BUSINESS
Mobile industry raises demand for GST rate cut in Budget
Terming the GST hike of 50 per cent in March 2020 as "a cruel blow" dealt to the industry, the ICEA said that the rationale presented to the GST Council for raising the rate was "flawed". ICEA also recommended Rs 500 crore budgetary allocation for establishing various Centres of Excellence for the key areas of electronics development, and a Rs 200 crore budgetary allocation for Mobile Design Centre.
Policy proposal for employment generation, scale-up in MSME sector
The report estimates that by enabling scale-up, USENET can aid in the creation of an additional 1 crore (10.3 million) jobs over five years going up to nearly 6 crores (56.9 million) over 10 years. Based on value-added per worker observed in this sector and assuming a 12 per cent nominal rate of growth in GVA, these jobs represent an additional economic value of Rs 2,16,000 crores at the end of 5 years and over 19 lakh crores at the end of 10 years.
Final stage of Budget 2021-22 commences with Halwa ceremony
A customary Halwa ceremony is performed every year before the "lock-in" process of the Budget preparations gets underway. This normally happens around middle of January when the exercise to finalise and print budget details starts in the basement of North Block. This year, as the budget is going paperless, the ceremony got delayed since the need for lock-in is not required.
Fiscal support for growth in 2020 decade likely to be lower, says report
The likely lower support will be caused due to Centre's efforts for fiscal consolidation. Notably, the report pointed out that government has shown 'remarkable' resistance to any major stimulus, which provides further confidence that Centre's finances could improve consistently over the next decade.
Fuel dearer again: Petrol prices up by 22-25 p/l, diesel by 24-26
With this, petrol is now priced at Rs 85.70/litre in Delhi as against Rs 85.45 a litre previously. Similarly, in Mumbai petrol prices increased to Rs 92.28 a litre, a 24 paisa increase from Friday's price of Rs 92.04 a litre. In Chennai and Kolkata, petrol is now priced at Rs 88.29 and 87.11 a litre respectively, an increase of 22 and 24 paisa per litre from the previous day's.
Gujarat govt inks pact with Adani for largest logistics park
The proposed 1,450 acre park will have a dedicated air cargo complex with 4.6 km long runway to handle even large sized cargo aircraft and will offer direct air, rail and road connectivity. It will also have a provision of direct rail connectivity with dedicated freight corridor which is part of the Delhi-Mumbai Industrial Corridor (DMIC).
DHFL CoC declares Piramal as successful bidder
The implementation of the resolution plan is subject to the terms of the LOI and requisite approvals from the Reserve Bank of India, the National Company Law Tribunal's Mumbai Bench and other approvals by regulatory bodies, and courts of tribunals.
Reliance Jio's October-December net profit grows to Rs 3,489 crore on quarter-on-quarter basis
During the July-September quarter, the company's net profit stood at Rs 3,020 crore. The telecom major's operating revenue during the period under review stood at 19,475 crore, higher by 5.3 per cent on QoQ basis, the company said in a statement.
RBI proposes multilayer system, stricter norms for non-banking finance companies
The RBI, in a discussion paper, proposed to differentiate between NBFCs depending upon the layer they belong to, such as base and middle. As per the discussion paper, NBFCs in the lower layer will be known as 'NBFC-Base Layer' (NBFC-BL), and for the middle layer as 'NBFC-Middle Layer' (NBFC-ML).
Yes Bank logs net profit of Rs 151 crore in October-December quarter
The net interest income of the restructured bank increased by 29.7 per cent on quarter-on-quarter basis to Rs 2,560 crore. Besides, the bank reported a total step up in provisioning of Rs 2,935 crore, consisting of additional Rs 765 crore towards Covid-19 related provisioning and the balance majorly towards increasing 'PCR' of both 'NPA and NPI'.
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