BUSINESS
Economic bodies concerned over freebies, economic impact assessment essential, SC told
Senior advocate Vijay Hansaria, on behalf of the petitioner, advocate Ashwini Upadhyay, said: "It is submitted that two highest economic bodies of the country have expressed concern and long-term impact on the distribution of freebies by the states without proper fiscal and budgetary management. It is submitted that before distribution and/or promise of freebies, an 'Economic Impact Assessment' is essential for a sustainable economy."
Fintech platform Mswipe gets RBI nod for Payment Aggregator license
With this approval, Mswipe will be able to develop an in-house online payment gateway. The PA License will allow the company to bridge the gap between merchants and customers by accepting and processing digital payments. "MSMEs are the backbone of the Indian business ecosystem, and the PA License will enable us to provide them with simpler, affordable and integrated digital payment solutions," said Ketan Patel, the CEO of Mswipe.
Aircraft operators to share info on international travellers with NCTC
The CBIC (Central Board of Indirect Taxes and Custom), which comes under the Union Finance Ministry, issued a gazette notification in this regard on Monday titled 'Passenger Name Record Information Regulations, 2022'. Every aircraft operator is now required to register and provide passenger details in a prescribed format to NCTC-P "not later than twenty four hours before the departure time; or at the departure time - wheels off," said the notification.
Tractor industry sales down to 59,586 units in July 2022
According to Tractor Junction, five states - Uttar Pradesh, Rajasthan, Maharashtra, Karnataka and Gujarat- accounted for the majority of tractor sales last month. The decline is largely due to a high base of the previous year and an uneven spread of the monsoon season. The month of July witnessed floods, water logging, and heavy rains throwing normal life out of gear for days in various parts of the country.
Jeff Bezos, Bill Gates funding massive treasure hunt in Greenland
The climate crisis is melting Greenland down at an unprecedented rate, which -- in a twist of irony -- is creating an opportunity for investors and mining companies who are searching for a trove of critical minerals capable of powering the green energy transition, CNN reported. The band of billionaires, which also include Michael Bloomberg, among others, is betting that below the surface of the hills and valleys on Greenland's Disko Island and Nuussuaq Peninsula there are enough critical minerals to power hundreds of millions of electric vehicles.
India likely to record 827 mn air passenger traffic by 2032-33
With the rise in the number of flyers, the government has been taking multiple steps for corresponding growth in the airport infrastructure in the Country. As per the ministry, the timeline for construction of airports depends upon various factors such as land acquisition, mandatory clearances, removal of obstacles, financial closure, etc., by the respective airport developers The responsibility of implementation of airport projects, including funding of the projects rests with the concerned airport developer and the respective state government.
Despite Gujarat govt's intervention in edible oil market, no relief in prices to consumers
Last week the Gujarat government announced that it will provide groundnut oil of one liter pack at Rs 100, at 50 per cent subsidised rates. Yet, the prices of edible oil are seeing an upward trend and the people are not getting any respite. On Tuesday, 17-liter groundnut oil tin price was quoted Rs 2,850, the highest in this calendar year so far. Palm oil is trading at Rs 2,050 for 17-liter tin. The reason behind this is that most of the oil processing units are closed as there is no stock of groundnut in the market and the imports of palm crude oil were opened after a short break.
Indian fintech market to reach $1tn in AUM, $200 bn in sales by 2030
Much of the growth will be driven in the digital lending market, which is expected to grow to $515 billion in book size by 2030, according to the report by Chiratae Ventures in collaboration with Ernst and Young (EY).
India is currently home to 21 fintech unicorns and factors like favourable demographics, growing technology adoption, higher disposable incomes and an aware customer is fuelling this growth.
Delhi High Court allows Vivo entities to operate frozen bank accounts on conditions
Justice Yashwant Varma also directed the 14 entities of Chinese smartphone maker Vivo companies to provide the complete details in this regard to the ED in every 48 hours. The court said the petitioner companies maintaining a balance as was available on the day of freezing the individual bank accounts, the debit freeze order of ED can be modified.
Equity Mutual Funds schemes experience sharp fall in July
The total net inflow for the mutual fund industry as a whole last month was Rs 23,604.92 crore as against a net outflow of Rs 69,852.94 crore in June 2022, said AMFI. According to AMFI, the net inflows for equity mutual funds last month was Rs 8,898.25 crore down from Rs 15,497.76 crore logged in June 2022.
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