Top headlines: FY24 direct tax target, PM visits Bali, COP27 meet, and more

Business Standard brings you the top headlines this hour

Budget 2023-24: FY24 direct tax target likely to see 14-17% increase

The Centre may keep its ambition for growth in direct taxes moderate for FY24 with inflation expected to ease substantially in the next financial year, amid buoyant tax receipts in FY23.

According to a preliminary internal assessment, the finance ministry, which is working on Revised Estimates (RE) for the current fiscal year (FY23) and Budget Estimates (BE) for FY24 as part of the Budget-making exercise, is looking at pegging 14-17 per cent growth in direct taxes for FY24 over Rs 14.2 trillion BE of FY23. Read more

Govt plans to roll out PLI scheme to encourage container manufacturing

The Centre is working towards a new production-linked incentive (PLI) scheme to encourage container manufacturing in India. Allocation for the scheme may come from a part of the savings from existing PLI schemes, multiple government officials told Business Standard.

An empowered group of secretaries headed by cabinet secretary Rajiv Gauba has decided to redistribute a portion of the savings worth Rs 11,484 crore towards the new PLI scheme. This provision was made while designing the PLI scheme. Read more

PM Modi to embark for Bali today for G20 summit slated for Nov 15,16

Prime Minister Narendra Modi is set to leave for Bali on Monday to attend the G20 Summit in Indonesia, which will host leaders of 20 countries -- representing around 85 per cent of the global GDP, and about two-thirds of the world's population -- for talks on key issues of global concern under the Summit theme of "Recover Together, Recover Stronger".

The Prime Minister will hold bilateral interactions with world leaders at the G20 summit in Indonesia and brief them on India's evolving G20 priorities. This G20 Summit is particularly special because India will hold the presidency of the G20 Summit from 1st December 2022 for a one-year period, and the presidency handover will take place during the Summit in Bali. Read more

COP27: India thwarts attempt to club it with historical polluters

Supported by other developing countries, India blocked an attempt by rich nations to focus on all top 20 emitters of carbon dioxide during discussions on the 'Mitigation Work Programme' at the ongoing UN climate summit in Egypt, sources said on Monday.

During the first week of the climate talks, developed countries desired that all top 20 emitters, including India and China, discuss intense emission cuts and not just the rich nations which are historically responsible for climate change, they said. Read more

Consulting firms stepping up to build stronger cyber armour for businesses

An Indian logistics company recently found that 400 of its servers had stopped working. While it did not take the firm long to realise it was a victim of a cyberattack, the warning that went unnoticed was sent over three weeks ago on email.

 The hacker, claiming to have stolen all data and taken control of its systems, wanted a ransom of 25 Bitcoins (worth roughly $420,000). The company swung into damage control mode by engaging the best minds in forensic cybersecurity.

Despite isolating its systems, there was still some information that remained irretrievable. Read more