OPINION, P8 ECONOMY, P2 MUKESH BUTANI & SHANKEYAGRAWAL SC’s GST verdict is a case of lose the battle, win the war NATION, P20 EDITORIAL VOCAL FOR LOCAL LEARNINGS ALONG THE WAY IPEF needs to flesh out rules for economic and trading engagement Goyal exhorts Indian industry to step up local sourcing Biggest lessons come from biggest mistakes, says iPod creator Fadell NEW DELHI, WEDNESDAY, MAY 25, 2022 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL XLVIII NO. 72, 34 PAGES, `10.00 (PATNA & RAIPUR `10.00) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E READ TO LEAD SENSEX: 54,052.61 ▼ 236 NIFTY: 16,125.15 ▼ 89.55 NIKKEI 225: 26,748.14 ▼ 253.38 HANG SENG: 20,112.10 ▼ 357.96 `/$: 77.59 ▼ 0.06 `/€: 83.11 ▼ 0.30 BRENT: $113.77 ▲ $0.35 GOLD: `51,054 ▼ `102 IN THE NEWS Future group firms’ results not before deadline THREE LISTED COMPANIES of the Future Group companies have expressed their inability to declare the financial results for the quarter and full year ended March 31, 2022, before May 30 deadline, following the resignations of directors, reports fe Bureau in Mumbai. Firms seek ban on cotton futures TEXTILES AND GARMENT firms have approached the government to ban the futures trading of cotton, as they allege it’s adding to market speculations and further driving up prices of the fibre, reports Banikinkar Pattanayak in New Delhi. `3.12 cr notice to ex-NSE MD & CEO THE SECURITIES AND Exchange Board of India (Sebi) on Tuesday issued a notice of demand of `3.12 crore to Chitra Ramkrishna, former managing director and chief executive officer of the NSE, over governance issues at the exchangereports Ruchit Purohit in Mumbai. Special Features ? Rent Buy GOVT MULLS CAP ON SUGAR EXPORTS Import duty waived on key edible oils STEPS TO EASE FOOD INFLATION Relief for crude soyabean, sunflower oil with an annual cap of 2 MT ■ Import tariff on crude ■ Imports of crude SANDIP DAS New Delhi, May 24 Buy when you have the savings, credit score, income stability and are sure to stay there. Till then, rent ■ Personal Finance, P9 ‘Blockchain, Web3 for digital healthcare’ Vishal Gondal on how GOQii is bringing metaverse to preventive healthcare ■ eFE, P9 duties on refined oils to be cut -- from 12.5% for palm oil, from 17.5% for sunflower and soyabean oils ■ Sugar exports to be capped at 10 million tonne INARACE togetontopofrisinginflation, the government on Tuesday allowed tariff-free imports of crude soyabean and sunflower oils during thisfinancialyearandthenext.Thetax waiverwillbesubjecttoanannualcap of 2 million tonne for each oil,which will more than suffice to meet the needs of domestic refiners and ease suppliesinthedomesticmarket. While a waiver of basic customs duty for the two edible oils, which togetheraccountforaquarterofIndia's edibleoilimports,wasinplacetillSeptember-end,with the latest move,the government has extended this concession till FY24-end, and also removed a residual 5% agriculture infrastructure development cess on thetwocrudeedibleoils. Asimilartaxreliefforpalmoilwas also demanded by the local processors,but the government has chosen not to accede to it forthe time being. Sourcessaid itwouldwatch the market situation before taking a call on whether to make palm oil imports also tax-free. Palm oil imports are Export surge raises concerns about sugar stocks Production 27.4 5.96 2019-20 *As on May 24 2.2 2020-21 roughly 60% of India's edible oil imports. Crude palm oil imports currently attractsonlythe5%agriinfracessand a 10% education cess upon it,meaningatotaltaxincidenceof5.5%.Basic customsdutywaiverwillapplytillSeptember30. Official sources said the government may also put a cap on export of sugar,given worries the sweeteners' domesticstocksmightdepleteifship- 9 Prime Minister Narendra Modi with leaders of the participating nations and other dignitaries at the venue of the Quad Leaders Summit in Tokyo on Tuesday PTI a year ago) PRESS TRUST OF INDIA Tokyo, May 24 ~5 MT 7 0.92 Stocks (as on Oct 1): 35.5 31 Detailed report on Pg 21 (as against Used for ethanol Exports Setting aside their differences over the Russian invasion of Ukraine, Prime Minister Narendra Modi told US President Joe Biden inTokyoTuesday that the India-US strategic partnership is truly a “partnership of trust” as the two sides launched a slew of initiatives in a range of areas: from critical and emerging technologies to vaccines and defence, from artificial intelligence to data science. Quad vows $50-bn investment in Indo-Pacific to counter China (Oct-Sept season, million tonne) 3.5 2021-22* 8.2 MT Source: Food ministry ments,alreadyarecord8milliontonne this season, are allowed to continue unhindered.The ceiling could be 10 MTfortheOctober-September202122season,theyadded. A proposal to cut the basic customs duties on the refined versions of the three widely consumed oils is also under the government's consideration. Continued on Page 2 THE TOP LEADERS of India, the US,Australia and Japan on Tuesday vowed to extend more than $50 billion in infrastructure aid and investment in the Indo-Pacific over the next five years, amidst China's growing clout in the region. A joint statement issued after the second in-person Quad summit attended by Prime Minister Narendra Modi, US President Joe Biden, Japanese Prime Minister Fumio Kishida and his Australian counterpart Anthony Albanese, said that Quad partners bring decades of skills and experience together to catalyse infrastructure delivery to the strategically vital region. The Quad leaders committed to working closely with partners and the region to drive public and private investment to bridge gaps. To achieve this, Quad will seek to extend more than $50 billion of infrastructure assistance and investment in the Indo-Pacific, over the next five years, the statement said. "We reaffirmed our shared commitment to deepen cooperation on E-marketplace for toxic assets back on agenda BANIKINKAR PATTANAYAK New Delhi, May 24 Should you buy a house or rent it? ■ Customs varieties of canola, rice bran & oilve oil may be cut from 38.5% soyabean and sunflower oil to be tax-free for FY23, FY24 subject to quantity caps INDIA, US REAFFIRM ALLIANCE THE INSOLVENCY REGULATOR isweighingstepsto invigorate an online marketplace for stressed assets, which will allow potential investors access to crucial details about the assets available for both resolution and liquidation and enable them to submit their interests,sources told FE. The Platform for Distressed Asset(PDA)wasmootedin2019 but it didn’t gain much traction due to the Covid outbreak. It is aimed at expediting the resolution process under the Insolvency and Bankruptcy Code (IBC) to prevent erosion of asset value and generating greater interests for the assets by makingkeyinformationavailableto awiderpoolofinvestorsearlyso thattheycanplacebidsquickly. The Insolvency and Bankruptcy Board of India (IBBI) ropedinNeSLinformationutility and Mjunction — a 50:50 RENEWED FOCUS ■ Regulator ■ Mooted in mulls steps to infuse vitality to the emarketplace for toxic assets 2019 but emarketplace didn’t gain much traction due to Covid ■ It aims to expedite resolution by making key info available to a wider pool ofinvestors early ■ NeSLand Mjunction roped in to operationalise the idea venturebetweenTataSteeland SAIL that offers e-auction services — to operationalise the idea.However,the PDAis yet to create the buzz as envisaged, partly because popularising such a marketplace takes time. “Soon, there could be more steps to make the e-platform a vibrant place forthe resolution or liquidation of assets,” one of thesourcessaid.Atpresent,bidders get access to details about a stressed firm only after the resolution professional issues theexpressionofinterest(typically after 75 days of the commencement of the process). The initial ideawas to make available the details of the stressed firm — including of default amount,size ofvarious assets, and timeline of various processes for resolution — onceaninsolvencyapplication was admitted by the National CompanyLawTribunal(NCLT). Similarly,sourceshadearlier said serious investors could be allowed toviewsensitive informationabouttheassets,butfor that,theymight require to sign a non-disclosure agreement. Continued on Page 2 BETTER PAY TOP DRIVER FOR EMPLOYEES 20% of staff to look for a new job FE BUREAU New Delhi, May 24 ONE IN FIVE workers around the world is likely to look for a new job in the next 12 months, accordingtoanewglobalsurvey by PwC. The desire for better compensation is the primary driver for a good 71% of those seeking newroles. “More money is the biggest motivator for a job change,yet finding fulfilment at work is ‘just as important’,according to PwC.While pay is the main factor, purpose and authenticity round out the top three characteristics employees are looking foratwork. Theconsultingfirmsaidina press release onTuesdayhigher pay, more job fulfilment and wantingtobe‘trulythemselves’ at work are the factors pushing workers to change jobs. The Global Workforce Hopes and Fears Survey, 2022 has also foundthat,35%ofworkersplan toasktheircurrentemployerfor 1 in 5 Employees likely to switch to a new employer in the next 12 months Share of workers planning to ask their employers for a raise in the next 12 months 35% of all workers Pressure on pay is highest in the tech sector and lowest in the public sector 44% of workers in the tech sector 25% of workers in the public sector Source: PwC report a raise.Consequently,the pressure on employers to increase compensation will be intense over the next 12 months. The surveyshowedpaypressuresare highestinthetechsector,where 44%ofworkersplantoaskfora raise. In the public sector, the numberfallsto just 25%. “Skilledemployeesaremost likelytoaskforpromotionsand payraises and to feel listened to by their manager, while those lacking skills lack power in the workplace,” PwC wrote in the press release. The industries with the highest share of respondentswhofeeltheirskills are scarce are healthcare, technology,media and telecommunications. “If those people feel they have the skills, they are more confidenttoaskfornewanddifferent opportunities, they are more confident...to have a conversation about total rewards packages, they are more confident in terms of the purpose that they believe they are fulfiling,” Bob Moritz, global chairman of PwC, said at the WEF meet onTuesday. Indeed, the findings reveal that employers must resign themselves to The Great Resignation which is not about to go away anytime soon.It is apparent that multi-decade high inflation and tight labour markets have given workers more bargaining power putting employers in a bit ofa spot. The survey, launched at the World Economic Forum in Davos on Tuesday, covered 52,195workers in44 countries and territories. New Delhi infrastructure, which is critical to driving productivity and prosperity in the Indo-Pacific region. “We also share a commitment to addressing debt issues, which have been exacerbated by the pandemic in many countries," the statement added. The Quad is widely seen as a counterweight to China's growing clout in the region. But members have emphasised that it is a group promoting what it calls "practical cooperation" in areas such as coronavirus vaccines, infrastructure,climate change and critical technologies.
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