 "Nirmala Sitharaman, Finance Minister")
No fiscal space: Officials advise FM Sitharaman against Budget sops
Government officials have advised Finance Minister Nirmala Sitharaman that there is no fiscal space for any giveaways in the forthcoming Budget. This was the grim verdict of each presentation made by the departments of the finance ministry in marathon meetings that extended till late in the evening on Saturday. Read more here
Corporate earnings down 0.1% YoY in March quarter due to slowdown in demand
After reporting positive earnings growth for five consecutive quarters, corporate earnings were flat in the January-March 2019 quarter. The combined net profit of 1,869 companies, excluding financials and energy, was down 0.1 per cent YoY during the January-March 2019 quarter — their worst showing in the last six quarters. Read more here
Probe reveals how IL&FS bosses showed fictitious profits for salary hikes
The Serious Fraud Investigation Office’s (SFIO’s) first charge sheet in the Infrastructure Leasing & Financial Services (IL&FS) case has accused the former directors of the company and subsidiaries IL&FS Financial Services (IFIN) and IL&FS Transport Network (ITNL) of devising illegal strategies to overstate profits and, thereby, pay higher dividend to the holding company.
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Utility vehicles array in auto market as India's aspirations rise
A decade earlier, hatchbacks were the hot cakes for vehicle makers. Then, the sedan.
Now, it’s all about utility vehicles (UVs), especially sports utility vehicles (SUVs). More, below four metres. The segment’s growth was higher than overall car sales and the trend is expected to continue — SUVs are expected to grow twice the overall rate for car sales. Read more here
SpiceJet to hire up to 2,000 Jet staff, including pilots and cabin crew
SpiceJet plans to hire up to 2,000 staff, including pilots and cabin crew, of the defunct Jet Airways as the no-frills carrier continues to expand its operations. The airline has taken at least 22 planes that were earlier used by Jet Airways, which temporarily shuttered its operations due to cash crunch in April. Read more here
Liquor companies dizzy as prohibition looms large in Andhra Pradesh
Liquor companies may have to contend with significant loss of revenue if Andhra Pradesh’s (AP’s) new Chief Minister (CM) Y S Jagan Mohan Reddy fulfills his poll promise of implementing prohibition in the state. The ball was set rolling on Saturday, when state government officials cracked down on illegal liquor shops as a first step towards prohibition. Read more here
India to make G20 pitch for taxing digital giants like Google, Facebook
Finance Minister Nirmala Sitharaman will push India’s proposal for taxing digital enterprises such as Google, Facebook, and Netflix in her first international engagement at the Group of Twenty (G20) ministerial on June 8-9 in Japan.India will aim to garner support for its proposal, officials said. Read more here
Top taxpayers likely to get PM or FM’s invitation to tea
Government is designing an unconventional plan to reward India’s top income taxpayers and encourage them to part with their money, a report by the Livemint said.
BJP’s rural votes show talk of farm crisis misleading
GDP in the latest January-March 2019 quarter slowed to just 5.8%. In contradiction to conventional idea on agrarian distress, the BJP actually boosted its vote share in rural areas to roughly 46%, double the Congress’ 23%., a report by The Economic Times said.
Surcharge, cess come to the rescue as I-T revenues repeatedly miss target
Despite a strong growth in the number of persons filing income-tax returns since 2014, the Centre has been struggling to meet its target for basic I-T collections every year, a report by the Hindu Businessline said.
