Economy

New Companies Law to bring clarity in working of India Inc

New Companies Law to bring clarity in working of India Inc

The government's new Companies Act draft rules are expected to bring more clarity by making the working of the companies more transparent.

The draft rules suggest that any public company that has paid-up share capital of more than Rs 100 crore or any company that has in aggregate outstanding loans/deposits of more than Rs 200 crore will have to leave 33 per cent of its boardroom seats for independent directors.

The company's auditors will have to report material fraud directly to the government within 30 days.

India gets three-fold rise in bilateral currency swap arrangement with Japan

India gets three-fold rise in bilateral currency swap arrangement with Japan

The more than three-fold rise in bilateral currency swap agreement between Indian and Japan is shore up sentiments and reinforce the sagging rupee.

The two Asian countries on Friday agreed to increase their bilateral currency swap agreement from $15 billion to $50-billion. The increase means that India is now able to borrow three times more from Japan as a first call in case it requires some hard currency to strength the rupee.

No need to look at economy with pessimism: Chidambaram

No need to look at economy with pessimism: Chidambaram

The Indian economy will bounce back, and there is no need to have a pessimistic view about the economy, Union Finance Minister P. Chidambaram said.

Participating in a discussion in the Lok Sabha on Thursday, Mr. Chidambaram claimed all states of the country, excluding two, were growing at a rate of more than 5 per cent, which is well above than the overall economic growth of under 5 per cent.

Speaking on the topic, the Finance Minister said, "I am not placing any value judgment. But we need to look at this matter closely. and not look at the economy with pessimism, as seen by some."

IIMs expect flat or modest rise in average starting salaries for current batches

IIMs expect flat or modest rise in average starting salaries for current batches

Final year students of the Indian Institutes of Management (IIM) will likely see only a modest year-on-year rise at best in starting salaries during campus placements later this year as economic growth is still in the grasp of persistent economic slowdown.

Experts say that compared with those offered to the students in the previous batch.

Officials at IIM-Lucknow, IIM-Indore, IIM-Kolkata, IIM-Bangalore and IIM-Kozhikode, said that they expected the average salary to either remain flat or increase by only up to 8 per cent year-on-year.

Heavy monsoon expected to boost demand for gold

Heavy monsoon expected to boost demand for gold

This year's better-than-expected monsoon is expected to provide a much-needed boost to Indian growth, but increased disposable income in the hands of farmers may hit the government's efforts to arrest the soaring demand for gold very hard.

India is the world's biggest consumer of gold, which is imported from various parts of the world. Heavy imports of the precious yellow metal have been inflating the government's import bill, which is one of the biggest causes of increase in the country's current account deficit (CAD).

BJP mocks at Moily’s proposal to close petrol pumps at 8pm

BJP mocks at Moily’s proposal to close petrol pumps at 8pm

The Bharatiya Janata Party (BJP), the main Opposition party of India, has mocked at Oil Minister M Veerappa Moily's proposal to close all petrol pumps at 8 pm during its six-week fuel conservation drive.

Moily recently proposed the launch of a six-week austerity campaign starting September 16 as part of its efforts to cut soaring demand for fuel.

While Moily claimed that the drive would help cut demand for fuel by 3 per cent and save nearly Rs 16,000 crore in forex outgo; BJP argued will people not buy the required amount of fuel the next morning.

India’s quarterly economic growth slips to its lowest in four-year

India’s quarterly economic growth slips to its lowest in four-year

The growth of India economy slipped to its lowest in four years in the April-June quarter of current financial year as many key sectors recorded negative growth, newly released official data revealed.

According to data released by the Central Statistics Office (CSO), India's gross domestic product (GDP) grew 4.4 per cent year-on-year during the three months of FY2013-14, as against a growth of 4.4 per cent and 5.4 per cent in the first quarter of this financial year and the April-June quarter of the last financial year.

Oil companies facing serious under-recovery threat on petrol

Oil companies facing serious under-recovery threat on petrol

Indian oil marketing companies are facing serious under-recovery threat on petrol as rupee is falling against the greenback and the global crude oil prices are on the rise, many analysts believe.

Analysts are of the view that state-owned oil marketing companies, which are already suffering under-recoveries on subsidized fuels like diesel and LPG, may soon start losing money on petrol sales also unless they are allowed to significantly increase rates by the mid of September.

Onion prices remain high as supply lagging behind demand

Onion prices remain high as supply lagging behind demand

Onion retail prices Delhi and other parts of the country remained high on Monday as supply continued lagging behind demand.

In the national capital, average onion retail price was recorded at Rs70 (US$1.09) per kilogram, mainly due to lower supply of the eatable in wholesale markets.

In the wholesale markets, onions are selling at rates ranging between Rs 45 to Rs 50 per kilogram, depending on the quality of the product.

An official from the National Horticulture Research & Development Foundation (NHRDF) said that onion prices would likely remain high in the near future.

Going to IMF for funds is absolutely ridiculous suggestion: Montek

Going to IMF for funds is absolutely ridiculous suggestion: Montek

Any suggestion of India going to the International Monetary Fund (IMF) for funds to tackle adverse economic conditions like the current account deficit (CAD) is totally ridiculous, Planning Commission Deputy Chairman Montek Singh Ahluwalia said.

Mr. Ahluwalia said that the scale of facility that India would require to get from IMF is extremely small compared to the country's foreign exchange reserves.