BUSINESS
CAIT seeks action against Amazon, Zomato for 'daylight robbery'
CAIT has accused Amazon, Flipkart, Zomato, Swiggy and various other e-commerce entities for violation of mandatory display of Country of Origin and Manufacturer, seller details on products sold through their respective E-Commerce Portals as required under the Consumers Protection (E-Commerce) Rules,2020, Legal Metrology (Packaged Commodities) Act, 2011 and guidelines of Food Safety & Standards Authority of India.
Market Watch: Volatile expiry and budget expectations to drive markets
NIFTY lost 61.80 points or 0.43 per cent to close at 14,371.90 points. The low and high for the week was 48,403.97 points and 50,184.01 points on the BSESENSEX. It was 14,222.80 points and 14,753.55 points on NIFTY. This means that effectively BSESENSEX lost 600 on Monday at the low, gained 1800 points to form the top on Thursday and then lost 1400 points to the close.
Intervention Impact: RBI expected to rein-in rising rupee
Experts contend that effects of large FIIs' inflows will be neutralised by the RBI as it aims to keep the country's exports competitiveness. The RBI is known to enter the markets via intermediaries to either sell or buy US dollars to keep the rupee in a stable orbit. Recently, the RBI was called out by the US Treasury Department to curtail its market activities.
Fuel Price: Petrol, diesel prices remain unchanged at record high levels
In the national capital, petrol was priced at Rs 85.70 per litre. In Mumbai, Chennai and Kolkata, petrol was sold at Rs 92.28, Rs 88.29 and Rs 87.11 per litre, respectively. Although the pump prices of fuels were unchanged on Sunday, they have been elevated for long and have been touching new highs of late.
eGrocery to grow 8X in 5 years in India, JioMart big gainer
The eGrocery market has grown 60 per cent from the calendar year 2020 and is expected to grow 41-49 per cent by the first half of CY21, according to the latest data provided by homegrown consulting firm RedSeer.
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.
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