Page 5 - Ficci

Govt should scrap windfall profit tax on domestic crude oil: FICCI

The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne (USD 40 per barrel) windfall profit tax on domestic crude production was levied. The new tax, which was also slapped on the export of petrol, diesel and ATF, is calibrated every fortnight in step with international oil prices. Industry chamber FICCI in its recommendations for the Budget, said such levy is in addition to all other existing levies. "It is recommended that the Special Additional Excise Duty (SAED) on petroleum crude should be removed or if there is a need to continue the levy for some time as an extraordinary measure then the rate be changed to an ad-valo

India can't afford yet more disruptions to supply chains: Ficci President

'What is most unfortunate is that countries are looking to finance their transition to a green economy by taxing others'

Ficci releases roadmap to achieve 600 mn jobs, 6x rise in income by 2047

The roadmap also focuses on doubling female participation in the labour force to 45-50%, cut carbon emissions by 80-100%, and provide access to clean water for all

Counterfeiting, smuggling develop into substantial threat to global economy

Jaspal Singh IPS, Director General of Police, Goa informed that awareness is the first step towards enforcement as the problem of trade in illicit products emanates from the lack of awareness.

Competition Bill: Panel asks for explicit definition of material influence

FICCI in its response to the standing committee had said that the introduction of material influence as proposed would still keep its definition vague and open to interpretation

Pesticide sale via e-com sites welcome but may see more fakes, fear players

A section of players is wary of the proliferation of counterfeit products unless more checks and balances are put in place

Meta pledges $1 mn for extended reality fellowship programme in India

Initiative will help developers contribute to open-source projects on XR technology and lay the foundation for affordable, appropriate India-specific solutions localised to Indic languages

Meta supports FICCI, NeGD to train 100 India developers in metaverse tech

Meta announced it is supporting industry body FICCI with $1 million for the XROS fellowship programme that will help 100 Indian developers working on XR technologies for the future of metaverse

Need to promote circular economy to deal with climate change: Amitabh Kant

State chief secys' meet to address challenges faced in implementation of circular economy, says India's G20 Sherpa

Union Budget 2023-24: Govt mulls options on capital gains tax regime

As preparations begin for the next budget, discussions have gained steam around what the government would do with the capital gains tax regime

Type-C charging port for all devices: Stakeholders agree to phased rollout

Stakeholders have agreed to a phased roll-out of a uniform charging port for effective implementation and easy adoption so that the same can be applied by the industry and adopted by consumers

Top headlines: ESMA-RBI tussle, India's services exports, Paytm Q2 results

Business Standard brings you the top headlines this hour

Manufacturing picked up in Sept qtr, may sustain for 6-9 mths: FICCI study

61% respondents in survey reported higher production level in September quarter over the year-ago period, as against 55% who reported higher output in June quarter of FY23

Jaipur set to host 11th edition of India StoneMart international exhibition

Scheduled to be held at the Jaipur Exhibition and Convention Centre, Sitapura Industrial Area, from November 10 to 13, the exhibition is considered one of the biggest of its kind in India

Indian industry ready to catch momentum of country's growth: Ficci official

The Indian industry is ready to catch the momentum of the country's growth story and be a part of its march to 2047 to become a developed nation, a top industrialist has said. In an interview to PTI, Subhrakant Panda, senior vice president of the Federation of Indian Chambers and Commerce and Industries (FICCI) said India has emerged as a bright spot in the world economy. There is no doubt that the Indian economy would easily surpass the goal of USD 5 trillion and then USD 10 trillion GDP, Panda told PTI, asserting that experts and economist are now talking about the country becoming a USD 30 trillion or USD 35 trillion economy. There are many assumptions and factors which go into deriving those numbers, but I think what is very clear is the direction of growth and the sustained reforms, which are going to take us in that direction of growth, he said. From an Indian industry perspective, are we ready for it? Yes, I think we are. Because this is a huge opportunity which awaits us. I

Covid-19 behind, M&E sector navigates the future at Ficci Frames 2022

Back after a two-year hiatus, the summit deliberated on key issues plaguing the sector

Govt working on model theatre policy to arrest decline in cinemas

The government will also work with states to facilitate and promote film shootings in India, he said

Prasar Bharati considers launching children's TV channel under Doordarshan

Content for DD Kids will come from broadcaster's library and partnerships with animation studios and production houses: sources

Rs 58.5K cr of taxes lost in 5 industries due to illicit trade: FICCI study

Says 1.5 mn jobs lost because of such trade; FMCG sector worst affected

Govt working on PLI schemes for more products to boost manufacturing: Goyal

The government had rolled out PLI schemes for 15 key sectors, including technology, textile, automobile, pharmaceutical drugs, speciality steel, electronics, among others