BUSINESS
Government keeps small savings rate unchanged for 2nd successive quarter of FY22
With interest rates falling all across financial instruments, the government was widely expected to cut rate on small savings too. In fact, the Centre withdrew a decision to cut rates for the previous April-June quarter too fearing a backlash from savers. The decision on rate cut was withdrawn in the middle of voting for Assembly polls in West Bengal and Assam.
SpiceJet's Q4FY21 net loss at over Rs 235 cr, overall at Rs 998.3 cr
As per the company, business continues to be severely impacted by the second wave of the Covid-19 pandemic which has adversely hit operations and travel demand. On a segment-wise basis, the revenue from cargo operations increased by 518 per cent aggregating to Rs 1,117.5 crore for FY2021 with a profit of Rs 130.9 crore for the full year against a loss of Rs 134.2 crore for the previous year.
India's March-end 2021 external debt rises to $570 bn
The external debt during the period under review rose to $570 billion from $558.4 billion reported for the quarter ended March 2020. "The external debt to GDP ratio increased to 21.1 per cent at end-March 2021 from 20.6 per cent at end-March 2020," the RBI said in a statement. According to the RBI, commercial borrowings remained the largest component of external debt.
Vodafone Idea's Q4 net loss widens to Rs 6,985 cr
Vodafone Idea Ltd MD & CEO Ravinder Takkar said: "FY21 has been a transformational year for Vodafone Idea with several important milestones achieved including launch of our unified brand 'Vi'. We enter FY22 with renewed focus on executing our strategy to keep our customers ahead, and our cost optimisation plan remains on track to deliver the targeted savings."
India's Apr-May fiscal deficit reaches 8.2% of FY22 target
Accordingly, India's fiscal deficit -- the difference between revenue and expenditure -- for the April-May 2021-22 period stood at Rs 123,174 crore, or 8.2 per cent of the budget estimates (BE). The FY22 deficit has been pegged at Rs 15.06 lakh crore. Besides, the CGA data showed that fiscal deficit during the corresponding months of the previous fiscal was 58.6 per cent of that year's target.
Taxmen to honour honest taxpayers for valuable contribution in GST success
"While it is widely acknowledged that the nation meets its obligations towards spending in various social sectors and welfare schemes and infrastructure development out of revenues mobilised through tax payments by millions of honest tax payers, this step marks the first effort by the government to directly communicate to the GST taxpayers for their contribution," a finance ministry statement said.
Cabinet okays PPP mode of BharatNet implementation in 16 states
An official statement said that BharatNet will now extend up to all inhabited villages beyond Gram Panchayats (GPs) in these states -- Kerala, Karnataka, Rajasthan, Himachal Pradesh, Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, West Bengal, Assam, Meghalaya, Manipur, Mizoram, Tripura, Nagaland, and Arunachal Pradesh. An estimated 3.61 lakh villages including GPs will be covered.
India's eight core industries May production rise over 16% YoY
The pandemic-triggered national lockdown (from late March 2020) during Q1FY21 had a massive impact on the economy, which suffered a GDP contraction of 24.4 per cent. It was only on June 1, 2020, that the partial unlock measures were implemented. Unlike last year, the lockdown in 2021 was more regional in nature. Production and manufacturing by several industries were allowed this time around.
India's Q4FY21 current account deficit widens to $8.1 bn
On a YoY basis, the country's Balance of Payment was in surplus of $0.6 billion in Q4FY20. "India's current account balance (CAB) recorded a deficit of Q4:2020-21, primarily on account of a higher trade deficit and lower net invisible receipts than in the corresponding period of the previous year," the RBI said in a statement. "Net services receipts increased on the back of a rise in net earnings from computer, transport and business services on a year-on-year basis."
Rupee weakens further amid strong dollar, rising oil prices
The rupee ended at 74.32 per dollar on Wednesday, weakening by 9 paise from its previous close. Rahul Gupta, Head Of Research (Currency), Emkay Global Financial Services, said: "The rupee is on an edge, for which the greater sensitivity probably lies towards stronger US data and a stronger dollar." He noted that that the foreign exchange market is focusing on a "potentially hot" US labour report.
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