Troubled software firm Satyam Computers posted better than expected profits on Tuesday, surprising analysts and sending the company’s stock up by nearly 10%. The company’s net profit shot up from just Rs4 crore in January to Rs52 crore in February.
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The Congress-led UPA government may not be able to introduce a Goods and Services Tax or GST by April 10, 2010. BJP-led states are calling for a re-examination of GST, and even UPA-ally the DMK, which rules Tamil Nadu doubts it can meet the deadline.
India’s telecom industry continues to boom. Just last year the industry added some 131 million new subscribers. But the government’s share of their revenue is not keeping up. Its share of the revenues has only grown by 17% in 2008-2009 compared with 29% in 2007-2008.
This may be that many of the new subscribers are low spenders, which means they do not add much to the revenues of phone companies. But experts also say the current revenue system, rather like a tax system allows for fudging and ambiguity.
India wants to expand its Exclusive Economic Zone or EEZ, in the seas by some 0.6 million square kilometres. The EEZ is an area around its coasts where it has exclusive mining rights.
India’s new claims extend far into the Arabian Sea and the Bay of Bengal,areas that could be rich in gas hydrates and minerals. Sri Lanka has ambitious claims of its own and if both countries make seek further expansions, they could find themselves in a dispute.