BUSINESS
Centre clears entire GST compensation payable to states till date
The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year, it said. "This decision has been taken despite the fact that only about Rs 25,000 crore is available in the GST Compensation Fund.
India's GDP grew 8.7% in fiscal FY22, 4.1% in Q4
The GDP grew 4.1 per cent year on year in Q4FY22, data showed. In the same quarter of FY21, it was 1.6 per cent. The Reserve Bank of India (RBI) had projected GDP for the fiscal that ended in March at 9.5 per cent and for Q4 at 6.1 per cent. Besides, the combined Index of Eight Core Industries stood at 143.2 in April 2022, which is an increase of 8.4 per cent (provisional) as compared to the index of April 2021.
Ashneer Grover tells VC firms to 'right size' themselves before advising startups
Grover's hard take on VC firms came as several large investment firms like Sequoia Capital, Lightspeed Venture Partners, Craft Ventures, and Y Combinator etc have sent memos and footnotes to their portfolio companies and startups on how to endure the ongoing crisis. Sequoia recently created a 52-slide deck, first reported by The Information, titled 'Adapting to Endure', for the founders of its portfolio companies.
Indian EV makers to soon follow BIS standards for batteries amid fires
The BIS standards for EV batteries will look into "size, connectors, specification and minimum quality of cells, the battery's capacity" Acknowledging an urgent need, the sources in the ministry said that it is in touch with the battery industry stakeholders to bring out BIS guidelines for EV batteries, as initial reports have found serious defects in the batteries, including designs of the battery packs and modules.
India aims to cut power output from 81 coal plants, replace green energy
The letter, dated May 26, and sent to energy departments of the state and Central government, noted that according to current regulations, thermal power plants need to operate at a minimum of 55 per cent but reduction of generation from such plants is possible to a minimum of 40 per cent.
Snapping 3-day gains, domestic indices settle low
Analysts say investors await GDP figures for the quarter to gauge fresh cues. The GDP figures are expected at around 5.30 p.m. On Tuesday, sensex closed at 55,566 points, down 359 points, whereas Nifty was at 16,585 points, down 77 points. Among the sectoral indices, Nifty pharma, PSU bank, consumer durables, and oil and gas were the top losers, while Nifty auto, media, metal and realty among the top movers, NSE data showed.
Essar Ports Vizag terminal poised for strong FY23
Essar Vizag Terminal Limited (EVTL) operating India's largest Ore Handling Complex in Visakhapatnam Port has recorded 1.3 MMT of cargo handling for April 2022, i.e., a run rate in excess of 14 MMT for FY22- 23 suggesting a growth of 10 per cent on an annualised basis. For FY21-22, EVTL handled a cargo of 12.7 MMT.
Over 75% of Bitcoin miners' earnings going into soaring electricity costs
Bitcoin (BTC) mining is a very electricity-intensive process. A recent study has shown that a single Bitcoin transaction consumes about 2165 kWh of electricity which a regular household in the US would use in 74 days. "Factor in the roughly $0.14/kWh that an average household pays, and the magnitude of expenditure becomes evident," according to the report from CryptoMonday.de.
Pakistan govt pitches 4.8% budget deficit target to IMF
In a latest, the government has pitched the budget deficit target of 4.8 per cent of the country's total economic size to the IMF for the next fiscal year. The pitch is part of the proposed economic remedies and policy changes, demanded by the IMF and global lenders to Pakistan, which include further adjustment through a combination of expenditure cuts and additional revenue mobilisation.
India aims to cut power output from 81 coal plants, replace green energy
The letter, dated May 26, and sent to energy departments of the state and Central government, noted that according to current regulations, thermal power plants need to operate at a minimum of 55 per cent but reduction of generation from such plants is possible to a minimum of 40 per cent. The Union power ministry has selected those power plants that charge higher tariffs to reduce the price of power delivered to the consumer, S&P Global Commodity Insights said.
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