Top Headlines: FPIs cut stake in BSE firms, pharma eyes $400 bn turnover

The Centre's recent move to impose GST on services rendered by the markets regulator, Securities and Exchange Board of India (Sebi), has rattled FPIs

The Centre’s recent move to impose GST on services rendered by the markets regulator, Securities and Exchange Board of India (Sebi), has rattled foreign portfolio investors (FPIs). They fear the decision could result in GST on “export of services”, which is currently a zero-rated supply. Read more in our morning top headlines.

Tax conundrum: FPIs uneasy after 18% GST on regulatory services

The Centre’s recent move to impose Goods and Services Tax (GST) on services rendered by the markets regulator, Securities and Exchange Board of India (Sebi), has rattled foreign portfolio investors (FPIs). They fear the decision could result in GST on “export of services”, which is currently a zero-rated supply. Read more
 

FPIs cut stake in two-thirds of BSE 200 companies in June quarter

The Indian equity market has been dancing to the tune of foreign portfolio investors (FPIs) for more than two decades now. Typically, when FPIs are net-buyers on Dalal Street (D-Street) and raise their ownership of Indian equities, the broader market rallies. Conversely, when FPIs turn net-sellers, the stock prices decline. Read more
 

In 75th year of Independence, India may shut down British India Corp

Once the iconic red-brick building of British India Corporation (BICL), which manufactured the popular “Lal-Imli” brand of woollen products, made Cawnpore (now Kanpur) the Manchester of the East. In the 75th year of independence, the government may finally pull the curtains on the century-old, now defunct public sector enterprise. Read more
 

India's Covid-19 fiscal stimulus was relatively small, say experts

The International Monetary Fund (IMF) said last week that to maintain external sector balance at a comfortable level over the medium term, India should gradually withdraw its fiscal and monetary policy stimulus. It must also develop export infrastructure and negotiate free-trade agreements with key trading partners to provide a sustainable boost to exports, it said. With the latest round of repo rate hike by the Reserve Bank of India (RBI), all the pandemic rate cuts have now been reversed. Read more
 

100-year road map: Pharma industry eyes $400-billion turnover by 2047

In the 1970s, a defining decade for the Indian pharma industry, the size of the domestic market was about Rs 650 crore, with multinational drug firms dominating the space. In 2022, it has soared to Rs 1.67 trillion domestic markets for drugs, and over 90 per cent of this space is now captured by locally produced medicines. Read more
 

Centre asks IBA to ready EASE-like plan for regional rural banks

Similar to the Enhanced Access and Service Excellence (EASE) for public sector banks (PSBs), the Centre has asked the Indian Banks’ Association (IBA) to prepare a viability plan for regional rural banks (RRBs). The IBA has been asked to conduct workshops for discussing the issues regarding preparation of a viability plan for the regional banks, said an official. Read more