IL&FS Shareholders Will Be Probed For Company’s Fall On Its Face

May 29, 2019

The investigation into the fall of Infrastructure Leasing & Financial Services is set to stretch to include the role of shareholders such as HDFC, State Bank of India and Orix Corporation.
An investigation will also be conducted into the role of CARE, India Ratings and ICRA, which had given high ratings to IL&FS before the crisis.
The Ministry of Corporate Affairs (MCA) is preparing the ground to probe how these shareholders and their representatives on the IL&FS board failed to flag the irregularities and deteriorating financial condition.
The progress comes after the new IL&FS board, which took control following the dismissal of the previous board in October last year, questioned the role of shareholders in the months leading up to the crisis.
The new board wanted to know why no alarm was raised notwithstanding clear deterioration in performance. A big crisis could have been stopped if shareholders had raised their voice. But they chose to remain silent.
This will be the first time IL&FS shareholders will be probed for any possible lapses.
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ECONOMY

India Raises Excise Duty by Rs 2 on Petrol & Diesel; Retail Prices Unchanged

Dhruva KulkarniApril 7, 2025April 7, 2025

April 7, 2025April 7, 2025

On 7th April, the Indian government announced a Rs 2 per litre hike in Special Additional Excise Duty (SAED) on petrol and diesel, effective from 8th April.

With this revision, SAED on petrol will rise from Rs 11 to Rs 13 per litre and diesel from Rs 8 to Rs 10 per litre. Despite the hike, the Petroleum Ministry confirmed that retail prices will remain unchanged. Petroleum Minister Hardeep Singh Puri assured consumers that the increase would not be passed on to them, stating, “This will not be passed on to the consumer.”

Puri explained that while crude oil prices have dropped to around $60 per barrel, state-run oil marketing companies (OMCs) manage inventory purchased at an average of $75 per barrel, as they typically hold stock for over 45 days. He added that OMCs may consider price revisions if crude stabilises between $60 and $65 per barrel.

This move comes amid a sustained decline in global crude prices, driven by rising supply from non-OPEC (Organisation of the Petroleum Exporting Countries) producers and weaker demand. The downturn has been further intensified by trade tensions following tariffs imposed by US President Donald Trump.

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ECONOMY

Cabinet approves Rs 6,839 crore for Vibrant Villages Programme-II to boost border development

Dhruva KulkarniApril 4, 2025April 4, 2025

April 4, 2025April 4, 2025

The Union Cabinet, led by PM Modi, approved the second phase of the Vibrant Villages Programme (VVP-II) with an outlay of Rs 6,839 crore.

The programme will run until FY 2028-29, covering strategic villages in 18 states and UTs, excluding those on the India-China border.

Union Minister Ashwini Vaishnav emphasised developing and securing border villages to prevent migration and strategic risks.

Phase 1 covered 700 villages, while Phase 2 aimed to reach 2,000 villages with essential infrastructure and connectivity.

Key objectives include improving roads, electricity, water, internet, healthcare, education, and employment opportunities.

Developments under the scheme include better roads, 24×7 electricity, digital connectivity, schools, healthcare centres, tourism promotion, and skill training.

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ECONOMY

Trump’s Tariff Move a Wake-Up Call for Indian Manufacturing: PwC India

Dhruva KulkarniApril 3, 2025April 3, 2025

April 3, 2025April 3, 2025

The latest US tariffs may not directly impact India. Still, they serve as a wake-up call for Indian manufacturers to enhance efficiency and scale, says PwC India Chairman Sanjeev Krishan.

US President Donald Trump has announced new tariffs, including a 10% baseline levy on all imports, a 34% duty on Chinese goods, and a 27% tariff on Indian exports.

Krishan stressed that while India is affected, the key is to focus on long-term competitiveness rather than relying on others facing higher tariffs. He emphasised the need for greater efficiency, stating, “Big can be beautiful and big can be better.”

Amitendu Palit, Senior Research Fellow at the National University of Singapore, warned of indirect consequences such as slower US growth and disruptions in global supply chains that could impact demand and exports.

He also cautioned that the US may use tariffs as leverage in trade negotiations, putting pressure on India in areas like quality control, currency practices, and government procurement.

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ECONOMY

India’s Manufacturing PMI Hits 8-Month High at 58.1 in March

Dhruva KulkarniApril 2, 2025April 2, 2025

April 2, 2025April 2, 2025

India’s manufacturing activity surged in March 2025 as the PMI climbed to 58.1, marking an eight-month high and signalling a strong recovery.

New orders hit their highest level since July 2024, driven by strong customer interest, favourable demand, and effective marketing.

Production expanded sharply, though international sales growth slowed to a three-month low, with exports rising in Asia, Europe, and the Middle East.

Finished goods inventories saw their steepest decline over three years, prompting firms to boost input purchases at the fastest rate in seven months.

Supply chains remained stable, with lead times improving for the thirteenth straight month, while input costs rose due to higher prices of copper, electronics, leather, LPG, and rubber.

Hiring increased steadily, though capacity pressures limited job growth. Manufacturers remained optimistic about future output, supported by strong demand and pending projects.

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ECONOMY

US slams high India duties on farm goods before 2nd April tariffs

Dhruva KulkarniApril 1, 2025April 1, 2025

April 1, 2025April 1, 2025

The Donald Trump administration has raised concerns over India’s high tariffs on American farm goods just days before reciprocal duties take effect, increasing pressure on India to ease restrictions in its agriculture sector.

The White House criticised India’s 100% tariff on American farm products, pointing to similar trade barriers in the EU, Japan, and Canada.

A US report highlighted India’s 39% tariff on agricultural imports—eight times the US rate—covering items like apples, corn, and coffee. It also noted non-tariff barriers such as import bans and licensing requirements.

Despite opposition from Indian farmers to free trade deals, New Delhi is considering lowering tariffs on select US agricultural products.

India has already reduced duties on bourbon whiskey and high-end motorcycles, with both nations aiming for a trade deal by October or November.

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