Infosys CEO Salil Parekh has got a massive 88 per cent jump in annual remuneration to Rs 79.75 crore, making him one of the highest-paid executives in the country. The software services firm has sought shareholders' approval for the reappointment of Parekh as chief executive officer and managing director for a second five-year term beginning July 1. According to the company's annual report released on Thursday, Parekh, 58, took home a salary of Rs 71.02 crore in the fiscal year ended March 31, 2022.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
The SC laments that they spend most of their time in covering their back rather than in achieving their goals.
After a hiatus of nearly two decades, the government's programme to privatise state-owned firms restarted with the handing over of debt-laden national carrier Air India to the Tata Group. With the new owner shelling out Rs 18,000 crore for the buyout of the 'Maharaja', this would be the highest-ever amount garnered through privatisation, and is even more than the cumulative sum mopped up through strategic sales from 1999-00 to 2003-04. The government had in October last year inked the share purchase agreement with the Tata Group for sale of national carrier Air India for Rs 18,000 crore. Tatas would pay Rs 2,700 crore cash and take over Rs 15,300 crore of the airline's debt.
ONGC is the country's most profitable PSU.
A better system of operating central and state PSEs, and indeed all commercial activities of the government, would require eliminating the current system that oversees them.
Bankers said India's structural story from medium to long term was intact and they were optimistic about the future.
The Centre is looking to continue maintaining an arms length in financial sector appointments.
With the new owner shelling out Rs 18,000 crore for the buyout of 'Maharaja' this would be the highest ever amount garnered through privatisation or even the cumulative sum garnered through strategic sale in 1999-00 to 2003-04. The government had garnered roughly over Rs 5,000 crore during that five-year period by privatising 10 CPSEs.
Policy decisions, particularly those which have wide-ranging implications on the nation's health and security, should be decided by bodies best suited to do so, the Delhi high court said on Monday while refusing to interfere with the Agnipath scheme.
'The problem is that all this reconstruction work is being monitored by the prime minister himself with inputs being provided directly by the PMO so nobody in the state government dare contradict them even if their suggestions are totally contrary to what the ecology of this region requires.'
The Tamil Nadu government on Thursday enhanced the retirement age of its employees, including teachers and PSU staff, to 60 years.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Days after Chief Election Commissioner Rajiv Kumar undertook an hours-long trek to a remote polling station in Uttarakhand, the poll panel on Tuesday decided to double the remuneration of polling officials going to such booths as early as three days before voting day.
Addressing party MPs at the general body meeting of the Congress Parliamentary Party in the central hall of Parliament, she said when facing a significant national challenge, it has been the tradition in our country to bring Parliament into confidence.
In the year to date, 61 PSUs have lost an average of 22 per cent, with five companies losing more than half their share value. The BSE PSU index is down 10.6 per cent.
The divestment target remaining unchanged, from the 2019-20 interim Budget, this year means the Centre will now have to depend on non-tax revenue sources like dividends from the RBI, PSBs and PSUs, as there are real concerns of a tax revenue shortfall. The fiscal deficit target of 3.4% of GDP for 2019-20 is likely to be retained as well.
The Tata group companies are now more valuable than all the listed central public sector undertakings (CPSUs) or companies in the country. The key 20 listed Tata companies ended the 2021 calendar year with a combined market capitalisation of Rs 23.36 trillion, ahead of the 70 listed CPSUs, which had a combined m-cap of Rs 23.2 trillion. In comparison, these CPSUs had a combined market capitalisation of Rs 16.7 trillion at the end of December 2020 against the Tata group firms' combined m-cap of Rs 15.7 trillion.
In the past 10 trading sessions, shares of the state-owned company have shot up more than 50 per cent.
With the disruption caused by the second wave of Covid-19 pandemic, the 'fear of unknown' is looming over the government's privatisation drive. Although there is a lot of uncertainty and unpredictability on how things will unfold, the government is hopeful of completing the transactions listed in the Budget with a delay of one to two months, said a top government official. However, "there are many unknown factors now, and we do not know whether there could be a third wave. But we are trying to carry on with our work", the official said." Since there is a lot of uncertainty, the estimates will have to be revised as rating agencies are revising their outlook for growth.
ONGC, Hindustan Petroleum, Bharat Petroleum, Indian Oil and Oil India listed the spending as part of their mandatory CSR commitment, but CAG noted that the Sardar Patel statue did not qualify for CSR funding.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
A list of who all will be exempted during weekend curfew imposed in Delhi from Friday 10 pm to Monday 5 am in view of surge in COVID-19 cases.
Investors need to evaluate how they stack up against other high credit quality fixed-income options before putting money in them.
'In view of these facts I do not find it useful to attend the 7th Governing Council meeting of Niti Aayog scheduled to be held on August 7, 2022 and I am staying away from it'
The stimulus package announced by the government for the revival of the pandemic-hit economy has been found to be "inadequate", according to a Parliamentary panel report. The report of the department-related Parliamentary Standing Committee on Industry on the impact of COVID-19 pandemic on micro, small and medium enterprises (MSME) sector has noted that in the process of economic recovery post-first wave of the pandemic, the second wave has even more vigorously ripped the economy particularly the MSME sector. "The committee observes that the stimulus package announced by the government for the economic revival from the pandemic hit economy has been found to be inadequate as the measures adopted were more of loan offering and long-term measures instead of improving the cash flow to generate demand as immediate relief," it said.
Leader of Opposition Mallikarjun Kharge, speaking on the Motion of Thanks on the President's address, charged the government with not delivering on its various promises, including generating two crore jobs per year.
According to analysts, 11 PSUs, including Rashtriya Chemicals and Fertilizers and State Bank of Mysore, have government holding beyond the 90 per cent mark and the government will have to bring it down.
In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.
'It leads to more investment, more money put in R&D, expansion and modernisation.'
As the countdown begins for the Durga Puja festival, a section of Trinamool Congress supporters have put up a hoarding in Kolkata bearing various photographs of West Bengal chief minister Mamata Banerjee with a caption in Bengali -- 'Modishahsurmardini', punning with 'Mahisasuramardini' (demon slayer).
The government is likely to file draft papers for the mega initial public offering of LIC with market regulator Sebi by next week, while a portion of the issue would be reserved for anchor investors, a top official said on Wednesday.
The government expects to make 10,000 oxygenated beds available in a short period of time by making temporary hospitals near industrial units which produce oxygen of requisite purity to boost the supply of the life-saving gas to fight COVID-19.
The ceiling of gratuity amount under the Payment of Gratuity Act, 1972, has been raised from time to time keeping in view overall economic condition and employers' capacity to pay and the salary of employees, which have been increased in private sector and in PSUs.
The government was planning to come up with a new fiscal model giving 'special incentives' for fields that were given out on nomination to ONGC and Oil India, reports Shine Jacob.
For instance, Indian Oil Corporation, the nation's biggest marketer and refiner, doubled its R&D spend from Rs 30 crore to Rs 60 crore (Rs 600 million) this year. The company is conducting research in areas like biodegradable lubricants and oil refining technology. The company will shortly commission a pilot at its Faridabad centre, where it will install technology for coal gassification and production of ethanol from biomass.
The bench said it has to balance the equity and it was not against any policy of the government or the scheme.
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