While the Constitution makes everyone in India eligible to work anywhere in the country, states have used legal loopholes to frame laws.
If retrenched workers are unable to reskill within a fixed period of time, they will have to return the money given to them by the government. Moreover, they may be asked to pay back an interest on the sum transferred.
'If you are invested in mid-cap and small-cap stocks, even if you are making losses right now, it is better to sell them now and sit on cash.'
For banks, the package will limit the burden of provisioning for stressed loans. Besides, the proposed restructuring package for MSMEs with a credit of up to Rs 25 crore is expected to provide a breather to units from this sector.
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 BJP hailed teh package, saying it reflected the government's commitment towards creating jobs and stimulating the economy.
The BJP calling the Congress a "torn old party" moving towards a stage where its relevance and necessity will be completely lost.
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
The army chief also appealed the cadets to keep abreast with new technology to counter the contemporary challenges.
The Tatas, L&T and Bharat Forge expressed interest in building pressure swing adsorption oxygen plants at hospital sites, while IOC and RIL are pitching in with both oxygen and cryogenic tankers needed for its transportation.
Asset quality of banks, which saw some improvement in the second half of 2020, is likely to worsen during the first six months of 2021, according to a survey. The findings are part of the 12th round of bankers' survey carried out by FICCI-IBA between July and December 2020. The survey was conducted on 20 banks, including public sector, private sector and foreign banks, representing about 59 per cent of the banking industry, as classified by asset size.
While the basic premise and spirit of the Code will remain the same, the commas and the full-stops in the draft report being prepared by a high-level committee will make interpretation of the law simpler
Banks such as IndusInd Bank, Federal Bank, DCB Bank and Axis Bank which have renewed their focus on secured loans may be, hence, walking on a tightrope.
In order to keep the interest of new and small players intact, the coal ministry is offering only small- and medium-sized coal mines in the second round.
Work on a dozen decisions to start by next week.
The Nifty Bank index has come off 15 per cent from its peak in February, underperforming the benchmark Nifty which is down 6%.
Tamil Nadu Chief Minister K Palaniswami on Tuesday launched new industrial and MSME policies aimed at providing further impetus to industrial growth by attracting more investments and also offering sops for development in the industrially backward districts.
A hot sale of a Chinese product, whether assembled in India or anywhere else in the world, may make the country of origin rule fall by the wayside. Moreover, its execution is challenging for businesses as there are no clear guidelines or definitions from the authorities on what constitutes 'country of origin'.
Axis Bank was the top gainer in the Sensex pack, surging around 7 per cent, followed by Ultratech Cement, L&T, ICICI Bank, SBI, M&M and Bajaj Finance. On the other hand, Nestle India, Sun Pharma, Bharti Airtel and HUL ended in the red.
The government has withdrawn its order directing companies and commercial units to pay full wages to workers even when they are not in operation during the COVID-19-induced nationwide lockdown, which began on March 25. The government's move is expected to bring relief to a large number of industries and companies which were unable to pay full wages to their employees.
To minise wasteful administrative costs, number of enterprises in strategic sectors will ordinarily be only one to four; others will be privatised/merged/brought under holding companies, she said.
'The fiscal pressure will be there, but the intent of the government behind this move is to spur demand and growth.'
The revised estimated expenditure for FY20 has been pegged at Rs 26.99 lakh crore and receipts at Rs 19.32 lakh crore, she said.
Sources said much has been done to ease the tax burden of the middle classes in the last five years, and that such a measure affects only a limited segment of people when the focus should be to put money in rural areas. Archis Mohan reports.
'It will take six months to one year to move to normalcy, depending on how the pandemic plays out in India.'
The RBI has this year cut interest rates by 110 basis points in four instalments but banks have passed only a part of it to borrowers. Before the last reduction earlier this month of 35 basis points, the bank on an average had passed only 29 basis points out of 75 basis points cut affected during 2019.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
'Second Innings Tap VRS-2020' will be opened to all permanent officers and staff who have put in 25 years of service or completed 55 years of age on the cut-off date.
For maintaining sustained demand in domestic consumption and household investment, the economy must generate enough jobs in the formal sector,says Shubhashis Gangopadhyay.
'We see the defence industry as one of the leading sectors, which will significantly contribute to the growth of the Indian economy, but more importantly, bring atmanirbharta to national security.'
It was widely expected that this time around, the government would be less likely to initiate fresh reforms and rather loosen its belt a little to give various segments of the economy, especially the multitudes that truly constitute India, something to smile about, says Sudip Bandyopadhyay.
In a bid to support revival of sectors hit most by the Covid-19 pandemic, Reserve Bank of India on Friday decided to open a separate liquidity window of Rs 15,000 crore for certain contact-intensive sectors like hotels and restaurants, tourism and aviation ancillary services.
Muzammil Patel and Rahul Murthi will answer all your start-up queries.
"Some people think I said something negative against Amazon. If you look at the context of my statement, I said investment should come within the law and regulations. This process is followed across the world," the minister told reporters in Ahmedabad when asked to comment on his statement.
Your promise to protect bankers for their commercial decisions is a huge confidence booster, but how does one define a commercial decision? Are our investigative agencies well equipped to dissect lending decisions of bankers?
Finance Minister Nirmala Sitharaman on Friday announced a slew of measures to boost economic growth and address distress in various sectors
Experts say this further underlines the lack of investor interest in stressed assets at present.
Outbound shipments of engineering products in June to these nations doubled to $1.32 billion in June 2020, from $653.52 million in June 2019.
The bamboo water bottle is priced at Rs 560 and the soap variant of 125 grams costs Rs 125 each.
Bettering the promise of monthly payouts to homemakers by the All India Anna Dravida Munnetra Kazhagam and the DMK, Kamal Haasan's Makkal Needhi Maiam on Friday assured Rs 3,000 "value rights assistance" to them in its manifesto for the April 6 assembly polls, but maintained it was not a dole.
