ECONOMY
93% manufacturers keen on sustainability standards to boost exports, revenue: PwC survey
52 percent of executives are prioritising investments in automation for repetitive and mundane tasks to allow employees to focus on high-value work
BUSINESS
Cabinet approves Rs 1,000-crore VC fund for space startups
Private investors may also be allowed to co-invest. The fund is expected to support around 40 startups in total
BUSINESS
SCI strategic sale likely to be delayed until FY26 on lease transfer issues
The primary issue stalling the process is the transfer of lease of non-core assets from the SCI to Shipping Corporation of India Land and Assets Limited. The Mumbai collector has submitted the proposal to the state's revenue department, but the process got bogged down on extensive bureaucratic consultations, sources tell Moneycontrol.
BUSINESS
MC Exclusive I Govt likely to announce RINL financial restructuring package by December
"Before December we should have the package, can’t go beyond it. Restructuring plan will outline management changes and efficiency measures. We can't afford to have a situation similar to Air India," the government official said.
ECONOMY
IDBI Bank strategic sale to proceed without delays with RBI’s advance nod; due diligence in Nov
The IDBI Bank strategic sale criteria was prepared in consultation with the RBI. The RBI has done due diligence of all bidders. A priori approval was sought to avoid complications later on as a double check.
ECONOMY
India to lead global discourse while maintaining neutrality in foreign affairs, says FM Sitharaman
"A picture is today emerging of India with its affiliations to several blocs, keeping its neutral, non-aligned position."
BUSINESS
Inequality is better bridged nowadays in India than ever before: FM Sitharaman
"One of the key drivers of reduced inequality has been the government’s focus on financial inclusion. The number of adults with bank accounts in India has more than doubled since 2011."
BUSINESS
Gold jewellery sales may rise 30% this festive season on attractive pricing: GJC
The demand for gold has also been supported by global market trends, particularly the increasing focus of central banks on gold reserves
ECONOMY
India's growth story intact: RBI Bulletin estimates 7.2% GDP for 2024-25
The Bulletin further pointed to the government's emphasis on capital expenditure and healthy corporate and bank balance sheets as positive factors bolstering investment activity
BUSINESS
Unified Securities Markets Code to decriminalise 7 provisions in Sebi, SCRA, Depositories Acts
The SMC will also seek to streamline the legal framework by reducing the number of sections across the four Acts, simplifying compliance for businesses and financial institutions
BUSINESS
GST GoM proposes major rate adjustments, aims to boost revenue by Rs 22,000 crore
Furthermore, the GoM in its next meeting is expected to discuss the possibility of increasing the GST on certain sin goods from the current rate of 18 percent to 28 percent, reversing earlier reductions.
BUSINESS
GST GoM reaches consensus on exemptions for term life and health insurance
The revenue loss from the exemption of term life insurance from GST is estimated to be around Rs 200 crore annually.
BUSINESS
Can the 12% GST slab be done away with to simplify the tax framework?
The 12 percent GST which is levied on items like butter, ghee, fruit juice, and packed coconut water contributes only 5 percent to the total revenue. Sources said removing the slab is most feasible. Here’s why
INDIA
Direct Tax-to-GDP ratio reaches record high of 6.64% in FY24; Collections surge 182% in 10 years
The data revealed that over the past 10 years, corporate tax collections have more than doubled, growing from Rs 4.29 lakh crore in FY15 to over Rs 9.11 lakh crore in FY24.
BUSINESS
Indian audit SA 600 must match with global standards to prevent frauds: NFRA chairman
NFRA has released an exposure draft of SA 600 for public consultation, proposing that the group auditor of a company be held accountable for the financial statements of both the company and its subsidiaries
INDIA
Union Cabinet approves 3% DA hike for central government employees in Diwali bonanza
The hike will be effective from July 1, which means that employees as well as pensioners will also receive arrears for the months of July, August and September.
BUSINESS
ICRA projects mild dip in combined grants to states in FY25
ICRA expects the state GST, excise duty, and tax collections to grow by 11-13 percent in FY25
BUSINESS
GST GoM likely to discuss food, textile, footwear rates in October 20 meeting
The GoM is likely to submit its recommendations later this month, with the GST Council slated to discuss these in its November meeting
BUSINESS
Rupee fall not alarming, part of gradual depreciation due to global uncertainty: Economists
The RBI stepping in to contain an over-appreciating rupee against the backdrop of geopolitical tensions and economic uncertainties so as to maintain India's export competitiveness, among other things, is behind the currency's movement. The central bank, they add, has enough levers to prevent volatility.
BUSINESS
Govt set to roll out unified Securities Markets Code; Bill at drafting stage
The SMC will consolidate four laws into a single code, offering a simplified framework for India’s securities market. Finance Minister Nirmala Sitharaman proposed the law in the budget for FY22
BUSINESS
Centre releases Rs 1.78 lakh cr tax devolution to states, including advance instalment for festive season
The Union Government has doubled the release to help states manage their finances more effectively during the festive period.
BUSINESS
Cabinet approves Rs 4,406-crore for roads in border areas of Rajasthan, Punjab
The nod to 2,280 km of roads in the two states reflects a change in policy, viewing border villages as essential to national integration and development, Ashwini Vaishnaw has said
BUSINESS
Capex loan disbursements face election-related delay in September quarter
The Centre expects an uptick in disbursements after December as states meet key reforms-related conditions.
BUSINESS
GoM may gradually phase out of 12% GST slab to rationalise rates, sources say
The removal of the 12% slab will consolidate goods and services into three GST rates: 5%, 18% and 28%
