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The Economic Times
The Economic Times No friction between Centre and states over GST, says FM Sitharaman
Union finance minister Nirmala Sitharaman has denied any friction between the Centre and states over GST, emphasizing the importance of respecting the federal structure. She highlighted that simplifying taxpayer compliance takes precedence over revenue generation in budget meetings. The average GST rate has decreased to 12.2% as of 2023, below the suggested revenue neutral rate.
The Economic Times Audit in the AI era
​In an era defined by rapid technological evolution, artificial intelligence (AI) is emerging as a game-changer in auditing. The integration of AI into auditing processes signifies more than mere automation; it heralds a paradigm shift in how audits are conducted, enhancing both efficiency and accuracy. This transformation is reshaping traditional methodologies and presenting new opportunities for auditors to redefine their roles.
The Economic Times 16x growth needed in manufacturing to achieve Viksit Bharat by 2047: Anish Shah, Group CEO, M&M
Anish Shah, Group CEO & MD of Mahindra Group and FICCI President, called for a 16-fold increase in India’s manufacturing sector to boost its GDP contribution from 16% to 25% by 2047 for realising the Viksit Bharat vision. Key priorities include globalising "Make in India," enhancing women's workforce participation, improving farm prosperity, and focusing on sustainability.
The Economic Times Mass layoffs hit tech industry: Over 27,000 jobs cut as Intel, Cisco, IBM, and Apple slash workforce
Tech companies cut over 27,000 jobs in August 2024, with major firms like Intel, IBM, and Cisco among those announcing layoffs. Intel plans to reduce its workforce by 15%, while Cisco is shifting focus to AI and cybersecurity. IBM is discontinuing R&D in China. Other companies like Infineon, GoPro, Apple, Dell Technologies, ReshaMandi, Brave, and ShareChat also announced significant job cuts.
The Economic Times India, Singapore sign MoUs in fields of digital technology, semiconductor
Compassion and empathy stand as the twin beacons of a teacher's calling, gently guiding their students through the shadows of uncertainty to the light of understanding and acceptance.
The Economic Times India-UK FTA within finger-touching distance: NITI Aayog CEO
The Free Trade Agreement (FTA) between India and the UK is nearing completion, with both sides just a step away from finalizing the deal, according to NITI Aayog CEO B.V.R. Subrahmanyam. Negotiations for the FTA, which began in January 2022 and were paused due to elections in both countries, aim to significantly boost the existing GBP 38.1 billion annual bilateral trade.
The Economic Times A bigger share of bank deposits comes at higher rates now
Banks in India are offering higher interest rates on deposits to attract savers, with more than two-thirds of deposits earning 7% or above by June 2024. This shift is driven by the need to meet rising credit demand, which continues to outpace deposit growth.
The Economic Times Reliance corners Rs 3,620 crore battery PLI sops
Reliance Industries Limited has secured Rs 3,620 crores in incentives for producing advanced chemistry cell batteries. This win adds to the 5 GWh capacity RIL had previously secured, bringing their total to 15 GWh. The incentives were awarded through a rebid by the Ministry of Heavy Industries.
The Economic Times Will SEBI get savvy, or shut its gate?
Madhabi Puri Buch, the first private sector head of Sebi, faces scrutiny over alleged conflicts of interest. The article discusses the need for stricter regulations to address potential conflicts and suggests that appointing bureaucrats without regulatory changes could be short-sighted. The debate continues on whether private sector leaders should helm Sebi.
The Economic Times Govt extends export credit scheme by a month to Sept 30
The government has extended the interest equalisation scheme on pre- and post-shipment rupee export credit for MSME manufacturing exporters until September 30. This extension aims to support India's outbound shipments by providing competitive rates amid global economic challenges. The scheme, which ended on August 31, was previously extended in June for two months.
The Economic Times Hindujas' acquisition of RCap hits tax dues hurdle
IndusInd International Holdings' ₹9,861-crore acquisition of Reliance Capital faces a new hurdle as the company seeks to adjust over ₹1,000 crore in GST dues owed by Reliance Capital's insurance subsidiaries. Creditors are reluctant to accept this adjustment, leading to a deadlock that may require NCLT intervention.
The Economic Times Lower GST on insurance likely to come with caps
The committee is not in favour of a blanket GST exemption on life and health insurance premiums, said people aware of deliberations. It's likely to give a detailed report on the revenue impact under different rate scenarios for insurance products to the GST Council, which is scheduled to meet on September 9.
The Economic Times India Inc extends gender diversity push to temporary hiring for festive season
India Inc is pushing for gender diversity in temporary hiring during peak periods like the festive season. Sectors such as ecommerce, logistics, retail, and BFSI are actively onboarding more women workers. Companies are offering flexible hours, transportation, and skill development programs to attract female talent, with safety measures being significantly enhanced.
The Economic Times Deals & disputes drive India Inc legal spends up by 17% in FY24; RIL & Sun Pharma top spenders
Legal expenses for India's top 500 companies rose by 17% in the last fiscal year, driven by international deal activities, dispute resolution costs, and increased compliance. The Nifty 500 companies spent ₹52,568 crore on legal fees. The top spenders included Reliance Industries and Sun Pharmaceutical Industries.
The Economic Times Etail, logistics companies prepare package for non-metro boom
"Ekart is building the supply chain for India and carries the mission of democratising ecommerce for all brands," said Mani Bhushan, chief business officer at Ekart. "Ekart is well-established and will continue to deepen presence in tier II-III supply chains and beyond." These include last-mile delivery and bulk cargo pickups from brands and manufacturers.
