ALSO READConcern regarding fiscal deficit is real, says Ashok Lavasa News digest: GST composition scheme, NHAI to get a makeover, and more News digest: Crackdown on black money, fiscal deficit, and more HC puts StanChart's plea on Essar Steel's insolvency proceedings on hold Gujarat HC turns down Essar Steel plea against RBI's insolvency proceedings
Bharatmala: Finance Ministry explores cut in road ministry's budget allocation At a time when Union Road Minister Nitin Gadkari has spelt out an ambitious plan to execute highways projects, including Bharatmala, at an estimated cost of Rs 7 lakh crore, the finance ministry is mulling over a reduction in its budgetary allocation. Read more War with Flipkart drives up Amazon's international losses Seattle-based online retail giant Amazon’s international losses soared to $936 million in the three months that ended September on account of its bullish investments in India to overtake rival Flipkart. Read more Concern regarding fiscal deficit is real, says Ashok Lavasa Outgoing Finance Secretary Ashok Lavasa would be remembered as a bureaucrat during whose tenure the Narendra Modi government implemented demonetisation and the goods and services tax (GST). Days before his retirement, Lavasa tells Business Standard there is still lack of clarity regarding GST proceeds for this year and, hence, the fiscal deficit target is being watched closely.
He, however, ruled out any fiscal stimulus this year. Read moreSBI asks Odisha to take equity in Bhushan Steel State Bank of India (SBI), the country’s largest lender, might have found a way out for Bhushan Steel, currently going through a Reserve Bank of India-mandated insolvency process. In a rare move, SBI Chairman Rajnish Kumar has written to Odisha Chief Minister Naveen Patnaik seeking equity participation in the stressed steel firm. Read more Lenders prefer sectoral guidelines for choosing buyers in insolvency sales Banks that are part of the consortium of lenders for companies referred to the National Company Law Tribunal (NCLT) have come to a consensus that there should be sectoral guidelines for selection of bidders among those who show an interest in acquiring any of the stressed assets put up for sale. Read more