Govt announces steps to revive exports
The government has announced steps to revive exports amid disruptions arising from the implementation of the controversial Goods and Services Tax. Fresh export incentives that will cost the exchequer Rs 8450 crore annually have been announced as part of a mid-term review of foreign trade policy.
Two more Chinese lenders against RCom
Two major Chinese lenders plan to support a move by China Development Bank to put Reliance Communications into insolvency court as they seek to recover about $2 billion in debt. The two new banks are Industrial and Commercial Bank of China and Export-Import Bank of China which plan to back CDB
Google launches India-first products
Google India has announced several India-first products and features for Indian internet users to improve the experience on low end phones especially feature phones. It launched the first Google Assistant support for Jio phones, a feature built especially for India and available in botH Hindi and English. Google will also roll out the latest version of its payments app Tez. The latest version will support features like payment of utility bills directly from the account. Android Oreo and an app Google Go targeting entry-level smartphones were also launched.
Fraud case against Mallya politically motivated: Defence lawyer
The Indian government’s fraud case against tycoon Vijay Mallya is baseless and politically motivated, his defence lawyer told the London court. His defence team argued that he is being used as a scapegoat by Indian politicians of all stripes to deflect public anger at the accumulation of bad debts by state-owned banks. The case against him centres on a series of loans Kingfisher obtained from Indian banks, especially state-owned lender IDBI. The banks want to recover a total of about $1.4 billion that the state says the defunct airline owes.
Airlines to post better profits
Airlines in India are looking to post better profits this financial year as they could raise fares. As jet fuel prices rose along with the rise in global crude oil prices, airlines raised fares. According to ratings agency Icra’s estimates private airlines total profits for 2017-18 would amount to Rs 3200 crore.
Car owners to forego LPG subsidy
If you own a car you may have to forego your LPG subsidy. By eliminating 36 million fake connections through Direct Benefit Transfer for LPG (DBTL), the government has saved nearly Rs 30,000 crore of cooking gas subsidy. Now, it is planning to strike car owners off the subsidy list. If this plan works out it could mean major savings on subsidy. The government had excluded those with an annual income of more than Rs 10 lakh from LPG subsidy last year
Discounts for car lovers
Car lovers, listen in. From luxury vehicles manufacturer Audi to Maruti Suzuki to Tata Motors, the car makers are offering plenty of discounts with deals ranging from Rs 25,000-Rs 8.85 lakh. The car manufacturers and their dealers are offering plenty of discounts to get rid of their stocks before 2018 arrive.
Farmers push for income security
In order to make farming profitable, farmers have urged Finance minister Jaitley to ensure income security for them and take steps to reduce input costs. The suggestions came from the Consortium of Indian farmers Association at the first of the pre-budget consultations
India loves the iphone
Apple seems to be a clear favourite in India as iphone sales in India are expected to cross 3.5 million units in 2017, about 40 per cent higher over 2016. Tim Cook had earlier expressed his optimism about the company’s future in India. Surprisingly, Apple’s market share by end-September in the global smartphones market dipped below 12 per cent, behind Samsung