RBI GUV TO BRIEF PARLIAMENTARY PANEL ON RISING NPAS ON JUNE 12

NEW DELHI: RBI governor Urjit Patel will appear before a parliamentary panel on June 12, of which former prime minister Manmohan Singh is a member, to brief them about banking frauds and mounting non-performing assets (NPAS). Patel will talk about the conditions of nationalised banks in view of rising NPAS and the future course of action to tackle bank frauds. The Parliamentary Standing Committee on Finance is headed by senior Congress leader Veerappa Moily and has members from almost all major political parties. Members of the panel said the governor of the central bank will also answer queries on a spate of banking scams unearthed in the last few months. Patel had recently said that the RBI did not have adequate powers to deal with public sector banks.

Prabhu pitches for including ATF in GST

NEW DELHI: Pitching for inclusion of aviation turbine fuel (ATF) in the goods and services tax (GST) regime, Union minister Suresh Prabhu said the move will help cut the cost as airlines would get input tax credit. “We are very keen. I am pursuing this with the GST Council that it (ATF) is brought under the purview of the GST, then off course (we can get) input tax credit and as a result of which, cost of aviation will go down,” civil aviation minister Prabhu said. There is a demand from airlines for inclusion of ATF in the new indirect tax regime. Airlines could expect an annual relief of up to ₹5,000 crore by way of input tax credit if the ATF is brought under GST.

Arrow eyes over 20% sales growth in 45 years

NEW DELHI: Formal wear brand Arrow is targeting over 20% year-on-year sales growth in the next 4-5 years, and plans to open 55 exclusive brand outlets this fiscal to expand its footprint in tier II and tier III cities. “We will continue to see growth upwards of 20% in the next 4-5 years. We don’t see this growth slowing down,” Arvind Lifestyle Brands chief operating offficer—heritage Brands Division Sumit Dhingra said. The brand, however, does not disclose its financial numbers. Dhingra expects demand for work wear as a category to continue to grow in the foreseeable future.

Amul aims to touch nearly ₹50,000 crore turnover

MUMBAI: Dairy co-operative Amul is aiming to grow at 20% this financial year, to touch a group turnover of close to ₹50,000 crore, on the back of growing consumer portfolio, premiumisation and rising demand, a top firm official said. “The Amul brand, which clocked a turnover of over ₹40,000 crore last financial year, will grow at 20% this year,” RS Sodhi, MD of Gujarat Co-operative Milk Marketing Federation, which markets milk and milk products under the Amul brand, said.

CCI initiates public scrutiny of Lindepraxair deal

NEW DELHI: Fair trade regulator CCI has launched a public scrutiny of the mega deal between industrial gas firms Linde and Praxair, saying that it is of the prima facie view that the proposed merger is likely to have an appreciable adverse effect on competition. The deal, announced in June 2017, is worth over ₹70 billion, according to reports.

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