Wednesday, April 25News That Matters

Business & Corporate

Reliance Industries plans to invest Rs 2,500 crore in Assam

Reliance Industries plans to invest Rs 2,500 crore in Assam

Business & Corporate
Reliance Industries chairman Mukesh Ambani today announced an investment of Rs 2,500 crore in Assam in various sectors, including retail, petroleum, telecom, tourism and sports, creating jobs for at least 80,000 people over the next three years. "Today I am happy to announce five commitments for Assam over the next three years. Reliance will invest an additional Rs 2,500 crore to augment its presence in this market," he said at the inaugural function of the Global Investors Summit 2018 here. Under this programme, the company will enhance its retail division's outlet to 40 from existing two, while the number of petrol depots will be increased to 165 from the existing 27," Ambani said.
Manufacturing sector grew at its slowest pace in three months in January ’18

Manufacturing sector grew at its slowest pace in three months in January ’18

Business & Corporate
Output, new orders, employment rise at slower rates The Nikkei India Manufacturing Purchasing Managers’ Index (PMI), an indicator of the economic health of the manufacturing sector fell to 52.4 in January 2018 from an all-time high of 54.7 in December 2017. However, the manufacturing sector expanded for the sixth consecutive month. A reading below 50 denotes contraction and above 50 denotes expansion in the economy. The manufacturing sector improved modestly due to slower growth in output, new business orders and employment, according to IHS Markit economist Aashna Dodhia.
Global Summit will bring Northeast into world focus

Global Summit will bring Northeast into world focus

Business & Corporate
The  two-day Global Investors' Summit,  "Advantage Assam", beginning from at Guwahati,  Assam today, will bring Northeast into the world focus and open new gateways of trade and business within the region as well as outside the region, with ASEAN nations and  South-East Asia. This was stated today by the Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh, while speaking to media about the significance and the diverse dimensions of the two-day meet. Briefing the media, Dr Jitendra Singh said, Prime Minister Shri Narendra Modi's inaugural address set the ball rolling to make Northeast an important hub of industrial activity for the entire
Telecom Industry Loses a Quarter of their Employees in Couple of Months

Telecom Industry Loses a Quarter of their Employees in Couple of Months

Business & Corporate
The recent developments in the business and private sectors have had a major impact on industries of multiple sectors. The Telecom Industry is one such major industry that has had to undergo layoffs due to various reasons such as company mergers and fierce competition. This instability in the market has affected startups as well as multinational companies which have induced anxiety in majority of employees. According to Director of Mangalbhavan.in, Mr. Amit Jain, "It is not that the people are lacking in talent or are not capable of doing anything, but due to being surrounded by negative energy, their success is being hindered. In October most of the calls we have received for job consultation and counselling are from the people of Telecom sector. Out of all job counselling related call
Cube Highways to Sell a Minority Stake to a Consortium of Japanese Investors

Cube Highways to Sell a Minority Stake to a Consortium of Japanese Investors

Business & Corporate
Cube Highways has signed definitive agreements for the sale of a minority stake to Japan Highways International (JHI), a Japanese consortium of infrastructure investors led by Mitsubishi Corporation. JHI’s investment reaffirms Cube Highways’ position as a leading owner and operator of highways in India and follows the recent announcement of a minority stake sale to a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Cube Highways is an independent, professionally-managed platform that owns and operates more than 1,700 lane-kilometers of highways in India. Formed by two leading global financial institutions, I Squared Capital and the International Finance Corporation (IFC), Cube Highways leverages the extensive transportation experience of its executive and engineerin
IBBI grants recognition to two registered valuers Organistaions

IBBI grants recognition to two registered valuers Organistaions

Business & Corporate
In pursuance to the Companies (Registered Valuers and Valuation) Rules, 2017, the Insolvency and Bankruptcy Board of India (IBBI) has recognised two registered valuers organisations. The Institution of Estate Managers and Appraisers will handle one asset class of “land and building” while the IOV Registered Valuers Foundation will handle three asset classes of “land and building”, “plant and machinery” and “securities or financial assets”. These registered valuers organisations will conduct educational courses in valuation, grant membership and certificate of practice to individuals, conduct training for its members and lay down and enforce the Code of Conduct for the registered valuers, who are its members.
Government has extended demand incentives to 1,63,997 hybrid/electric vehicles (XEVs) under FAME India Scheme

Government has extended demand incentives to 1,63,997 hybrid/electric vehicles (XEVs) under FAME India Scheme

Business & Corporate, Policies
The phase-1 of FAME India Scheme, which was originally for a period of 2 years i.e. up to 31st March 2017,  was  extended for a further period till 31st March 2018, with slight modification to the extent of discontinuation of the available benefits to the Mild Hybrid technology under the scheme with effect from 1st April 2017. The notification of the scheme provides for its review appropriately based on the outcome and experience gained in the Phase 1 of this scheme. Accordingly, based on the third party evaluation of phase-1 of the FAME   India Scheme, the benefits available to mild hybrid technology was withdrawn. At present, there are no plans to subsidize expensive battery components of electric vehicles in the Department of Heavy Industry, Ministry of Heavy Industries & Public E
Hotels, restaurants can sell bottled water above MRP, rules SC :

Hotels, restaurants can sell bottled water above MRP, rules SC :

Business & Corporate
The Supreme Court today said that Hotels and restaurants are not bound by maximum retail price (MRP) in selling bottled water. The Apex Court rejected Centre's stand saying hotels can't be prosecuted for selling mineral water above MRP. Centre had submitted that selling bottled mineral water above the MRP will attract monetary penalty and jail term for the management of restaurants, hotels, multiplexes. The court noted that composite elements of sale and service are there in hotels and restaurants where consumers also enjoy the ambience, invested into by these commercial establishments. A bench headed by Justice Rohinton F Nariman observed that it was not a case of a simple sale, saying nobody goes to the hotel to buy or take away a bottle of mineral water. The Apex Court wa...
Govt sets aside Rs 10000 cr service tax demand notices on IT firms :

Govt sets aside Rs 10000 cr service tax demand notices on IT firms :

Business & Corporate
In a relief to IT companies, government has set aside a 10,000 crore rupee service tax demand notices on IT companies. In a statement, the Finance Ministry said, as a result, apprehensions about the negative effects on the software industry are without basis. The government's move came a day after IT companies raised the issue of tax demand with Finance Minister Arun Jaitley during the pre-budget consultations. The tax department had slapped service tax demand notices on about 200 information technology and IT-enabled services companies. It had asked them to return export benefits claimed between 2012 and 2016 on softwares provided to clients outside India.
IT sector seeks govt help against Protectionist policies, tax incentives policies

IT sector seeks govt help against Protectionist policies, tax incentives policies

Business & Corporate
In pre-budget consultation meeting, the IT sector representatives sought access for easier fund for Telecom;  Tax free Bond for Telecom; Lowering GST on Telecom services to 12% instead of 18%. Stakeholders from IT (hardware & software) group on Monday sought the help from government against protectionist policies and tax incentives for growth of the sector during the pre-budget meeting with Finance Minister Arun Jaitley. The Finance Minister said that to promote indigenous manufacturing of electronic goods, many steps have been taken by the present government in last three years including rationalization of the tariff structure with extension of differential excise duty dispensation on specified electronic equipments and withdrawal of duty exemption. Jaitley said that in the U