APRIL 23, 2012: US
FEARS ON INDIA'S TAX REGIME ARE UNFOUNDED, ASSERTS FM
Finance
Minister Pranab Mukherjee has made clear that US business and industry's fears
on India's tax regime, particularly the recent
retrospective tax proposals, are totally unfounded.
He added that he had clarified this issue in no uncertain terms with US Treasury Secretary Timothy Geithner during their bilateral meeting.
He added that he had clarified this issue in no uncertain terms with US Treasury Secretary Timothy Geithner during their bilateral meeting.
Mukherjee
asserted that "apprehensions that the large number of tax cases will be
reopened because of the restrospective amendment of that particular section is
totally unfounded," he said, "because other laws - other section of
the Income Tax Act - clearly state that no case can be reopened beyond six
years.
APRIL 20, 2012: GOVT
SPENDING ON PROJECTS HITS ALL-TIME HIGH
In
what belies the popular notion of a depressed investment environment in the
country, the government's spending on central sector projects commissioned in
the first half of the previous financial year had risen exponentially,
according to data obtained from the Ministry of Statistics and Programme
Implementation.
In the central sector, India [commissioned projects worth a record Rs 43,000 crore (Rs 430 billion) between April and September 2011-12, a 250 per cent jump over the investment of Rs 17,835 crore (Rs 178.35 billion) in projects completed during the same period in 2008-09, which in turn was a 38 per cent rise over the amount spent in 2005-06.
APRIL 19, 2012: MAHINDRA SATYAM TO INVEST $240 MN ON INFRASTRUCTURE
In the central sector, India [commissioned projects worth a record Rs 43,000 crore (Rs 430 billion) between April and September 2011-12, a 250 per cent jump over the investment of Rs 17,835 crore (Rs 178.35 billion) in projects completed during the same period in 2008-09, which in turn was a 38 per cent rise over the amount spent in 2005-06.
APRIL 19, 2012: MAHINDRA SATYAM TO INVEST $240 MN ON INFRASTRUCTURE
Mahindra
Satyam will invest $240 million globally to set up infrastructure and support
services for its clients over the next three years, top company official said
in Singapore on Thursday.
"Fifty
per cent of the investment will be made in Asia Pacific, especially in
Singapore, Malaysia and Indonesia," Mahindra Satyam CEO C P Gurnani told
media in Singapore.
The company is holding a series of meetings with investors, analysts and clients in Singapore.
"The majority of the investments will go into creating infrastructure, training and development facilities and solutions either in engineering or mobility to create specific solutions for the markets," Gurnani said.
Investments will be for facilities outside India and not involve any merger and acquisition or joint ventures, he said.
The company is holding a series of meetings with investors, analysts and clients in Singapore.
"The majority of the investments will go into creating infrastructure, training and development facilities and solutions either in engineering or mobility to create specific solutions for the markets," Gurnani said.
Investments will be for facilities outside India and not involve any merger and acquisition or joint ventures, he said.
APRIL 18, 2012: INDIA NEEDS SPEEDY REFORMS FOR
HIGHER GROWTH: IMF
International
Monetary Fund said India would need to accelerate economic reforms to achieve
its 'potential' growth rate even as it expressed concern over high inflation.
In a statement issued after its Article IV Consultation with India, the IMF said that Reserve Bank of India should be ready to increase rates to check any further rise in inflation.
The statement comes a day after RBI reduced interest rates by 0.50 per cent to arrest declining growth.
"A major challenge will be to bring growth back to potential and ensure its inclusiveness, while further lowering inflation. This will require a reinvigoration of structural reforms and fiscal consolidation," IMF said after its annual discussion with the Indian government termed as Article IV Consultation
In a statement issued after its Article IV Consultation with India, the IMF said that Reserve Bank of India should be ready to increase rates to check any further rise in inflation.
The statement comes a day after RBI reduced interest rates by 0.50 per cent to arrest declining growth.
"A major challenge will be to bring growth back to potential and ensure its inclusiveness, while further lowering inflation. This will require a reinvigoration of structural reforms and fiscal consolidation," IMF said after its annual discussion with the Indian government termed as Article IV Consultation
APRIL 17, 2012: MAKEMYTRIP LOSES INDIGO, MUCH OF JET BIZ
Two
private airlines are at war with leading online travel agency MakeMyTrip,
alleging it continued to offer arbitrary and opaque fares despite objection by
the Directorate General of Civil Aviation.
IndiGo has withdrawn all content from MakeMyTrip, and Jet Airways [Get Quote ] has drastically reduced its inventory on the site.
Offering opaque fares is a trade practice where a portal sells heavily discounted tickets but does not disclose the name of the airline until the payment is made by the customer.
Soon after the airlines took this step, the portal removed all bargain fares from its site.
MakeMyTrip claims the opaque fares were withdrawn on March 28, the day DGCA asked airlines to stop publishing opaque fares and users could see all flight details before making the payment.
IndiGo has withdrawn all content from MakeMyTrip, and Jet Airways [Get Quote ] has drastically reduced its inventory on the site.
Offering opaque fares is a trade practice where a portal sells heavily discounted tickets but does not disclose the name of the airline until the payment is made by the customer.
Soon after the airlines took this step, the portal removed all bargain fares from its site.
MakeMyTrip claims the opaque fares were withdrawn on March 28, the day DGCA asked airlines to stop publishing opaque fares and users could see all flight details before making the payment.
APRIL 16, 2012 STANDARD CHARTERED BANK RESEARCH REPORT WARNS OF FURTHER SLIP IN DEPOSIT
GROWTH
An industry report has said the concerns
about the falling deposit growth persist, and if the uptick falls below
16 per cent, it is likely to put pressure on bank spreads in a falling rate
environment.
Despite the recent one-off rise in deposits towards the last fortnight of the past fiscal, there are concerns about the deposit growth, says a Standard Chartered Bank research report.
"If deposit growth is below 16 per cent, it is likely to put pressure on bank spreads in a falling rate environment because banks will not be able to bring down deposit rates sharply while weak corporate demand coupled with likely government pressure will drive lending rates to come down faster," says the report.
Deposit growth decelerated from February and fell to as low as 13.4 per cent on the week ending March 23, but picked up substantially to 17 per cent year on year by March 30, largely due to a pickup in one-off, short-term corporate deposits, notes the report.
Despite the recent one-off rise in deposits towards the last fortnight of the past fiscal, there are concerns about the deposit growth, says a Standard Chartered Bank research report.
"If deposit growth is below 16 per cent, it is likely to put pressure on bank spreads in a falling rate environment because banks will not be able to bring down deposit rates sharply while weak corporate demand coupled with likely government pressure will drive lending rates to come down faster," says the report.
Deposit growth decelerated from February and fell to as low as 13.4 per cent on the week ending March 23, but picked up substantially to 17 per cent year on year by March 30, largely due to a pickup in one-off, short-term corporate deposits, notes the report.
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