Mint Morning Digest: Revised income tax regime, RBI lifts curbs on Amex and more
PremiumRead top business news, equity market precursors, and economic and banking news updates from India and across the world for 25 August, 2022.
Centre mulls cutting tax rates in new income tax regime
The Finance Ministry is working to sweeten the two-year-old exemptions-free personal income tax regime by offering lower tax rates, a government official said, after the new system failed to click with taxpayers. Read more
RBI lifts curbs on Amex, allows onboarding of new customers
The Reserve Bank of India (RBI) on Wednesday lifted restrictions on the global card network American Express after more than 15 months, allowing it to onboard customers, citing “satisfactory compliance". Read more
Maruti to play key role in India’s manufacturing story: R.C. Bhargava
As the Indian car market comes of age, its largest manufacturer, Maruti Suzuki, is scripting a strategy to maintain its pole position for the next 25 years. In an interview, former civil servant and the founding leader and chairman of Maruti, R.C. Bhargava, looks back at Maruti’s 40-year alliance with Suzuki, and reminiscences on a journey that started as a government pet project in socialist India to become the undisputed leader in the passenger car market. Read more
Founders of sinking companies dragged to tribunals for ₹1 tn
Shareholders and founders who extend personal guarantees to their companies, giving additional comfort to lenders, are increasingly ending up in bankruptcy tribunals, marking a significant development in India’s bankruptcy resolution push. Read more
Money for startups now comes with many strings attached
Indian startups are finding out that securing investments in the current environment is tough and often comes with strings attached. Gone are the go-go days when investors offered eye-watering valuations, lavished attention, and term sheets—the framework of a deal—landed in founders’ inboxes within weeks. Read more
Dark clouds over rural demand revival
Rural demand revival is falling short of expectations. Even though the Southwest monsoon is above the normal reading so far, it brings little cheer. Important rice-growing states of Uttar Pradesh, Bihar, Jharkhand, West Bengal and Kerala have had deficit rain. As a result, sowing of kharif crops has taken a hit. Read more
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