Automakers have a fakes problem, Khadi outsells HUL 2 to 1, and more top news
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Automakers have another headache besides slowing sales: counterfeits. Times of India reports the fake auto parts industry has doubled in the last five years to ₹22,000 crore, outstripping sales of cars and motorcycles. Experts say counterfeit auto products account for 30-40% of after-market sales and cost the government some ₹2,200 crore in lost revenue. A FICCI reports estimates that such parts are responsible for one in five road accidents in the country. Last month, the government issued draft rules making microdots compulsory for vehicles in a bid to curb the menace.
Khadi and Village Industries Commission’s FY19 sales rose 25%, the fastest in four years, to nearly ₹75,000 crore, Times of India reports. That makes the government body almost twice as big as rival Hindustan Unilever in terms of revenue and comparable with India’s top 25 listed companies. Most of this growth can be traced to products such as papad, honey and cosmetics, with the more publicised products contributing just 4.3% of the sales. Despite the considerable revenues, KVIC’s profit was just ₹15 crore compared to HUL’s ₹600 crore. KVIC also supplies to textile biggies such as Raymond and Arvind Mills.
Filing income tax returns may turn simpler. Economic Times reports that taxpayers could soon get pre-filled IT return forms containing their salary break-up, investment details, and information on interest income. They will just need to check the details, pay any taxes due and submit the form. An official source told the publication that the government has held talks with market regulator SEBI to explore how a person’s investment details can be fetched. Currently, the pre-filled forms (ITR 1 and 2) contain information such as personal details, name of the employer, tax-exempt allowance and tax deductions.
Zomato plans to modify Gold, its subscription programme offering food and beverage freebies to members, Business Standard reports. Founder Deepinder Goyal tweeted that the company had “made mistakes” with the service and things hadn’t gone “as planned”. The company is under pressure after around 2,000 restaurants refused to continue with the programme, complaining it leads to high overheads, negative ratings and bargain hunters (paywall) rather than genuine customers. Even investors have reportedly turned sour over the service, which has over a million users, half of whom were added in just the last eight months.
India’s cancer burden will rise in coming decades, with states such as Bihar, Uttarakhand and Chhattisgarh likely to remain worst hit. The reason, a study in the Journal of Global Oncology says, is epidemiological transition: a sudden increase in population due to an improved economy, followed by a re-leveling. Besides, the rate of diagnosis will trend up on account of better facilities even as treatment options in poor states remain “grossly inadequate”. The types of cancers are also undergoing a transition: those caused by infections, such as stomach and penile cancers, are declining while malignancies due to lifestyle and ageing, like breast and prostate cancer, are rising.
Idea of the day: Success can easily end up feeling hollow when it’s defined and measured by other people’s standards. For our work to have lasting personal value, author Laura Gassner Otting writes that we need to focus on developing what she refers to as consonance.
“Consonance is not just purpose writ large (and lofty). It’s your purpose, freely and clearly defined by you, and put into action through awareness of and alignment with your life’s plan. Consonance is when what you do matches who you are (or who you want to be).”
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Fresher at Self employed
5yNice 👌
Senior Software Engineer | AWS | Node | TypeScript | React | Python | Django | PostgreSQL | NoSQL | DevOps | Docker | Terraform | IaC | Redis | Tailwind | T3 Stack | MERN
5yCognizant being one of the mass recruiter over hires and massively fires people off. Thousands of dollars spent over hiring an employee with low quality checks which later results to some sort of random reason of you being fired. Aren't we seeing a pattern here? Bottomline is careful hiring process with sufficient benefits gives off the best of both worlds.
Senior Quality Assurance Engineer
5yI want to do also
CEO OF ZENASTRA TECH SOLUTIONS P LTD
5yWell cry of slowdown is not alignd to customer demand especially quality vs price is not matching all they did all these years produce a junk car with minimal enhancements calling tom dick features but when got the car he gets jacked as there is no value add for price point and car is being marketed big but quality is an issue aa well aa customer satisfaction . More pain will come for all industries as spending slows due to stupid policies and always taxing people for nothing Plundering public money reckless and then cry and now the recession will hit below the belt
System Executive at EBC Publishing Pvt. Ltd
5y@ Lakshma Reddy