Top Stories | Mohandas Pai's plea to PM & FM, SC allows states to tax mining, Nestle India results, Paris Olympics kicks off tomorrow, and more
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In today’s headlines, Mohan Das Pai is pushing the Prime Minister and Finance Minister to rethink axing indexation benefits for real estate. He's also urging Indian businesses to step up and train one crore youth through internships.?
After a 25-year wait, the Supreme Court backs states in levying taxes on mining, a huge win for Odisha, Chhattisgarh, Rajasthan, and Karnataka, where most mining happens.?
Nestle India's Q1 results disappoint on all counts owing to slow consumption, food prices, and volatile commodities.
And the Olympics are ready to roll in Paris tomorrow! India is sending a squad of 117 athletes to compete in 16 sports. This team includes 72 debutants and four past medallists.
1. Budget Verdict: TV Somanathan and Sanjay Malhotra decode key proposals on tax and divestment
Finance Minister Nirmala Sitharaman on July 23, 2024, delivered her seventh budget speech, unveiling a series of new proposals. In a special edition of 'Budget Verdict,' CNBC-TV18’s Shereen Bhan and members of India Inc engaged with the budget architects to delve into the key aspects of the budget. Here are some of their responses.
2. In setback for miners and Centre, Supreme Court allows states to levy cess on minerals
In a major win for mines-bearing states and a setback for miners, the Supreme Court on July 25 allowed state governments to levy cess on minerals. A nine-judge bench gave an 8-1 judgement upholding state governments’ power to levy cess on minerals. The top court rejected a plea by miners and the Central government against the levy of cess by states on the minerals produced.
3. Explainer: How are these 19 states —Karnataka to Chhattisgarh — benefit from SC order on mineral taxation
While its a setback for the Centre and mining companies, the ruling will give a boost to mineral-rich states like Jharkhand and Odisha those had urged the apex court to decide on recovery of taxes worth thousands of crores rupees levied by the Centre on mines and minerals, till now.
A nine-judge bench headed by Chief Justice DY Chandrachud asked the Centre and the states to file written submissions on this aspect, and said that it will decide the issue on July 31.
4. Nestle India Q1 Results — Maggi maker reports 1% volume growth; Stock falls on earnings miss
Nestle India Ltd. reported domestic volume growth of 1%, which was well below the CNBC-TV18 poll, which had pegged the growth to be between 4% to 6%, sources privy to the developments told CNBC-TV18.
In response, shares of Nestle India extended losses in Thursday's trading session.
5. Heavy rains battered Mumbai and its suburbs; IMD issues red alert
Heavy rainfall battered Mumbai and its suburbs on Thursday, resulting in water logging on roads in several areas, causing traffic congestion and delays in local train operations.
Due to relentless rains in the catchment areas, Vihar and Modak Sagar lakes began overflowing. This development means that four out of the seven reservoirs that supply drinking water to Mumbai are now overflowing, significantly boosting the city's water reserves, officials confirmed.
6. Benjamin Netanyahu gives fiery defence of Gaza war in speech to congress
Prime Minister Benjamin Netanyahu gave a fiery defence of his nation’s war against Hamas in a speech to Congress, inserting himself into a super-charged moment in American politics and mocking thousands of demonstrators outside protesting his handling of the conflict in Gaza.
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The Israeli leader urged the US to fast-track military aid and dismissed concerns about the war’s mounting civilian death toll, saying his troops should be commended for their actions.
7. Paris Olympics 2024: Abhinav Bindra carries Olympic flame during Torch Relay
Shooting legend Abhinav Bindra got the privilege of carrying the Olympic flame during the Paris 2024 Torch Relay on Wednesday. Bindra took to X (formerly Twitter) to share pictures of the moment when he carried the flame.
On Monday July 22, Bindra was awarded the Olympic Order by the International Olympic Committee (IOC) for his outstanding services to the Olympic Movement.
The award ceremony will be held during the 142nd IOC Session in Paris on August 10, a day before the closing of the Olympics.
8. India @ Paris 2024 | We will perform stronger than we did in the last Olympics: AFI chief Adille Sumariwalla
Athletics Federation of India (AFI) president Adille Sumariwalla has advised reigning javelin throw gold medallist Neeraj Chopra from avoiding outside noise in the build-up to the Paris Olympics. Chopra had clinched the top spot in the Tokyo Games and has since then gone on to bag similar feats in the Commonwealth Games 2022, Asian Games 2023, and the World Athletics Championships last year.
He enters the upcoming edition of the quadrennial even as one of India's topmost medal contenders, but Sumariwalla laid down some bare facts to show that the 26-year-old star will face intense competition from his peers in the French capital.
He was quick to point out that India has never performed exceptionally well in the mega event. The country's haul of seven medals in Tokyo was their best-ever, and he is confident that the athletes will put up a better performance this time around. However, a lot of it depends on fine margins that unfold on the day of the competition, which is why Sumariwalla refrained from making a concrete prediction.?
9. Middle class angry; PM, FM must give real estate indexation benefits till April 1, 2024: Mohandas Pai
Aarin Capital’s Mohandas Pai has been vocal in his criticism of the government’s decision to scrap indexation benefits for real estate transactions under the Union Budget. The former Infosys CFO stressed the need for a political decision to reinstate indexation benefits until April 1, 2024.
“Indexation till April 1, 2024 will be a political decision. We have not elected the revenue security to rule over us. We elected this government, it is an ask of Prime Minister Modi and he has to look after his own constituency. The middle class is very angry and upset because of indexation, they're not able to understand why you're not grandfathering," Pai stressed during an interaction with CNBC-TV18’s Managing Editor Shereen Bhan during a panel discussion on ‘Young Turks’.
10. 'Stop crying! Hire & train more youth for a skilled workforce' Mohandas Pai to India Inc
India Inc. must stop crying about the lack of an employable workforce as skilling and job creation is the joint responsibility of the industry and the government, according to former Infosys CFO and board member Mohandas Pai.
"For too long, the industry has sat on the sidelines—pointing fingers. Learn from the IT sector!" Pai said, urging India Inc to replicate the ability of the $250 billion-IT industry to train, upskill and create jobs.
Referring to L&T CEO and MD SN Subrahmanyan’s comments last August about the conglomerate facing a shortage of 30,000 skilled workers, Paid said, "(L&T) should train 50,000 people a year. Start training for everybody. Don't cry about it. Go and train people. Hire people. Train people and build up this country. We have to do it."
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