Plan and Policy

Plan & Policy

Unlocking the door to ‘New India’

The Union Budget of 2018 has given a massive thrust to structural reforms with the vision of fast-tracking our country’s progress. It is an attempt to take forward the growth momentum after the implementation of crucial reforms such as the Goods and Services Tax (GST) and demonetisation. There’s been a hue and cry among the elite about how the budget is socialist and targets the vote bank with an eye on the 2019 election.

Common man’s expectations

The salaried class has had high expectations from the annual Budget for the past several years. But somehow the people never got what they wished for. In fact, those falling in the income group of 50 lakhs to 1 crore were adversely impacted last year with the levy of a 10% surcharge. This year, expectations are again building up and there is greater hope on account of several reasons. The first one is that this may be the last full-fledged Budget of this government and populist proposals may hence find a place in the Budget.

Royal Caribbean Cruises betting big on Indian passengers

Royal Caribbean Cruises Ltd, the Miami-headquartered world’s second-largest cruise line operator, is betting big on India’s untapped cruise potential, especially in terms of sourcing cruise passengers. Interestingly, according to a recent white paper published by the India Cruise Line Association (ICLA), various cruise line operators are targeting to source five million cruise passengers from India by 2020. In 2017, the number stood at 1.72 lakh and in 2018 it was 2 lakh, said Varun Chadha, COO, TIRUN Travel Marketing, the exclusive India representative of Royal Caribean Cruises Ltd.

It’s not a full budget: FinMin

Keeping up with the tradition, the Narendra Modi-led government will present an interim budget on Friday. The last Budget of the present NDA government is likely to be presented by interim finance minister Piyush Goyal in the Lok Sabha.

Confusion was created after the commerce ministry on Wednesday in a whatsapp message to the media said: "do not refer Budget 2019-20 as interim Budget, it is officially referred as general Budget 2019-20".

However, the finance ministry later clarified that the budget will be called interim budget 2019-20.

Postal dept to spin off life insurance biz

The postal department plans to spin off the postal life insurance and rural postal life insurance operations into a separate business unit (SBU) for which a Cabinet note has been circulated, communications minister Manoj Sinha said on Wednesday.

"For postal life insurance and rural postal life insurance we have moved a Cabinet note. In the first phase it will involve creation of an SBU and in second phase a full fledged insurance company," Sinha told reporters on the sidelines of an event to mark the second anniversary celebration of India Post Payments Bank (IPPB).

Kochhar says ‘hurt and shocked’

Chanda Kochhar said she is "disappointed, hurt and shocked" by ICICI Bank decision on Wednesday evening to treat her resignation as a "termination for cause" after an independent probe indicted her.

Kochhar, the first woman CEO of a bank in the country, also said she served the ICICI Group for 34 long years "with all my dedication and hard work" and the bank's latest decision  has caused her "immense hurt and pain".

Srikrishna report indicts Chanda, bank sacks her

An internal investigation by the retired Supreme Court Justice BN Srikrishna-led panel into the alleged quid pro quo transactions in ICICI Bank’s loans to Videocon Group, has concluded that there was lack of due diligence in annual disclosures and violation of the bank’s code of conduct by the former managing director and chief executive officer Chanda Kochhar.

Quantum Advisors, ex-officials of Tata Group join hands to launch $1 billion ESG

Quantum Advisors and former Tata Group officials have joined hands to launch $1 billion Environment, Social and Governance (ESG) Fund. It will be third domestic ESG fund.

“The joint venture will launch a $1 billion public equities fund with a distinctive style of engagement comparable to a private equity approach, to influence strategy and enhance ESG performance at India Inc. Quantum Advisors will direct the investment activities of the fund through a dedicated team of investment professionals, led by Ajit Dayal, founder of Quantum Advisors,” a joint statement said.