Corporate India’s top employees received a total salary of Rs 3,222.4 crore – up from Rs 2,424.9 crore a year ago. Meanwhile, Russia has been suspended from the highest human rights body for violations in Ukraine. More on these stories in our headlines this morning.
India’s top CEOs won 32.9% more in FY21 amid stock market rally
The 2020-21 fiscal year, although dominated by Covid-19 which had a negative impact on economic activity and the labor market, proved successful for the main CEOs and Chief Experience Officers (CXOs) indians. CEO pay saw strong double-digit growth in line with a rally in stock markets and a surge in corporate profits.
The average CEO salary increased by 19% in FY21, and listed companies together paid Rs 9,763 crore to their management in the FY, compared to around Rs 8,200 crore a year ago. a year. Read more here
UN General Assembly suspends Russia from top human rights body
The United Nations General Assembly on Thursday voted to suspend Russia from the world body’s top human rights body over allegations of horrific human rights abuses by soldiers Russians in Ukraine, which the United States and Ukraine have described as war crimes.
The vote was 93 to 24 with 58 abstentions, significantly lower than the vote on two resolutions the assembly passed last month demanding an immediate ceasefire in Ukraine, the withdrawal of all Russian troops and the protection of civilians. These two resolutions have been endorsed by at least 140 nations. Read more here
Preamble to the monetary policy review: nudge but don’t rock the boat
Setting monetary policy is undoubtedly difficult when growth forecasts need to be revised downwards, but the reverse should be done for inflation forecasts when energy and food price shocks cross the system.
RBI MPC is going to face a similar dilemma at the April meeting. Moreover, while the main source of the rise in inflation forecasts would be “supply-side”, the characteristics of inflation embodied by the 3 Ps of persistence, ubiquity and perception now hold the attention of monetary policymakers. Read more here
Request for more than Rs 500 crore additional tax imposed on PE/VC funds
Major global funds, including those dealing in private equity, abused tax treaties with Mauritius, Singapore and Cyprus and underreported income, the Income Tax (IT) Department said. The additional tax demand on these fund houses is more than Rs 500 crore, according to one estimate.
Tax authorities issued valuation orders to at least 12 of these homes last week and have filed criminal charges against them. Read more here
Irdai seeks to remove Rs 100 crore entry cap for new entrants to insurance industry
The insurance regulator wants the removal of the minimum entry capital requirement of Rs 100 crore for starting an insurance business in a bid to facilitate the entry of several players such as standalone microinsurers and niche players.
Debasish Panda, chairman of the Insurance Regulatory and Development Authority of India (Irdai), said it should instead be left to the regulator to decide what the entry fee should be for interested players, depending on the size of the business and operations. Read more here