BUSINESS
IMF asks Pakistan to hike income tax
The Fund has also asked for withdrawal of sales tax exemptions to those whose revenue impact is in addition to 225 billion PKR, the sources said, adding that the final decision to accept or reject the demands would be taken during the policy level talks with the IMF set to begin in Washington on October 13.
Air India back with the Tatas after seven decades
The airline the group once started and nurtured into becoming the face of India globally has come back to its original owners now after 68 years. The seeds for Air India were sown way back in 1932 when J.R.D. Tata flew a small aircraft between Karachi and Mumbai with mail.
Airtel announces Rs 6K cashback on purchase of leading smartphones
To avail the Rs 6,000 cashback benefit, a customer needs to recharge with a Airtel prepaid pack of Rs 249 or above continuously (as per pack validity) for 36 months. The customer will receive the cashback in two parts - the first instalment of Rs 2,000 after 18 months and the remaining Rs 4,000 after 36 months.
Tata Sons emerge as the highest bidder for Air India
The Tatas' subsidiary quoted Rs 18,000 crore of enterprise value for Air India, Divestment Secretary Tuhin Kanta Pandey announced. There were only two bidders in the final stage of divestment. Besides, the Tatas' subsidiary, the second bidding entity was a consortium led by industrialist Ajay Singh.
Ford India workers wait in suspense about their future
"The management has told us that no talks have been held with the Tata Group for sale of the two factories. However, news reports are there about the Tata Group in talks with the state government in connection with taking over of the Ford India's plants," a union leader, speaking on condition of anonymity, told IANS.
RBI lowers FY22 inflation projection to 5.3, sees further softening
In a virtual address post the monetary policy meet, RBI Governor Shaktikanta Das said that consumer price inflation softened during July-August, moving back into the tolerance band with an easing of food inflation. This is corroborating the Monetary Policy Committee's (MPC) assessment of the spike in inflation in May as transitory, he said. Das cited moderation in food inflation as a key driver of the disinflation.
Special liquidity facility for SFBs extended till Dec-end
The tenure of the three-year special long-term repo operations (SLTRO) facility of Rs 10,000 crore at the repo rate given to SFBs has been extended to December 31, 2021. The SLTRO, made available to SFBs in May 2021 to be deployed for fresh lending of up to Rs 10 lakh per borrower, was scheduled till October 31, 2021.
RBI reduces retail inflation estimate for FY22 to 5.3%
In a virtual address post the monetary policy meet, RBI Governor Shaktikanta Das said on Friday that consumer price inflation softened during July-August, moving back into the tolerance band with an easing of food inflation. This is corroborating the Monetary Policy Committee's (MPC) assessment of the spike in inflation in May as transitory, he said: During the second quarter of FY22, inflation is seen at 5.1 per cent, and in Q3 it is likely to stand at 4.5 per cent and in Q4 at a high of 5.8 per cent.
Growth Rebound: RBI retains FY22 GDP growth projection at 9.5%
Accordingly, RBI Governor Shaktikanta Das pointed out that GDP is expected to grow at 7.9 per cent in Q2, 6.8 per cent in Q3, 6.1 per cent in Q4 and 17.2 per cent in Q1FY23. On Friday, the RBI retained its key short-term lending rates during the third monetary policy review of FY22. Besides, the growth-oriented accommodative stance was retained to give a push to economic activity.
Policy Push: RBI's MPC retains rates, accommodative stance
The growth-oriented accommodative stance was also retained to give a push to economic activity. The Monetary Policy Committee (MPC) of the central bank voted to maintain the repo rate, or short-term lending rate, for commercial banks, at 4 per cent. Likewise, the reverse repo rate was kept unchanged at 3.35 per cent, and the marginal standing facility (MSF) rate and the bank rate at 4.25 per cent.
Don't Miss
Advertisement