BUSINESS
Chosen path of development despite pandemic hitting us hard: FM Nirmala Sitharaman
Sitharaman, who concluded her two-day visit to Karnataka where she reviewed ongoing projects and interacted with industry leaders, told reporters that from a stage when it did not even manufacture PPE, did not have enough ventilators or sufficient centres to test virology samples, the country has walked a long way of progress.
India's forex reserves rise by over $5 bn
According to the Reserve Bank of India's (RBI) weekly statistical supplement, the reserves increased to $608.999 billion from $603.933 billion reported for the week ended June 18. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
India expects major gains from multilateral global tax deal
Officials in the Finance Ministry said that the terms of negotiations of the global tax deal have taken all the inputs that India had shared over the years for equitable distribution of tax revenue by multinational enterprises to the market jurisdictions, especially in the digital world where companies may not have physical presence in all geographies but derive a larger portion of earnings and profits from there.
No changes in FDI policy for e-commerce, clarifications soon: Goyal
Addressing the media here, Goyal, who also handles the Consumer Affairs portfolio, said that consumers are the priority for the government and hence, it has recently come up with the draft e-commerce rules for consumer protection. After these rules are finalised, the government will come up with the much-anticipated e-commerce policy, he said. On the foreign trade policy, Goyal said that the policy should be released by October.
No proposal to reduce excise duty on petroleum products: FM
Addressing a press conference here, she said that there is no such proposal at the present to reduce prices of petroleum. "When the international price of crude oil is higher, we have to increase the prices and when the international price is lower, we have to decrease the prices here too. This is a market mechanism which is followed by oil marketing companies. We have given them the freedom," she said in response to a question.
Home sales rise across top cities, NCR remains outlier: Report
The report showed that majority of the sales happened till mid-April, just ahead of the resurgence in Covid-19 cases. Bengaluru, Chennai, Hyderabad, Mumbai Metropolitan Region (MMR) and Pune are the cities where home sales witnessed a growth in the first five months of 2021 as against the first five months of 2020, with a growth of 16 per cent, 40 per cent, 39 per cent, 29 per cent and 34 per cent, respectively.
India joins OECD/G20 inclusive framework tax deal
Majority of the OECD and G20 members, including India, on Thursday adopted the Inclusive Framework on Base Erosion and Profit Shifting that contains a high-level statement outlining consensus solution to address tax challenges arising in a digitised economy. Some significant issues, including share of profit allocation and scope of subject to tax rules, remain open and need to be addressed, a Finance Ministry statement said.
Retail, wholesale trade to get MSME status
Noting that retail and wholesale trade were left out of the ambit of MSMEs, Union MSME Minister Nitin Gadkari, in a string of tweets, said: "Under the revised guidelines, MSME has issued order to include retail and wholesale trade as MSME and extending to them the benefit of priority sector lending under RBI guidelines." With the revised guidelines, the retail and wholesale trades will be now be allowed to register on Udyam portal.
RBI red flags concerns around big tech in financial services
RBI's Financial Stability Report for July also noted that big tech offers a wide range of digital financial services and has a substantial footprint in the payment systems, crowdfunding, asset management, banking and insurance of several advanced and emerging market economies. It added that while this holds the promise of supporting financial inclusion and generating lasting efficiency gains, some important policy issues arise.
Cristiano Amon takes over as Qualcomm's 4th CEO
"We have been at the forefront of innovation for decades and I look forward to maintaining this position going forward," Amon said. "In addition to driving the expansion of 5G into mainstream devices and beyond mobile, Qualcomm is set to play a key role in the digital transformation of numerous industries as our technologies become essential to connecting everything to the cloud," he added.
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