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Millennials, Taxes or Failed Policy?

When Finance Minister Nirmala Sitharaman claimed that a preference by millennials for ride-hailing apps was contributing to a painful slump in car sales, it sparked an online backlash from furious youngsters. They started a campaign using ironic hashtags last week to push back against older generations blaming them for today's problems in society.

03:57:01 on 15 Sep

Read more at News 18

Finance Minister Nirmala Sitharaman today said minor tax violation will no longer invite prosecution by the income tax department. She said this is to ensure that people don't have the fear that the tax department is on a prosecution spree. "Prosecution will be launched only in deserving cases. For small tax payers, prosecution won't be initiated," Nirmala Sitharaman said.

03:29:34 on 14 Sep

Read more at India Today

A report in the Indian Express newspaper alleged that the Mumbai unit of the I-T department in March this year sent notices to Mukesh Ambani's wife Nita and their three children. "We deny having received any such notices from the income tax department," said Reliance. The government had received details of an estimated 700 individuals holding accounts in HSBC Geneva.

01:42:02 on 14 Sep

Read more at The Week

The government has set a tall divestment target of Rs. 1.05 trillion for FY20. Needless to say, it would need to sell stakes in some of the large public sector companies to achieve the target. Here, state-run oil marketing and refining company, Bharat Petroleum Corp. Ltd (BPCL), seems to be on the radar. But there is a twist to this tale.

10:55:01 on 13 Sep

Read more at Livemint
Slowdown stories from India’s heartland

The consumption slowdown is not unexpected given the stress in rural India, which accounts for about 37% of the sales of fast-moving consumer goods (FMCG). “Rural (spending) growth is slowing down at double the rate of urban in recent quarters," said market research firm Nielsen in July. The period between April and June has witnessed a slowdown across all categories.

05:55:01 on 12 Sep

Read more at Livemint

Minister of Road Transport and Highways (MoRTH) Nitin Gadkari said says that Finance Minister Nirmala Sitharaman's statement on the slowdown in the auto sector contributed by Ola and Uber was misinterpreted. Earlier this week, Sitharaman said that millennials switching to app-based cab aggregators like Ola and Uber was the reason for the downturn in the auto industry.

04:37:21 on 11 Sep

Read more at NDTV

Automation, of course, is no stranger to shop floors. Many factories all over the world and India have been using computer numerical control (CNC) machines for years. These machines allow operators to feed a program of instructions directly into a mini-computer via a small board, similar to a traditional keyboard.

03:54:52 on 11 Sep

Read more at Mint

Through a dedicated booklet (100 Days of Bold Initiatives and Decisive Actions) and press conferences across the country, the Bharatiya Janata Party (BJP) has launched a publicity blitz celebrating its achievements in the first 100 days of its return to power. But are the BJP’s claims and promises grounded in reality?

01:58:44 on 11 Sep

Read more at Livemint

Bike rental startup Vogo plans to more than double the number of employees by the end of next year, unfazed by the consumption slowdown in India that has brought makers of cars to consumer goods to their knees. Bengaluru-based Vogo’s chief executive, Anand Ayyadurai, wants to expand his team to 1,000 by the end of 2020 from 400 now.

01:57:02 on 11 Sep

Read more at Livemint

Finance Minister Nirmala Sitharaman on Tuesday said the “millenial mindset” of relying on taxi services instead of committing to buy a vehicle was responsible for the crisis in the Indian automobile sector. She said the “millenial mindset” of relying on taxi services instead of committing to buy a vehicle was responsible for the crisis in the Indian automobile sector.

08:57:01 on 10 Sep

Read more at Hindustan Times

Finance Minister Nirmala Sitharaman has defended the dip in GDP growth to over six-year low of five per cent in April-June quarter terming it as 'cyclical' and said that the fall has not impacted the people as the government has ensured the inflation remains below four per cent.

05:55:52 on 10 Sep

Commercial vehicle major Ashok Leyland has declared production holidays at its various plants for September, due to continued weak demand for its products. In a communique sent to stock exchanges, it said there would be 16 non-working days at its Ennore plant and five non-working days at the Hosur plants. There will be 18 non-working days at its Pantnagar plant.

01:45:34 on 09 Sep

Read more at The Hindu

The much-awaited Reliance JioFiber broadband plans have been officially announced. The tariff plans start at Rs 699 per month and go all the way up to Rs 8,499 per month. Jio says that the JioFiber broadband services are now available in as many as 1,600 cities across India.

07:57:02 on 05 Sep

Read more at News 18

Images of various denominations of notes and coins are being circulated on social media with a claim that these are new currency released by Reserve Bank of India (RBI) as legal tender. The Quint found out that these currencies are not legal tender. The legal tender currencies are only of Rs 2000, 200,100, 50, 20, 10 as per the official website of the RBI.

06:27:01 on 05 Sep

Read more at The Quint

In a statement to stock exchanges, India's biggest carmaker Maruti Suzuki India said it has decided to shut down the passenger vehicle manufacturing operations of Gurugram and Manesar plants in Haryana for two days, on 7th and 9th September 2019. Both days will be observed as no production days.

02:55:01 on 04 Sep

Read more at Livemint

The finance minister’s announcement on Friday to merge six relatively small banks into four bigger banks failed to lift market sentiment as the Sensex at the Bombay Stock Exchange fell over 500 points and the rupee lost up to 90 paise against the dollar to trade at a near 10-month low of 72.31 following concerns over the tariff war between the US and China.

08:26:01 on 03 Sep

Read more at Indian Express
Explained: What bank mergers can mean

On Friday, Finance Minister Nirmala Sitharaman announced the government’s decision to merge 10 state-owned banks to create four large entities or lenders. For years, expert committees starting from the M Narasimham Committee have recommended that India should have fewer but bigger and better-managed banks to ensure optimal use of capital.

08:55:01 on 02 Sep

Read more at Indian Express

Popular fashion retailer Forever 21 could be applying for bankruptcy leading to several of its stores being shut down. It has been reported that the company’s cash reserves have been draining fast and its talks for sourcing funds have not borne fruits so far. There appears to be no other options left with the founders at this juncture.

06:04:59 on 30 Aug

Read more at TNM
The iPhone’s Make in India story

On a steamy summer morning, dozens of buses pull up outside a cluster of low-slung, blue buildings in Andhra Pradesh. Women dressed in colourful salwar kameezes disembark, their dupatta billowing as they make their way past hibiscus bushes and posters proclaiming, “Our aim, no accident."

03:55:01 on 30 Aug

Read more at Livemint