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Biz EOD: Auto dealers SOS; air passenger traffic to decline; Karnataka's slowest revenue growth in 11 years

Catch top stories from the world of business and economy with BusinessToday.In's Biz EOD report

twitter-logoBusinessToday.In | June 3, 2020 | Updated 23:56 IST
Biz EOD: Auto dealers’ SOS; air passenger traffic to decline; Karnataka's slowest revenue growth in 11 years
Top stories from the world of business and economy

Automotive dealer fraternity in India has sought higher margins of at least 7 per cent from companies. India's aviation industry faces uncertainty in air traffic recovery timeline in the wake of subdued demand for leisure by risk-averse passengers and likely decline in disposable income in the hands of consumers. Karnataka records the slowest growth in revenue receipts in 11 years as it grew by 5.8 per cent to Rs 1.75 lakh crore in FY20. Read for more top stories from the world of business and economy:

1. Cabinet suspends bankruptcy proceedings against NPAs for six months

This will be applicable for NPAs (non-performing assets) after March 25, with a provision to extend up to one year.

2. Auto dealers demand 7% higher margins from auto firms

"Automobile dealers in India operate on the lowest margins possible as compared to peers globally," said Ashish Harshraj Kale, President, FADA.

3. Coronavirus impact: Air passenger traffic to decline by 45-50% during FY21, says ICRA

India's aviation industry faces uncertainty in the air traffic recovery timeline in the wake of subdued demand for leisure (especially international) by risk-averse passengers and likely decline in disposable income in the hands of consumers.

4. Karnataka's FY20 revenue receipts growth at 5.8%, slowest in 11 years

Karnataka's tax revenues fell short of Rs 8,943 crore from the budgeted target of Rs 1,41,551 crore in 2019/20. Around 99.9 per cent of the targeted amount was collected by the state government in 2018/19.

5. Vijay Mallya extradition: Liquor baron to be brought to Mumbai, will lodge in Arthur Road jail

Upon arrival, Mallya will be produced before a court, where the Central Bureau of Investigation and Enforcement Directorate will seek his custody.

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