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As auto industry clamours for a GST rate cut of 10 per cent, some states remain reluctant to the motion over fears of losing their revenues. In other news, amid economic slowdown, Finance Ministry asks infrastructure ministries and CPSEs to adhere to expenditure plans and accelerate investment activities. Read on for more headlines from the world of business and economy today:
The automobile industry that accounts for 49 per cent of the country's manufacturing GDP is in the midst of an unprecedented crises with overall sales declining by 14 per cent in this fiscal so far with the passenger vehicle segment posting a near 22 per cent drop.
The NCLAT has said promoters of the group can't be disallowed from applying for one-time settlement and withdrawal of insolvency proceedings against the company they promised to pay the money required for one-time settlement.
Senior Finance Ministry officials met heads CPSEs and financial advisors of infrastructure ministries to devise measure to push capital expenditure, so as to pump liquidity and boost demand.
Jet Airways founder Naresh Goyal is being questioned by the ED here on Friday in a case of alleged contravention of the foreign exchange law, officials said.
Now with the SC upholding the appellate tribunal's order, the director general (DG), investigating arm of CCI, would investigate Uber's practices and evaluate their impact on the market