BUSINESS
Continued policy support from all sides needed for growth: RBI Guv
In a virtual address post the monetary policy committee's meeting, Das said that the outlook for aggregate demand is improving, but the underlying conditions are still weak. Further, aggregate supply is also lagging below pre-pandemic levels. He was of the view that while several steps have been taken to ease supply constraints, more needs to be done to restore supply-demand balance .
Amazon Vs Future Retail: SC rules in favour of Amazon; emergency award enforceable in Indian law
A bench headed by justice R.F. Nariman held that the emergency award passed under the Singapore International Arbitration Centre (SIAC) rules can be enforced in India under Arbitration and Conciliation Act. The top court said: "Emergency arbitrator's award holds good under section 17(1) of the Arbitration and Conciliation Act and single judge's order for such award cannot be appealed under Section 17(2)".
Recovering Economy: RBI retains FY22 projection for real GDP growth at 9.5%
Accordingly, RBI Governor Shaktikanta Das, pointed out that economy is recovering from set back from the Covid's second wave. He said that accelerated vaccination drive along with, buoyant exports and monetary as well as fiscal support has aided recovery. According to him, private and government consumption, investment coupled with demand are on path of recovery.
RBI raises retail inflation estimate for FY22 to 5.7%
In a virtual address post the monetary policy meet, RBI Governor Shaktikanta Das said that temporary supply shocks are driving inflation in the country. He, however, assured that although inflationary pressures raise concerns, they are transitory in nature. During the second quarter of FY22, inflation is seen at 5.9 per cent, and in Q3 it is likely to stand at 5.3 per cent.
Meeting Jeffrey Epstein was a huge mistake: Bill Gates
In an interview with CNN, Gates said that "several" meetings with Epstein gave him credibility, which was a mistake. According to him, the friendship with Epstein was an attempt to get "billions for philanthropy". In 2019, Gates told The Wall Street Journal that he had met Epstein, but "didn't have any business relationship or friendship with him".
Growth Chasing: RBI retains rates, accommodative stance
Besides, the growth-oriented accommodative stance was retained to give a push to economic activity despite high retail inflation levels. Accordingly, 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.
Adani Transmission logs 22% rise in Q1 net profit
During the same period of the last fiscal, the company had reported a consolidated net profit of Rs 355.40 crore. In a statement, the company said that the results are a validation of strong fundamentals of Adani Transmission Ltd and reiterates reliability, responsiveness and sustainability of Adani Electricity Mumbai Ltd thus creating value for ATL.
PM Modi, former Australian counterpart Abbott discuss trade
Abbott is visiting India August 2-6 in his capacity as the Australian Prime Minister's Special Trade Envoy for India. In a statement, the Prime Minister's Office (PMO) said: "The two leaders discussed ways to further strengthen bilateral trade, investment and economic cooperation to realise the full potential of the India-Australia Comprehensive Strategic Partnership.
Govt introduces bill to nullify contentious retrospective taxation
The Bill proposes to amend the Income Tax Act, 1961 so as to provide that no tax demand shall be raised in future on the basis of the said retrospective amendment for any indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 - when the finance bill was passed by Parliament in 2012. Further, as per the bill, the amount paid in these cases would be refunded without any interest thereon.
Finance Ministry releases Rs 685.80 cr grant for Urban Local Bodies
Out of this, an amount of Rs 494 crore has been released to Uttar Pradesh, Rs 110.20 crore to Gujarat, Rs 74.80 crore to Jharkhand and Rs.6.80 crore to Mizoram. Grants for ULBs have been released, as per the recommendations of the 15th Finance Commission, for improving basic civic services including fulfilling location specific felt needs. These grants are intended for smaller cities.
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