BUSINESS
India's 'value e-commerce' market can touch $40 bn by 2030: Report
The report noted that Indian consumers have always been value conscious, and much of the overall demand is for affordable, smaller-ticket items. From a consumer's perspective, "value" means finding affordable products while also getting acceptable quality, durability and trendiness, it said. As retail in India bounces back after the Covid onslaught, the report observed that the growing number of value-conscious online shoppers is reshaping India's e-commerce landscape.
Financial conditions supportive of economic recovery: RBI
The RBI bulletin noted that the course of the economy over the month and a half gone by has been altered by the slow retreat of the second wave of the pandemic. Aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace.
India gets 'Financial Inclusion Index'
Accordingly, the Reserve Bank of India has constructed a composite FI-Index which was announced in the 'Statement on Developmental and Regulatory Policies' in the first 'Bi-monthly Monetary Policy Statement' for FY22. On Tuesday, RBI said the FI-Index has been constructed without any 'base year' and as such it reflects cumulative efforts of all stakeholders over the years towards financial inclusion.
India notifies RoDTEP, scheme rates to cover 8,555 tariff lines
"The scheme for zero rating of exports will boost our exports and competitiveness in the global markets. The rates of RoDTEP will cover 8,555 tariff lines," an official communique said. "It may be noted that Government is leaving no stone unturned to support domestic industry and make it more competitive in the international markets," it added.
British Airways increases India-UK flight services
According to the airline, starting August 16, 2021, flight services have been increased from 10 to 20 per week. The airline said that the decision came after the UK government moved India to "amber list" and the Indian government allowed UK carriers to operate additional flights. British Airways will now operate 20 direct return flights across Delhi, Mumbai, Bengaluru and Hyderabad to London, Heathrow.
Indiabulls Real Estate, Embassy Group arms seek NCLT nod for merger
"Subsequent to receipt of applicable regulatory approvals from the Competition Commission of India (CCI), National Stock Exchange of India (NSE), BSE Limited (BSE), and the Securities and Exchange Board of India (SEBI), today the company has filed the requisite joint application with the jurisdictional bench of NCLT, for its approval to the scheme of merger," Indiabulls Real Estate said in a regulatory filing.
Petrol demand above pre-Covid levels, diesel just a fraction behind
While sales of petrol has already crossed pre-Covid levels more than a month ago, diesel sales has begun inching up and is just 8 per cent short of touching pre-Covid levels as of August 15. State-owned fuel retailers have sold 0.94 million tonnes (mt) of petrol between August 1-15, 2021. This is 9.4 per cent increase over dales seen in same period of previous year and 3.7 per cent above 0.95 mt sales in first half of August, 2019.
CBIC streamlines process for De-notification of ICDs and CFSs
Accordingly, it had now been decided that such closure will be effected in a maximum period of four months. No timeline was specified earlier. ICDs and CFS play a vital role in the exim trade as they store and clear import and export goods. These facilities are notified under the Customs Act, 1962 and are administered by the Customs authorities.
Franklin Templeton's shut schemes now have Rs 1,981 Cr cash for distribution
The Trustee of Franklin Templeton decided to wind up six of our debt schemes in April 2020. The decision was taken because the markets had become illiquid due to the severe impact of Covid-19. Out of the Rs 1,981.02 crore available for distribution as of August 13, Franklin India Ultra Short Bond Fund has Rs 366.81 crore, Franklin India Short Term Income Plan has Rs 597.70 crore.
Retail sales in July stood at 72% of pre-pandemic levels
In June, the retail sales stood at 50 per cent of the pre-pandemic levels. In a statement, the retailers' body noted that retail businesses in the southern part of India have indicated a very sharp comeback in July 2021 with sales at 82 per cent of the pre-pandemic levels. The western region is yet to improve and has indicated sales at 57 per cent of pre-pandemic levels.
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