BT Podcast: Government blames global prices for high fuel costs : Bulletin: Business Today
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BT Podcast: Government blames global prices for high fuel costs

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April 3, 2018

Govt blames global prices for high fuel costs, wants to bring oil under GST

Under fire for rising cost of oil in the domestic market, which remained at a four-year high for petrol and an all time high for diesel in the national capital on Monday, the government blamed high international prices for the spike. The minister for petroleum and natural gas Dharmendra Pradhan made a case for oil to be included under the Goods and Services Tax (GST).  "We have advocated for bringing petroleum products under GST. We want GST Council to soon take a decision regarding this. I am hopeful that petroleum products will also come under GST soon," he said.

India imposes 10 percent tax on import of key smartphone components

In a move to step up local assembly of mobile devices in the world's second-biggest smartphone market, India has  imposed a 10 percent tax on imports of key smartphone components, including populated printed circuit boards (PCBs). Populated PCBs account for roughly half of a typical smartphone's cost. A 10 percent customs tax was also imposed on the imports of camera modules for phones and connectors. The taxes are part of Prime Minister Narendra Modi's phased manufacturing programme (PMP), a plan unveiled in 2016 to step up local value addition every year in smartphone manufacturing.

Amazon India loses 60 employees, more to follow

As part of its global reorganisation process, Amazon has begun laying off employees in India. It let go of nearly 60 employees from its recruitment team last week, one of them said as reported by Economic Times. There may be more layoffs across teams as the company put 25% more employees on so-called performance improvement plans (PIPs) in the December quarter. Amazon has confirmed the layoffs in India.

ICICI Bank-Videocon loan whistleblower claims govt silent on 12 cases raised in the past

The whistleblower who first red-flagged "the illicit banking and commercial relationship between Videocon Group of Venugopal Dhoot and ICICI Bank's MD & CEO Chanda Kochhar's family" as he put it in his blog post - incidentally two years before the ongoing brouhaha broke out - has reportedly claimed that he'd raised several such cases in the past, too. Arvind Gupta, the founder and trustee of Indian Investors Protection Council, and a Ph.D in Public Sector Economics, as his blog profile claims, told MoneyControl that he has raised more than 12 cases in the past "which have gone unnoticed by the government".

Automobile sales witness a healthy rise in March 2018

Major automobile manufacturers have posted healthy sales figures for March 2018 as reported by Business Standard. Hyundai Motor India (HMIL) reported a rise of 8.8 per cent in its overall sales including exports for March 2018 to 60,507 units from 55,614 in the corresponding period last year. Mahindra and Mahindra (M&M) reported healthy take-off for March 2018. Its overall monthly sales grew by 10 per cent. Maruti Suzuki India has reported a 14.9 per cent rise in its March sales.  Tata Motors, on April 1 had posted a 35 per cent increase in its March sales to 69,440 units. According to experts sales have picked up due to positive economic indicators.

Debjani Ghosh becomes Nasscom President

Nasscom has said former Intel executive Debjani Ghosh has taken over as the President of the IT industry association, as reported by PTI. She succeeds R Chandrashekhar, who is leaving office upon the completion of his term. Ghosh takes office at a time when the Indian IT-BPM industry, currently a USD 167 billion sector, is playing a leading role in digital transformation of various industries across countries.
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