A paradigm shift in the government's policy approach from consumption-led growth to an investment-led growth model is clearly visible now. It's a risky route, but can create jobs, and as a top Dalal Street expert points out, the short-term pain can pave way for the investment cycle to take off, which can in turn help create demand in the economy on a sustained basis. The latest buzz about a possible overhaul of the tax regime for financial markets and imminent land and labour reforms are all lined up towards achieving this objective.
STREET PULSE: Where we stand Asian markets stuck in tight ranges in early trade, as the prospect of a rate cut by the Federal Reserve was countered by worries a Sino-US first-stage trade deal could be delayed.
Read More  | SGX Nifty traded 18 points higher at 7 am (IST), signalling buoyancy on Dalal Street. MSCI index for Asia-Pacific shares outside Japan was down 0.16% from Tuesday's three-month high, while Japan's Nikkei slid 0.07% after hitting a one-year high the previous day. |
| On Wall Street, the S&P 500 index eked out a record intraday high but ended down 0.08%, while Dow fell 19 points and the Nasdaq 0.59%. |
Oil prices slipped after an industry report that stocks at US' Cushing delivery hub rose last week, shrugging off a drop in overall inventories. Brent crude slipped 15 cents to $61.44 a barrel while WTI crude slid 18 cents to $55.36.
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Ray of Hope… A panel of secretaries will take stock of financial stress in the debt-laden telecom sector and suggest steps to provide relief to carriers such as Vodafone Idea and Bharti Airtel that are facing an over Rs 80,000 crore payout in additional statutory dues. The panel will also consider a two-year moratorium on spectrum payments, besides reductions in the Universal Service Obligation Fund.
Read More Market Bonanza... A bonanza is in the offing for the stock market. The finance ministry and regulators are reviewing the possibility of scrapping the dividend distribution tax in a bid to regain investor confidence in the equity markets. Sources in the government said the ministry is also considering rationalisation of the long-term capital gains taxation structure by classifying three asset classes against six at present.
Read More IBC Strike Rate... Financial creditors have realised more than 34% of their outstanding claims from companies whose resolution proposals were cleared in the July-September period, compared with 14% in the previous quarter, according to data from the Insolvency and Bankruptcy Board of India. The jump in recoveries was mainly due to the debt resolution of Bhushan Power & Steel.
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Apollo Hangover... The restructuring exercise by Apollo Hospitals Enterprise to divest front-end pharmacy business to Apollo Pharmacy has received approval of shareholders, paving the way for the final nod from NCLT. The stock crashed 6.5% per cent in Tuesday's trade amid reports that the complex structure for the demerger would hurt minority shareholders.
Read More Airtel Pain Points... Bharti Airtel reported a drop in its average revenue per user in the September quarter, with growth in its subscriber base outpacing revenue growth from mobile services in India. The telco recorded an ARPU of Rs 128 in September quarter, down from Rs 129 in June quarter. Revenue from India mobile services stood at Rs 10,811 crore in the three months from Rs 10,724 crore in June quarter.
Read More Meanwhile... The Donald Trump-led US administration has rejected nearly one fourth of all fresh H-1B applications through the third quarter of the financial year 2018-19, according to a US body. The rejection rate has jumped three times in FY19 compared with FY15, according to an analysis of H-1B data from US Citizenship and Immigration Services by the National Foundation for American Policy.
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