BUSINESS
India on course for a double digit growth in FY22
The report authored by Barclays chief India economist Rahul Bajoria has projected upside risks to its FY 2021- 22 GDP projection of 9.2 per cent and says that if all its forecast is realized, GDP growth could be close to double digits for the current fiscal year. The banker's projection on India's FY22 GDP is close to RBI's which had retained GDP forecast for the year at 9.5 per cent.
'Pandemic pushed 75-80 mn more people in Asia-Pacific into extreme poverty'
The ADB warned that the pandemic is threatening Asia and the Pacific's progress toward critical targets under the Sustainable Development Goals (SDGs), reports Xinhua news agency. The report titled 'Key Indicators for Asia and the Pacific 2021', said that the pandemic, which ravaged the world early last year, "has magnified long-standing social and economic inequities experienced by millions living below or near the poverty line."
Fintech startup Khatabook raises $100 mn at $600 mn valuation
With fresh funds, Khatabook will focus on financial services disbursement through its software ecosystem, catering to 10 million monthly active MSMEs. The company said that it plans to accelerate hiring to strengthen its engineering, product, design, analytics, and data science capabilities. The first phase of our journey was enabling digital transformation by building a tech ecosystem for Indian MSMEs.
BOT operators at major ports seek change in policy from the Shipping Minister
Since Prime Minister Narendra Modi announced the "Atmanirbhar Bharat Abhiyan" for making India a self-reliant nation, the government has brought in reforms and policy changes to reduce dependency of coal from other countries and emphasized on increasing the coal production within country and replace at least 100 million metric tons (MMT) of coal imports in FY22, which is welcome move, however it has impacted the operations of single commodity ports operators, particularly having the permissions to handle the coal.
Flipkart Wholesale rolls out new credit program to support kiranas
Flipkart Wholesale's credit offerings, including 'Easy Credit' in partnership with IDFC FIRST Bank, are in line with a series of initiatives undertaken to solve local pain points of kiranas in India and boost prosperity for them by making their business easier using technology.
Government planning to monetize 25 airports, to fetch Rs 20,000 crore in next 4 years
Under the National Monetisation Pipeline (NMP) which was unveiled on Monday, divestment of AAI residual stake in four airports of JVs is also being considered. Under NMP, the government has identified 13 sectors that could monetize their assets, airport being one of them.
Petrol, diesel prices cut again as global oil rates soften
Accordingly, the pump price of petrol and diesel was cut 15 paise per litre to Rs 101.49 a litre and Rs 88.92 a litre respectively in Delhi. Across the country as well fuel prices were cut between 10-20 paise per litre but its retail rate varied depending on the level of local taxes in states.
Equity indices in green; metal, oil & gas stocks rise
The rise in the domestic indices was led by metal and oil and gas stocks. Around 10.25 a.m., Sensex was trading at 55,696.12, higher by 140.33 points or 0.25 per cent from its previous close of 55,555.79. It opened at 55,647.11 and has so far touched an intraday high of 55,816.70 and a low of 55,536.84 points. The Nifty50 on the National Stock Exchange was trading at 16,545.85, higher by 49.40 points or 0.3 per cent from its previous close.
Microsoft, Invest India to nurture 11 tech startups
The 11 startups will gain access to benefits including Azure credits, as well as support for technology and business acceleration, focused on scaling their growth. They will be able to utilise Microsoft technology including Azure, GitHub, and M365, allowing them to quickly build and run their businesses, the company said in a statement. The Microsoft for Startups programme will work closely with Accelerating Growth of New India's Innovations (AGNIi Mission), a programme of the Office of the Principal Scientific Adviser to the Indian government.
Financial security encouraging batsmen to go bang-bang: Gavaskar
Gavaskar was asked if better protective equipment were encouraging batsmen to play more aggressively than before. "It is not just the protective gear. I think it is the cushion that they have in terms of the T20 leagues that they can be part of. When we played, whatever income we got, 500 rupees or when I finished playing cricket, it was 5,000 rupees for a Test match, that was extra income for us," said Gavaskar.
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