'The Modi government is about privatising profits and nationalising losses.'
The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue that the government lost when it cut excise duty on petrol and diesel to cool soaring inflation, industry sources said. India on July 1 joined a select league of nations globally that have taxed windfall gains accruing to oil companies from soaring energy prices. The government slapped a Rs 6 per litre tax on the export of petrol and jet fuel (ATF) and Rs 13 a litre on the export of diesel effective July 1. Additionally, a Rs 23,250 per tonne tax was levied on crude oil produced domestically.
The government has merged the Department of Public Enterprises (DPE) with the finance ministry to give it a better control over state-owned firms and facilitate its ambitious privatisation programme. Finance ministry will now have six departments while DPE's hereto parent ministry, the ministry of heavy industries and public enterprises will now be called the ministry of heavy industries. Previously, the disinvestment ministry - created under the Atal Bihari Vajpayee government - was merged with the finance ministry and is now a department under it. Also, Foreign Investment Promotion Board (FIPB) was abolished and administration of foreign investments was given to the finance ministry (FinMin).
Sources in the Fifteenth Finance Commission said that they will implement the provisions after the bill is enacted and the President makes a reference to it.
With increase in range and payload capability, Madhavan said the new variant will be much superior than Tejas Mark-IA, 73 of which are being procured by the Indian Air Force from the HAL under a Rs 48,000 crore deal that was approved by the government on January 13.
White House condemns attempted attacks; New York Police Department increase patrols at other major newsrooms.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
Debt-ridden telecom operator Vodafone Idea is evaluating the option of converting interest dues arising out of the deferment of statutory payments into equity, a senior company official said on Monday. The company is also in talks with banks and investors for raising funds and part of the proceeds is likely to be utilised towards meeting obligations related to debt maturing this fiscal, Vodafone Idea Limited (VIL) chief financial officer Akshay Moondra said during the company's earning call. VIL MD and CEO Ravinder Takkar said the company expects to conclude fund raising plan by the end of the current financial year.
At least 18 workers, mostly women, were charred to death in a devastating fire that broke out at a chemical firm in an industrial area in Pune district on Monday afternoon, officials said.
The central government's highway award and construction target for the current fiscal is dominated by the Bharatmala scheme.
'The announcement has come too late. This should have been done years ago.'
Bumrah said he doesn't go around looking for 'post' but will 'never shy away' from the responsibility of leading a team if given
As some BJP pollsters concede, the Modi leadership's sweeping success in elections 2019, especially across central India, owed not to Hindutva ideology, but to welfare schemes, all of them borrowed from Tamil Nadu, reveals N Sathiya Moorthy.
What The Fame Game showcases is the depth and marvels of Madhuri as she switches between star and human, mother and woman, notes Sukanya Verma.
In spite of straddling the market with multiple competitively priced models, GM was pushed to the fringes by the rivals from Japan and Korea.
One may be at a risk of heart attack or stroke even months after recovery, cautionss Dr Ruchit Shah, interventional cardiologist, Masina Hospital, Mumbai.
The issue of pollution caused due to the non-degradable material is keeping consumer goods majors - from ITC and Dabur to Nestl and PepsiCo - on their toes.
The missile will allow combat pilots to engage ground targets from a standoff range of up to 60 km.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country.
'Throw away all perishable foods that have been left at room temperature for more than two hours,' suggests dietician Komal Jethmalani.
The entire coastal region of Odisha has been experiencing rainfall since Friday night.
Irani said the "Government of India took a series of measures for ensuring safety, security and well-being of women during the COVID-19 pandemic."
Military officials, on the condition of anonymity, said the arrival of the Rafale jets will significantly enhance the IAF's overall combat capability and will send a clear message to India's 'adversaries'.
COVID-19 has emerged as an important form of diplomatic currency around the world as nations try to showcase their soft power gains. In this race, India has an edge as India is already a pharmaceutical giant having produced some 60 per cent of global vaccines and now justly seeking to strengthen ties and expand its influence in its neighbourhood and beyond, observes Dr Rajaram Panda.
The word was chosen by an advisory panel of language experts Kritika Agrawal, Poonam Nigam Sahay and Imogen Foxell.
The Hindutva social media continues to present the DMK especially as anti-god, anti-Hindu and anti-Brahmin. The strategy did not work in the past, it has not worked in the present, and would not work in the future, as a massive vote-getter, asserts N Sathiya Moorthy.
Company managements need to "curtail the kind of expenditures on themselves personally" with the COVID-19 pandemic highlighting the need to build internal resources with a frugal style of functioning, Maruti Suzuki India chairman R C Bhargava said on Tuesday. Addressing shareholders in the company's annual general meeting held virtually, he also termed as "a good development for the whole of industry" recent shareholder actions that did not approve expenditures by management on themselves, without specifying details. In the wake of the pandemic, building internal resources has to become a priority of industry and companies.
Few people know Ratan Tata as well as R K Krishna Kumar does. Widely perceived to be among the managers closest to Tata, Krishna Kumar assesses Ratan Tata, the man and business leader, in this exclusive interview to Rediff.com's Vaihayasi Pande Daniel.
December 2022 could be the last Christmas for Santha Bakery, a business drawing its lineage from the first Christmas cake baked in Kerala.
Biden's proposal also sets aside USD 20 billion for a national vaccination programme and USD 50 billion to scale up coronavirus testing.
'While the country has been hit hard from a strong second wave of Covid, we believe the markets are willing to look through that.'
The department of investment and public asset management (Dipam) can also seek in-principle approval from the Cabinet Committee on Economic Affairs (CCEA) for strategic divestment of PSUs on a case-to-case basis considering investor appetite and sectoral trends.
Finance Minister Nirmala Sitharaman on Thursday announced a new job creation scheme by giving subsidy to those establishments that make new hires. The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years, she said. Employees contribution (12 per cent of wages) and employer's contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years, she said. Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees' Provident Fund Organisation (EPFO)-registered establishment taking new employees would get this subsidy.
A majority of the CEOs are expecting the economy to show growth in the next financial year on the back of rising consumer spending and a sharp turnaround in rural India.
Foreign Direct Investment into India rose by 13 per cent in 2020, boosted by interest in the digital sector, and while fund flows "declined most strongly" in major economies such as the UK, the US and Russia due to the Covid-19 pandemic, India and China "bucked the trend", the UN has said.
Russia and China are tight-fisted and Iran is broke and none of them has the political will or capacity to bankroll the Afghan economy, which only the US can, points out Ambassador M K Bhadrakumar.
Thackeray also claimed that the Maharashtra government is yet to receive a total of around Rs 38,000 crore from the Centre.
Making a case for an optimal fiscal stance, the Economic Survey on Friday said growth leads to debt sustainability and not necessarily vice-versa. "This is because debt sustainability depends on the 'Interest Rate Growth Rate Differential' (IRGD) i.e. the difference between the interest rate and the growth rate in an economy. "With the Indian context of potential high growth, the interest rate on debt paid by the Indian government has been less than India's growth rate by norm, not by exception," it said.
