Due to #CorporateTaxcut total revenue loss Rs 1.45 lakh cr. given to top 0.7% the corporates in India i.e the #Adanis & #Ambanies @SitaramYechury termed it pure #CronyCapitalism— Press Release Watch (@PrReleaseWatch) September 20, 2019
Tags:-#Sensex #WorldFamousLover #WorldFamousLover TRAI Must Scrap IUC How's the Josh #MakeYourMoov
Showing posts with label Economy. Show all posts
Showing posts with label Economy. Show all posts
Friday, September 20, 2019
Rs 1.45 lakh cr #CorporateTaxcut : Good or Bad for Indian #Economy ?
Friday, August 9, 2019
Air cargo delivery industry needs special focus in the Draft National Logistics Policy says @EICIIndia
Express Industry Council of India (EICI), which represents leading express companies in the country, today said the government has overlooked express industry, especially air cargo segment, in the draft national logistics policy. EICI also said that air cargo delivery needs special focus to reduce logistics costs in the country.
“We laud the efforts in preparing the draft policy covering a broad spectrum of focus areas to drive the growth of Indian logistics sector. However, we note that the policy document does not focus on express industry and air cargo sectors, which are integral parts of the logistics network. The air express has also been overlooked in the multi modal mix even though air is an essential segment of the movement of goods,” EICI said.
It further added that “In developing countries like India, an efficient air express infrastructure contribute directly to global competitiveness of the country by ensuring just in time deliveries and reduced clearance dwell time. Further, efficient express delivery industry acts as an economic catalyst by opening up new market opportunities, moving products and services with speed and efficiency”.
The government had issued the draft national logistics policy early this year, aiming to reduce the logistics costs from 13-14% of GDP to 10% “in line with best-in-class global standards”. The policy also seeks to optimize the current multi-modal mix, where road has a share of 60%, while railways account for 31% and waterways 9%, to bring the sector on par with international benchmarks (25-30% share of road, 50-55% share of railways, 20-25% share of waterways).
Aviation Turbine Fuel (ATF) is the single largest component of direct operating cost with a share of 40%. Excise duty and VAT charged by central and state governments, respectively, on ATF add another 30-35% cost. Making the matter worse, the GST regime disallows input credit on ATF, increasing the tax burden on express cargo airlines further.
“Such exorbitant costs severely affect the sustainability of express air cargo operations and excludes access into this reliable and speedy form of air transportation of items like perishables that would benefit both the producer and customer across the country and globally,” EICI said.
“The government should permit express cargo airlines to avail input credit of excise duty as was done before GST regime. ATF should be brought under GST and input credit on GST paid on ATF should be made available to express cargo airlines,” EICI added. EICI represents both domestic and international express companies operating in India including Aramex, FedEx, Blue Dart, DHL, DTDC, First Flight, GATI, TNT and UPS.
EICI also suggested measures to streamline E-Way Bill system. “The onus of the EWB should shift from the transporter to the shipper as they have complete control on the content of the shipment. This will ensure that the right EWB is being generated and also impact the transit time positively as time bound delivery is a critical aspect in the express business industry.”
“We also urge the government to introduce single window clearance for courier clearances to reduce EXIM dwell time. Skill development plans and training programs are required for the training of new roles such as last mile delivery associates, operations processing staff that work mainly with Express and Third party logistics (3PL) players, the government should focus on this aspect as well.” EICI said.
As per a Deloitte Report entitled ‘Indian Express Industry – 2018 A multi-modal play in building the ecosystem’, India’s logistics sector is projected to be worth $215 billion by 2020-21. The industry's growth will be fuelled by the strides in manufacturing, retail, fast-moving consumer goods and e-commerce sectors. Development of logistics related infrastructure, like dedicated freight corridors, logistics parks, free trade warehousing zones and container freight stations, are expected to improve efficiency, the report added.
Air cargo delivery industry needs special focus to reduce logistics costs in the Draft National Logistics Policy says @EICIIndia pic.twitter.com/LaFhIpaipa— Press Release Watch (@PrReleaseWatch) August 9, 2019
“We laud the efforts in preparing the draft policy covering a broad spectrum of focus areas to drive the growth of Indian logistics sector. However, we note that the policy document does not focus on express industry and air cargo sectors, which are integral parts of the logistics network. The air express has also been overlooked in the multi modal mix even though air is an essential segment of the movement of goods,” EICI said.
It further added that “In developing countries like India, an efficient air express infrastructure contribute directly to global competitiveness of the country by ensuring just in time deliveries and reduced clearance dwell time. Further, efficient express delivery industry acts as an economic catalyst by opening up new market opportunities, moving products and services with speed and efficiency”.
The government had issued the draft national logistics policy early this year, aiming to reduce the logistics costs from 13-14% of GDP to 10% “in line with best-in-class global standards”. The policy also seeks to optimize the current multi-modal mix, where road has a share of 60%, while railways account for 31% and waterways 9%, to bring the sector on par with international benchmarks (25-30% share of road, 50-55% share of railways, 20-25% share of waterways).
Aviation Turbine Fuel (ATF) is the single largest component of direct operating cost with a share of 40%. Excise duty and VAT charged by central and state governments, respectively, on ATF add another 30-35% cost. Making the matter worse, the GST regime disallows input credit on ATF, increasing the tax burden on express cargo airlines further.
“Such exorbitant costs severely affect the sustainability of express air cargo operations and excludes access into this reliable and speedy form of air transportation of items like perishables that would benefit both the producer and customer across the country and globally,” EICI said.
“The government should permit express cargo airlines to avail input credit of excise duty as was done before GST regime. ATF should be brought under GST and input credit on GST paid on ATF should be made available to express cargo airlines,” EICI added. EICI represents both domestic and international express companies operating in India including Aramex, FedEx, Blue Dart, DHL, DTDC, First Flight, GATI, TNT and UPS.
EICI also suggested measures to streamline E-Way Bill system. “The onus of the EWB should shift from the transporter to the shipper as they have complete control on the content of the shipment. This will ensure that the right EWB is being generated and also impact the transit time positively as time bound delivery is a critical aspect in the express business industry.”
“We also urge the government to introduce single window clearance for courier clearances to reduce EXIM dwell time. Skill development plans and training programs are required for the training of new roles such as last mile delivery associates, operations processing staff that work mainly with Express and Third party logistics (3PL) players, the government should focus on this aspect as well.” EICI said.
As per a Deloitte Report entitled ‘Indian Express Industry – 2018 A multi-modal play in building the ecosystem’, India’s logistics sector is projected to be worth $215 billion by 2020-21. The industry's growth will be fuelled by the strides in manufacturing, retail, fast-moving consumer goods and e-commerce sectors. Development of logistics related infrastructure, like dedicated freight corridors, logistics parks, free trade warehousing zones and container freight stations, are expected to improve efficiency, the report added.
Thursday, July 4, 2019
Skills development a prerequisite for financial Independence & eradicating unemployment
By 2020, our country will receive a “demographic dividend” — 65% of the population will be under the age of 35. It would give the country a huge advantage, provided certain measures are taken. At present, statistics about unemployment rate among youth in India paint a dismal picture. According to the International Labour Organisation, in 2016, the global unemployment rate for youth stood at 13.1%. Data by the Labour Bureau suggest that, during that period, India was on par with the global average —13.2% of those between 18 and 29 years of age who were seeking a job in 2015-2016 remained unemployed.
As our country targets to become a global economic powerhouse, it needs to equip its workforce with employable skills and knowledge to make India a developed economy
Over the years, industry experts have argued that ‘lack of opportunities’ is a concern. But, there is a greater concern — lack of skills which is looming large. According to the National Sample Survey, out of the 470 million people of working age in India, only 10% receive any kind of training or access to skilled employment opportunities.
A recent employability report has found that over 80 percent of engineers in India are unemployable as they lack the technological skills required by employers. In today's age of globalization and technological volatility, skill building is an important instrument to increase the efficacy and quality of labour for improved productivity and economic growth. Skill development has emerged as a key strategy to realize the potential of demographic advantage of having the youngest workforce with an average age of 29 years in comparison with the advanced economies. It is a pivot to employ human resources available to improve our country’s competitiveness and growth
Clearly, there’s a huge mismatch between demand and supply when it comes to skilled workforce and employment opportunities, which could place a strain on the economy in the long run. Though recent initiatives such as “Skill India Mission” aim to train and create an employable skilled talent pool of 500 million people by 2020, there still is a long way to go.
We need to set up career counseling and guidance centers to sensitise, guide and counsel literate, employable youth on higher education, life skills enhancement and give them employment opportunities, especially for rural folk for whom getting a job or setting up a business can be hard to make them financially independent.
The main goal is to create opportunities, space and scope for the development of the talents of the Indian youth and to develop more of those sectors which have already been put under skill development for the last so many years and also to identify new sectors for skill development.
We need to put emphasis to skill the youth in such a way so that they get employment and also improve entrepreneurship. Skill training needs to Provide training, support and guidance for all occupations that were of traditional type like carpenters, cobblers, welders, blacksmiths, masons, nurses, tailors, weavers etc. Also more emphasis to be given on new areas like construction, transportation, textile, gem industry, jewellery designing, banking, tourism and various other sectors, where skill development is inadequate or nil.
Skill development will
• eradicate unemployment and poverty.
• Increase capacity & capability of existing system to ensure equitable access to all.
• It will promote lifelong learning, maintaining quality and relevance, according to changing requirement particularly of emerging knowledge economy.
• It will channelize the vast potential of indigenous man power.
• It will transform India into a diversified and internationally-competitive economy.
We, at Natco Trust , have set up several initiatives that provide skill training in various fields, such as pre- primary teacher training, stitching, cell phone repairs, beauty parlour management, driving & computer education. so that they can earn a livelihood. Our trust, in its efforts to enhance employability, helps people from the local communities it works with to gain valuable skills, which help them find jobs or be self-employed, Says, Swathi Kantamani, Head CSR, Natco trust.
By Swathi Kantamani Head of Corporate Social Responsibility, Natco Trust
As our country targets to become a global economic powerhouse, it needs to equip its workforce with employable skills and knowledge to make India a developed economy
Over the years, industry experts have argued that ‘lack of opportunities’ is a concern. But, there is a greater concern — lack of skills which is looming large. According to the National Sample Survey, out of the 470 million people of working age in India, only 10% receive any kind of training or access to skilled employment opportunities.
A recent employability report has found that over 80 percent of engineers in India are unemployable as they lack the technological skills required by employers. In today's age of globalization and technological volatility, skill building is an important instrument to increase the efficacy and quality of labour for improved productivity and economic growth. Skill development has emerged as a key strategy to realize the potential of demographic advantage of having the youngest workforce with an average age of 29 years in comparison with the advanced economies. It is a pivot to employ human resources available to improve our country’s competitiveness and growth
Clearly, there’s a huge mismatch between demand and supply when it comes to skilled workforce and employment opportunities, which could place a strain on the economy in the long run. Though recent initiatives such as “Skill India Mission” aim to train and create an employable skilled talent pool of 500 million people by 2020, there still is a long way to go.
We need to set up career counseling and guidance centers to sensitise, guide and counsel literate, employable youth on higher education, life skills enhancement and give them employment opportunities, especially for rural folk for whom getting a job or setting up a business can be hard to make them financially independent.
The main goal is to create opportunities, space and scope for the development of the talents of the Indian youth and to develop more of those sectors which have already been put under skill development for the last so many years and also to identify new sectors for skill development.
We need to put emphasis to skill the youth in such a way so that they get employment and also improve entrepreneurship. Skill training needs to Provide training, support and guidance for all occupations that were of traditional type like carpenters, cobblers, welders, blacksmiths, masons, nurses, tailors, weavers etc. Also more emphasis to be given on new areas like construction, transportation, textile, gem industry, jewellery designing, banking, tourism and various other sectors, where skill development is inadequate or nil.
Skill development will
• eradicate unemployment and poverty.
• Increase capacity & capability of existing system to ensure equitable access to all.
• It will promote lifelong learning, maintaining quality and relevance, according to changing requirement particularly of emerging knowledge economy.
• It will channelize the vast potential of indigenous man power.
• It will transform India into a diversified and internationally-competitive economy.
We, at Natco Trust , have set up several initiatives that provide skill training in various fields, such as pre- primary teacher training, stitching, cell phone repairs, beauty parlour management, driving & computer education. so that they can earn a livelihood. Our trust, in its efforts to enhance employability, helps people from the local communities it works with to gain valuable skills, which help them find jobs or be self-employed, Says, Swathi Kantamani, Head CSR, Natco trust.
By Swathi Kantamani Head of Corporate Social Responsibility, Natco Trust
Wednesday, March 14, 2018
Complying with @RBI & @SEBI_India regulations remain the biggest challenge for @bandhanbank_in post IPO
Post IPO promoters holding in @bandhanbank_in will go down to 82% from 89%. @RBI norms require it to bring down to 40% & @SEBI_India rules call for 1yr. lock-in for promoters post IPO. "We will approach the regulators for some relaxations,' SK Ghosh, MD & CEO @bandhanbank_in pic.twitter.com/a6lfbwmD4f— Press Release Watch (@PrReleaseWatch) March 14, 2018
Bandhan Bank’s core strength and focus would be in the micro-finance business in which it has a market share of about 20 per cent in the country.
The Price Band for the @bandhanbank_in IPO is fixed from Rs. 370 to Rs. 375 per Equity Share. Bids can be made for a minimum lot of 40 Equity Shares and in multiples of 40 Equity Shares thereafter.The bank plans raise around Rs.4,473 cr. through its IPO pic.twitter.com/LrKjzwR9Dr— Press Release Watch (@PrReleaseWatch) March 14, 2018
Monday, January 22, 2018
Can @arunjaitley reduce corporate tax rate to 25 per cent now?
India's 73 percent of the wealth generated last year went to the richest one percent says @OxfamIndia report, The report is being launched ahead of the @wef in @Davos Switzerland where @narendramodi to sharing his vision for India’s future pic.twitter.com/Y0AZPKIIiV— Press Release Watch (@PrReleaseWatch) January 22, 2018
Are you worried about the rising gap between the rich and poor? We are asking the government to bring a budget that works for all. GIVE A MISSED CALL 70977 70977 #sabkavikas #IndiaAtDavos2018 #sharedfutures@nishaagrawal007 @PMOIndia @arunjaitley @Twiplomacy pic.twitter.com/MkvV9VzG3y— Oxfam India (@OxfamIndia) January 19, 2018
#SabkaVikas: Benefits of economic growth in India continue to concentrate in fewer hands. Steps HAVE to be taken to bridge the widening gap between the rich and poor! Join the movement https://t.co/XuNnZPz2oZ #IndiaMeansBusiness #FightInequality https://t.co/YiEQKraJIU— Oxfam India (@OxfamIndia) January 22, 2018
Will Jaitley cut corporate tax rate? | Business Line https://t.co/FEfj4I1zTG— Press Release Watch (@PrReleaseWatch) January 22, 2018
Tuesday, November 14, 2017
Buying property with #Bitcoin in India
A Supreme Court bench of Chief Justice Dipak Misra and Justices A M Khanwilkar and D Y Chandrachud has issued notice to the ministries of Finance, Law and Justice, Information Technology, market regulator SEBI and the RBI, on the plea which also sought setting up of a panel to frame a mechanism to regulate the flow of Bitcoin.
Bitcoin and other crypto-currencies have been in the news a lot if recent times, often for the wrong reasons but also because of the massive appreciation Bitcoin has been clocking up. To top it off, real estate has now been dragged into the bitcoin controversy, with a handful of projects in some parts of the US and Dubai actually inviting investments via the Bitcoin route. With the ongoing slump in sales, is it possible that developers in India will offer such an option to prospective buyers as well? Let us take a closer look at this.
We should begin by understanding that the viability of any currency as a means with which to transact in real estate in India obviously depends on whether or not the RBI and Government recognize that currency as valid tender in the country. So far, that is not the case with bitcoin. While the RBI was toying with the notion of launching an Indian crypto-currency, it apparently does not see much benefit in doing so. This is quite understandable.
The market needs transparency – not more opacity
The Indian real estate market is currently in the process of transiting from being an opaque and largely unregulated market to a more governed and transparent one. This process has been kick-started by several policies and reformative regulations like the Real Estate (Regulation and Development) Authority or RERA Act, the unified Goods and Services Tax (GST) and the Benami Property Bill. As part of this process of increasing transparency and accountability for real estate and its related transactions, cash flows in and out of the sector need to trackable and accounted for at every level.
This is definitely not possible with money in the form of a currency whose origins and antecedents can, almost by definition, not be established in the majority of cases. The notion of crypto-currencies like bitcoin becoming legal tender for real estate transactions in India must first and foremost be considered in light of this fact.
No significant benefits, massive challenges
For the sake of an argument, let us assume that bitcoin transactions became acceptable in Indian real estate. Would this in any way affect the sector in a significant manner - for instance, would ROI on real estate be positively or negatively influenced? To arrive at an answer to this question, we must first consider that the value of real estate is determined by factors such as size, location, and most importantly local market rates – which, in India, are determined in rupees. This is how real estate is bought and sold in the country.
Hypothetically, If the RBI were to accept bitcoin as legal tender for real estate transactions at some point, it would be to the extent of allowing the rupee value of a property to be paid for in that currency. Remember, this would only happen if the RBI were able to establish the source of these funds to its complete satisfaction. Then consider that bitcoin has become such a popular mode of payment for crime-related transactions precisely because its sources cannot be traced if the person/s transacting in it do not want them to be traced.
Even if real estate deals transactions via bitcoin were to become legal in India, it would at best be extremely challenging - and there would be little or no real benefit to either seller or buyer. First of all, the Government levies statutory taxes on every real estate transaction and requires the payment of these dues to be clearly mentioned in Indian rupees for such transactions to be considered legal.
Likewise, market rates and property prices in India are calculated in rupees per square foot. From an ROI perspective, the currency used in transacting with it does not have any bearing on this value – and for a crypto-currency to become acceptable tender for buying a selling property in India, all these calculations would need to find a parallel monetary avatar that is acceptable to all stakeholders.
Difficult to swallow, harder to digest
Apart from the increased regulation in the real estate industry, the Indian banking and finance sector is extremely conservative and would find it very difficult to accept a currency which cannot be fully traced or regulated. Even if it did find a way to accept it, such a currency would also need to be comprehensible and acceptable to Indian end-users and investors. The currency would first need to be sanctified and accepted by various financial institutions - which is far from the case now. In fact, bitcoin has garnered itself a rather unsavoury reputation in financial circles which would make its adoption in India even more difficult.
Moreover, there is the question of safety of investment - a question which brings the Benami Property Act has now brought centre-stage once more. At the current time, any service or commodity purchased in a form of currency which is not accepted as legal tender in India represents a risk to both buyer and seller. Both end-users and investors want their real estate assets to be legal in every way so that ownership and resale do not become a problem for them. This, perhaps, is the strongest argument against bitcoin in Indian real estate transactions for now.
In short, crypto-currencies like bitcoin are very unlikely to take off in Indian real estate in the foreseeable future.
Bitcoin and other crypto-currencies have been in the news a lot if recent times, often for the wrong reasons but also because of the massive appreciation Bitcoin has been clocking up. To top it off, real estate has now been dragged into the bitcoin controversy, with a handful of projects in some parts of the US and Dubai actually inviting investments via the Bitcoin route. With the ongoing slump in sales, is it possible that developers in India will offer such an option to prospective buyers as well? Let us take a closer look at this.
We should begin by understanding that the viability of any currency as a means with which to transact in real estate in India obviously depends on whether or not the RBI and Government recognize that currency as valid tender in the country. So far, that is not the case with bitcoin. While the RBI was toying with the notion of launching an Indian crypto-currency, it apparently does not see much benefit in doing so. This is quite understandable.
The market needs transparency – not more opacity
The Indian real estate market is currently in the process of transiting from being an opaque and largely unregulated market to a more governed and transparent one. This process has been kick-started by several policies and reformative regulations like the Real Estate (Regulation and Development) Authority or RERA Act, the unified Goods and Services Tax (GST) and the Benami Property Bill. As part of this process of increasing transparency and accountability for real estate and its related transactions, cash flows in and out of the sector need to trackable and accounted for at every level.
This is definitely not possible with money in the form of a currency whose origins and antecedents can, almost by definition, not be established in the majority of cases. The notion of crypto-currencies like bitcoin becoming legal tender for real estate transactions in India must first and foremost be considered in light of this fact.
No significant benefits, massive challenges
For the sake of an argument, let us assume that bitcoin transactions became acceptable in Indian real estate. Would this in any way affect the sector in a significant manner - for instance, would ROI on real estate be positively or negatively influenced? To arrive at an answer to this question, we must first consider that the value of real estate is determined by factors such as size, location, and most importantly local market rates – which, in India, are determined in rupees. This is how real estate is bought and sold in the country.
Hypothetically, If the RBI were to accept bitcoin as legal tender for real estate transactions at some point, it would be to the extent of allowing the rupee value of a property to be paid for in that currency. Remember, this would only happen if the RBI were able to establish the source of these funds to its complete satisfaction. Then consider that bitcoin has become such a popular mode of payment for crime-related transactions precisely because its sources cannot be traced if the person/s transacting in it do not want them to be traced.
Even if real estate deals transactions via bitcoin were to become legal in India, it would at best be extremely challenging - and there would be little or no real benefit to either seller or buyer. First of all, the Government levies statutory taxes on every real estate transaction and requires the payment of these dues to be clearly mentioned in Indian rupees for such transactions to be considered legal.
Likewise, market rates and property prices in India are calculated in rupees per square foot. From an ROI perspective, the currency used in transacting with it does not have any bearing on this value – and for a crypto-currency to become acceptable tender for buying a selling property in India, all these calculations would need to find a parallel monetary avatar that is acceptable to all stakeholders.
Difficult to swallow, harder to digest
Apart from the increased regulation in the real estate industry, the Indian banking and finance sector is extremely conservative and would find it very difficult to accept a currency which cannot be fully traced or regulated. Even if it did find a way to accept it, such a currency would also need to be comprehensible and acceptable to Indian end-users and investors. The currency would first need to be sanctified and accepted by various financial institutions - which is far from the case now. In fact, bitcoin has garnered itself a rather unsavoury reputation in financial circles which would make its adoption in India even more difficult.
Moreover, there is the question of safety of investment - a question which brings the Benami Property Act has now brought centre-stage once more. At the current time, any service or commodity purchased in a form of currency which is not accepted as legal tender in India represents a risk to both buyer and seller. Both end-users and investors want their real estate assets to be legal in every way so that ownership and resale do not become a problem for them. This, perhaps, is the strongest argument against bitcoin in Indian real estate transactions for now.
In short, crypto-currencies like bitcoin are very unlikely to take off in Indian real estate in the foreseeable future.
Wednesday, November 8, 2017
19 lakh jobs lost in the last one year since #Demonetisation @_CMIE data
Listen in to CMIE MD & CEO, Mahesh Vyas on the survey that shows 19 lakh jobs lost in the last one year since #Demonetisation @ShereenBhan pic.twitter.com/No4hdjcfGD— CNBC-TV18 News (@CNBCTV18News) November 8, 2017
Prima facie, demonetisation seems to have led to an immediate and significant fall in labour participation rate. The average participation rate during the ten months preceding demonetisation was 47 per cent. During the ten months following demonetisation, the average labour participation rate was 44 per cent. In both cases, the range was about a percent on either side of the average. Evidently, the two periods are significantly different with the latter seeing a substantial fall over the former.
The second shock to the Indian economy, the GST, happened in July 2017. Possibly, its immediate impact was less severe. Labour participation was at its lowest at 43 per cent in July 2017. But, during each of the following months - August, September and October 2017, it has increased.
The increase post GST is surprising since this is contrary to the pain reported by medium and small enterprises following GST. Such enterprises (that hire five workers or less) account for 70 per cent of the workforce. And, those that employ less than ten persons account for 79 per cent of the workforce. It is this section that is severely hit by GST (and was earlier hit by demonetisation).
It is somewhat counter-intuitive to expect the LPR to rise in the face of this structure of the labour force and the anecdotal evidences of the pain arising out of GST. Businesses are stressed in understanding the new tax structure and in having to comply with it, per force. More importantly, many medium and small units have found it difficult to survive in an environment of compliance and / or the cost of the new compliance requirements.
But, it may be possible to explain the lower pain seen post GST.
Demonetisation was perhaps, a lot more devastating to businesses because they could not survive the disappearance of cash. The impact was more widespread but, it had a strong element of wealth distribution. This wealth-distribution impact possibly cushioned the impact of demonetisation on job losses. In contrast, the impact of GST is not as widespread. It affects only the unviable units.
#DemonetisationAnniversary | #Notesban: A hit or a miss? Mahesh Vyas on @LRC_NDTV pic.twitter.com/T7KIsTR3lh— NDTV (@ndtv) November 8, 2017
Like demonetisation created "jobs" of people standing in queues to convert old currency notes into new ones or to launder the ill-gotten wealth of others, GST is creating employment of armies of accountants figuring out changes in new laws and uploading information into a monstrous, sluggish system. These fake jobs camouflage the real slowdown in employment in the country.
There is pain post GST but, there is a rush to comply. Indirect tax collection during August-September 2017 was 38 per cent higher than in the corresponding months of 2016. This is partly because of an increase in rates but, it is also because of an increase in the number of people required to fulfill the compliances. It is logical to expect employment to increase to meet compliance.
During the post GST period, people are not leaving the labour force like they did post demonetisation. There seems to be an expectation that even if jobs are lost this time, they may find one (among the viable units) if they remain in the labour force. As a result, the unemployment rate has been rising.
The unemployment rate was 5.7 per cent in October. It has been rising steadily from 3 per cent in July. The recent increase in the unemployment rate notwithstanding these rates are low. Both, the labour participation rate and the unemployment rate need to rise to indicate that the economy is recovering from its long slump as seen in these ratios. At its current low level, the unemployment rate misleads.
There is pain post GST but, there is a rush to comply. Indirect tax collection during August-September 2017 was 38 per cent higher than in the corresponding months of 2016. This is partly because of an increase in rates but, it is also because of an increase in the number of people required to fulfill the compliances. It is logical to expect employment to increase to meet compliance.
During the post GST period, people are not leaving the labour force like they did post demonetisation. There seems to be an expectation that even if jobs are lost this time, they may find one (among the viable units) if they remain in the labour force. As a result, the unemployment rate has been rising.
The unemployment rate was 5.7 per cent in October. It has been rising steadily from 3 per cent in July. The recent increase in the unemployment rate notwithstanding these rates are low. Both, the labour participation rate and the unemployment rate need to rise to indicate that the economy is recovering from its long slump as seen in these ratios. At its current low level, the unemployment rate misleads.
Tuesday, October 24, 2017
Govt plans to reduce its stake in PSU Banks further #NewIndiaTakeOff
Historic steps that will lead to more jobs, more growth and more investment. #NewIndiaTakeOff pic.twitter.com/wFsCotAYkU— Narendra Modi (@narendramodi) October 24, 2017
Of the Rs 2.11 lakh crore recapitalisation fund for the PSU Banks Centre aims to provide Rs 18,139 crore directly through its budget, Rs 1.35 lakh crore through selling bonds, and the rest by selling government stake in PSU Banks in the market.
Thursday, September 28, 2017
#EconomyDebate How Govt has done?
#EconomyDebate GST Implementation-Demonitisation-Job Creation-Agrarian Distress-Bank NPAs-GDP Nos.-Inflation-Black Money: How Govt has done?— Press Release Watch (@PrReleaseWatch) September 28, 2017
Tuesday, September 26, 2017
Indian #Economy is on a downward spiral and is poised for a hard landing writes #YashwantSinha Sr. #BJP leader & ex-FM in @IndianExpress
Indian #Economy is on a downward spiral and is poised for a hard landing writes #YashwantSinha Sr. #BJP leader & ex-FM in @IndianExpress— Press Release Watch (@PrReleaseWatch) September 27, 2017
Friday, July 14, 2017
Company Secretaries need to master advocacy skills & courtroom etiquette
Bengaluru: Company Secretaries must have advocacy skills and courtroom etiquette to be successful in their profession said Prof Dr. Nandimath O V, Reg.National Law School of India University (NLSIU) at the he 42nd Regional Conference of Company Secretaries in B'luru yesterday.
"Advocacy refers to the process of trying to persuade others to support your position or point of view. One has to be strategic in ones advocacy. This trait was ideally associated with lawyers from time immemorial. NCLT has opened this new arena for professionals like Company Secretaries and, Chartered Accountants.
Etiquette is essential for making a good impression; especially true in the courtroom, where there are many stated and unstated, rules of conduct for litigants, attorneys, jurors and other attendees. A good courtroom etiquette can aid in a case decision being made in your favour,"
he added.
It may be noted that Central Government constituted National Company Law Tribunal (NCLT) under Section 408 of the Companies Act, 2013 w.e.f from 1st June 2016 to handle corporate civil disputes arising under the Act.
D. P. Nagendra Kumar, IRS, Principal Commissioner of Customs & Central Excise, Ritvik Pandey, IAS, Commissioner of Commercial Taxes, Rostow Ravanan, CEO & Managing Director, Mindtree Ltd,CS Sethuraman K, Chief Compliance Officer and Group Company Secretary, Reliance Industries Limited were some of the other speakers at the conference.
"Advocacy refers to the process of trying to persuade others to support your position or point of view. One has to be strategic in ones advocacy. This trait was ideally associated with lawyers from time immemorial. NCLT has opened this new arena for professionals like Company Secretaries and, Chartered Accountants.
CA T N Manoharan Chairman @canarabanktweet inaugurated the 42nd Regional Conference of Company Secretaries in B'luru yesterday pic.twitter.com/HfbwMlTUU4— Press Release Watch (@PrReleaseWatch) July 15, 2017
Etiquette is essential for making a good impression; especially true in the courtroom, where there are many stated and unstated, rules of conduct for litigants, attorneys, jurors and other attendees. A good courtroom etiquette can aid in a case decision being made in your favour,"
he added.
It may be noted that Central Government constituted National Company Law Tribunal (NCLT) under Section 408 of the Companies Act, 2013 w.e.f from 1st June 2016 to handle corporate civil disputes arising under the Act.
D. P. Nagendra Kumar, IRS, Principal Commissioner of Customs & Central Excise, Ritvik Pandey, IAS, Commissioner of Commercial Taxes, Rostow Ravanan, CEO & Managing Director, Mindtree Ltd,CS Sethuraman K, Chief Compliance Officer and Group Company Secretary, Reliance Industries Limited were some of the other speakers at the conference.
Tuesday, July 11, 2017
.@AxisBank to facilitate trade with Latin America and the Caribbean
Mumbai: Axis Bank in collaboration with Inter-American Investment Corporation (IIC) will help traders boost relations between India and Latin America and the Caribbean. Axis Bank is the first Indian Bank to participate in the Trade Finance Facilitation Program (TFFP) as a confirming bank.
The IIC, acting on behalf of the IDB, is recognized as an honest broker in the region. The value comes from being able to unite the experience of the public sector with the expertise and agility of the private sector.
Latin America, over the past decade has emerged as a flourishing export-import market for India and rivals the other developing continent Africa. With increasing trade relations between the two and considering the potential for the overall economy, the collaboration aims to foster bilateral trade relations by allowing ease of transactions.
Commenting on the announcement, Sidharth Rath, Group Executive, Corporate Banking and Transaction Banking, Axis Bank, said “We are pleased to announce our relationship with the IIC as our partner in Latin America. By virtue of this collaboration, we will further strengthen our international trade relations in the region. We are looking at growing trade financing overseas and this is another step towards serving our customers internationally. We are confident that this partnership will accelerate trade relations between India and the South American continent.
The IIC, acting on behalf of the IDB, is recognized as an honest broker in the region. The value comes from being able to unite the experience of the public sector with the expertise and agility of the private sector.
Latin America, over the past decade has emerged as a flourishing export-import market for India and rivals the other developing continent Africa. With increasing trade relations between the two and considering the potential for the overall economy, the collaboration aims to foster bilateral trade relations by allowing ease of transactions.
Commenting on the announcement, Sidharth Rath, Group Executive, Corporate Banking and Transaction Banking, Axis Bank, said “We are pleased to announce our relationship with the IIC as our partner in Latin America. By virtue of this collaboration, we will further strengthen our international trade relations in the region. We are looking at growing trade financing overseas and this is another step towards serving our customers internationally. We are confident that this partnership will accelerate trade relations between India and the South American continent.
Monday, July 10, 2017
#Modi Govt.plans Rs.50 cr. media blitzkrieg for @appbhim
Bengaluru: In its bid to promote cashless digital economy Narendra Modi led NDA Govt. will soon unleash a Rs.50 crore TV and print advertisement campaign to popularise Aadhaar-based money transfer mobile platform called “BHIM-App". This was disclosed by A. P Hota, MD & CEO of National Payments Corporation of India (NPCI) in Bengaluru yesterday.
BHIM Aadhaar is based on NPCI’s Aadhaar Enabled Payment System (AePS). The AePS volume was 5 crore, 6 crore and 7 crore for April, May and June 2017 respectively. BHIM Aadhar was launched by Prime Minister Narendra Modi on April 14, 2017 and it is currently being offered by over 1.34 lakh merchants.The union Govt. has also launched two new incentive schemes for the BHIM app users – Cashback and Referral bonus – with an outlay of Rs 445 crore.
Highlighting the nation’s target of achieving 25 billion digital payments transactions mark in FY18, Hota said last year, the volume of digital payments was 9.2 billion of which 3.5 billion had been contributed by NPCI, and this year, “we are aiming to contribute about 11 billion digital transactions.”
Meanwhile, cab-booking company Uber and e-commerce giant Amazon are in the process of integration of BHIM app on their payment platform.Technology giant Google has completed the testing of its Unified Payments Interface (UPI) payment service and is awaiting Reserve Bank of India’s (RBI) approval to launch its service in India.WhatsApp and Facebook are also looking to rollout UPI in India but they are still in the discussion phase.
— Press Release Watch (@PrReleaseWatch) July 10, 2017
BHIM Aadhaar is based on NPCI’s Aadhaar Enabled Payment System (AePS). The AePS volume was 5 crore, 6 crore and 7 crore for April, May and June 2017 respectively. BHIM Aadhar was launched by Prime Minister Narendra Modi on April 14, 2017 and it is currently being offered by over 1.34 lakh merchants.The union Govt. has also launched two new incentive schemes for the BHIM app users – Cashback and Referral bonus – with an outlay of Rs 445 crore.
Highlighting the nation’s target of achieving 25 billion digital payments transactions mark in FY18, Hota said last year, the volume of digital payments was 9.2 billion of which 3.5 billion had been contributed by NPCI, and this year, “we are aiming to contribute about 11 billion digital transactions.”
Meanwhile, cab-booking company Uber and e-commerce giant Amazon are in the process of integration of BHIM app on their payment platform.Technology giant Google has completed the testing of its Unified Payments Interface (UPI) payment service and is awaiting Reserve Bank of India’s (RBI) approval to launch its service in India.WhatsApp and Facebook are also looking to rollout UPI in India but they are still in the discussion phase.
Monday, February 6, 2017
#Ujjivan SFB avoids interest rate war; focuses on its existing #MF customers
Ujjivan Small Finance Bank (SFB) to offer 4% interest rate on savings accounts and 5.5-8% on FDs and recurring deposits.
'People are very sensitive about interest rate on fixed deposits, which was why Ujjivan will offer rates of one percentage point above the prevailing market rates. Ujjivan Small Finance Bank will offer interest rates on fixed deposit and recurring deposit in range of 5.5-8%, which is higher than the average rate of interest offered by most banks',said Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank (SFB).
'Ujjivan SFB would offer a no minimum balance savings bank account with the full range of banking services & benefits using the latest technology to the unserved and underserved customers. We will provide a whole host of benefits such as door-step & paperless banking, mobile, internet and phone banking, access to biometric ATMs and Aadhar enabled debit cards. These benefits are normally available only to premier customers of commercial banks.”
The deposit and savings products of Ujjivan SFB have been designed and developed based on comprehensive research and in-depth understanding and so also to fulfill comprehensive financial inclusion objectives amongst the segments we aim to serve'
#Ujjivan SFB avoids interest rate war; focuses on its existing #MF customers pic.twitter.com/fGQMhrmSag— Press Release Watch (@PrReleaseWatch) February 6, 2017
'People are very sensitive about interest rate on fixed deposits, which was why Ujjivan will offer rates of one percentage point above the prevailing market rates. Ujjivan Small Finance Bank will offer interest rates on fixed deposit and recurring deposit in range of 5.5-8%, which is higher than the average rate of interest offered by most banks',said Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank (SFB).
.@ujjivanmfi has invested Rs.400 cr. in IT for #Ujjivan SFB said @SamitGhosh01 Founder, CEO, MD Ujjivan; it raised Rs 887 cr. in IPO in 2016 pic.twitter.com/WD2hJ7dfml— Press Release Watch (@PrReleaseWatch) February 6, 2017
'Ujjivan SFB would offer a no minimum balance savings bank account with the full range of banking services & benefits using the latest technology to the unserved and underserved customers. We will provide a whole host of benefits such as door-step & paperless banking, mobile, internet and phone banking, access to biometric ATMs and Aadhar enabled debit cards. These benefits are normally available only to premier customers of commercial banks.”
The deposit and savings products of Ujjivan SFB have been designed and developed based on comprehensive research and in-depth understanding and so also to fulfill comprehensive financial inclusion objectives amongst the segments we aim to serve'
Wednesday, February 1, 2017
#Budget2017 reactions @walmartindia
he Union Budget 2017 is a game changer and continues to rightly focus on rural, agriculture and infrastructure sector with an aim to give boost to formal economy. The planned investment in these sectors will not only create much needed jobs in the country but also spur consumer spending and boost economic growth. Fiscal deficit too has been contained very well.
The continued focus on ease of doing business with several measures such as abolishing FIPB, 'Model law on contract farming', Simplification of Labour laws under four areas – wages, industrial relation, social security and welfare and Safety - augurs very well for the economy. Major income tax relief in the lowest bracket is laudable as it will bring back consumer confidence and boost domestic consumption.
The measures announced to boost the manufacturing sector are commendable. Rewarding MSMEs by reducing rate of income tax will further boost `Make in India’; Proposal to set up dairy processing fund will boost food processing while increased allocation to schemes such as MSIPS will boost the electronics sector. Rural sector gets a boost with increased allocation to MNREGA.
The agenda for the year to `transform, energise and clean India’ is indeed noteworthy. Government's commitment to lift 1 crore people out of poverty by 2019 is commendable.
Government's steps to promote digital economy post demonetisation are very logical and will boost formal economy.
Overall, this is a very good budget. Adherence to fiscal discipline, with emphasis on growth, development, increasing infrastructural & rural spending, and encouraging formal economy are key aspects of the budget.
Besides, there is focus on timely implementation and execution effective April 1 2017 as the Budget has been brought forward by one month, and combining Railway budget with Union Budget is a historic move.
Krish Iyer, President & CEO Walmart India
#Budget2017 reactions @walmartindia "abolishing FIPB & labour laws' simplification shows #EODB & liberal FDI regime" pic.twitter.com/3oTKmSfb2y— Press Release Watch (@PrReleaseWatch) February 1, 2017
The continued focus on ease of doing business with several measures such as abolishing FIPB, 'Model law on contract farming', Simplification of Labour laws under four areas – wages, industrial relation, social security and welfare and Safety - augurs very well for the economy. Major income tax relief in the lowest bracket is laudable as it will bring back consumer confidence and boost domestic consumption.
The measures announced to boost the manufacturing sector are commendable. Rewarding MSMEs by reducing rate of income tax will further boost `Make in India’; Proposal to set up dairy processing fund will boost food processing while increased allocation to schemes such as MSIPS will boost the electronics sector. Rural sector gets a boost with increased allocation to MNREGA.
The agenda for the year to `transform, energise and clean India’ is indeed noteworthy. Government's commitment to lift 1 crore people out of poverty by 2019 is commendable.
Government's steps to promote digital economy post demonetisation are very logical and will boost formal economy.
Overall, this is a very good budget. Adherence to fiscal discipline, with emphasis on growth, development, increasing infrastructural & rural spending, and encouraging formal economy are key aspects of the budget.
Besides, there is focus on timely implementation and execution effective April 1 2017 as the Budget has been brought forward by one month, and combining Railway budget with Union Budget is a historic move.
Krish Iyer, President & CEO Walmart India
#Budget2017 Affordable homes get infrastructure status #CREDAI Bengaluru reacts positively
Speaking on the effect of the announcements made for affordable housing, Nagaraj Reddy, Chairman, CREDAI-Karnataka says, “Real estate developers in Bangalore have been an integral part of contributing to the “Housing for All by 2022” dream of the Honorable Prime Minister. We have a number of projects in the 1 and 2BHK configurations in areas such as Anekal City, Hoskote, Budhigere Cross, Doddaballapur Road, Hosapalya, Hongasandra, Kambipura, Amruthahalli, Bommanahalli, Hennur etc. With this budget, the subsidy scheme that was announced by the Prime Minister in December 2016 of providing a 6.5% subsidy for first time buyers investing in a home of 65 sqmts and with an income of less that Rs 50,000, will have its eligibility announced soon. Along with the reduction in tax on the salaried, these two factors can be a huge boost to the sector”.
Speaking on the Budget and the announcements towards the financial standing of the realty sector, J. C Sharma, President, CREDAI-Bengaluru says, “This has been a balanced budget for the sector with areas such as infrastructure, growth, housing and private as well as foreign investments all being addressed. With the announcement that the government borrowing program has been lowered strategically, it also means that there is now a chance for interest rates to be pushed down further. While these new measure will definitely attract investors and augment resource allocation for the sector, the same should also benefit its allied sectors. The tax incentive of increasing the period for completion under the housing project within 5 years' (as against 3 years’) and making the carpet area (instead of built-up area) as the criteria is a welcome move”.
The specific relief granted on the tax front, such as reducing the holding period for immoveable property from 3 to 2 years, and shifting the tax incidence on joint development agreements at the time of completion provides much needed clarity to some of the tax ambiguities plaguing the sector. However, the statement on relief to developers on notional rent on unsold inventory for a one year period implies that it will otherwise be taxable, and this could result in a rush to liquidate inventory and perhaps, a reduction in prices”
Speaking on the opening up of the market with the reduction in income tax for the salaried class, Mr. Suresh Hari, Secretary, CREDAI-Bengaluru says, “As a sector we were not looking at drastic measures to be taken, rather, simple, small steps, all working towards the goal of enhancing the real estate sector. I believe this has been done with this budget. With the lowering of tax for the salaried class, especially those in the Rs 3 to Rs 5 lakh per annum segments, the government has now ensured that there is more spending power and this will drive investments in real estate. Further, the announcement of National Housing Bank refinancing individual loans worth INR 20,000 crore in 2017-18 is likely to give a push to affordable housing.”
#Budget2017 Affordable homes get infrastructure status #CREDAI Bengaluru reacts positively pic.twitter.com/WKCkOmKFCX— Press Release Watch (@PrReleaseWatch) February 1, 2017
Speaking on the Budget and the announcements towards the financial standing of the realty sector, J. C Sharma, President, CREDAI-Bengaluru says, “This has been a balanced budget for the sector with areas such as infrastructure, growth, housing and private as well as foreign investments all being addressed. With the announcement that the government borrowing program has been lowered strategically, it also means that there is now a chance for interest rates to be pushed down further. While these new measure will definitely attract investors and augment resource allocation for the sector, the same should also benefit its allied sectors. The tax incentive of increasing the period for completion under the housing project within 5 years' (as against 3 years’) and making the carpet area (instead of built-up area) as the criteria is a welcome move”.
The specific relief granted on the tax front, such as reducing the holding period for immoveable property from 3 to 2 years, and shifting the tax incidence on joint development agreements at the time of completion provides much needed clarity to some of the tax ambiguities plaguing the sector. However, the statement on relief to developers on notional rent on unsold inventory for a one year period implies that it will otherwise be taxable, and this could result in a rush to liquidate inventory and perhaps, a reduction in prices”
Speaking on the opening up of the market with the reduction in income tax for the salaried class, Mr. Suresh Hari, Secretary, CREDAI-Bengaluru says, “As a sector we were not looking at drastic measures to be taken, rather, simple, small steps, all working towards the goal of enhancing the real estate sector. I believe this has been done with this budget. With the lowering of tax for the salaried class, especially those in the Rs 3 to Rs 5 lakh per annum segments, the government has now ensured that there is more spending power and this will drive investments in real estate. Further, the announcement of National Housing Bank refinancing individual loans worth INR 20,000 crore in 2017-18 is likely to give a push to affordable housing.”
Wednesday, November 16, 2016
@DNB_India with Lakshmi Vilas Bank launches a report on SME clusters in #Bengaluru
Dun & Bradstreet - Lakshmi Vilas Bank - Release of the publication: 'SME Cluster Series 2016'.— D&B India (@DNB_India) November 14, 2016
Dated - 11th November 2016. pic.twitter.com/3TM5e2IU7b
The report focuses on SMEs from Benagluru covering sectors IT& ITeS, engineering, food processing among others. The report offers insights in terms of their business perspective, financing requirements and outlook on growth prospects among others. The report also covers the socio-economic and industrial scenario of Bengaluru. Companies based in Bengaluru with a turnover of less than Rs.1000 million in FY16 were considered for this study.
A similar report was launched in Chennai earlier.
Thursday, October 20, 2016
@JSWCement to ramp up manufacturing capacity to 17 MMT. annually from current 6.8 MMT. by 2018, said @ParthJindal11
JSW Cement is India's largest manufacturer of 'Portland Slag Cement (PSC)' variant of blended cement which is environmentally friendly and economically viable. JSW Cement currently has a manufacturing capacity of 6.80 MMT.
JSW Cement has recently launched Concreel HD -One Cement Six Strengths.Concreel HD is ideal for strength bearing applications such as beams, columns, slabs and foundations. Parth Jindal, MD- JSW Cement Ltd said,”JSW Cement has come a long way right from its inception till date. Exploring opportunities and expanding its market size, today, we are proud to be introducing this product to the south market which is a highly opportunistic region for us to step up our growth. With this investment, we hope to achieve another milestone to the progress of JSW Cement in the cement industry.”
JSW Cement to ramp up manufacturing capacity to 17 MMT. annually from current 6.8 MMT. by 2018, said @ParthJindal11 pic.twitter.com/fnV1k2kPs8— Press Release Watch (@PrReleaseWatch) October 20, 2016
JSW Cement has recently launched Concreel HD -One Cement Six Strengths.Concreel HD is ideal for strength bearing applications such as beams, columns, slabs and foundations. Parth Jindal, MD- JSW Cement Ltd said,”JSW Cement has come a long way right from its inception till date. Exploring opportunities and expanding its market size, today, we are proud to be introducing this product to the south market which is a highly opportunistic region for us to step up our growth. With this investment, we hope to achieve another milestone to the progress of JSW Cement in the cement industry.”
Monday, April 25, 2016
#India ’s #export drops for 16th successive month #troubletimes
Government must lend more immediate support to reverse declining trend in exports: S C Ralhan, President, FIEO— FIEO (@FieoHq) April 18, 2016
In FY16 India's merchandise exports fell 16% to US$ 261.14 billion. In March India exported $22.71 billion and imports dipped 21.56% to $27.78 billion against the year-ago period.
India's exports dip 5.47 per cent to USD 22.71 billion in March; down 15.85 per cent to USD 261.1 billion for entire 2015-16 fiscal.— Press Trust of India (@PTI_News) April 18, 2016
Continuous decline in exports since December 2014, FIEO urges the Govt. for immediate intervention— FIEO (@FieoHq) December 15, 2015
— Press Release Watch (@PrReleaseWatch) April 25, 2016
Sunday, April 17, 2016
India's @nsitharaman blames EU for FTA talks delay
According to news reports Indian Commerce Minister Nirmala Sitharaman has blamed the European Union (EU) for delaying talks on the proposed India-EU Free Trade Agreement (FTA).
The minister was responding to comments reportedly made by Tomasz Kozlowski, ambassador of the European Union, in a select media briefing.
For Min Sveinsson & Smt Sitharaman Min Trade discuss the importance of concluding India/EFTA Free Trade Agreement pic.twitter.com/0iGKPYyBYx— Iceland in India (@IcelandinIndia) April 6, 2016
The minister was responding to comments reportedly made by Tomasz Kozlowski, ambassador of the European Union, in a select media briefing.
#India-#EU Free Trade Agreement (#FTA ) negotiations still remain inconclusive since its launch in 2007 pic.twitter.com/zEp79Idvej— Press Release Watch (@PrReleaseWatch) April 17, 2016
— Press Release Watch (@PrReleaseWatch) April 17, 2016
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