BUSINESS
Foreign liabilities rise as NRI claims hike to $352.7B in March
The foreign owned assets in India increased by $17.9 billion in Q4 of the last fiscal, much higher than overseas financial assets of the Indian residents at $6.7 billion during the quarter. As per India Investment Position (IIP) report of the Reserve Bank of India (RBI), Indian residents' overseas financial assets abroad increased largely on the back of the increase in overseas direct investment as well as currency and deposits.
Maruti Suzuki's June sales zooms on YoY
Accordingly, the company posted a total sales of 147,368 units in June 2021 from 57,428 units sold during the like period of last year. On sequential basis, the company's total sales stood at 46,555 units in May 2021. The sales growth momentum in June picked up after slowing down from April to May due to Covid's second wave.
High GST collection shows resilience of Indian economy: Anurag Thakur
In his message on the occasion of the fourth anniversary of the Goods and Services Tax (GST), he noted that the fourth year of GST brought challenges and successes in equal measure. Starting in the wake of the first wave of the pandemic with its profound impact on econmic activity, lives and livelihoods, the year ended while we are emerging from the second wave, he said.
Zomato seeks CCI nod for 9.3% stake in Grofers
The document filed with the anti-trust body said that the potential relevant markets or segments are highly fragmented with the presence of multiple players, including several unorganised players, who will continue to impose significant competitive constraints. Food delivery app Zomato has reached an agreement to invest $100 million in online grocer Grofers for about a 10 per cent stake.
Covid 2.0 debts India's June manufacturing output: PMI
The PMI had averaged 51.5 in the opening quarter of fiscal year 2021-22, the lowest three-month figure since the same period one year ago. Accordingly, the headline seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell to 48.1 (index reading) in June as against a reading of 50.8 in May.
In 4 years, GST has become colonial taxation system: CAIT
Various amendments and introduction of Rules under GST in the recent past have made the taxation system much complicated and put more compliance burden on the traders. It is not alone the Central government but largely the State governments are more responsible for distorting GST taxation system and bringing disparities and anomalies in GST making it a more complex system and a big headache for the traders, said CAIT.
Vodafone Idea's auditors raise concern over its 'going concern' status
In its notes to the financial results for FY21 and the fourth quarter of last fiscal, the company said that the group has incurred losses of Rs 44,233.1 crore for the year ended March 31 and the net worth is negative. As at March 31, 2021, the total debt, including interest accrued but not due and AGR liability of the group stands at Rs 1.86 lakh crore.
Foreign liabilities rise as NRI claims hike to $352.7B in March
The foreign-owned assets in India increased by $17.9 billion in Q4 of the last fiscal, much higher than overseas financial assets of the Indian residents at $6.7 billion during the quarter. As per the India Investment Position (IIP) report of the Reserve Bank of India (RBI), Indian residents' overseas financial assets abroad increased largely on the back of the increase in overseas direct investment as well as currency and deposits.
World Bank expands Covid-19 vaccine funding to $20 bn
"In view of the surging demand for World Bank vaccine finance, I am pleased to announce today that the World Bank is expanding its financing available for Covid-19 vaccine financing to $20 billion over the next 18 months, adding $8 billion to the previously announced $12 billion," said David Malpass, World Bank Group President David Malpass, in the statement.
Mswipe appoints industry veteran Ketan Patel as CEO
The company's founder Manish Patel will move into the role of Managing Director. "I am a firm believer of constant evolution and adaptability and I am confident that Ketan will spearhead Mswipe on to an exciting, high-growth journey as Mswipe expands to provide credit and other financial services in addition to our core payments services to our customers," said Manish.
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