In his emergency address to the nation on Tuesday, Prime Minister Narendra Modi announced that currency notes of ₹500 and ₹1,000 will be withdrawn from midnight. He said the citizens will have 50 days – from 10 Nov to 30 Dec to deposit notes of ₹500 and ₹1000 in any[Read More…]
“I think the Nano failed to meet the aspirations of customers in totality, not just one or two factors,” said Maruti Suzuki India chairman R C Bhargava on Thursday in New Delhi. Bhargava further went on to say that a two-wheeler owner, when looking to upgrade to a car, wants[Read More…]
In a list prepared by the World Bank with the Department of Industrial Policy and Promotion (DIPP) on the ease of doing business, Andhra Pradesh and Telangana jointly topped the rankings for 2015-16. Last year’s topper, Gujarat, slipped to third position. Commerce and Industry Minister Nirmala Sitharaman released the report[Read More…]
The sudden ouster of Cyrus Mistry was sure to leave a few casualties, and one of the first to fall seems to be Tata Group’s chief of human resources (CHRO), N S Rajan. Sources told Economic Times that Rajan was handpicked by Mistry to be part of the Group Executive[Read More…]
A day after Cyrus Mistry was removed as Chairman of Tata Sons, Ratan Tata on Tuesday asked leaders of group companies to focus on their businesses and not be concerned about the sudden exit. “My appointment is for short-term and the new leadership will be in place soon. I have[Read More…]
After Monday’s abrupt removal of Cyrus Mistry as the chairman of Tata Sons, rumours have been afloat about the reason behind the removal. The Economic Times now claims to have unearthed the reason – On August 26, the Tata Sons board was expanded by inducting Piramal Enterprises Chairman Ajay Piramal[Read More…]
Reports had streamed in of the Mistry family being miffed with the Tata Group after Cyrus Mistry was unceremoniously sacked as the chairman of Tata Sons. It was reported that the Mistry-owned Shapoorji Pallonji group would probably take the Tata’s to court. Taking prior cognizance, the Tatas have filed caveats[Read More…]
IT services major Infosys is splitting its four larger industry verticals into 15 smaller units to make the company more agile and sharpen client focus, reports ET. The objective is to give its presidents more time to build CXO-level relationships and strategy to improve sales, than be bogged down by[Read More…]
The government on Saturday hiked the petrol price by ₹1.34 a litre, the fifth increase in two months, and diesel by ₹2.37 a litre in wake of spike in global rates. The hike announced by oil companies is excluding state levies. After including local VAT, petrol will now cost ₹66.05[Read More…]
With the government increasing supply of cooking gas and electrification in rural areas, the kerosene subsidy is set to take a nose dive. The Centre is reducing kerosene supply by 5% a quarter which, along with additional voluntary cuts by some states, small increases in retail prices, and roll out[Read More…]
British-born Oliver Hart and Bengt Holmstrom of Finland won the Nobel Memorial Prize in Economic Sciences for their contributions to contract theory, shedding light on how contracts help people deal with conflicting interests. Their findings on contract theory have implications for corporate governance, bankruptcy legislation and political constitutions, among other[Read More…]
India is at the world’s centre stage more than ever before for “aspiring to do better in an adverse” environment, Finance Minister Arun Jaitley has said but cautioned that by its own yardstick, the country’s current growth rate is not enough. “More than even before we are at the centre[Read More…]
The Finance Ministry on Thursday challenged the methods used by Moody’s rating system to evaluate a country’s investor worthiness. India’s sovereign rating by Moody’s stands at ‘Baa3’, the lowest investment grade — just a notch above ‘junk’ status. On Tuesday, Moody’s called India’s reform process slow and gradual with muted[Read More…]
Ending the speculation, as who will be the successor of Raghuram Rajan the government has finally announced that Urjit Patel will take over as the 24th Governor of the Reserve Bank of India. Patel was serving as the deputy governor incharge of the monetary policy department. Here is brief profile[Read More…]
At least 11 states are lining up special legislative sessions to ratify the Goods and Services Tax (GST) Bill. This is good news for the Union government, which is looking to implement the new tax regime by April 1, 2017. A minimum of 16 states need to pass GST before[Read More…]
Getting the Constitution (122nd Amendment) Bill, 2014, through the Rajya Sabha for the introduction of the Goods and Services Tax (GST) Bill was a big step for the NDA government. However, the journey does not end here. Following the unanimous vote for the indirect tax, the bill will be sent[Read More…]
Congress leader and former finance minister P Chidambaram spoke on behalf of the party to raise its objections to the Goods and Services Tax (GST) Bill, which was moved in the Rajya Sabha on Wednesday. Welcoming the “friendly tone” of finance minister Arun Jaitley’s introductory speech, Chidambaram hoped the bill[Read More…]
The Sustainable Development Solutions Network (SDSN) and the Bertelsmann Stiftung launched a new Sustainable Development Goal Index in which India is ranked at a low 110 of 149 nations with regard to achieving the Sustainable Development Goals. India which has 1.2 billion people and is expected to grow by another[Read More…]
Gross State Domestic Product (GSDP) data for the year 2014-15 shows the slowest-ever growth rate in Gujarat at 7.7%. This was Gujarat’s first year under chief minister Anandiben Patel. The state which grew at the fastest pace was Bihar, with a growth rate of 15.6%, under chief minister Nitish Kumar.[Read More…]
The Special Investigation Team (SIT) on black money has recommended banning cash transactions of ₹3 lakh and above and restricting cash holding with individuals and industry to ₹15 lakh to curb illegal wealth in the country. Headed by Justice MB Shah, the committee submitted its fifth report to the Supreme[Read More…]
At a time when most of online groceries are unable to keep the business and are shutting down, Upkeepers, a Delhi based startup which is an online B2B Wholesale Club has risen to be the largest Online B2B FMCG Wholesaler in the country. Presently operating in Delhi, it aims to[Read More…]
Finance Minister Arun Jaitley released a postage stamp to commemorate 140 years of India’s first stock exchange, the BSE today in Delhi. Addressing the gathering Jaitley said that BSE was formed as an immediate need for the Indian economy and was an important step towards industrialization. He further added that[Read More…]
The Union Cabinet has approved recommendations by a pay panel on increasing salaries and pension for one crore central government employees and pensioners by at least 23.55%. This implies an annual additional burden of ₹1.02 lakh crore on the exchequer or nearly 0.7% of the GDP. The government has largely[Read More…]
Morgan Stanley says India will be one of the least affected countries in Asia after Britain’s decision to depart from the European Union. The immediate impact in the country will be seen through volatility in exchange rate and capital-market flows, the financial services company added. “Increased uncertainty in the external[Read More…]
The government has uncovered over ₹13,000 crore black money stashed illegally abroad after it was warned by two separate sources in 2011 and 2013. In its bid to crackdown on tax evaders and illegal offshore bank accounts, this spells success for the Narendra Modi-government. On a tipoff from the French[Read More…]