BUSINESS
Flaming petrol prices to fuel CNG vehicles adoption: Report
Accordingly, the last time petrol prices had crossed the Rs 80 per litre mark was in October 2018, when Brent crude had surged to $80.5 per barrel. In contrast, the price has now touched an all-time high of Rs 85.2 per litre in New Delhi even though Brent has slid to $55 per barrel.
GDP growth for FY21 seen at minus 8%: FICCI Survey
The FICCI survey noted that the industrial recovery is gaining traction, but the growth is still not broad based. The consumption activity did spur during the festive season as a result of pent-up demand built during the lockdown but sustaining it is important going ahead.
Apple faces $73mn lawsuit in Europe over throttling iPhones
According to TechCrunch, the class-action lawsuit — a third in Europe -- filed by a consumer advocacy group in Italy seeks nearly $73 million in compensation for owners of iPhone 6, 6 Plus, 6S, and 6S Plus models sold in the country between 2014 and 2020.
India's 2020 GDP contraction estimated at 9.6%
It said that the pandemic has disproportionately affected labour-intensive service sectors in both developed and developing countries. Commercial air travel, tourism, catering, leisure, personal care and retail industries, manufacturing, trade and transportation, which typically employ large numbers of low-skilled workers, faced the largest job losses.
RBI's proposed NBFC norms ignore key credit issues: Moody's
It noted that the proposed new regulations would result in largely harmonised rules between banks and NBFCs on capital and leverage, which would reduce the regulatory arbitrage opportunities for NBFCs against the banks in their lending decisions.
Budget FY22: Realtors expect subvention scheme, wider definition of affordable housing
The National Real Estate Development Council (NAREDCO) in its recommendations to the Finance Minister Nirmala Sitharaman noted that the ban is not in favour of home buyers as a large proportion of them do not have the capacity to pay both EMIs on their home loans as well as house rents.
Make in India boost, oil cess may be halved
The glut in the oil market and deep suppression of demand during the peak of pandemic in 2020 had pushed down crude oil prices to unprecedented levels. Though crude prices have recovered over the vaccination drive against Covid and a pick in demand coupled with unilateral production cut announced by Saudi Arabia, cess puts domestic crude at a disadvantage against imported oil.
Fuel Price: Steepest 35-paise hike in petrol, diesel prices on Republic Day
With the latest increase, petrol is available at a record high of Rs 86.05 a litre in Delhi and diesel at Rs 76.23 a litre. Fuel prices increased sharply elsewhere in the country as well, but the retail hike varied from state to state due to quantum of taxes levied on petroleum products there.
UN expects India's economy to recover by 7.3% this calendar year
The UN's World Economic Situation and Prospects 2021 report released on Monday said that "despite drastic fiscal and monetary stimulus" India's gross domestic product (GDP) fell because of lockdowns and other containment efforts that "slashed domestic consumption without halting the spread of the disease."
Kia Motors India sells 1 lakh units since July
Accordingly, the maker of Seltos, Sonet and Carnival, has successfully dispatched 200,000 Kia vehicles to its dealerships across India within seventeen months of sales operations in the country. The company said the top-end -- above GTX variants -- for the Seltos, Sonet and the Limousine variant for the Carnival, have accounted for nearly 60 per cent of total cars sold.
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