BUSINESS
Centre gears up to act on unfair trade practices, issues 15 notices
The Central Consumer Protection Authority (CCPA) has decided to take up cases involving sale or offer for sale, which violate compulsory standards as a matter of preventing unfair trade practice, and to protect, promote and enforce the rights of consumers as a class. The CCPA has already issued 15 notices in this regard. Chief Commissioner, CCPA, Nidhi Khare has also taken suo-motu action against e-commerce entities and sellers who were found to be selling pressure cookers online in violation of compulsory standards.
G7 warns against unjustified export restrictions
On the one hand, G7, EU and other organisations are calling for guarding against export restrictions in wake of the Ukraine-Russia war for stabilising food prices and on the other hand, environmental activists view the situation as an opportunity to reduce or end commercial agriculture for export that can harm environment and hardly adds to food security.
RBI lifts restrictions on HDFC Bank's 'Digital 2.0' plan
The Reserve Bank of India has lifted the restrictions on the business generating activities planned under HDFC Bank's 'Digital 2.0' programme. According to the bank, it is fully committed to ensuring continued adherence to the highest standards of compliance with RBI recommendations. In August last year, RBI had relaxed the restrictions on the bank and allowed the lender to issue new credit cards.
EPFO to pay 8.1% interest rate on PF for 2021-22
"The Central Board recommended 8.10 per cent annual rate of interest to be credited on EPF accumulations in members' accounts for the financial year 2021-22. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into its subscribers' accounts," a statement said.
War's impact on commodity prices to dent GPD, demand growth
The crisis has led to a global spike in international prices of crude oil, natural gas, coal, nickel, copper, aluminium, titanium and palladium.The high commodity costs will impact manufacturing and infrastructure sectors, which are key contributors to growth and job creation. Already, the manufacturing sector is reeling under expensive commodities costs due to rise in their international demand and supply constraints.
Stagflation worries, downgrades in stock market weightage cloud India's growth story
Stagflation is characterised by slow economic growth and relatively high unemployment -- or economic stagnation. Credit Suisse has announced a tactical downgrade of India from Overweight to Underweight. Higher oil prices hurt the current account, add to inflationary pressures and increase sensitivity to Fed rate hikes.
Ukraine crisis may hit India's global semiconductor hub dream
The government recently set up the India Semiconductor Mission (ISM) and approved Rs 76,000 crore ($10 billion) for the development of semiconductors and display manufacturing ecosystem in the country. The Rs 76,000 crore Production-Linked Incentive (PLI) scheme will be spread across six years. As part of the scheme, incentives worth Rs 2.3 lakh crore will be provided to position India as a global hub.
China aims to deploy 2 mn 5G base stations by 2022
China currently houses around 1.43 million 5G base stations and over 500 million 5G users, Xiao told journalists on the sidelines of the ongoing "two sessions," adding that the country will also make plans to develop 6G technology, reports Xinhua news agency.
RBI directs Paytm Payments Bank to stop acquiring new customers, orders IT probe
The Reserve Bank of India (RBI) on Friday directed the Paytm Payments Bank Ltd (PPBL) to stop taking new customers with immediate effect. This action has been taken on the basis of “certain material supervisory” issues, as per the RBI press release.
Lighthouse invests Rs 200 crore in Ferns N Petals
Lighthouse India Fund III, Limited on Saturday announced to invest Rs 200 crore ($27 million) in online gifting platform Ferns N Petals (FnP). Lighthouse is a leading mid-market private equity firm focused on growth investments in the country.
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