Top 10 business headlines: Trade focus during Trump visit, FM sees growth

Here is what happening this morning: ITC has raised the prices of its cigarette brands and there is confusion how the Budget will tax remittances.

Budget proposal on remittances abroad triggers fears of double taxation

The Budget proposal to impose a new tax on remitting money abroad has triggered fears of double taxation. In the Union Budget 2020, the government proposed that banks that received Rs 7 lakh and above from a person for remitting money overseas under the Reserve Bank of India’s (RBI’s) Liberalised Remittance Scheme (LRS) or from the seller of a tour package would debit 5 per cent of the remitted amount as tax.

Economy showing signs of revival, green shoots visible: FM Sitharaman

Finance Minister Nirmala Sitharaman said on Tuesday that the economy was showing signs of coming out of a deep slowdown and that “green shoots” were visible in some sectors. In replies to the Budget discussion in the Lok Sabha and the Rajya Sabha, Sitharaman also said the Modi government would not repeat the “mistakes” of the Manmohan Singh regime in the aftermath of the 2008-09 slowdown.

Lower duties for agri goods on cards during Trump’s India visit

As White House confirms US President Donald Trump’s two-day maiden visit to India starting February 24, spotlight will be on soothing fractured trade ties with the country’s largest export destination. A short release made by the White House late on Monday night said Trump will visit Ahmedabad and along with his wife Melania, apart from New Delhi. Ahmedabad made the cut due to the city being Prime Minister Narendra Modi’s home state and playing “an important role in Mahatma Gandhi’s life and the Indian independence movement”.

Delhi poll results are polarising despite AAP win

The Aam Aadmi Party's huge victory in the Delhi Assembly elections is being seen as a setback to the BJP. That the electorate of Delhi refused to get swayed by the saffron party's virulent anti-Muslim tirade is in itself commendable. However, the fact remains that despite its remarkable achievements in delivering a host of services, the AAP could not prevent the BJP from registering a growth in its vote share.

MakeMyTrip founder steps down as group CEO

Online travel agency MakeMyTrip’s founder Deep Kalra has stepped down as group chief executive officer (CEO) of the Gurugram-based company, and will be succeeded by co-founder and India CEO Rajesh Magow. MakeMyTrip is listed on the Nasdaq.

ITC is first to hike cigarette prices post budget

Following the hike in the National Calamity Contingency Duty (NCCD) announced in the Union Budget this year, market leader ITC increased cigarette prices by 10-20 per cent across some of its brands in all of its markets. A rise in NCCD escalates taxes on cigarettes. Manufacturers have the option to either pass it on the consumer or absorb it.

Titan acqui-hires HUG Innovations

Watches and jewellery maker Titan has acqui-hired a Hyderabad-based start-up HUG Innovations with an aim to build all its technology expertise in-house. This is the first ever acqui-hire by the Bengaluru-headquartered firm which aims to position itself as the leading smart wearables player in the country.

Sick' pharma PSU offers to step in to reduce China drug dependence

As the Indian government scouts for options to deal with any potential scarcity because of the coronavirus outbreak in China, the country's oldest public sector pharma company, Hindustan Antibiotics (HAL), has submitted a proposal to the government to reduce dependence on China for fermentation-based bulk drugs, it is learnt.

Sebi shelves new upfront margin plan

India’s capital markets regulator and stock exchanges have put on hold a proposal that would have required traders to pay the entire initial margins before executing even intraday trades, a move brokers said would have hit transaction volumes and made business unviable for many D-Street intermediaries. So, instead of its earlier proposal, the Securities and Exchange Board of India (Sebi) could now allow brokers to part-finance their clients’ initial margin requirements, Economic Times reported citing sources.

Brookfield becomes largest private investor in India

Canadian alternative asset manager Brookfield Asset Management trumped US private equity firm Blackstone to emerge as the largest private capital investor in India in 2019, lifted by deals with Reliance Industries Ltd (RIL). Investments by Brookfield totalled nearly $6.28 billion last year across private equity and real estate, far outpacing the $2.38 billion in investments by Blackstone, according to deals tracker Venture Intelligence, reported Mint.