruit and vegetable chain in Tamil Nadu, tells Rediff.com's Archana Masih.
Some of the World Bank's suggestions to hold back the predicted tide of fresh poverty appear to run counter to the economic policies of Narendra Modi's government
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