Plan & Policy
The tech capital Bangalore will host the first edition of the ASEAN Chamber of Commerce and Industry Business Meet between February 25th and 27th, in association with the Federation of Karnataka Chambers of Commerce & Industry (FKCCI) and the government of Karnataka. The Business Meet is expected to direct investments to the tune of Rs 2,000 crore to state from over 23 participating countries.
In a strong rebuttal, State Bank of India (SBI) has on Monday said there was no data breach or incident of it failing to safeguard the financial records of its customers.
The newly renamed department of promotion of industry and internal trade has started consulting various stakeholders on drafting an e-commerce policy.
The department has started consulting e-commerce companies, IT industry body, payment companies and other tech companies as part of the exercise, sources said. But some of the e-commerce players said that they were still waiting for the meeting with the department officials. It has not consulted retail entities or retail industry bodies either.
India’s government announced an interim budget on February 1st. Although conventionally an interim budget is supposed to be a statement of accounts, it was different this year, as it included significant policy announcements. Against the backdrop of upcoming general elections, somewhat slowing economic activity, and food inflation at historic lows, the budget made several announcements including a flagship program for income support to farmers, and income tax benefits for the salaried class.
Slowly, Indian companies are showing an improvement in their corporate governance standards, with the good companies bettering their governance score.
The extradition of Vijay Mallya, accused of conspiracy to defraud banks and money laundering offences, has been approved by UK home secretary, the British government said on Monday, in a major blow to the liquor baron and boosting India's efforts to bring back the fugitive businessman.
The Interim Budget 2019-20, while encapsulating all that the present government has done in its tenure, has introduced a slew of measures aimed at farmers, rural population, middle class/salaried class and underprivileged through various schemes and increased allocation of money. There is a big fillip for affordable housing. The Budget has broadly imparted a vision on a ten year horizon laying the basis for a regular budget that is likely to come up during July 2019.
Capital expenditure of public sector enterprises in the oil and gas sector has hit a four-year low. Oil PSUs will invest Rs 94,438 crore this financial year, which is much lower than Rs 132,003 crore invested in 2017-18.
The NDA government is considering a proposal to take back the Padma Bhushan awarded to disgraced former chief executive and managing director of ICICI Bank, Chanda Kochhar (in pic).
Home ministry and PMO officials will shortly take a call on the coveted award presented to Kochhar by the UPA government in 2011. She may be the first Padma awardee who will be forced to forfeit the decoration given by the President of India.
The NDA government’s last budget before the polls, though interim in nature, has gone ahead with some big-ticket announcements for farmers, middle class and unorganised sector labour. While the proposals have found appreciation and support , it has also increased government’s expenditure and impacted country’s fisc and delayed fiscal consolidation programme. In a year when controlling expenditure is not a concern, revenue need to be robust.
