BUSINESS
Covid, high tax burden to slowdown consumption recovery: Ind-Ra
Accordingly, the rating agency said that with no relief in sight on the tax front, households are facing a double whammy. "On the one hand, they (households) are struggling with job losses or salary cuts and on the other, they are facing stepped-up health expenditure due to the impact of Covid-19 pandemic. The challenge, in Ind-Ra's view, therefore is emerging on the demand side," the ratings agency said.
NCLT okays Vedanta Group firm's bid for Videocon Industries
The Committee of Creditors of Videocon had approved the plan last year with 95.09 per cent votes. The plan was then filed with the NCLT for its approval on December 15, 2020. "NCLT has pronounced the order on June 8, 2021, approving the resolution plan for the consolidated corporate debtors, including the company, under Section 31 of the Code (Approval Order)," Videocon Industries said in a regulatory filing.
Infosys regrets glitches on ITR e-filing portal, working on resolution: Nilekani
In a tweet, Nilekani also said that the system is expected to stabilise during the week. "The new e-filing portal will ease the filing process and enhance end user experience. @nsitharaman ji, we have observed some technical issues on day one, and are working to resolve them. @Infosys regrets these initial glitches and expects the system to stabilise during the week," Nilekani said.
World Bank cuts India's growth forecast for FY22 to 8.3%
Its previous growth estimate for the fiscal was 10.1 per cent. "In South Asia, India's recovery is being hampered by the largest outbreak of any country since the beginning of the pandemic," said the World Bank's global outlook released on Tuesday. The global economy, on the other hand is set to expand 5.6 per cent in 2021, its strongest post-recession pace in 80 years.
Large steel makers gained market share last fiscal: Crisil
The improvement was driven by supply-chain efficiencies, higher exports, and captive mines that limited the impact of iron ore shortage. Their capacity share is expected to rise this fiscal after JSW's Dolvi plant expansion of 5.6 million tonne comes on stream, the report added.
Continue preserving CCTV footage of post-demo period, RBI to banks
In a notification on Tuesday, the RBI said: "In continuation to the above, keeping in view the investigations pending with law enforcement agencies, proceedings pending at various courts, you are advised to preserve the CCTV recordings of operations at bank branches and currency chests for the period from November 08, 2016, to December 30, 2016, in a proper way, till further orders."
Significant rise of frauds in second wave of coronavirus
Shibesh Singh, Additional Commissioner (Crime), Delhi Police said: "There has been a significant rise of frauds against public during the second wave of the coronavirus. During the recent wave of the pandemic, he said, the Delhi police were able to block almost 550 fraud bank accounts, seized more than 1.25 crore rupees, and suspended almost 1,500 SIM cards."
'Don't let taxpayers down': FM tells Infosys over issues on ITR e-filing portal
Citing complaints on her Twitter timeline the Finance Minister said that ease of compliance for the taxpayer should be or higher priority. "The much awaited e-filing portal 2.0 was launched last night 20:45hrs. I see in my TL grievances and glitches," she said in a tweet.
Hiring outlook expected to be more or less stable in Q3 2021
Sectors which are likely to lead the job market include transportation and utilities, followed by the services sector. The strongest hiring pace is recorded in the medium sized organisations, followed by the large organisations with a seasonally adjusted outlook of +8 per cent and +6 per cent, respectively. From a region specific perspective, North and South indicate similar outlook at +6 per cent.
Central banks continue to remain positive on gold: WGC Survey
The '2021 Central Bank Gold Reserves (CBGR)' survey also noted that central banks are also increasingly valuing gold's performance during periods of crisis as this attribute now tops their rationale for holding gold. "These results come amid ongoing uncertainty stemming from the Covid-19 pandemic, a situation which has added significant complexity to central bank reserve management," said the report.
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