In their pre-budget meeting with Finance Minister Arun Jaitley, representatives from social sector sought allocation under the Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) be increased by Rs 5,000 crore and spending of 10 per cent of the GDP on the education sector.
Rocky Patel Incorporation today announced the launch of 20th Anniversary cigar in India through INTABAC, brand custodian ...
Bandaru Dattatreya, who is from Telangana, assured that he will discuss with Health, Commerce and Agriculture ministers the issue related to health warning on tobacco packs as well as livelihood concerns of tobacco farmers in the wake of falling demand of tobacco.
The association said that the government should not blindly follow the claims of anti-tobacco lobby as most of the lobby is funded by foreign sources.
ITC, especially, saw heavy selling and it cracked over 7 percent on news of a 'sin tax' â€” rate of a steep 40 percent that would be levied on select items such as tobacco products. But N Jayakumar, president of Prime Securities says regulatory headwinds have always existed for ITC
ITC shares have cracked on uncertainty on what GST could mean for tobacco products, in light of recommendations of a report by a panel headed by Chief Economic Advisor Arvind Subramanian. The report calls for a 40 percent "sin tax" for tobacco products.
IDFC believes it will be a huge negative for ITC as that will significantly increase its tax incidence and would require another steep price increase (of roughly 15-17 percent to pass on tax increase). The brokerage has an underperform rate on the stock with a target price of Rs 311 per share.
The government explores new markets on a continuous basis for all agri products, including Flue Cured Virginia (FCV) tobacco, Minister of State for Commerce and Industry Nirmala Sitharaman said in a written reply dated December 1.
Despite tobacco being immune from climatic variations, a numbers of farmers have committed suicides in Andhra Pradesh and Karnataka, Federation of All India Farmer Associations (FAIFA) said in a statement.
Alcohol and tobacco industries will have to pay more taxes towards an additional 'sin tax' under the proposed GST structure that seeks to bring in a uniform indirect tax regime across the country.
Over the past four years, ITC has seen an excise duty hike at a 16 percent CAGR that has adversely impacted volumes. CLSA says that there seems to be a negative wave of regulations against the industry.
Cereals, oil meals, oil seeds, fruits and vegetables, marine products, dairy and poultry products too recorded negative growth during the month, according to the Commerce Ministry. In all, 10 out of 13 main agriculture products that are closely monitored by the Commerce Ministry, were in the negative zone in July.
Maharashtra government has banned sale, purchase and storage of manufactured chewable tobacco, and extended the ban on other tobacco variants for a period of one year.
The Rajasthan High Court has directed the Indian government to immediately implement a rule for bigger health warnings on tobacco packaging, months after the measure was put on hold pending a report from a parliamentary panel.
The National Institute of Public Finance and Policy (NIPFP), which has been entrusted with recommending on revenue neutral rates, is likely to file its report soon perhaps by this month-end.
ITC has been struggling with its falling cigarette volume. January-March quarter was the eight consecutive quarter of volume decline in cigarettes. The company says that it is seeing unprecedented pressure on legal cigarette industry sales volumes.
India's business as well as economic cycles turned on sentiment (positive) though some critics argue that the government has achieved little, but PhillipCapital finds the mechanics of the government functioning to be sound.
The number of non-smokers has increased but governments worldwide must intensify their efforts to dramatically reduce their consumption and protect public health, according to a new WHO Global Report on Trends in Tobacco Smoking.
CLSA suggest selling the stock with a target price of Rs 330 per share and cuts earnings per share (EPS) estimates by 5-10 percent over FY16-17. It also warns that the stock may even go down to Rs 290 per share in the near-term.
The Indian government had last year announced that cigarette packets would have to stamp health warnings across 85 percent of the surface and plans on raising the age of tobacco sale to 21 as well as ban the use of loose cigarettes.
In a bid to realize its long-stated aim of growing its fast-moving consumer goods (FMCG) business from about Rs 8100 crore last year to Rs 1 lakh crore in 15 years, ITC chairman YC Deveshwar said the company is ready to dairy, tea and coffee products, soon after the company forayed into the fast-growing juice market.
The move, aimed at improving public health and cutting the number of child smokers, is likely to crimp tobacco firms' profits and would see Britain follow in the footsteps of Australia, which two years ago enacted a groundbreaking law forcing cigarettes to be sold in plain olive green packaging with images showing the damaging effects of smoking
The bill puts to rest speculation about the fate of a panel‘s recommendations, which had covered most of these issues, as there were reports that the health ministry had developed cold feet following an outcry from lobbies representing farmers and the tobacco industry.
A Health Ministry proposal to ban sale of loose cigarettes is likely to be put on hold following objections by some MPs, including some Union ministers, and farmers associations against taking drastic regulatory steps.
Sources say amendment to COTPA Act is unlikely this session. The health and agriculture ministries will conduct study on the issue and will take comments of tobacco farmers into consideration before arriving at a final decision.