Analysts estimate that non-performing assets (NPAs) will jump from a little under 8 per cent in the previous fiscal year — helped by restructuring, write-offs and regulatory relaxations including a loan moratorium — to 13-15 per cent in 2021-22.
As per the fresh set of regulations, an Indian insurance company with 74 per cent foreign equity should have majority of its directors, key management personnel, and at least one among the chairperson of its Board, its managing director and its chief executive officer; as resident Indian citizens.
Privatisation plans for key state-owned companies such as BPCL and Air India are likely to face delay and may stretch into later part of the year as the Covid-19 pandemic affects mobility of people, disrupting closure of transactions.
According to data released by the Reserve Bank of India (RBI), while the direct investment to India in FY21 stood at $54.665 billion, FDI by India amounted to $11.299 billion, thereby resulting into a net FDI of $43.336 billion.
Steel, the most commonly used input in construction sector and industries, is at all-time highs, as most metals including base and precious metals prices have gone through the roof over the last one year.
In determining the Budgetary allocation for vaccine, the Finance Ministry initially estimated requirement of a total of 290 crore vaccine shots for the entire population, after taking into account two shots per individual and also the vaccine that is wasted during the entire process.
While the Central government has announced steps to ease imports of oxygen as well as related medical equipment, and extended the emergency credit line facility to stressed companies, another round of economic package is yet to be discussed.
The change in rules would effectively enable the Health Ministry to make advance payments of Rs 3,000 crore to Serum Institute of India (SII) and Rs 1,500 crore to Bharat Biotech for procuring vaccines.
According to the RBI’s KYC regulations, periodic updation of KYC should be carried out at least once in every two years for high-risk customers, once in every eight years for medium risk customers and once in every ten years for low-risk customers.
To provide relief to stressed companies, the Finance Ministry on Friday expanded the scope of a government-guaranteed credit facility to healthcare and stressed sector companies that have loan dues for up to 60 days (or SMA-1 accounts), as against 30 days earlier (SMA-0).
A scrutiny of the list shows that it includes one BJP MLA; three ex-MLAs/candidates and one ex-MLA of AJSU (BJP ally in Jharkhand); six members of Laghu Udyog Bharati (LUB); six BJP functionaries; two former members of FICCI and one member from Gujarat.
While the US initiative is aimed at addressing the threats of tax leakages being posed by tax havens across the globe, the issue of equalisation levy or digital taxes should also be addressed positively, government sources said.
US Treasury Secretary Janet Yellen has urged G20 nations to move towards a global minimum corporate tax. What can this mean for India, other economies, and corporations that benefit from low-tax regimes?