BUSINESS
Flipkart Wholesale eyes 3-fold growth in its India footprint
Launched in September 2020, Flipkart Wholesale has witnessed strong growth in the first half of 2021, spearheaded by the adoption of e-commerce by retailers and kiranas, said a company statement. E-commerce adoption by kiranas on Flipkart Wholesale doubled in January-June this year compared to last year. This is projected to see 180 per cent growth in July-December 2021, as against the same period last year.
'E-buses to account for 8-10% of new bus sales in India by FY2025'
ICRA expects e-buses to account for 8-10 per cent of new bus sales by FY2025. "The traction in the e-bus segment is already visible over the recent months, despite the overall stress in the public transportation segment in the past year-and-a-half due to the Covid pandemic," the ratings agency said. "The traction in the e-bus segment is already visible over the recent months, despite the overall stress in the public transportation segment in the past year-and-a-half due to the Covid pandemic," the ratings agency said.
Target $2 trillion exports by 2030, says Goyal
In a meeting, Goyal asked the export community to target $2 trillion exports by 2030, comprising $1 trillion merchandise and $1 trillion services exports. He announced two separate divisions that are being set up in the Commerce Ministry are focused on the services sector in order to attain the $1 trillion services export target. Goyal urged all export promotion councils to take immediate and effective steps.
India's YoY FY22 GDP growth expected at 9.4%: Ind-Ra
According to Ind-Ra, the GDP trend is supported by ebbing of Covid 2.0, along with Kharif sowing, which has seen a significant pick-up with the revival of south-west monsoon and robust exports volume. "If India is able to vaccinate its entire adult population by December 31, 2021, the GDP growth is expected to come in at 9.6 per cent YoY in FY22, otherwise it may slip to 9.1 per cent," the ratings agency said.
Agri boost: Sugarcane worth Rs 91,000 crore purchased in 2020-21
Also, a record value of sugarcane worth nearly Rs 91,000 crore has been purchased by sugar mills in 2020-21 to facilitate export of surplus sugar and diversion of sugar to ethanol to ensure timely payment of cane dues, said a release issued by the Ministry of Consumer Affairs, Food and Public Distribution. In the past few years, sugar production in the country has been more than the domestic consumption.
Jet Airways staff moves NCLAT against Kalrock-Jalan resolution plan
The appeal comes after the emloyees rejected the resolution plan. The plea by the Bharatiya Kamgar Sena (BKS) and the Jet Airways Cabin Crew Association have cited concerns on unpaid salary dues and continuity. In the voting process of employees, only 35.1 per cent approved the plan while 3.2 rejected it, and 61.6 per cent abstained from the voting.
Rural consumption grew in Apr-Jun, albeit slowly: Report
In contrast, urban consumption surged 27 per cent YoY during the last quarter, primarily on a low base of '-18' per cent YoY in Q1FY21. "In other words, despite the second Covid wave, rural consumption continued to grow in Q1FY22," the report said. It noted that the rural sector claimed a higher share in Covid cases during the second wave.
Resolution professionals can now verify tax returns of bankrupt companies
The Income-tax (24th Amendment) Rules, 2021, notified by the ministry on Wednesday also made it the obligation of the resolution professional to follow the rules meant for tax return preparers of certain assessees. Under clause (c) and (cd) of section 140 of the IT Act, enables any other person, as may be prescribed by the board, to verify the return of income in the cases of a company and a limited liability partnership.
India's housing market likely to reach new peak in 2023: Anarock
The unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing, and innovative business practices have served to soften the overall impact of Covid-19 on the Indian residential sector. the unprecedented rise in homeownership sentiment, faster adoption of technology and digital marketing.
Taliban can't access Afghanistan's cash reserves, gold stocks: Central bank chief
The Da Afghanistan Bank, which is the central bank of the nation, has around $9 billion dollars in reserves, out of which most of it has been held in overseas banks. The money has been put safely into many banks as per international standards, Ahmady said. Out of these, most assets have been held in liquid assets such as treasuries and gold, he added.
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