BUSINESS
Centre releases Rs 9,871 cr to states under PDRD grant
According to the Finance Ministry, with this installment, a total amount of Rs 59,226.00 crore has been released to the eligible states as PDRD grant in the current financial year. This grant is provided to the states under Article 275 of the Constitution. "The Commission has recommended these grants to 17 states during 2021-22."
Global investors upbeat about India, investments growing: FinMin
The Monthly Economic Review for August 2021 released by the Department of Economic Affairs (DEA) on Thursday said that sanguine economic prospects continue to be catalysed by effervescent external sector indicators. "Buoyed by improvement in economic indicators post ebbing of the second wave, global investors remain upbeat about India's growth story contributing further to FDI and FPI inflows," it said.
Centre to release over Rs 56k cr as dues for all pending export incentives
The amount includes claims relating to schemes such as MEIS, SEIS, RoSL, RoSCTL amongst others relating to earlier policies and the remission support for RoDTEP and RoSCTL for exports made in the fourth quarter of FY21. In a statement, the Commerce & Industry Ministry said the benefits would be disbursed to more than 45,000 exporters, out of which about 98 per cent are small exporters.
Microsoft, OYO join hands to digitally transform travel industry
OYO will adopt Microsoft Azure as a key enabler to drive cloud-based innovations and reimagine the hospitality and travel tech industry. The solutions will be geared to benefit patrons who operate small and medium hotel and home storefronts. Microsoft has also made a strategic equity investment in OYO.
Deadline for IT return filing extended to Dec 31
The due date of furnishing of returns of income for the assessment year 2021-22, has been extended to December 31, 2021, from September 30. In a statement, the Finance Ministry said that the decision has been on consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.
Chinese real estate behemoth Evergrande crumbles, revealing a larger real estate bubble
The Xu Jiayun-founded Evergrande has been a symbol of China's success and the news of it defaulting have already made thousands of home buyers in the country worried. Not just that. A failed Evergrande would have huge economic implications on several other companies that have been associated with the real estate major. Many could also be left jobless, analysts said. The company has over 1.23 lakh employees.
Adidas India launches digital flagship store
The all-new website was conceptualised and curated keeping in mind comments and reviews received from consumers. The focus of the digital flagship store is to provide a seamless experience, innovation, state-of-the-art UI, and a fast interface, thereby giving consumers a global online shopping experience, which is digitally superior and seamless.
US on track to default on national debt: Yellen
The Treasury Department has taken so-called extraordinary measures to prevent the US from defaulting on the national debt since the federal debt limit was reimposed on August 1. If the Treasury Department runs out of ways to stave off a default without borrowing more money, the inability of the US to pay its debts could send debilitating shockwaves through the financial system.
Kotak Mahindra Bank cuts home loan interest rate to 6.5% for 2 months
The revised rate would be applicable on both fresh home loans and balance transfer loans. Ambuj Chandna, President, Consumer Assets, Kotak Mahindra Bank said: "People are looking for comfortable residences where the entire family can work, entertain and spend quality time together. This now makes owning one's dream home even more affordable."
SC upholds arbitral award in favour of Reliance Infrastructure Ltd
A bench headed by justice L. Nageswara Rao dismissed a plea by DMRC and upheld the 2017 arbitration award in favour of debt-laden Reliance Group, ADAG, led By Anil Ambani. The amount over Rs 4,600 crore, including interest, will help the beleaguered group to repay its debt. A detailed order will be uploaded on the top court website later in the day.
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