BUSINESS
As it prepares to appeal against Cairn arbitration order, Govt open to settle matter
The flexible approach has been shown by India even as it prepares to file an appeal against the Cairn arbitration order and will contest its sovereign rights to tax, sources said. The sources said that the government will also strongly contest other suits filed by Cairn Energy at various other international courts as well.
Don't ban crypto, need regulatory mechanism: IAMAI to govt
"The proposed move to ban will have an adverse impact and will lead to loss in investments and hit 10 million Indian crypto customers. Hence, we are urging the government to define the cryptocurrency regulation framework after due consultation with IAMAI and stakeholders such as India crypto-asset user groups and the exchanges that facilitate buying and selling," the industry body said.
India's e-commerce market to hit $111B by 2024
The growth will be driven by mobile shopping, which is projected to grow 21 per cent annually over the next four years. Countries including India have seen a shift in consumer behaviour caused by Covid-19, and new payment trends are shown to be on the rise.
India's February passenger vehicle sales rise over 17% YoY
Sales of passenger vehicles increased by 17.92 per cent in February 2021, according to data from the Society of Indian Automobile Manufacturers (SIAM) released on Wednesday. Overall, a total of around 281,380 passenger vehicles were sold last month compared to over 238,622 units during the same period of 2020.
Govt mulls making scrap recycling an organised sector
A framework has been released with an objective to promote formal and well-organised recycling ecosystem in the country which is currently highly unorganised with heavy dependence on imported scrap. Some of the key recommendations are setting up of a central authority for recycling of metals as Metal Recycling Authority (MRA).
To keep China out, DoT mandates trusted sources for telecom networks
"With effect from June 15, 2021, the licensee shall only connect Trusted Products in its network and also seek permission from designated authority for upgradation of existing network utilizing the telecommunication equipment not designated as Trusted Products," the DoT said.
OYO's Singapore arm secures $200M SoftBank loan
A regulatory filing showed that OYO Hotels (Singapore) Pte Ltd has secured a loan of $200 million from SB Investment Holdings (UK), an affiliate of SoftBank Vision Fund, for enhancing liquidity through the pandemic and strengthening its balance sheet.
Bumper yield of onions in 2021, Centre will create a record with 2 lakh tons buffer stock
Senior officials of the Central government say that the purpose of creating a record buffer stock of onions is to provide a fair price to the farmers for their crop as well as to take care of the consumers. Officials said that due to adequate availability of onions during the off-season, prices would remain under control. The storage of onions would also be taken care of so that its buffer stock is not wasted.
Jio to digitally transform 50 million MSMEs
Speaking at this announcement, Akash Ambani, Director, Jio commented, "Micro, small and medium businesses are the bedrock of Indian economy. Currently, in the absence of an integrated digital services offering and the knowhow to adopt advanced enterprise offerings, they are unable to leverage the power of digital technologies to run their businesses efficiently.
India's GDP growth to rebound to 11% in FY22: Crisil
The agency cited four drivers to attain such a growth -- "people learning to live with the new normal, flattening of the Covid-19 affliction curve, rollout of vaccinations, and investment-focused government spending".
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