BUSINESS
Lord Ganesha on Budget day: The untold, unwritten custom of Finance Ministry
"It's a custom, untold and unwritten in our Finance Ministry, but every Finance Minister has adhered to it without any exception over the years, no matter what his religious belief is. Every year on Budget day, we all, including the Finance Minister and the budget team do that, like Halva ceremony before printing of the document starts," revealed a retired senior official of the ministry of finance who worked there for decades.
Budget 2022: GDP growth to be at 9.2%, highest in the world, says FM
Union Finance Minister Nirmala Sitharaman said that the government has all empathy to Covid victims and during the pandemic, the country has developed robust health infrastructure. The government is set to empower the poor and will extend a helping hand to prudent private investment.
Lower excise duties on fuel, reduction in personal tax rates possible
Given the strong tax-revenue performance in FY21/22, the government has a lot of room for manoeuvre on the tax front. Corporate tax was cut to an effective rate of 22 per cent for all companies, and 17 per cent for new manufacturing units since September 2019; these are among the lowest in Asia, and we see little need for further reduction, ICICI Securities said in a note.
PLI scheme may generate 60 lakh jobs in next 5 years: FM
Presenting the Union Budget 2022-23, her fourth budget to date, she said that the PLI schemes have received tremendous response. The PLI scheme has the potential for additional production of Rs 30 lakh crore worth products during the next five years, she added. The PLI scheme covers key sectors like pharmaceuticals, medical devices, large-scale electronics manufacturing, food products, solar EV modules, automobiles/auto components, ACC battery, textile products etc.
Over 2 cr houses sanctioned, 1.69 cr completed under PMAY-G till Jan
Under the scheme, landless beneficiaries are accorded highest priority in allotment of houses. Under the Pradhan Mantri Gram Sadak Yojana (PMGSY), a total of 1,82,506 roads measuring 7,82,844 km and 9,456 long span bridges (LSBs) have been sanctioned and 1,66,798 roads measuring 6,84,994 km and 6,404 LSBs have been completed till January 18, 2022, the SUrvey noted.
MGNREGS employment peaked during lockdown in 2020: Economic Survey
The demand for work under MGNREGS is an indicator of rural labour markets. An analysis of the latest data on demand for work under MGNREGS suggests that the employment peaked during the nationwide lockdown in 2020. However, the demand for MGNREGS work stabilised after the second COVID wave as per the Economic Survey. The survey said that the aggregate MGNREGS employment is still higher than the pre-pandemic level. The aggregate demand for MGNREGS work peaked in June 2020, and has thereafter stabilised, it said.
Sony acquires gaming legend Bungie for $3.6 bn
The news came shortly after Microsoft's announcement to acquire Call of Duty developer Activision Blizzard for $68.7 billion. Bungie will "continue to independently publish and creatively develop our games," its CEO Pete Parsons said in a statement late on Monday. Halo was one of Microsoft Xbox's flagship franchises, but after a few sequels, Bungie was spun out into an independent company.
Adani Wilmar's IPO issue subscribed over 17 times on final day
The company is known for its wide range of offerings comprising soya bean oil, sunflower oil, mustard oil, rice bran oil, wheat flour, rice, pulses, sugar among others. The company has 22 plants in India, which are strategically located across 10 states, comprising 10 crushing units and 19 refineries. The issue size was Rs 3,600 crore with a price band of Rs 218-230 per share.
India's Dec core sector growth rises sequentially, YoY
The growth rate of the eight major industries in December 2021, on a sequential basis, rose to 3.8 per cent from 3.4 per cent in November 2021. Similarly, the Index of Eight Core Industries' (ICI) index reading rose on a year-on-year basis. The ICI reading during December 2020 stood at 0.4 per cent. The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP) and comprises coal, crude oil, natural gas, refinery products, fertilisers, steel, cement, and electricity.
Air India divestment to boost privatisation drive: Economic Survey
Center on Thursday handed over the management control of national carrier Air India to a subsidiary of Tata Sons. The recently-introduced New Public Sector Enterprise Policy and Asset Monetisation Strategy by the Centre reaffirm its commitment towards privatization and strategic disinvestment of public sector enterprises, the Survey document said.
Don't Miss
Advertisement