Apr-Dec direct tax collections grow at snailís pace

News Details

Government’s revenue collection continued to grow at a slower pace with the April-December 2012 gross direct tax mop up showing a growth of just 8 per cent at Rs 4.28 lakh crore. The gross direct tax collection stood at Rs 3.96 lakh crore during the year ago period. However, to achieve the budget target of Rs 5.7 lakh crore, the gross direct tax

Sebi bats for minority shareholders with fresh corporate governance norms

News Details

The market regulator has proposed fresh norms on corporate governance, which if implemented, would provide minority shareholders with a greater say in decision making at the company, said a media report. Sebi’s consultative paper released on Friday showed that its suggestions included giving more powers to independent directors, limiting related

Services PMI at 3-month high in Dec

News Details

India’s services sector grew at the fastest pace in three months during December, driven by robust inflow of new orders, said an HSBC survey today. The HSBC's Services Purchasing Managers Index (PMI) for December stood at 55.6, up from 52.1 in the previous month; reading above 50 separates growth from contraction. Commenting over the develop

Oil Ministry proposes measures to reduce burden on state run oil firms

News Details

Showing concern about the losses incurred by the state run oil firms on selling fuels at lower prices, the oil ministry has proposed raising cap on supply of subsidised cooking gas cylinders and increasing fuel prices by less than a rupee per month. Besides, it has also sought reducing one-third subsidy on kerosene by 2014-15 and on cooking gas by a quarter in this ye

Independence in making monetary policies gets even more important now: Subbarao

News Details

The Reserve Bank of India (RBI) governor D Subbarao, who has been under consistent pressure from finance ministry as well as investors to lower interest rates, said that a central bank’s independence in making monetary policies has become even more important amid their more explicit pursuit of real sector targets such as growth and unemployment.

Indian govt could consider taxing super-rich at higher rate to rein in fiscal deficit: C Rangarajan tells media

News Details

The chairman of Prime Minister’s Economic Advisory Council (PMEAC), C Rangarajan took everyone by surprise in an interview with a leading financial media saying that Indian government could consider taxing the super-rich at a higher rate. Rangarajan, whose suggestion was somewhat similar to what US did recently to avoid fiscal cliff, i.e. taxing

Govt may soon notify hike in LICís investment ceiling to 30%

News Details

The government may soon notify its decision to allow Life Insurance Corporation of India (LIC) to invest up to 30 per cent in listed and non-listed companies as against 10 per cent currently, said a media report. The government recently took the decision to this regard despite the opposition from insurance regulator who argued that it was against the

Experts see top listed companies paying up Rs 100-cr CSR bill every year, if new Companies Bill takes effect

News Details

The top-listed firms, having turnaround in crores, may end up paying Rs hundreds of crores every year in CSR initiatives, if the new Companies Bill takes effect after it got passed by Lok Sabha in the winter session and stands ready to be tabled in Rajya Sabha in this session. “Every company having net worth of Rs 500 crore or more, or a turnove

Urjit Patel becomes RBIís new deputy governor as Gokarn retires

News Details

A consultant at Boston Consulting Group-- Urjit Patel-- might not have thought some months back that he would be handling that portfolio in Reserve Bank of India (RBI) which involves taking the toughest decision of monetary policy review every quarter. But, beating the choices like Subir Gokarn and Kalpana Kochhar, Patel has been chosen as the new dep

It wasnít 2008 but 2012, the most challenging year: Subbarao

News Details

The Reserve Bank of India (RBI) governor D Subbarao, who kept the entire India and its policymakers on tenterhooks over rate cut during the previous year, has said that it was not 2008 but 2012, the most challenging year. Subbarao, in a new-year communication to his colleagues, said “Many of you may be surprised by my saying this; you would all

Auditing is prerogative of CAG: Rangarajan

News Details

The Prime Minister appointed Rangarajan committee, headed by PMEAC chairman C Rangarajan, has said that auditing is prerogative of CAG and it will always remain with it. The statement came on the backdrop of unending tussle between RIL and CAG over right of national auditor to question oil and gas explorer’s spending on the flagging eastern offs

Will Indiaís economy bounce back in 2013?

News Details

As we welcome 2013, investors are riding high on hopes that the Indian economy may turnaround its fortunes this year driven by the government’s reform push and easing monetary policy conditions that may help revive investment. Analysts are confident that Asia’s third largest economy may pick up momentum in the 2013-14 fiscal as exports reb

YV Reddy named as 14th Finance Commission head

News Details

The former RBI governor YV Reddy has been named as chairman of the 14th Finance Commission, said finance minister P Chidambaram on Wednesday.The committee, set up after every five years, has been asked to submit its report by October 31, 2014, said Chidambaram. Reddy, who has also served as India's Executive Director on the Board of the Internatio

Indiaís manufacturing PMI surges to 6-month high in Dec

News Details

There is finally some good news from 2012, after last week data of current and fiscal deficit, as manufacturing PMI for the December rose to 6-month high on back of strong factory output and robust inflow of new orders. The HSBC Markit India Manufacturing PMI, which gauges the business activity of India's factories on a monthly basis, jumped to 54

Urjit Patel emerges as frontrunner for deputy governor post at RBI

News Details

Amid the rising uncertainty over re-appointment of Subir Gokarn as central bank’s deputy governor, a new name has emerged as the frontrunner which has also been backed by finance minister P Chidambaram, said media reports. Urjit Patel — now a consultant with Boston Consulting Group— is said to be the third candidate in race for deput

RBI reshuffles portfolios of deputy governors as Gokarn retires; Subbarao to handle monetary policy dept

News Details

The Reserve Bank of India (RBI), on Tuesday, announced that it has reshuffled the portfolios of deputy governors following the retirement of Subir Gokarn. The central bank notification said that governor D Subbarao has taken the direct-charge of monetary policy department, which was under Subir Gokarn earlier, till government announces the replacement

Despite RBIís OMOs, liquidity continues to be tight

News Details

Despite the Reserve Bank of India’s (RBI) open market operations (OMOs), liquidity continued to remain tight in Indian banks as they borrowed heavily from the central bank’s daily Liquidity Adjustment Facility (LAF). The banks, on Tuesday, borrowed Rs 1,50,230 crore under the 1-day repo auction.

The daily average borrowing under

Quality of governance, inflation and fiscal situation to decide economic mood in 2013: Assocham

News Details

The industry body Assocham has said that the quality of governance, inflation and the government’s fiscal situation will remain the key factors in 2013 between country’s attempt to deal with global slowdown and further erosion in the economic growth. The report released by Assocham on Tuesday said that India’s growth may not exceed 6

Quality governance can boost economic sentiment in 2013: ASSOCHAM

News Details

The apex industry body the Associated Chambers of Commerce and Industry of India (ASSOCHAM) said the quality of governance, inflation and the government’s fiscal situation will remain the key differentiators in 2013 between India managing to cope up with the global slowdown and further erosion in the economic growth. The industry body said that

Govt not to introduce direct cash transfer for food, fertilizer, kerosene, diesel: Media Reports

News Details

The government has announced plans not to transfer subsidy under the Direct Benefit Transfer system for fertilizer, food, kerosene and diesel. From January 01, the government is set to introduce the direct benefit transfer in 20 districts. Later, the system will be introduced in 11 districts from February 01, and in another 12 districts from March 01,

Fiscal deficit crosses 80% of full-year target in Apr-Nov

News Details

Fiscal deficit numbers released on the last day of the year 2012 showed that India’s worries were far from over. According to Controller General of Accounts (CGA), the the fiscal deficit -- gap between expenditure and revenue collection -- was Rs 4.13 lakh crore during the first eight months of the current fiscal, representing over 80 per cent o

India Inc feels new-year will be better than 2012

News Details

Happy New-Year-- may this year be full of optimism, profits, stability, reforms, growth, etc—said India Inc as the year 2012 passed by. The new-year has started with optimism which may continue throughout the year-- that’s what most of the corporate leaders had to say when they were asked about their expectations in 2013. The Prime Ministe

PE investments in India fall to $8.9 bn in 2012

News Details

Private Equity (PE) investments in India fell 14.7 per cent in 2012 to USD 8.9 billion as investors seemed to have used the market rally to exit from their investments in Indian companies. Though stock markets and IPO markets revived in 2012, private equity (PE) investments during January-December2012 fell to USD 8.9 billion compared to USD 10 billion

RBI empowered to supersede banksí board, but Centre keeps veto with itself

News Details

The central government has finally empowered Reserve Bank of India (RBI) to supersede board of banks by formally delegating its powers under section 388B, 388C and 388E of Companies Act, 1956 in relation to banking companies, through a notification. According to the notification dated December 21, “the central government hereby delegates its pow

Russia approves Indiaís project to link south, central Asia: Media Reports

News Details

India's pet project to link south Asia with central Asia has received approval from Russian president Vladimir Putin, said the media reports. India believes that this project will be a game-changer for its trade and open Indian economy to the rising economies in central Asia, by connecting India with Afghanistan and beyond, bypassing Pakistan.

ÔĽŅ