Elsewhere, the statement mentions a series of steps that the government took like the corporation tax rate cut, an increase in the minimum support price of agricultural crops, policy initiatives for textiles and electric vehicles, incentives for start-ups, measures for non-banking financial companies, relaxation of external commercial borrowing norms for affordable housing, merger of 10 public sector banks and streamlining of labour laws. … [Read more...] about Why did Nirmalaji deviate from fiscal deficit target?
Tax reform package
ETCFO, Sanjeev Jha, India CFO of Kelly Services India, a recruitment and staffing solutions company, discussed how the job market is continuously changing with the economic, social and technological advancement. “The growth (in the job market) is happening in the back-office established by MNCs in India like shared services business. Also, fintech business, e-commerce or online business (new models), is where the demand is growing, even automotive back-office centres are on the rise,” he explained.He also discussed the impact on coronavirus on the recruitment and staffing industry and how labour reforms would change the shape of the market. Kelly Services didn't come under the slowdown spell as the demand started rising for new business model side. Kelly Services is a Fortune 500 company that delivers staffing solutions including temporary, full-time placement, outsourcing and consulting. Edited Excerpts: Q: What is the impact of the slowdown in the job market?Sanjeev Jha: … [Read more...] about Coronavirus impact on jobs: Larger economies will resort to virtual methods of employment and working models
Central Board of Indirect Taxes and Customs (CBIC) seeks suggestions from the industry on faceless e-assessment for imported goods by March 3, 2020. The government, in order to eliminate human interface and enable faceless appeal, proposed the same in Union Budget 2020. The introduction of faceless assessment is part of the string of reforms titled ‘Turant’ Customs. After CBIC had inducted pilot project on faceless assessment at different customs stations last year it has now decided to implement the same across India. CBIC proposes restructuring the existing commissionerates into National Assessment Commissionerates (NACs) and Jurisdictional Port Commissionerates (JPCs). NAC will be like “Virtual Commissionerates” having jurisdiction across India and comprising of a cluster of faceless assessment groups (FAGs). JPCs will set up ‘Turant Suvidha Kendra’ for facilitating customs clearances. “The Customs Automated System would allocate the bills … [Read more...] about CBIC releases concept note ahead of roll-out of faceless assessment across India
ITC Limited chairman and MD Sanjiv Puri told ET’s Sagar Malviya and Writankar Mukherjee in a recent 90-minutes long interview that the conglomerate is continuing to work with an “growth mindset” during the slowdown, since India is a growth market whereby demand will pick up over time. Puri said having entered 12 new FMCG categories in last five years, ITC is now focussed on scaling up some of these categories rather than adding newer ones. He feels there should be some incentives from the government to create domestic brands that anchor sustainable and inclusive value chains, creates a robust manufacturing base, and benefits the agricultural sector. Edited excerpts of Puri’s views on certain burning issues. On economyThe economy is certainly experiencing a slower rate of growth across sectors. The extent of impact varies and some sectors have been more adversely impacted than the others. The economy is confronted with several sectoral challenges at the moment, … [Read more...] about ITC continues to work with a ‘growth mindset’ amid slowdown: Sanjiv Puri
"The list of US asks has been pretty static all throughout. Not to say that any of these things are easy for India to do, but the United States to my knowledge didn't change the goalposts just because we now consider India to be a middle-income country. The things that we wanted to see happen to get this trade agreement have been pretty static all throughout, no matter how difficult they are," he said in response to a question. … [Read more...] about Donald Trump keeps everyone guessing about ‘tremendous’ trade deal with India