Latest news with #SubhayanChakraborty
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Business Standard
29-05-2025
- Business
- Business Standard
Need tax resolution scheme for corporates, industry: Sunil Bharti Mittal
Says government must launch Vivad se Vishwas scheme for corporates to release locked funds, backs a uniform 25% tax rate and 'one nation, one election' for economic efficiency Subhayan Chakraborty Delhi The government should introduce a Vivad se Vishwas-style tax scheme for India Inc. to free up the 'lakhs of crores of rupees' currently tied up in corporate litigation, Bharti Enterprises Chairman Sunil Bharti Mittal said on Thursday. Speaking at the CII Annual Business Summit, Mittal also said it was surprising that many corporates had not shifted to the 25 per cent corporate tax rate. Introduced by the government in 2024 to resolve pending appeals in income tax disputes, the VSV scheme should be reimagined for corporate India so that the Centre can secure 'very large amounts of money that can be put to good use now', Mittal stressed. 'Maybe the government will win in 10 years' time and that money may become available to it then. Why not settle it now on the lines of the VSV?' he said, adding that such a step would release the industry from past litigations and allow it to focus on the future. Mittal's comments carry significance given that Bharti Airtel and Bharti Hexacom continue efforts to reduce the ₹43,980 crore in adjusted gross revenue (AGR) dues owed to the Centre. As part of a broader tax reform initiated in 2016–17, the Centre had, through the 2019–20 Budget, extended the simplified 25 per cent rate—provided exemptions were foregone—to all domestic companies with an annual turnover of up to ₹400 crore, up from ₹250 crore. The policy was aimed at benefiting approximately 99.3 per cent of Indian firms, but many have yet to transition to the new regime. 'Let's also get rid of the old fascination with those exemptions and move on to a simplified flat 25 per cent tax rate,' Mittal said. Mittal also argued that India loses valuable economic opportunities during election months each year and called on industry to support the idea of 'one nation, one election'. Need to be reasonable on FTAs On trade, Mittal pointed out that ongoing bilateral talks for free trade agreements (FTAs) with the United States, European Union, and Saudi Arabia were in advanced stages. He urged industry associations not to demand provisions that could complicate the negotiations. 'We should have a reasonable outcome for those markets to open up for Indian companies, as we open our markets,' he said. At the same time, he strongly advocated for import substitution, arguing that every rupee of import saved by manufacturing domestically results in an equal amount of foreign exchange saved. Digital opportunity amid migration barriers Mittal also noted that global openness to immigration was shrinking, despite ageing populations worldwide. 'Our young people, our engineers, our trained professionals—nurses, doctors, teachers—are not going to get as easy access as they've had in the past. Thankfully, the world has moved to a digital medium. From the comfort of their homes in cities or villages, they can now serve the globe,' he said. Focus on job creation and regional potential Addressing a large audience of industry leaders, Mittal emphasised the need to prioritise job creation. 'One and a half million engineers are being produced in the country every year—more than the US and China put together. All of them need to be harnessed. This energy needs to be harnessed,' he said. He also urged industry to invest more in tapping the hydrocarbon potential of India's North-East.
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Business Standard
22-05-2025
- Business
- Business Standard
Indian refiners eye Iranian crude oil as US-Iran nuclear talks progress
Plans to resume crude oil imports had been shattered in the wake of multiple airstrikes between Israel and Iran in April last year Subhayan Chakraborty Delhi Listen to This Article With nuclear negotiations between the United States and Iran advancing to an unprecedented fifth round, Indian refiners are keenly watching the discussions amid hopes that a thaw in ties between the nations may possibly lift sanctions on Iran and allow crude oil imports from the country. Despite global crude prices inching downwards, volatility in both prices and volumes remain a major concern for India, and major importers in the country are ready to pull out large crude volumes from Iran provided the sanctions are lifted, officials said. The issue of resuming crude imports came up at recent bilateral meetings during
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Business Standard
15-05-2025
- Business
- Business Standard
Singtel to sell 47.6 million Bharti Airtel shares worth $1 bn on Friday
The Singapore-based telco currently holds a 29.5 per cent cumulative stake in Bharti Airtel through direct and indirect shareholding in promoter entities Subhayan Chakraborty Dev Chatterjee New Delhi Listen to This Article Singapore-based telco Singtel is expected to sell Bharti Airtel shares worth $1 billion (₹8,568 crore) on Friday through a scheduled block deal, sources said on Thursday. Singtel is looking to sell 47.6 million shares at a floor price of ₹1,800 per share, they added. The floor price represents a 3.3 per cent discount to the current market price of Bharti Airtel's stock. JP Morgan is likely to be the broker for the deal. Airtel shares rose 1.58 per cent to ₹1,863.1 in intraday trading on Thursday. Currently, Singtel holds a direct 9.5 per cent stake in Bharti Airtel through its
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Business Standard
14-05-2025
- Business
- Business Standard
US oil output to decline in 2026; Indian import plans may be hit
S&P Global warns of first annual US oil output drop since 2020, citing weak demand and surplus; Indian refiners may scale back plans to increase imports Subhayan Chakraborty New Delhi Listen to This Article Despite the Donald Trump administration's push to raise domestic crude production, slowing global oil demand, extreme uncertainty about the future of US trade, and a looming supply surplus are expected to impact US oil production growth beginning later this year, S&P Global Commodity Insights has said. The new forecast of an annual decline in 2026 would also affect plans of Indian oil marketing companies (OMCs) to import more from the US, a senior refinery official said. The changing demand scenario could lead to an annual decline in output in 2026—the first year-on-year decline in US production in roughly
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Business Standard
09-05-2025
- Business
- Business Standard
Satcom operators to pay 4% of AGR as spectrum usage charge, says Trai
TRAI recommends 4 per cent AGR-based SUC for satcom, Rs 3,500 per MHz fee, no auctions, and exemptions for rural users to promote affordability and competition Subhayan Chakraborty Listen to This Article Satellite communication operators in India will have to pay 4 per cent of their annual Adjusted Gross Revenue (AGR) as spectrum usage charges (SUC) to offer services in the country, the Telecom Regulatory Authority of India (TRAI) has recommended. It has also proposed that space spectrum be assigned for five years, extendable by an additional two years. The pricing framework has been kept uniform for both non-geostationary satellite orbit (NGSO) and geostationary satellite orbit (GSO)-based fixed-satellite service (FSS) and mobile satellite service (MSS). In addition, TRAI has mandated a spectrum charge of ₹3,500 per MHz per annum for both GSO
