BUSINESS
GIS-23 to bring investment in 5 major sectors
According to a press release, the five sectors are data centre, logistics park, renewable energy, apparel and textile besides the Film City. Chief minister Yogi Adityanath had sent eight teams abroad to hold international roadshows in 21 cities of 16 countries to attract investment in run-up to the UPGIS-2023 scheduled in Lucknow from February 10-12.
Penal charges by lenders on RBI radar, to come out with a paper
Announcing the 25 basis points (bps) hike in the repo rate to 6.5 per cent, Das also said the central bank has decided to extend UPI to inbound travellers, expanding the scope of Trade Receivables Discounting System (TReDS) and launch a pilot project on QR Code-based Coin Vending Machine in 12 cities. Pointing out that the RBI regulated.
Repo rate hike as expected, may further impact affordable housing demand
Given that interest rates may breach the 9.5 per cent mark with the hike, the affordable housing segment may see some pressure on sales volumes. Anuj Puri, Chairman, ANAROCK Group said that the 25 bps rate hike is much along the expected lines. With repo rates now at 6.5 per cent, there could be some repercussions on housing uptake as home loan interest rates will head further north.
One client will not affect Indian banking system: RBI Governor on Adani row
Queried about the Indian bank's exposure to the Adani Group and the comments of credit rating agencies, Das said the Indian banking system is strong and an individual client will not affect it. Das said the banks lend money based on fundamentals of the project and not based on the market capitalisation of the company. He also said the credit appraisal methods of Indian banks have improved.
Paytm logs 89 mn monthly transacting users, GMV grows 44% to Rs 1.2 lakh cr
The company continues to dominate the offline payments market with 6.1 million merchants now paying subscriptions for payment devices, an increase of 0.3 million in January. Paytm said it has seen a consistent growth in merchant payments volume with the total gross merchandise value (GMV) processed through the Paytm platform grew 44 per cent.
RBI hikes policy rate by 25 bps to 6.5%
Wednesday's MPC meeting is the last one for this fiscal. The repo rate is the rate at which the RBI lends to the banks. Announcing the hike, RBI Governor Shaktikanta Das said the MPC decided to hike the policy rate by 25 bps to 6.5 per cent. As expected, there was a split in the rate hike decision with four members voting for the hike and two against.
Zoom lays off 1,300 employees, CEO takes 98% pay cut
Yuan also said that he is reducing his salary for the coming fiscal year by 98 per cent and foregoing his FY23 corporate bonus. "Members of my executive leadership team will reduce their base salaries by 20 per cent for the coming fiscal year while also forfeiting their FY23 corporate bonuses," he announced. During the pandemic, Zoom usage surged significantly as millions stayed home.
GVK refutes Rahul Gandhi's claims, says there was no pressure to sell Mumbai airport
His statement came after after Rahul Gandhi's comment in the Parliament that the Narendra Modi-led government had arm-twisted GVK and hijacked Mumbai airport from the conglomerate and handed it to the Adani group. Reddy also denied any pressure from government agencies like the Central Bureau of Investigation (CBI) or the Enforcement Directorate (ED).
India to lead demand for oil till 2045, says OPEC report
According to the OPEC's "World Oil Outlook 2045" report, released during the ongoing India Energy Week here on Tuesday, besides India, fairly robust growth during this period is also projected for African and other Asian countries where economic progress, urbanisation, industrialisation, and vehicle fleet expansion will be fastest among all regions.
Germany sees record decline in real earnings due to high inflation
The record 7.9 per cent annual inflation in Europe's largest economy last year more than offset the 3.4 per cent increase in nominal earnings, according to Destatis. Real earnings had already declined in the previous two years due to the Covid-19 pandemic, Xinhua news agency reported.
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