Top 10 biz stories: Budget steps on NBFCs, defence allocation and more

From Budget steps on NBFCs to defence allocation, here are the top 10 stories which made the headlines on Saturday

1. Budget steps on NBFCs to boost consumption, says FM Nirmala Sitharaman

A day after presenting her maiden Budget, Finance Minister Nirmala Sitharaman said the crisis in non-banking financial companies (NBFCs) had bottomed out and that the proposed steps for the sector would help boost consumption.

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2. Modi govt exploring opportunities for more mergers in energy: Dipam secy

The Narendra Modi government is exploring opportunities for further mergers and acquisitions (M&As) among state-owned companies this year, Dipam Secretary Atanu Chakraborty told Business Standard on Saturday. Read more

3. Critics of $5-trillion economy are 'professional pessimists', says PM Modi

Prime Minister Narendra Modi on Saturday said reducing India’s oil import bill would help strengthen the economy and described the critics of his government’s target of making India a $5-trillion economy in the next five years as “professional pessimists”. Read more

4. Union Budget 2019: Defence salary bill leaves less for new weaponry

The modest 6.35 per cent rise in defence allocations – from Rs 405,193 crore in last year’s revised estimates, to Rs 431,011 crore in Friday’s Budget – presents an even more worrying picture when the budget is disaggregated. Read more

5. Budget 2019: Govt's EV push casts shadow on traditional automobile sector

With Finance Minister Nirmala Sitharaman lining up sops to make electric vehicles (EVs) affordable for consumers, a battle between EVs and those running on petrol and diesel seems to be taking shape. The government’s renewed focus on EVs has also cast a cloud on the planned $45-billion investment in the gas infrastructure and oil refinery sectors, even as traditional-fuel automobile players are worried too. Read more

6. Mindtree set for top brass revamp as 3 founders resign after L&T's takeover

Mindtree is set to undergo a leadership overhaul under Larsen & Toubro (L&T) as three founders of the Bengaluru-based IT services company have resigned. Read more

7. Pepsi approaches NCLAT for release of its machinery from Oceanic Tropical

Global beverages giant PepsiCo’s Indian arm PepsiCo India Holding Private Limited has approached the National Company Law Appellate Tribunal (NCLAT) seeking release of its machinery from the liquidator of Oceanic Tropical Fruits Private Limited.

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8. Why resolution process is virtually impossible under the Insolvency and Bankruptcy Code 

In the last nine quarters — between January 2017 and March 2019 — 1,858 companies have been admitted to the corporate insolvency resolution process. Of this, 715 have exited the process — 378 of them have been liquidated, reports Economic Times. 

9. Budget 2019: Why FM Sitharaman should have expanded PM-KISAN scheme to cover fertiliser, power subsidies

As far as other schemes are concerned, there is a marginal change, and nowhere near PM-KISAN. There are no significant reforms or strategies announced for boosting agriculture and farmers’ incomes, Financial Express reports 

10. Fewer taxes, more to spend, say millennials

India’s 440 million millennials saw little relief as prices of items such as fuel and gold were proposed to be hiked in NDA’s first budget after it returned to power, reports Livemint.