Is a mid-year income-tax cut on the anvil? While the recent Direct Tax Code did propose lowering of both income and corporate tax rates, the government is ill at ease in going for a simultaneous cut in personal taxes following the Rs 1.45 lakh crore hit on the fiscs from the corporate rate cut. Yet, some economists say the FM might still bite the bullet and go in for a more effective and immediate demand-side booster should Diwali sales disappoint, bank advances remain slow and the government finds a way, say an OMO, to fund the fiscal gap.
STREET PULSE: Where we stand Asian shares and US stock futures rose on Friday after President Donald Trump said he would meet with China's top trade negotiator.
Read More  | SGX Nifty traded nearly 14 points higher at 7 am (IST), signalling positivity on Dalal Street. MSCI index for Asia-Pacific shares outside Japan rose 0.5%, following on from gains on Wall Street. Australian shares climbed 0.8%, while Nikkei gained 0.9%. |
| US stocks rose in overnight trade. Dow gained 151 points, while both S&P500 and the Nasdaq closed 0.6% higher. |
Oil prices rose after the head of Opec said the organisation could take action to balance oil markets, including a deeper cut in oil supplies. US crude rose 0.43% to $53.78 a barrel while Brent rose 0.46% to $59.37.
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Good Vibes… US President Donald Trump gave an optimistic read on Thursday's trade talks between the US and China as the world's two largest economies try to end a damaging trade war. "I think it's going really well," the President said before he left Washington for a campaign rally in Minnesota. "So we had a very, very good negotiation with China. They'll be speaking a little bit later, but they're basically wrapping it up and we're going to see them tomorrow right here," he said.
Read More More Reforms!… Finance Minister Nirmala Sitharaman on Thursday said the government may amend the laws on cooperative banks to prevent malpractices and ensure better regulation. The government will also study if there is a need to increase the deposit insurance from the current Rs 1 lakh. A committee will study the issue of better regulation and coordination between different ministries and states, she said.
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FDI Tweak… Minority stakes in Indian companies, purchased by several offshore funds through the foreign direct investment route, now face uncertainty after the capital markets regulator put a 10% minimum ownership threshold to classify equity holdings below that level as portfolio investments. The change in classification will now require the affected overseas funds and private equity companies, which have already made such investments as FDI, to compulsorily secure licences as foreign portfolio investors. Obtaining such a licence would increase their compliance and regulatory burden. By contrast, FDI investments don't need any licence.
Read More DR Bar… The capital markets regulator has barred Indian citizens, including those ordinarily resident overseas, from buying depository receipts issued by locally-listed companies, seeking to tighten ownership rules on entities that are raising funds through equity sales abroad. Corporate lawyers said it is not clear whether the new rules, framed by the Sebi, would extend to Indian mutual funds as well.
Read More Tepid Outlook… Ratings agency Moody's Investors Service has cut India's economic growth forecast for 2019-20 to 5.8% from 6.8% saying the country now faces a broad-based slowdown. The projection is the most pessimistic yet and comes days after the Reserve Bank pared its FY20 growth projection to 6.1% from 6.8% estimated earlier.
Read More Meanwhile... Shivinder Mohan Singh, the erstwhile promoter of Religare Enterprises and the Fortis Healthcare hospital chain, was arrested by the Economic Offences Wing of the Delhi Police on Thursday, along with three others. This followed a complaint of fund misappropriation at Religare Finvest, the lending arm of REL, to the tune of about Rs 2,400 crore. The EOW is on the lookout for older brother Malvinder Mohan Singh, who was in Ludhiana for medical treatment, said people with knowledge of the matter.
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