 "Top headlines: Haldiram family to invest Rs 2,500 cr, Jio wages price war")
GST rate rationalisation unlikely before 2024 Lok Sabha elections
Overhaul of the goods and services tax (GST) structure, including possible changes in the tax slabs, may now be taken up only after the 2024 Lok Sabha elections, given the number of states that are going to the polls in its run-up. “No major overhaul of tax rates is expected in GST until the end of next fiscal year. One major reason for this is that some members of the group of ministers (GoM) —mandated to look at rate rationalisation by the GST Council — are from poll-bound states. Later, this may lead to reconstitution of the panel,” a senior government official told Business Standard. Read more
Govt moves to end possibility of attachment of DMRC's assets in RInfra case
After a warning from the judiciary, the Centre has moved to amend the Metro Railways Act to protect Delhi Metro Rail Corporation’s (DMRC’s) assets from being attached. DMRC is in a long, legal battle with a subsidiary of Anil Ambani-owned Reliance Infrastructure (RInfra). The Ministry of Housing and Urban Affairs has issued a draft Bill to amend Section 89 of the Act, excising the sub-section that allows courts to attach properties of Metro corporations. On March 17, the Delhi High Court handed down an order to ensure the payment of an arbitral award due for over five years. Read more
Eye on expansion, Haldiram family to invest Rs 2,500 crore in 5 years
Haldiram Snacks of Noida and Haldiram Foods International, headquartered in Nagpur (Haldiram’s Nagpur), are in the process of merger. Upon merger, the combined entity may also consider raising capital via an initial public offering (IPO). The merged entity will also invest Rs 2,000 crore-Rs 2,500 crore, after the fundraising exercise, over the next five-six years to expand its capacity. Read more
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Signal strength: Reliance Jio wages price war in fixed-line broadband
Reliance Jio has taken a disruptive call in the fixed broadband space by offering an entry-level unlimited 10 mbps home broadband service for just Rs 198 a month, slashing their earlier entry price of Rs 399 (for 30 mbps). Analysts say that the offer will lead to a price war with rival Bharti Airtel whose minimum pack currently is Rs 499. Bharti is expected to respond to Jio’s gambit soon. Clearly, Jio plans to use the low-priced entry offer as a “back up plan” to expand the country’s home broadband market, which is limited to only 27.5 million homes at present. Of this, there are over 15 million homes with fibre broadband, which is provided by Jio and Bharti Airtel. Read more
Cracking the whip: 18 drug companies lose licence over spurious medicines
In the aftermath of substandard and contaminated drugs exported from India by several pharmaceutical firms since December 2022, the drug regulator has now cancelled the licences of 18 drug firms, sent show-cause notices to 26, and inspected 76 as part of a special drive. The names have not been disclosed yet, but sources indicate they will be made public in the days to come. Read more