"Any move to encash bank guarantees will precipitate an already precarious situation," COAI Director General, Rajan Mathews told news agency PTI.Mathews termed the ''test checks' being proposed by the telecom department to examine deviation in calculation of adjusted gross revenue (AGR) dues by telecom companies as a "standard audit procedure". The Department of Telecom (DoT) needs to ensure consistency among its different circles on calculation of dues to minimise any differences, he said.
The meeting lasted for over an hour and is said to have deliberated on options before the government to provide much needed lifeline to operators against annual gross revenue dues.Bharti Airtel Ltd. s Chairman Sunil Bharti Mittal had last week made an appeal to the government for cut in levies and taxes to pull the sector out of what he had described as an "unprecedented crisis".
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She was interacting with the members of trade and industries in Kolkata, a week after presenting the Union Budget for 2020 21 in Parliament on Feb. 1. "The broad message which is apparent is that the government wants continuous engagement with industry and business. And my presence here is not in response to what is happening inside (country) and outside," Sitharaman said.She said the Centre has introduced some features in the budget like "faceless appeals and sorting out of problems while imparting tax administration." Sitharaman said this will be made possible only with the help of new technology. "Over the years, we had to remove all the deadwood gathered with a pincer. This will help the government to fulfill its commitments made in the budget," she said.
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India s public cloud deployments is poised to become an $8 billion industry in 2023, says a combined report by Google Cloud and Boston Consulting Group (BCG).The business efficiencies and growth resulting from public cloud deployments also have the potential to create up to 240,000 jobs and impact another 743,000 jobs through second order effects from 2019 to 2023.
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New Delhi: Finance Minister Nirmala Sitharaman exhorted the industry to shun hesitation and be a partner in driving growth, saying the government has already initiated several measures and is willing to take more steps. The government has already reduced corporate tax rate, removed Minimum Alternate Tax (MAT) and abolished dividend distribution tax (DDT), she said while addressing the industry leaders here.The approach has been #8216;we shall spend on asset creation and it is the cascading effect of this spend which is going to help the industry. So we expect you to be ... the engine to pull the economy forward, ' the finance minister said. She added that #8216;in today ''s conditions, it cannot be just the govt spending which can pull this economy towards that growth which all of us want. I strongly believe industry today will have to come out of that hesitation, which you held and rightly in your mind. But I think it ''s time now to come out of the hesitation. I called it self doubt sometime back '.
The government has already reduced corporate tax rate, removed Minimum Alternate Tax and abolished dividend distribution tax, she said while addressing the industry leaders here.The approach has been "we shall spend on asset creation and it is the cascading effect of this spend which is going to help the industry. So we expect you to be... the engine to pull the economy forward", the finance minister said.
Indian markets ended sharply higher today, extending gains to the third day. The Sensex finished about 350 points higher at 41,142, extending gains to about 1,400 points in just three sessions. This is quite a reversal in fortunes for Indian markets, when the Sensex had plunged nearly 1,000 points in Saturday''s special session. Positive global markets, softer oil prices and hopes of an economic recovery and better earnings growth have helped Indian equities to rebound strongly over the past three sessions. The broader Nifty today settled 0.9% higher at 12,090.According to a private survey India''s manufacturing and dominant services industry if off to a strong start this year, with activity in January accelerating to multi year highs. But analysts say that concerns about the coronavirus outbreak are likely to keep markets volatile in the short term. Also, analysts expect the Reserve Bank of India to maintain its accommodative stance in monetary policy, due tomorrow.