BUSINESS
Reduced taxes, higher borrowing will haunt us: Revenue Secy
Addressing the 61st SIAM Annual Convention here, Revenue Secretary Tarun Bajaj said that the Centre can not reduce taxes without knowing if the reduction will lead to a corresponding increase in automobile sales. Citing the strained financial condition due to Covid-19 pandemic, he said that the Centre has borrowed Rs 12 lakh crore in 2020-21 and a similar amount will be borrowed this fiscal as well.
Govt approves raising family pension of bank staff
So far, the pension under the scheme was capped at Rs 9,284. Speaking at a media briefing in Mumbai on Wednesday, the Secretary for the Department of Financial Services, Debasish Panda said that post raising of the banks' contribution family pensions of bank employees can go up to Rs 35,000. Contribution made by PSBs for employee pensions under the National Pension Scheme has been hiked to 14 per cent.
Energy efficiency must be basis for determining taxation: Kirloskar
"To realise India's goals of energy security and countering climate change, we must lay equal emphasis on enhancing energy efficiency as we do for fossil fuel substitution. "This will help us address the entire value chain as well as for efforts to reduce, reuse and recycle materials," he said at the 61st SIAM Annual Convention held here. Kirloskar called for adopting a merit-based taxation structure.
Availability of E10 petrol to reach 100% by next year: Official
Speaking at the 61st SIAM Annual Convention, Petroleum & Natural Gas Secretary, Tarun Kapoor, said that more than 80 per cent of petrol currently sold in India is blended with 10 per cent ethanol (E10). Kapoor further said that the demand for petrol has gone up by 4-5 per cent from the pre-Covid levels. However, the consumption of diesel has slid, he pointed out.
Govt approves FRP of Rs 290/qtl for sugarcane farmers
With the Rs 290 per quintal rate, the CCEA, chaired by Prime Minister Narendra Modi, will provide a premium of Rs 2.90 per quintal for each 0.1 per cent increase in recovery over and above 10 per cent, and reduction in FRP by Rs 2.90 per quintal for every 0.1 per cent decrease in recovery, a Cabinet release said. The cost of production of sugarcane for the sugar season 2021-22 is Rs 155 per quintal.
'Nothing will be sold off', Sitharaman counters Rahul on NMP
Addressing the media in Mumbai on Wednesday, Sitharaman hit out at the opposition citing monetisation processes undertaken under by the Congress-led UPA government. Citing the example of the New Delhi Railway Station, she took a bark on the Congress and said: "Who called the RFP (request for proposal) on it? Is it owned by 'Jijaji' now!". "We are not selling off, there will be a strict handing back," she said.
Cabinet approves FDI proposal of 15K cr in Anchorage Infrastructure
The FDI will also be used for investments to be made in transport and logistics sectors along with downstream investment in the airport sector and aviation related businesses and services. The investment also includes transfer of share of Bangalore International airport Limited to Anchorage, and investment of Rs 950 crore in Anchorage Infrastructure Investment Holding Ltd by 2726247 Ontariao Inc.
Change old approaches, practices: PM Modi to auto industry
In a letter addressed to SIAM President and Maruti Suzuki Managing Director & CEO Kenichi Ayukawa on the occasion of the 61st SIAM Annual Convention, PM Modi said that these rapid changes warrant old approaches and old practices to change. "It is also crucial to protect our environment, resources and raw materials. For this reason, India is not only emphasising on exploring new possibilities, but also encouraging a circular economy."
R&D investment for electric mobility, exports key for auto sector growth: Niti Aayog CEO
Speaking at the Annual Conference of Society of Indian Automobile Manufacturers (SIAM), Kant said that focus on small format mobility and establishing massive charging infrastructure would also be key growth drivers for the sector. The Chairman of TVS Motor Company, Venu Srinivasan observed that the auto sector is moving towards importing, assembling and making in India.
New India on hiring drive, uncertainty continues for other 3 non-life PSUs
The Mumbai based listed New India has decided to hire 300 officers in the generalists category. The number of posts under the economically weaker section (EWS) and unreserved are 30 and 121 respectively. "All the four public sector general insurers are expected to see a large number of employees retiring in a couple of years. The New India, a listed company has been hiring but not the other three companies," K. Govindan, General Secretary, General Insurance Employees' All India Association (GIEAIA) told IANS.
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