Govt to bring 'Bankruptcy Code' for ease of doing biz
The case may drag for a few years, experts say, as CAIT and DVM have said they will appeal against the interim relief granted to Amazon.
'India is nowhere near the peak of the infection given its large population of 1.3 billion'
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
Vice-Chairman Arvind Panagariya said that India is facing a health crisis that has led to a sudden stop of the economy.
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
Rajan said that while there were talks about Jan Dhan, it was difficult to target transfers to people through this tool. Jan Dhan, he said, does not really work as advertised.
Home buyers would be able to invoke Section 7 of the IBC against errant developers.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
The two tournaments will see cricket bats and accessories of major players bearing the logos of Jalandhar companies like BAS and Ranson.
Long-term capital gains tax may be scrapped and the burden of dividend distribution tax could perhaps be shifted from companies to shareholders. Also, the Budget could provide income tax relief for the salaried classes, while proposing tax sops for small, medium and micro enterprises.
'When there is no middle ground possible between the government and the governor, the governor has to go.'
There is as yet no clarity on how the process of consulting with the RBI Governor, initiated under Section 7 of the RBI Act, would unfold in the coming days. The government is keen that its suggestions made in the public interest should be heeded by the central bank, says A K Bhattacharya.
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
The state government has coined this term -- 'bare foot managers', as the recruits would be drawn from youths with an ordinary background, preferably a graduate in any discipline, to handle multiple services ranging from accounting to administration and supervison for MSMEs.
Long-term investors should consider moving into smaller stocks. Rather than try to pick stocks, it makes sense to build a diversified portfolio by exposure across midcap and small caps funds, suggests Devangshu Datta.
To incentivise the Micro and Small enterprise is to offer them lower rates of interest based on their business turnover
Steel, cement, aluminum, fertilisers, tractors, two-wheelers, beverages and carbonated drinks, tyres and FMCG could see demand back to near normal levels by the third or the fourth quarter of the financial year, or even earlier.
'When the country is jobless, why should I pay through my nose to feed these people who want some perks in office?' 'Let them also join India's unemployed.' 'Let them also taste the bitter medicine of being jobless.'
The meeting came amid a face-off between the central bank and the finance ministry over issues ranging from appropriate size of reserves that RBI must maintain to ease of lending norms to step up growth in an election year.
Chidambaram said the stimulus package has left several sections like the poor, migrants, farmers, labourers, workers, small shopkeepers and middle class high and dry.
In order to boost micro, small and medium enterprises, the Reserve Bank of India has directed all banks to provide 60 per cent credit to micro units out of the total loans extended to micro and small units.
During his interaction with the chief ministers, Prime Minister Narendra Modi assured that more economic activities would resume; he also said that zone identification may be left to the states.
Kolkata tops the list with 617 cancellations, New Delhi stands second with 203, followed by Mumbai at 190.
The prime minister, who reviewed the performance and difficulties of the sector with the industry representatives on Wednesday, said public sector banks increased lending to MSMEs by 25 per cent in 2008-09. According to estimates, MSMEs are given credit of about Rs 1,50,000 crore (Rs 1,500 billion) by PSU banks per annum.
'Where will industry have funds when they open up?'
For states like West Bengal, Bihar, Odisha, Jharkhand and Uttar Pradesh, where migration is high, the return of workers could be as much an opportunity as a liability. All states have launched portals to register migrant workers; additional fields like nature of employment and remuneration in the past 2-3 years are being added to help in skill mapping.
Addressing a press conference via video conference, Gandhi also said the entire country has to fight the crisis "unitedly" and there is need to grant adequate resources to the states to help them deal with it in a "nuanced" manner.
The government's Rs 20.97 lakh crore COVID-19 package lacks in addressing the immediate concerns of the economy as the actual fiscal impact of the additional stimulus is only about 1 per cent of the GDP as opposed to the claim of 10 per cent, Fitch Solutions said on Tuesday. Prime Minister Narendra Modi on May 12 announced a stimulus package of Rs 20 lakh crore, or nearly 10 per cent of GDP, to deal with the economic fallout of COVID-19. The contents of the package were broad-based and announced in five tranches.
'Should the government be in the business of running banks?' 'Particularly when it does not have the fiscal strength to continuously infuse capital into such banks?'
"Not a single step has been taken by this government to empower small businesses in India," says Praveen Khandelwal, national secretary general of the Confederation of All India Traders and former treasurer of the Bharatiya Janata Party's Delhi unit.
The PM said that the Union Budget will accelerate the economic growth, financially empower every citizen and strengthen the foundation of the economy in the new decade.
In less than two months since the announcement in March, the state has mobilised an armada of small and medium enterprises keen on making components for large equipment manufacturers.
Chairing an exclusive roundtable with 42 global CEOs and top executives from across 20 sectors, Modi stressed on continued political stability in India, predictability of policy, and pro-development and pro-growth policies.
Back of the envelope calculations put government expense on each of the new schemes promised by the DMK and the AIADMK at tens of thousands of crores. But then, neither party has said how they are going to also address the mounting debt burden either, says N Sathiya Moorthy.
With the Rs 7,000-crore (Rs 70 billion) refinance window, micro, small and medium enterprises (MSMEs) will not face any fund crunch, says Sidbi Chairman and Manging Director R M Malla.
'The current economic contraction is certainly due to the lockdowns as a response to the pandemic, which is an act of God.' 'Nobody has seen such a thing in the last 100 years.' 'Saying that this was an act of mismanagement is largely incorrect'
'We have already sanctioned loans worth over Rs 3,000 crore to around 120,000 customers.'
Prof B Ravishankar from Mylapore, Chennai shares his inspiring story.
'Allegations of Reliance benefitting by thousands of crores is a figment of imagination, promoted by vested interests'
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