News digest: Economic Survey, FRDI Bill, IndiGo, car dealers, and more

From FRDI Bill to job booms in India and Gulf, BS brings you top stories to keep up with the latest news

All eyes on Economic Survey as Budget Session of Parliament begins today

 

All eyes will be on the Economic Survey on Monday, the first day of the crucial Budget session of Parliament. The last full Budget session of the 16th Lok Sabha will begin with President Ram Nath Kovind’s address to a joint sitting of the Lok Sabha and the Rajya Sabha — his first after being elected to the office. Read more

 

Labour ministry raises concerns over bail-in clause in FRDI Bill

 

The Union labour and employment ministry has raised concerns about the ‘bail-in’ clause — under which bank deposits can be used for helping failing public sector banks (PSBs) to stay afloat — in the Financial Resolution and Deposit Insurance (FRDI) Bill. Read more

 

Stretching its wings: IndiGo to fly to Europe from next winter

 

India’s most profitable airline, IndiGo, will start low-cost flights to major European cities next winter. IndiGo will be the first Indian airline to do long-haul low-cost operations, which are already catching up as a global trend. Read more

 

Almost 4,000 new car sales service outlets expected to be set up by 2020

 

Maruti Suzuki, the country’s biggest carmaker, was looking to appoint a fifth dealership in Lucknow, the capital of Uttar Pradesh. It spent a few months last year trying to find a ‘suitable’ investor, but could not find one. With the rising cost of land and capital, no investor with an automobile background came forward to invest.

 

The search is still on. “There is no such challenge of finding the partners for Maruti Suzuki. This (Lucknow) may be a one-off,” said a company spokesperson, in response to queries. Read more

 

New indirect taxes: Jobs boom at top accounting firms in India and Gulf

 

The ‘Big Four’ multinational accounting firms have doubled the size of their indirect tax teams in this country, to cater to the sharp rise in demand arising from the implementation of the goods and services tax (GST) here and the introduction of value-added tax (VAT) in West Asia.

 

PwC India, EY, Deloitte, and KPMG have expanded the size of their indirect tax teams by 100 per cent over the past 12 to 18 months. Read more