BUSINESS
Edtech startup Avishkaar raises Rs 5 cr, clocks 5X growth
The company which clocked 5 times growth in FY21 focuses on robotics, AI, coding etc for children between age 5-15 through its hardware and software products. "Avishkaar's approach is one of a platform that comprises hardware kits, software solutions and Live online classes to ensure that children have the right tools, curriculum and coaching to excel at these skills," said Arun Bhalla, Co-founder and CEO, Avishkaar.
Nifty turns flat after touching new high
Nifty50 touched an all-time high of 15,660.75 earlier in the session. Around 10.30 a.m., it was trading at 15,581.65, lower by just 1.15 points or 0.0 per cent from its previous close. The BSE Sensex was trading at 51,925.51, lower by 11.93 points or 0.02 per cent from its previous close of 51,937.44. It opened at 52,067.51 and has so far touched an intra-day high of 52,228.65 and a low of 51,836.16 points.
Fuel prices continue northward march; petrol, diesel rise again
The pump prices of petrol and diesel increased by 26 paise and 23 paise per litre to Rs 94.49 and Rs 85.38 per litre respectively in Delhi on Tuesday. This is the second consecutive increase in fuel prices in as many days. Petrol and diesel prices had risen up to 29 paise per litre even on Monday.
Double-digit growth for FY22 uncertain, overall impact of 2nd wave may not be large: CEA
Addressing the media after the release of the GDP numbers, the CEA also said that giving any actual numbers for economic forecast would not be prudent as the pandemic is evolving and the economic trajectory of the country totally depends on the severity of the pandemic. "Whether or not that will be double digit or single digit there is uncertainty because scientists are also talking of a possibility of a third wave"
India's eight core industries' April production rises over 56%
The Index of Eight Core Industries' reading for last month showed an expansion of over 56 per cent from (-) 37.9 per cent dip in output during the same month of last year. On a sequential basis, the output of eight major industries had risen by 11.4 per cent in March 2021. 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.
Don't cite 2018 circular to warn against crypto investment, RBI tells banks
The clarification comes as media reports suggested that certain banks and regulated entities have cautioned their customers against dealing in virtual currencies (VCs) by making a reference to the RBI circular DBR No.BP.BC.104/08.13.102/2017-18 dated April 6, 2018.
SBI lowers India's FY22 growth forecast to 7.9%
The latest SBI Ecowrap report has projected a 7.9 per cent growth for India's GDP, down from its previous projection of 10.4 per cent growth. However, it added: "We impart an upward bias to this number with the fervent hope of 1 crore vaccinations per day beginning mid-July as per Government projections."
India's FY21 fiscal deficit reaches 98.5% of revised target
The 2020-21 deficit -- the difference between revenue and expenditure -- has been enhanced to Rs 18.48 lakh crore or around 9.5 per cent of the GDP, as compared to the earlier target of Rs 7.96 lakh crore for the last fiscal. As per the Controller General of Accounts (CGA) data, the fiscal deficit 2020-21 period stood at over Rs 18.21 lakh crore, or 98.5 per cent of the revised estimates (RE).
Covid Casualty: India's FY21 GDP to down 7.3%
On a sequential basis, however, India's economy grew during the fourth quarter, which ended on March 31, 2021 by 1.6 per cent. The data furnished by the National Statistical Office (NSO) showed real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in year 2020-21 attained a level of Rs 135.13 lakh crore, as against the 'First Revised Estimate' of GDP for the year 2019-20 of Rs 145.69 lakh crore.
India needs to expand its waiver demand at WTO
Sourcing of these medical supplies has been the single biggest challenge for the governments across the world. One of the barriers to this has been the dependency on patent holders who only can decide who gets what. To address this, on October 2, 2020, India and South Africa made a proposal for Intellectual Property Rights (IPR) waiver of certain provisions of the TRIPS Agreements for the prevention, containment and treatment of Covid-19.
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