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The Economic Times
The Economic Times Commerce dept mulls options for key export schemes
The ministry has moved a note for the approval of the Expenditure Finance Committee (EFC) to extend to the Interest Equalisation scheme by five years, which is available for small businesses and products falling under 401 tariff codes, till August 31. The total outlay of the scheme is capped at Rs 750 crore.
The Economic Times FMCG players expect volume trends to sustain amid rising demand in rural markets
FMCG firms reported rural demand resurgence and strong e-commerce growth, especially through quick commerce, in the June quarter. Companies like HUL, ITC, and Dabur, despite high food inflation, are optimistic about future growth due to favorable monsoons and government policies boosting the rural economy. Traditional urban channels showed some slowdown.
The Economic Times Tourism Finance Corporation looks to set up alternative investment fund
The firm is also exploring ways to raise funds through long-term bonds and debentures, he told ET, adding that TFCI will aggressively expand its wholesale and retail loan book as it is well capitalised at above 58%.
The Economic Times India will need around 1 lakh company secretaries by 2030: ICSI
India was expected to require around 1 lakh company secretaries by 2030 amid economic expansion and a governance focus, according to ICSI. With more than 73,000 company secretaries presently, ICSI aimed to attract young talent by allowing direct registration for graduates and postgraduates. India hopes to become a USD 7 trillion economy by 2030.
The Economic Times Legacy companies speed in electric 2-wheeler lane; startups slow
The market share of top electric two-wheeler startups, including Ola Electric, Ather Energy, and Greaves Electric, dropped to 48.8% in Q1 from 59% last year. Traditional companies like Bajaj Auto and Hero MotoCorp increased their presence, capturing around 30% of the market. Electric two-wheeler sales grew 1.4% to 221,548 units. Ola Electric led with 107,911 units. Hero MotoCorp aims to expand its portfolio and network, while Bajaj Auto focuses on growth and long-term presence. TVS also plans multiple EV launches. The competing firms are ramping up efforts for higher volumes and market share.
The Economic Times Sebi to review reverse book building process and other alternatives for delisting
The market regulator, Security Exchange Board of India (SEBI) has suggested to undertake review of Reverse Book Building process and other Alternatives for Delisting, according to the 2023-24 annual report.
The Economic Times EU banks expect India bond trades to go on
Four European banks expected permission from their national regulators to continue trading with India’s Clearing Corporation despite an imminent deadline. Recent communications between Indian and European authorities indicated potential resolution to the regulatory dispute that started when ESMA de-recognised the Clearing Corporation in October 2022, impacting major bond and derivatives trading.
The Economic Times Price fall, tax changes make Gold ETFs attractive; more so as SGBs seen on hold
Following a customs duty reduction and a fall in gold prices, investors were drawn to gold ETFs and funds. The budget announcement made long-term gold investments more tax-efficient, and with no new sovereign gold bond issues expected, experts recommended a 10% portfolio allocation. Gold remains a hedge against inflation and provides diversification.
The Economic Times Education Ministry steps in after IITs get GST notices
A host of academic institutions countrywide including IIT-D have been served show cause notice seeking explanation on non-payment of tax on funding support for research by GST authorities. Notices have been sent by the Directorate General of GST Intelligence for the period between 2017-2022.
The Economic Times Hero MotoCorp gets over Rs 17 cr tax notice from Delhi GST authorities
Hero MotoCorp on Sunday said it has received a demand notice of over Rs 17 crore from Delhi GST authorities. The company has received an order dated August 17, 2024, for disallowance of input tax credit for FY 2019-20 from the Office of the GST Officer, Government of NCT of Delhi, the two-wheeler major said in a regulatory filing.
The Economic Times India needs 148 million more jobs by 2030: IMF's Gita Gopinath
IMF's Gita Gopinath pointed out that India must create 60 to 148 million jobs by 2030 due to population growth. She stressed the need for labour codes, educational reforms, private investment, tax changes, and tariff reduction. Enhanced ease of doing business and social safety nets were also advised for sustainable development.
The Economic Times Simplify GST, broaden base with fewer exemptions to increase revenue: Gita Gopinath
India will need to undertake a lot more reforms to continue its growth trajectory and make sure that enough jobs are created in the country, IMF deputy managing director Gita Gopinath said on Saturday. Addressing an event here, Gopinath further said that India will be required to reduce import tariffs if it wants to be an important player in the global supply chains.
The Economic Times Apple India business value exceeds ₹2 lakh Cr. How did it reach there?
In fiscal 2024, Apple Inc. achieved a business value exceeding ₹2 lakh crore in India, driven by increased iPhone exports and domestic sales of products like MacBooks, iPads, and Watches. Apple's growth is notable for its rapid expansion in production and exports, likely the fastest by any company in India in the past 50 years. Key factors include leveraging the Production-Linked Incentive (PLI) scheme, strategically choosing manufacturing locations in South India, and enhancing sales through revamped distribution strategies and premiumization of products.
The Economic Times India Inc profit shrinks 3% in Q1, worst qtr since pandemic
FMCG companies reported a sequential sales pickup and are optimistic due to the satisfactory monsoon progress. The overall profit slowdown is significant, as it impacts the calculation of gross value added, leading RBI to lower its GDP forecast for Q1FY25, reflecting moderation in corporate profitability.
The Economic Times Cognizant CFO Jatin Dalal sees positive signals in IT demand scenario after long
Speaking about the recent controversy on low salary at the entry levels, Dalal said that it was a “misunderstanding” and for engineers the company pays salaries in the range of “Rs. 4 lakh going up to Rs. 12 lakh” for different types of work and colleges. “This Rs. 2.5 lakh salary, I want to put it on record, is not reflective of an engineer's salary. That is for a three year undergraduate course at an entry level…. So these are two very different parallel streams of hiring.”
