BUSINESS
Govt must allocate 13% of Budget to farm sector: BKS
BKS national general secretary Dinesh Kulkarni told IANS that the budgetary allocation for agriculture has increased but it is still less compared to its 13 per cent share of the total GDP. Kulkarni said that agriculture contributes 13 per cent to the Budget and so the government must allocate 13 per cent of total Budget to the agriculture sector.
Lower customs duty on gold to curb smuggling, benefit retail jewellers
According to the report, the erstwhile duty structure gave incentives for gold smuggling into India. In July 2019, as part of the revenue-raising budget, the customs duty on import of gold was increased to 12.5 per cent from 10 per cent. As per Ind-Ra's estimates, unofficial imports of gold range between 150-180 tonnes compared to the official gold import numbers of 600-700 tonnes for FY20.
Amazon loses bid to stop union vote at US warehouse
Amazon appealed last month to prevent a mail-in vote by the warehouse workers on whether to join the Retail, Wholesale and Department Store Union. The NLRB, in its ruling, said that Amazon's appeal raised "no substantial issues warranting review," CNBC reported on Friday.
US trade deficit surged to 12-year high in 2020
The country's trade deficit in goods and services widened by 17.7 per cent to $678.7 billion in 2020, the highest level since the 2008 financial crisis, Xinhua news agency quoted the Department as saying in a statement on Friday. As a percentage of the gross domestic product (GDP), the trade deficit was 3.2 per cent in 2020, up from 2.7 per cent in 2019.
Four more states complete ease of doing business reforms
The total number of state that have undertaken the stipulated reforms to facilitate ease of doing business has gone up to 12. Earlier, Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana have also reported completion of this reform, which was confirmed by the Department for Promotion of Industry and Internal Trade (DPIIT).
PNB's Q3FY21 net profit at Rs 506 cr
The net profit declined on a sequential basis from Rs 621 crore reported for Q2FY21 to Rs 506 crore in Q3FY21. The bank's net interest income grew 28 per cent to Rs 8,313 crore during the quarter under review on a year-on-year basis. In terms of asset quality, the Gross Non Performing Assets (GNPA) declined to Rs 94,479 crore as in December 2020 from Rs 96,314 crore as in September 2020.
India's foreign exchange reserves swell by over $4.8 bn
According to the Reserve Bank of India's weekly statistical supplement, the reserves increased to $590.185 billion from $585.334 billion reported for the week ended January 22. India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country's reserve position with the International Monetary Fund (IMF).
Capital infusion, bad bank announcement boost banking stocks
A recent report by Moody's Investors Service said that the proposed asset reconstruction company (ARC), described as a bad bank in common parlance, will resolve legacy problem loans and will be credit positive for the banking system. The allocation of a modest Rs 20,000 crore capital infusion for public sector banks will help the banks to meet Basel capital requirements, but will not boost credit growth, it added.
MakeMyTrip raises Rs 1,458 cr through 0% interest coupon bond
The latest fundraise for the company comes at a time when the travel and tourism industry has been hit hard by the Covid-19 pandemic. "While the travel industry is in the midst of very difficult times, we are pleased with the overwhelming response to our convertible bond offering," Mohit Kabra, Group Chief Financial Officer, MakeMyTrip Ltd. said in a statement.
Integrate women into international trade, business and policy making: Experts
While participating in a virtual discussion on "Mainstreaming Shepreneurs in International Trade", the experts and various industry body officials emphasised that bridging the digital divide from a gender lens is important for the growth of women entrepreneurs along with trade and jobs.
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