Page 615 - Economy & Policy News
Jalan-Kalrock's plan for Jet Airways unworkable, lenders tell Supreme Court
The lenders have filed a challenge to the NCLAT order of May 26 which granted the Jalan-Kalrock consortium three-and-a-half months more to make payments
 "Jalan-Kalrock's plan for Jet Airways unworkable, lenders tell Supreme Court")
While collar hiring dip 3% in June on cautious recruiter sentiments: Report
Sectors such as IT (- 19 per cent), BFSI (- 13 per cent), Home Appliances (- 26 per cent), and Production/ Manufacturing (- 14 per cent) have not yet bounced back to last year's hiring numbers
 "While collar hiring dip 3% in June on cautious recruiter sentiments: Report")
50th GST Council meet underway, taxation on online gaming on agenda
A clarity on taxation of MUV for levy of a 22 per cent compensation cess over and above the 28 per cent GST rate is also expected
 "50th GST Council meet underway, taxation on online gaming on agenda")
Global trade costs could rise by $800 bn, carbon tax on shipping lined up
The IMO has proposed that 5% of all fuel used by ships be clean fuel by 2030
 "Global trade costs could rise by $800 bn, carbon tax on shipping lined up")
Delhi, Mumbai lead in hiring by companies; southern city third: Report
Demand by employers shows a thaw in hiring freeze in some sectors, says professional networking platform
As business bankruptcies surge around the world, next wave could be bigger
Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust
 "As business bankruptcies surge around the world, next wave could be bigger")
South Eastern Coalfields to turn old mine in Chhattisgarh into tourism hub
Recently, the company released Rs 5.60 crore to the district collector of Korba to expedite the project
 "South Eastern Coalfields to turn old mine in Chhattisgarh into tourism hub")
Rajasthan govt setting up facilities for hi-tech teaching in ITIs
According to a state government official, the students will now get an opportunity to study on the Internet along with their textbooks
 "Rajasthan govt setting up facilities for hi-tech teaching in ITIs")
Uttar Pradesh govt looking to invest about Rs 3,800 cr in agri start-ups
The Centre has signed a memorandum of understanding with nearly a dozen public sector banks to provide loans under the scheme
 "Uttar Pradesh govt looking to invest about Rs 3,800 cr in agri start-ups")
PE inflows plunge 61% to $6.1 bn in January-Jun, lowest since 2020
Continuing global macroeconomic uncertainties along with tight credit markets, pulled down private equity investments into the country by 61% in first half of 2023 to $6.1 bn, according to a report
 "PE inflows plunge 61% to $6.1 bn in January-Jun, lowest since 2020")
India's direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far
"The provisional figure is 26.05 per cent of the total Budget Estimates of direct taxes for the current financial year 2024, " the ministry said
 "India's direct tax mop-up in FY24 rises 16% to Rs 4.75 trillion so far")
India may be world's 2nd-largest economy by 2075, says Goldman Sachs
The report projected India's GDP at $52.5 trillion by 2075, behind China's $57 trillion but ahead of the US' $51.5 trillion
 "India may be world's 2nd-largest economy by 2075, says Goldman Sachs")
Tepid response: Govt likely to tweak open-market sale policy for rice
16 of 17 states wanted Centre to retain stocks; K'taka giving cash in lieu of rice
 "Tepid response: Govt likely to tweak open-market sale policy for rice")
Public health groups urge GST Council to raise cess on tobacco products
Public health groups along with doctors and economists have urged the GST Council to increase compensation cess on all tobacco products in order to generate additional revenue for the govt
 "Public health groups urge GST Council to raise cess on tobacco products")
Most factories jumped on contract-work bandwagon even before pandemic hit
Of the 198,628 organised factories surveyed, 98.4% of them employed contract workers in 2019-20, significantly up from around 71% in the previous year
 "Most factories jumped on contract-work bandwagon even before pandemic hit")
Net direct tax mop-up grows 16% to Rs 4.75 trillion: I-T department
On a gross basis, collection from direct taxes, which includes income and corporate taxes, grew 14.65 per cent to Rs 5.17 trillion
 "Net direct tax mop-up grows 16% to Rs 4.75 trillion: I-T department")
IFB Agro's fish feed plant in 2024, liquor biz face trouble on duty hike
IFB Agro Industries said its alcohol business is facing challenges due to a sharp hike in liquor prices due to a 30 per cent excise rise by the West Bengal government
 "IFB Agro's fish feed plant in 2024, liquor biz face trouble on duty hike")
Corporation tax collections decline 8.19% till June 17 this year: CAG
The FY24 Budget has projected a corporation tax mop-up of Rs 9.23 trillion, up 10.5 per cent from Rs 8.35 trillion in 2022-23 (Revised Estimates)
 "Corporation tax collections decline 8.19% till June 17 this year: CAG")
India overtakes China as most attractive emerging market for investing
India has overtaken China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing $21 trillion in assets
 "India overtakes China as most attractive emerging market for investing")
GST Council to decide on taxation on online gaming, definition of MUVs
The Committee has suggested that the provision should kick in if the difference is more than 20 per cent and more than Rs 25 lakh
 "GST Council to decide on taxation on online gaming, definition of MUVs")