Engineering Export Promotion Council (EEPC) of India has urged the Centre to extend lower corporate tax benefit to Limited Liability Partnerships (LLPs) and proprietary firms as it would make funds available with MSMEs and boost private investment cycle. A body of direct tax professionals also sought for reduction of tax burden on individuals and requested the government to raise the income tax exemption limit at Rs 2.5 lakh to Rs 4 lakh per annum in the upcoming budget for 2022-23 fiscal. EEPC India chairman Mahesh Desai claimed around 84 per cent of small businesses are being denied the benefit of lower corporate tax which was aimed at providing industrial units with more investible surplus.
Sales of total electric vehicles in India are expected to be around 10 lakh units this year, equal to what was sold collectively in the last 15 years, mainly riding on the good traction witnessed by electric two-wheelers, Society of Manufacturers of Electric Vehicles (SMEV) said on Thursday. In 2021, the sales of electric two-wheelers (E2Ws) in the country jumped over two-fold at 233,971 units driven by a good traction of high-speed scooters as compared to 100,736 units in 2020, SMEV said in a statement. "We haven't seen better days than the last few months in the entire EV journey.
Fairwork focuses on five principles of fair gig work: Fair pay, fair conditions, fair contracts, fair management, and fair representation.
New projects fell 6.3 per cent in the December quarter compared with the September quarter. The value of new projects in the just-concluded quarter was Rs 2.1 trillion, according to the data from Centre for Monitoring Indian Economy (CMIE), which was lower than the Rs 2.2 trillion seen in the September quarter. It is, however, higher than Rs 1.5 trillion recorded for the quarter ended December 2020, the first year of the Covid-19 pandemic. This data ties in with the November data for core sector growth, an index of eight core industries, which grew at its slowest pace since early 2021.
The FPI holding in India's top 100 companies, which are part of the Nifty 100 index, declined to 24.23 per cent on average at the end of March this year, from a high of 27.5 per cent at the end of March 2021. This is the lowest FPI holdings in India's top listed companies in at least three years. A general sell-off by FPIs has weighed on stock prices and the benchmark S&P BSE Sensex is down 8.5 per cent, from its 52-week high made in October 2021. Most analysts expect FPI flows to remain weak in FY23 as well, given rising bond yields in the US and an expected earnings slowdown in India due to high inflation and commodity prices.
In what is being seen as a veiled jibe at Punjab Congress president Navjot Singh Sidhu, CM Charanjit Singh Channi on Friday asked policemen not to bother about who says what and said criminals wet their pants on seeing them.
Property registrations in Mumbai hit the 100,000-mark till November, marking a 10-year high as "demand enablers" like low prices and cheaper interest rates lure people to buy homes in India's financial capital. The previous 10-year high was 80,746 units in 2018. November 2021 recorded property sale registrations of 7,582 units: an 18 per-cent decline compared to same month last year (YoY) when stamp duty rate was at its lowest level of two per cent, said property consultant Knight Frank India, quoting data from the Maharashtra government's Department of Registrations and Stamps. Compared to October or a month-on-month (MoM) basis, registrations are lower by 12 per cent.
Kerala has again emerged as the top ranking state in terms of overall health performance among larger states, while Uttar Pradesh is the worst, according to the fourth Health Index launched by Niti Aayog.
'This is the best time to do a pan-Indian film.'
Passenger vehicle dispatches from factories to dealers declined 13 per cent to the lowest level in five years in December last year as the industry continued to face production issues due to semiconductor shortage, auto industry body SIAM said on Friday. Passenger vehicle dispatches last month stood at 2,19,421 units compared to 2,52,998 units in December 2020. While acknowledging that the chip shortage situation is not expected to dramatically change in the short term, the industry body expressed hope that things will improve soon.
In a bad start to the new year, hotels are counting their losses again. Weddings and corporate events for this month have either been called off or postponed. The blow has throttled the nascent recovery which had kicked in around August. It is primarily hurting the banquet-driven hotel chains, some of which are seeing cancellations running into lakhs for a single day.
The government wants new domestic companies to set up their manufacturing units fast and hence the concessional tax rate of 15 per cent has been extended by a year till March 2024, revenue secretary Tarun Bajaj said on Friday. Stating that direct and indirect tax collections are going up and have good buoyancy, Bajaj said it means that the corporate sector is also doing well, and India's tax to GDP ratio could be "highest ever" in the current year. The Budget 2022-23 presented on February 1 has proposed that the concessional 15 per cent corporate tax rate would be available for one more year till March 2024 for newly incorporated manufacturing units.
'It is far too early to celebrate the numbers.' 'They are still fairly weak compared to the pre-pandemic level.'
Finance Minister Nirmala Sitharaman presents her fourth Budget in Lok Sabha on Tuesday.
With the spectrum auction now delayed till at least next May, the expected 5G orders for telecom equipment have not been sealed, the companies point out. Surajeet Das Gupta reports.
India is investing in developing indigenous capabilities in 5G and 6G telecom technologies besides focusing on manufacturing semi-conductors, Prime Minister Narendra Modi said on Thursday. In a virtual address at the Sydney Dialogue, the prime minister said the "greatest product" of technology today is data and that India has created a robust framework of data protection, privacy and security. "And, at the same time, we use data as a source of empowerment of people. India has unmatched experience in doing this in a democratic framework with strong guarantees of individual rights," he said.
A 48-page report by Amnesty, Reality Check 2021, said that practices such as withholding salaries and charging workers to change jobs was still rife, despite labour reforms in 2014, as the country prepares to host the soccer tournament next year.
The soaring prices of metals like lithium, nickel and cobalt, which are the primary constituents of the cell, as well as supply chain bottlenecks, are also pushing up the cost of batteries
The chargesheet, filed by the State Investigation Agency, has highlighted several instances where parents were taken across the border using valid travel documents but were later compelled to pay extra money for their wards' admission to universities and colleges there.
After ramping up production to meet the steep demand spike during the Covid-19 pandemic, Indian medical device makers are now struggling with idle capacity. According to industry estimates, around a third of the installed capacity, especially for consumables, disposables, small-ticket electronic items, etc., is lying unutilised. Sample this: India used to produce just 6.24 million pieces of PPE kits per annum before the pandemic, but by June this was ramped up to 233.87 million pieces per annum.
Citizens who come to the civic-run vaccination centres to get their jabs from November 12 to 24 will get a chance to win these prizes, according to a release issued by the municipal corporation on Wednesday evening.
From the pandemic shocks to state polls to global trends, a raft of sentiment drivers are expected to steer the Indian stock market in 2022 after a historic year of massive investor returns and milestones. The Union Budget, which will be closely watched for further reform moves, and quarterly earnings of corporates will be among the developments on investors' radar amid global central banks moving towards tighter interest regime in the wake of inflationary pressures. The year 2021 was rewarding in a big way for equity investors.
'The classic thing we need as a country is the virtuous cycle where you have robust demand which leads to more capital spending which in turn leads to more job creation and more money in the hands of people.'
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
While traditional automakers in India are reeling under a global shortage of semiconductors, the country's electric vehicle (EV) makers, too, are now facing a shortage of lithium-ion batteries, a key raw material. The soaring prices of metals like lithium, nickel and cobalt, which are the primary constituents of the cell, as well as supply chain bottlenecks, are also pushing up the cost of batteries. Battery manufacturers say that prices have been increasing every quarter since the beginning of 2021.
The government hopes that the PLI schemes would provide 200,000-300,000 direct employment over five years, according to sources in the know.
'The fun part of playing evil is that one gets to do all the things that one would normally never do.'
Chief Economic Adviser (CEA) K V Subramanian on Tuesday exuded confidence that India would achieve double-digit growth in the current financial year on the back of policy initiatives and continuing reforms. He also said the country is well poised to meet the fiscal deficit target of 6.8 per cent of GDP. "At this stage, I can say confidently that we should be able to achieve that fiscal deficit number. "Any shortfalls that might happen on the disinvestment side will also be accompanied by positive surprises that have happened on tax revenue," he told reporters.
'Unemployment barely figures in the Budget except as a derived demand from the industry and infrastructure.' 'There is no effort at direct attack on unemployment.'
A state probe agency has been constituted within the Jammu and Kashmir police for speedy investigation and prosecution in terror-related cases as well as coordinating with central agencies, officials said on Tuesday.
The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,197 crore a year ago, a regulatory filing said. Infosys' revenue grew 22.9 per cent to Rs 31,867 crore in the quarter ended December 2021 from Rs 25,927 crore in the year-ago period, it added.
Armed with necessary macro and micro growth drivers, India is on its way to becoming the fastest growing major economy in the world, a finance ministry report said. Rapid vaccination and teeming festivities will push India's ongoing recovery resulting in narrowing of demand-supply mismatches and greater employment opportunities, as per the monthly Economic Review prepared by the ministry.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
Reliance-Google's new smartphone has got mixed reviews from analysts and brokerages. The phone pricing is seen unattractive for low-end customers and bundled offers are being viewed as non-disruptive. While this could slow the pace of adoption, it could set the stage for tariff hikes in the industry, feel analysts.
'They don't tell us what they take from customers. They don't tell customers what they give us.'
'He could indeed survive [the no confidence vote] even as he faces his biggest political test.'
Trent Boult and Colin de Grandhomme made themselves unavailable for selection due to the prospect of further time in bio-secure bubbles and Managed Isolation.
After witnessing cloudy skies this year, the country's renewable energy sector is expected to boom with a likely investment of over $15 billion in 2022 as the government focuses on electric vehicles, green hydrogen, manufacturing of solar equipment as well as achieving the ambitious 175 GW renewable capacity target. India, which has an installed renewable energy generation capacity of a little over 150 GW, aims to reach 175 GW in 2022. Out of the total mix, 100 GW would be from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro power projects.
A rare bonhomie among three private telecom companies in raising tariffs coming on the back of a bailout package by the government may have helped the telecom sector avert a crisis but the challenges haven't ceased to exist as the industry faces a cash-guzzling task of rolling out 5G networks in the coming months. The sector that provides direct and indirect employment to millions is projected to see Rs 1.3 lakh crore to Rs 2.3 lakh crore of investments in the coming years in creating robust infrastructure and building telecom and network products that have been incentivised by the government through PLI and other initiatives. After years of cut-throat competition and the apex court ruling on payment of past statutory dues left some players in the lurch, billionaire Sunil Mittal's Bharti Airtel and struggling Vodafone Idea almost in tandem raised tariffs, taking the plunge they had long been talking about.
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
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