A day after British oil firm Cairn Energy
pressed for honouring the over $1.4-billion international award on a tax dispute, finance ministry officials said New Delhi was preparing to appeal at The Hague this week. The Union government has finalised the grounds for appeal against the award and is in the final leg of discussions with the Dutch counsels, according to officials. Based on the appeal, India will apply for a stay on the enforcement of the award at a lower Dutch court. Read more
IndiGo eyes air cargo market, in talks with Airbus for freighters
IndiGo, the country’s largest airline, is in talks with Airbus to finalise a deal to acquire up to five A321 converted freighters amid a burgeoning air cargo market. People aware of the development said that while the airline would test the market with five freighters, it might acquire more in the future depending on their performance. Read more
India's retail sector to add 25 million new jobs by FY30, says report
With the domestic retail sector largely being successful in navigating the Covid crisis by accelerating digital adoption, it can add more than 25 million new jobs by FY30, of which the hybrid model of online and offline model will account for 50 per cent of these new roles, says a report. According to the Nasscom and Technopak survey, in FY20 alone the retail segment accounted for 8 per cent to the total workforce with more than 35 million employees. Read more
Ahead of Assembly polls, oil companies hold back price hike in March
Government-controlled oil-marketing companies
(OMCs) have held back petrol and diesel price revisions for a week and are expected to continue doing so, ostensibly owing to political reasons. It appears that the Centre has informally conveyed to the three major OMCs to not revise fuel prices
for the time being, two people in the government said. This informal directive follows the talks between the Centre and states on cutting taxes and bringing the auto fuels under the good service tax regime not fetching the desired results, so far. Read more
PMC Bank suitors face additional capital rider; RBI board meet on March 19
Suitors for Punjab and Maharashtra Co-operative Bank (PMC Bank) may have to infuse additional capital of nearly Rs 750 crore so that the payout per depositor is more than the Rs 5 lakh sum assured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). Read more
Defence Budget: Military gets 28% less budget than it projected
Given the ongoing 10 month-long confrontation with intruders from China’s People’s Liberation Army (PLA) in Ladakh, the military was hopeful in the run-up to the Budget that the government would meet its budgetary projections for the coming financial year (2021-22). It came as a jolt on Budget day, therefore, when the three services were allocated only Rs 3.24 trillion – 28 per cent less than their budgetary projections of Rs 4.49 trillion. Read more
Flurry of IPOs: Sebi sounds alert on threat of technical glitches
The harrowing experience of the recent technical glitch suffered by the National Stock Exchange (NSE) still fresh in mind, the Securities and Exchange Board of India (Sebi) has sounded an alarm about the bunching up of initial public offerings (IPOs) this month. The market regulator has asked intermediaries to ensure there are no system glitches while processing IPO applications, and to stagger the offerings as much as possible, said people in the know. Read more
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.