Page 12 - Business

Insolvency law changing the way society perceives biz failures: CCI chief

With a huge unsatiated appetite for freedom of exit, the insolvency law is changing the way society perceives business failures and striving to build confidence among creditors, Competition Commission of India chief Ashok Kumar Gupta said on Saturday. He also emphasised that suiting the new economic milieu, the Insolvency and Bankruptcy Code (IBC) projects exit as a resolvable fall-out of market competition and provides a rather graceful exit for entrepreneurs. He was delivering the annual day lecture of the Insolvency and Bankruptcy Board of India (IBBI), a key institution in implementing the Code. "Fuelled by a huge unsatiated appetite for freedom of exit, the insolvency law is changing the way society perceives business failures, as it becomes a reform by, for and of stakeholders. "Standing on the two critical pillars of transparency and credibility, the Code and its implementation have continuously strived to build confidence among the creditors and the new management through a

New cities being built in country as per global business demand: PM Modi

Prime Minister Narendra Modi on Friday said new cities are being built in the country as per global business demand with focus on improving and expanding old cities. India of the 21st century will get a new momentum from the cities in the country, he said while stressing the need to develop twin cities. Calling speed an important factor in development, Modi said the system of transport should be modern with seamless connectivity. The prime minister was addressing a gathering in Ahmedabad after flagging off the Gandhinagar-Mumbai Vande Bharat Express train and inaugurating phase-1 of the Ahmedabad metro rail project. "India of the 21st century will be getting a new momentum from the cities of the country. With the changing times, it is necessary to continuously modernise our cities with the changing needs," he said. "The system of transport in the city should be modern, there should be seamless connectivity. One mode of transport should support the other. This is necessary," Modi .

Data centre business to double by 2024, demand to help real estate: Reports

Investments in data centres expected to surpass $20 billion by 2025, with smaller cities gaining too

From Windsors to Kochs and Tatas, 5 rules for family businesses to thrive

Family companies are repositories of family traditions and family loyalties

American Express India appoints Sanjay Khanna as chief executive officer

In his new role, Sanjay Khanna will be leading several business development initiatives for American Express, while steering collaboration across its diverse businesses in India

World Suicide Prevention Day: Data on businesspersons tell a shocking story

Suicide is a a growing problem and the numbers tell a shocking story. A total of 12,055 businesspersons died by suicide in 2021. According to data compiled by the National Crime Records Bureau, the number of such deaths in the farming segment was 10,881.

16 states onboard single-window system for ease of doing business

As many as 16 states, including Odisha, Tamil Nadu and Bihar have integrated with National Single Window System (NSWS) so far with an aim to promote ease of doing business, a senior official said on Tuesday. The government in September last year soft-launched NSWS for businesses. It was aimed at providing support to investors, including pre-investment advisory, information related to land banks, and facilitation of clearances at the Centre and state levels. The NSWS portal is envisioned as a one-stop shop for investors for taking all the regulatory approvals and services related to investments. It allows online filing and tracking of all applications and clearances, thereby helping investors to obtain clearances from different stakeholders without visiting different government offices. "Currently, 24 of the 32 ministries and departments have onboarded the system and others are in the process. 181 out of total 368 services identified as relevant, have been onboarded. At the same tim

India probes may adversely affect operating results or cash flows: Xiaomi

Chinese smartphone maker Xiaomi on Friday said the ongoing investigations and allegations in India could take a long period of time to settle that may adversely affect its operating results.

Biz ideas from students can help country get rid of unemployment: Sisodia

"By learning the concepts of entrepreneurship and establishing start-ups at a young age, students in Delhi government schools are becoming responsible citizens as well as smart entrepreneurs," he said

Masayoshi Son now down $4 bn on SoftBank side deals due to market downturn

Masayoshi Son holds 17.25% of a vehicle set up under SoftBank's Vision Fund 2 for its unlisted holdings, as well as 17.25% of a unit within its Latin America fund

J&K Bank aims to achieve business of Rs 4 tn in next 5 years: CEO

Jammu and Kashmir Bank has set a long-term goal of achieving Rs 4,00,000 crore business in the next five years with annual profit of Rs 4,000 crore, a top company official has said. J&K Bank MD & CEO Baldev Prakash said the long-term objectives are backed by well thought out strategies and monitorable execution plans that would be periodically reviewed to ensure achievement of all interim milestones. Prakash said the bank is also working on short-term goals like fixing monthly targets for each business line. "In the longer term, we have set out a target for ourselves to achieve business of Rs 4 lakh crore in the next five years with an annual profit of Rs 4,000 crore. We are aiming to bring our gross NPA to below 4 per cent with a net NPA figure to one per cent level. The long-term target for our Return on Assets (RoA) is above 1 per cent," he said. Prakash further said that, "the broader objective would be to improve Bank's market share from 0.63 per cent to 0.75 per cent in .

Odisha govt allots land to businesses to fast-track investment proposals

The Odisha government allotted land to several industrial units to fast-track 13 investment proposals worth Rs 766 crore, an official release said

We invested, supported our UK biz for a long time: Tata Steel's Narendran

'The UK business has come a long way. Today, it is Ebitda positive and cash positive'

Unacademy 'not efficient' in finances, will shut some businesses: CEO

Unacademy, valued at $3.44 billion, will restrict business class travel end meals and snacks as complimentary perk at the startup

Andhra, Gujarat 'top achievers' in govt survey on reforms for business

The latest fifth edition of the Business Reforms Action Plan (BRAP), 2020, by the industry department did not rank states on the ease of doing business measures undertaken by them

SP group back in business as fortunes revive in post pandemic era

Company turned around in FY22 after the Covid pandemic hit its core real estate operations in FY21; experts say Pallonji Mistry's sons now lead the businesses

GI Outsourcing shaping India's global account outsourcing industry

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World MSME Day: Oyo announces special 60% discount for small businesses

Approx 2,000 properties across the country will be covered under this scheme

UAE Minister of Economy to lead business delegation to India this week

UAE Minister of Economy Abdulla bin Touq Al Marri will be leading a high-level business delegation to India this week to discuss ways to further promote trade and investments between the two countries

GST mop-up hits record high of Rs 1.68 trn in April on robust biz activity

Tops Rs 1.5 trillion for the first time; record collections for 2 months in a row