Finance Minister Nirmala Sitharaman chaired the 44th GST Council Meeting through a video conference on Saturday, June 12. At the press conference after the meeting, Sitharaman announced that the GoM’s recommendation on slashing rates on certain COVID-19 essentials have been accepted. The new rates will remain in effect till at least September 30, she said. In its … Read more
On June 29, Kitex Group, the largest private-sector employer in Kerala, announced the withdrawal of an Rs.3,500 crore investment project from the state. Kitex Group alleged that the state authorities are running a witch-hunt against the company. Notably, Kitex Garments is the second-largest kids’ apparel manufacturer in the world. The company has announced that it is scrapping … Read more
Adani Logistics Ltd has decided to shut its inland container depot (ICD) at Kilaraipur in Ludhiana after it remained blocked by farmer protesters for seven months. The company took the decision after the Punjab government failed to remove the blockade despite a high court order. This decision has meant that around 400 people will lose their jobs, … Read more
One of the worst legacies of the UPA government carried forward by the Modi government, the provision for Retrospective Tax, is finally set to be buried. The union finance ministry on Thursday informed the Lok Sabha that it is bringing an amendment to the Income Tax Act, 1961 to this effect. The move comes even as the … Read more
Yesterday the union cabinet approved the setting up of the National Asset Reconstruction Company (NARCL) with the objecting of cleaning the banking sector of bad loans. This institution has been dubbed as ‘Bad Bank’, because it will take over bad debt of nearly Rs 2 lakh crore from banks, cleaning the books of the banks. This is … Read more
Amid the report of China freshly creating fresh disturbance at the LAC, Union minister of Road Transport and Highway Nitin Gadkari has said that he has told US-based electric vehicle (EV) manufacturer Tesla not to sell China-manufactured cars in India. Gadkari further disclosed a conversation he had with asked Elon Musk, the head of Tesla manufacture. “I have … Read more
What would be your reaction if you were told that your money grows 5% everyday? Yes, you read that right, 5% upward everyday. Paras Defence and Space Technology is a company that got listed in the stock market just recently. The IPO was subscribed over 300 times, which in itself was a record in Indian … Read more
A week after submitting her resignation, Padmaja Reddy, founder and former managing director of Spandana Sphoorty Financial, has penned a letter revealing murky details of her tussle with private equity investor Kedaara Capital over a proposal to sell the company to Axis Bank. Reddy has alleged that there was no transparency whatsoever in how the Axis … Read more
India’s fintech company PhonePe Unified Payments Interface (UPI) has been launched in Sri Lanka. Central Bank of Sri Lanka Governor Nandalal Weerasinghe and India’s High Commissioner to Sri Lanka Santosh Jha attended the launch event in Sri Lanka. In a post on X, the Indian High Commission in Sri Lanka stated, “Unlocking new frontiers in … Read more
The work on India’s third aircraft carrier, one of the long-cherished dreams of the Indian Navy, will start soon, as recently revealed by Defence Minister Rajnath Singh. Speaking with The Tribune, Defence Minister Singh said that India will soon start making its third aircraft carrier and emphasised that India will not stop at three aircraft carriers. He … Read more