India is finally ready to bury another British era relic! On Tuesday the government moved to overhaul decades-old labour laws, many dating back to the colonial days, by introducing two key bills in Parliament that aim to make it easier for industry to meet labour standards and create more jobs. Opposition politics may at worst delay it, but can't derail it.
STREET PULSE: Where we stand  | Nifty futures on Singapore Exchange traded 18 points lower at 7 am (IST), signalling a weak start for Dalal Street. Asian shares nudged higher this morning amid hints of progress in the Sino-US trade talks. Nikkei added 0.4%, while Australian stocks rose 0.6%. US stocks closed solidly higher in overnight trade. The Dow ended 0.65 per cent higher, narrowly missing a record close, while S&P500 gained 0.68% and the Nasdaq 0.58%. Read More |
| Oil prices rose, extending gains after an industry group reported a much bigger-than-expected drop in US inventories. Brent crude futures rose 24 cents, or 0.4%, to $64.07 a barrel, while WTI futures gained 22 cents. Read More |
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Cheer, India Inc... Finance minister Nirmala Sitharaman signalled that the government may extend the lower corporate tax rate of 25% to all companies, giving India Inc something to cheer about. "We brought it down in order that now 99.3% of all industries are covered by the 25% rate," Sitharaman told Rajya Sabha.
Read More Easing the grip... The government is likely to water down the Data Protection Bill to ease rules on data privacy and localisation, mandating that only critical information needs to be compulsorily retained in India. It will also cut the number of instances in which executives can be jailed due to breach of data security.
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Reality bites real estate trust...
Piramal real estate investment trust has extended the tenure of Indiareit Fund Scheme-V by a year, delaying exits, as six projects worth about Rs 562 crore have got stuck. In a letter to investors, Piramal said the fund has fully exited from four and partially from one out of 10 where it has invested.
Read More Costly drive... Your Mercedes has just become costlier by up to 3 per cent, as the German carmaker makes price adjustments to offset the impact of rising input costs following a hike in customs duty on auto parts and excise duty and cess on fuel.
Read More Meanwhile... The IMF has cut India's growth estimates by 0.3 per cent to 7 per cent for 2019 and to 7.2 per cent for 2020, saying its GDP will grow slower on weaker-than expected outlook for domestic demand. But India will still be the fastest growing major economy of the world and much ahead of China.
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