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Mint Morning Digest
Centre to rework IBC reform proposals
The government is set to further rework reforms planned in the Insolvency and Bankruptcy Code (IBC) to step up the pace of salvaging sinking businesses and open up the distressed assets market in India to overseas creditors to recover their dues. Read more
Personal income tax drives 40% rise in direct tax mop up
The Union government has achieved over a third of the direct tax collection target for this fiscal year during the April-July period, with personal income tax collection exceeding corporation tax mop-up amid tightened enforcement and compliance measures, official data showed. Read more
IndoStar Cap turns profitable after 3 years amid scrutiny
After seeing losses for the past three years, IndoStar Capital Finance Ltd returned to profit in the June quarter, thanks to lower credit cost provisions in the commercial vehicle segment. The non-bank lender recorded a net profit of ₹60.93 crore, against a net loss of ₹36.80 crore a year earlier. Read more
Opinion | Much needs fixing by the Centennial of independence
It was the early 1960s. Every time we travelled to the village, we found our grand-uncle (my father’s uncle) in front of his enormous house, always surrounded by people. And we often overheard him say, “You are blessed to be born in independent India." Read more