BUSINESS
States lead on labour reforms, pave way for women’s night shifts amid Centre’s code delay
Several major labour reforms have been carried out by almost all states. For instance, Gujarat and Andhra Pradesh have amended the Factories Act to allow for 12-hour shifts while retaining a 48-hour weekly limit. Many states have also harmonised the adherence and expansion of social security for gig workers.
BUSINESS
Bharat Bandh political, aimed at derailing labour reforms, says official
The striking unions have no concrete action plan on labour reforms and have an anti-development agenda, the official has said
BUSINESS
Crypto under scanner: FIU scrutinising use of private wallets for illicit fund transfers from Pakistan
Sources say Binance is being probed as it's used in most cases for cross-border crypto-transactions.
INDIA
India may have agreed to non-GM soybean, corn imports from US: Niti Aayog's Ramesh Chand
The US has been demanding access for GM soybean and maize. In 2020, 94 percent of the soybean and 92 percent of the maize grown in the US were genetically modified
BUSINESS
No major economic impact of labour strikes, labour reforms already implemented: Govt sources
Many non-BJP ruled states, such as Punjab, Himachal Pradesh, Karnataka, Jharkhand, Tamil Nadu, and Telangana have also implemented most of the reforms. Only two states--West Bengal and Kerala—have, however, undertaken only a few reforms linked to the central codes.
BUSINESS
EPFO credits 8.25% interest to 97% members as of July 8
Last year, for FY24, the process of crediting the interest to members’ accounts commenced in the month of August and got completed in December
BUSINESS
'Niggling issues' in India-US mini-trade deal may get resolved in near future, says EAC-PM member Sanyal
Sanyal says that both nations need to reach a middle-ground even as conversations for the mini-trade deal has progressed “quite far”
BUSINESS
GST at 8: MSMEs continue to face rising compliance costs and hurdles
As GST, India's most ambitious tax reform, completes eight years, Moneycontrol does a ground check on the challenges that MSMEs face. While the consensus is that the reform has simplified compliances but challenges such as ITC denial, HSN related complexity remain.
BUSINESS
Where are the jobs? IT, banking, financial services sectors witness slow hiring
Jobseekers in the IT and banking and financial services sectors may face a tough time in coming months as many AI-related developments are prompting companies to pare headcounts, even as at a macro level the government feels that the outlook for employment appears "steady".
BUSINESS
Niti Aayog withdraws contentious paper on farm trade with US, confirms planning minister
Released in May, the document drew sharp criticism from farmer groups and industry associations
BUSINESS
FM Sitharaman calls for MDB reforms and 'fairer' credit rating systems at UN Conference
'India emphasises the importance of a comprehensive, equitable, and development-oriented global financing framework—one that respects country circumstances, preserves policy space, and delivers on the promise of sustainable development for all,' FM said.
BUSINESS
Comparability Concerns Plague Latest Household Consumption Survey: Chairman EAC-PM
Dev aslo suggested that future surveys should incorporate more probing questions to capture a more accurate picture of women's involvement in the workforce.
BUSINESS
Finance Secy Ajay Seth, force behind India's fiscal revival & capex push, concludes 38-year long IAS career
Instrumental in shaping the Centre’s fiscal consolidation glide path, he oversaw the government’s policy efforts in ensuring that the fiscal deficit target is adhered to every year.
ECONOMY
Amid global uncertainties, outlook for India is one of 'cautious optimism': FinMin report
These may be nervous but exciting times for the Indian economy, the ministry said
BUSINESS
New labour codes to significantly reduce compliance burden for MSMEs: TeamLease report
The TeamLease report said among India’s 6.3 crore MSME enterprises, only 10 lakh are formal entities covering their workforce under labour laws, while 6.2 crore are small and informal, employing over 90% of the labour force.
BUSINESS
Govt to track informal economy quarterly for a clearer GDP picture
Annual Survey of Unincorporated Sector Enterprises (ASUSE) is being planned to be released quarterly instead of the current annual release
BUSINESS
India needs open economy and global cooperation to achieve growth aspirations:Martin Wolf
India can’t thrive in a closed economy set-up with the kind of growth aspirations it has, noted Wolf. "It will be the 3rd largest economy soon. It has to think itself has a systematic power."
BUSINESS
Tariffs threaten global growth, but India a 'bright spot' for world economy: World Bank’s Auguste Kouame
On India, JP Morgan's Chang stated that India is less affected than other emerging market economies (excluding China), because for India, trade’s share in GDP is 40%, but for rest it’s close to 80%.
BUSINESS
FTA strategy has become more pragmatic, says Planning Minister Rao Inderjit Singh
The adoption of the Multidimensional Poverty Index (MPI) reflects the government's commitment to capturing the broader realities of deprivation beyond income, says Singh
BUSINESS
CBDT may not provide tax relief to foreign-owned data centres
Industry seeks greater alignment across taxation norms, approval processes and power infrastructure at both central and state levels to further streamline development of data centres
BUSINESS
Govt moves to revamp sports framework as it eyes hosting 2036 Olympic Games
National Sports Policy to be announced soon; new governance framework in the works, say sources.
BUSINESS
Everstone’s Translumina and Everlife close to merger, valuation likely at Rs 6,000 crore
The coming together of the two healthcare players is likely to give them a significant share of India's medical devices segment. An combined will likely launch an IPO by October
BUSINESS
India nears 100-crore social protection beneficiaries as ILO's Phase-II assessment underway
The increased expansion in social security cover will bolster India's reputation on the global stage, strengthen India's leverage in negotiating and signing social security agreements with other nations, and provide India with a stronger hand in international discussions regarding trade and the movement of workers, said sources.
BUSINESS
Platform workers may also get life, accident insurance under new social security scheme
The government has already extended health insurance benefits to all gig workers under the Ayushman Bharat programme
