Some 117 million people are set to join India's workforce over the next decade and the sheer pressure of such a population will drive down wage costs, making foreigners look at India in a different light. Sunil Subramaniam of Sundaram Mutual Fund says with the difference in per capita income between India and China widening to a staggering five times, once India fixes critical factors like land and labour, the theory of comparative advantage of nations will come into play, driving the world towards India.
STREET PULSE: Where we stand Nifty futures on Singapore Exchange traded just 5 points higher at 7 am (IST), promising a flat start to trade on Dalal Street. Elsewhere in Asia, shares started the week mixed, with volumes subdued as investors count down to the holiday break.
HERE'S WHAT TO WATCH  | Stocks were little changed in Hong Kong, Tokyo and Seoul, but fell in Sydney and Shanghai. |
| US stock indices again set records on Friday. Dow rose 78.13 points to 28,455; S&P500 gained 0.49 per cent to 3,221.22, and the Nasdaq 0.42 per cent to 8,924. |
| Oil prices were mostly steady on Monday after three weeks of gains amid optimism the US and China were close to signing a trade deal to end a tariff war. Brent crude slipped 4 cents at $66.10 a barrel while WTI fell 4 cents to $60.40 |
| The rupee weakened by 9 paise to close at 71.12 against the US dollar on Friday due to a steady rise in crude oil prices and strengthening of the greenback overseas. |
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Davids of Motown… The Japanese dominance of the Indian car market is under threat with South Korean and Chinese carmakers expected to corner one-fourth of it by 2022 from 16 per cent at the end of 2018, driven largely by compact SUVs. Thanks to bolder design, a range of SUV vehicles and technology features, younger buyers are showing more interest in South Korean and Chinese models such as the Hyundai Focus, Kia Seltos and MG Hector.
Read More GST Relief for IBC Cos… The government may allow companies undergoing resolution under the IBC to pay current levies of goods and services tax without the mandatory payment of past dues. This will remove a hurdle in the bankruptcy resolution process. Ministry of Corporate Affairs and Department of Revenue officials have begun talks on the matter and a framework is likely to be unveiled soon.
Read More Tepid Response, but AI Sale On… Roadshows in Singapore and London, held to ascertain investor interest for the debt-laden national carrier Air India, received a lukewarm response from potential bidders, three top government officials aware of the development said. However, that's not likely to disrupt the government's privatisation plan schedule. India is likely to finalise initial bidding documents for the carrier by next month. The Expression of Interest documents are likely to be issued after the holiday season to ensure greater participation by foreign buyer.
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In the Sebi Crosshairs… UTI AMC has come under the capital markets regulator's scanner for allegedly violating investment regulations, said two people with the direct knowledge of the development. Sebi is investigating whether some investments of UTI's India Debt Opportunities Fund— registered as an FPI — were in contravention with overseas fund rules. The regulator has sent a show-cause notice on the matter to UTI to which the fund house has responded.
Read More Old Tax Haunts Indus Deal… The government is unlikely to clear the proposed merger of Bharti Infratel with Indus Towers by the December 24 deadline, which may force the three major signatories — Bharti Airtel, Vodafone Group and Vodafone Idea — to call off the deal and explore other options to monetise their stakes. A government official cited the withholding tax case against Vodafone Group as being the stumbling block.
Read More Meanwhile... Tech glitches trigger tax notice rush. Hundreds of taxpayers are believed to have received notices from the income tax department, whose systems are unable to process the tax returns correctly. This has led to bloated tax liability on capital gains and denial of credit for tax deducted at source, among other discrepancies. Senior accountants have drawn the attention of the CBDT chairman to the errors at the department's Central Processing Zone in Bengaluru.
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