Business
SBI report justifies under-reporting of Covid deaths as not new
Amid the debate over underreporting of COVID fatalities, economists at SBI on Wednesday said that shortfall in reporting deaths is not a new phenomenon in India. One of the prime reasons for the underreporting is because many of the demises happen without any medical attention and hence, ramping up...
Ordinance bans strikes in essential defence services
New Delhi: The government on Wednesday came out with an ordinance prohibiting any agitation and strike by anyone engaged in the essential defence services. The Essential Defence Services Ordinance 2021 comes in the backdrop of the announcement by major federations of the Ordnance Factory Board (OFB) to go on...
Union Cabinet approves Rs 3.03-lakh crore scheme for power discoms
The Cabinet Committee on Economic Affairs (CCEA) on June 30, approved a reform-based result-linked power distribution scheme worth Rs 3.03 lakh crore that has been in the works for five years. The scheme has been approved with an inclusive Rs 97,000 crore central outlay. The Reform-Based Result-Linked Power Distribution...
SIDBI scheme for MSMEs hit by Covid-19
In a bid to provide liquidity boost to COVID-19-hit small and medium scale industries, India’s principal financial institution for MSMEs – Small Industries Development Bank of India (SIDBI) has unveiled a revamped version of its liquidity scheme. SIDBI will work to provide liquidity support by urgent infusion of funds...
Former IL&FS chief Ravi Parthasarathy arrested
Former chairman of the bankrupt Infrastructure Leasing and Financial Services (IL&FS) Ravi Parthasarathy has been arrested by the Economic Offences Wing-II, here, following a complaint given by 63 Moons Technologies. “The kingpin and the mastermind of the several crore IL&FS and ITNL (IL&FS Transportation Networks Ltd) financial scam Ravi...
Centre to share 70% GST income from vaccine with states, says FM
Finance minister Nirmala Sitharaman on Saturday announced tax relief on various Covid-19 medicines and equipment. However, the Goods and Services Tax (GST) on Covid-19 vaccine to remain same at 5 per cent. Explaining the rationale behind this, Sitharaman said, “5 per cent GST on Covid vaccines will stay. The...
Traders body seeks probe against Amazon, Flipkart
The Confederation of All India Traders (CAIT) on Saturday urged the government to revisit the foreign direct investment norms for e-commerce players and start investigation immediately against e-commerce giants Amazon and Flipkart “without any delay”. The Karnataka High Court on Friday dismissed the plea by e-commerce giants Amazon and...
Satya Nadella elevated as Microsoft chairman
Microsoft named its chief executive officer Satya Nadella as board chairman, an additional role in which he will lead the work to set the agenda for the board. Microsoft Corp on Wednesday announced that the board’s independent directors unanimously elected Nadella to the role of board chair, and unanimously...
Adani says NSDL account freeze report wrong, meant to mislead
Adani Group on Monday clarified that a report claiming National Securities Depository Ltd (NSDL) had frozen accounts of three foreign funds that together own shares worth ₹43,500 crore in its companies are “blatantly erroneous and is done to deliberately mislead the investing community.” “This is causing irreparable loss of...
WPI inflation at record high of 12.94% in May
The wholesale price-based inflation accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods. Low base effect also contributed to the spike in WPI inflation in May 2021. In May 2020, WPI inflation was at (-) 3.37 per cent....
Higher bank FD interest for vaccinated depositors
A few state banks are offering higher interest rates on fixed deposits to those customers who have received the Covid vaccine. The offer is available even to those who have got their first Covid jab. In April, the Central Bank of India launched the Immune India Deposit Scheme. Through...
GST Council meet today to discuss tax cut on COVID essentials
IPA Webdesk The Goods and Services Tax (GST) Council will meet on Saturday to discuss the tax waivers on COVID-19 essential items and medicines. This will be the second GST meeting of this fiscal. Finance Minister Nirmala Sitharaman chaired GST Council meeting on May 28, after a gap of...
Forex reserves cross $600 billion mark for first time
The country’s foreign exchange reserves crossed the $ 600 billion mark for the first time after increasing by $ 6.842 billion in the week ended June 4, RBI data showed on Friday. The reserves surged to a record $ 605.008 billion in the reporting week, helped by a rise...
Paddy MSP hiked by Rs 72 per quintal to Rs 1,940
The government on Wednesday raised the minimum support price (MSP) of paddy by Rs 72 per quintal to Rs 1,940 per quintal for the 2021-22 crop year. Rates of other kharif crops have also been raised. Paddy is the main kharif crop, the sowing of which has begun with...
Additional 1.7 Lakh vials of Amphotericin-B to states, UTs
IPA Webdesk The government has allocated an additional 1.7 lakh vials of Amphotericin-B drug, used to treat black fungus infection, to states and union territories, Union Minister Sadananda Gowda said on Wednesday. “Ensuring adequate availability and smooth supply of #Amphotericin-B across the country, additional 1,70,000 vials of the drug...
Rs 25,000-cr makeover for Railways to run faster, safer trains
The Union Cabinet on Wednesday approved allotment of 5 MHz Spectrum in 700 MHz frequency band to Indian Railways for public safety and security services at stations and in trains. The estimated investment in the project is more than Rs. 25,000 crore, the ministry of railways said in a...
Mumbai Hyatt Regency shuts doors after payment defaults
Hyatt Regency Mumbai has suspended all operations and attributed the action due to lack of funds from the owners. “This is to inform all the on-roll staff of the hotel that no funds are forthcoming from Asian Hotels (West) Ltd., the owner of Hyatt Regency Mumbai, to enable payment...
Petrol, diesel prices at record high, hiked 16 times in last one month
With the latest round of increase, the price of both petrol and diesel has reached new highs across the country. In the last one month alone, prices of both key fuels witnessed a hike 16 times, which saw a collective increase of nearly Rs 5 per litre in petrol...
