Industry resents hike in minimum wages

The decision to raise minimum wages (in Delhi) has sent shock waves among small and medium-scale industries … … Effective February 15, the new minimum wages for unskilled workers will be Rs 1382, while that for semi-skilled and skilled workers will be Rs 1548 and Rs 1806 respectively. The president of the Delhi Factory Owners Federation said the hike would put Delhi in a disadvantageous position vis-à-vis other states.

Telco warrants to Tata group co.s

In a unique move, the Telco board seems to have decided on a preferential allotment of shares through warrants to the Tata group of companies … Company sources said the move would help the group to retain its stake in Telco which is bound to get diluted after the proposed Euro-issue. Telco has told the BSE that the company proposes to increase the size of the issue of ordinary shares/share-related instruments to foreign investors from $200 millions to $300 millions (approximately Rs 900 crores). Manmohan hints at major tax reforms

The Government will shortly bring in major reforms in the existing tax system of the country in order to make exports competitive, the Union Finance Minister, Dr Manmohan Singh, said … Dr Singh said multiplicity of taxes in the transport of goods from one State to another had added unnecessary cost to our industrial production… In this context, he suggested the introduction of value-added tax system in all spheres of economic activity. The Finance Minister also hinted at major policy changes in the financial sector, international trade, (and) human resource development…

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