Business – Latest Odisha News, Breaking News Today | Top Updates on Corona – OTV News https://odishatv.in OdishaTV - OTV Sun, 11 Apr 2021 05:39:32 +0000 en-US hourly 1 https://odishatv.in/wp-content/uploads/2017/05/otv_small_logo.png Business – Latest Odisha News, Breaking News Today | Top Updates on Corona – OTV News https://odishatv.in 32 32 Fuel Prices Unchanged For 12th Straight Day https://odishatv.in/business_economy/fuel-prices-unchanged-for-12th-straight-day-533958 Sun, 11 Apr 2021 05:39:32 +0000 https://odishatv.in/?p=533958

New Delhi: Oil marketing companies (OMC) kept petrol and diesel prices unchanged for the 12th straight day across the four metro cities on Sunday. In the national capital, petrol was sold for Rs 90.56 per litre. Prices of the fuel in Mumbai, Chennai and Kolkata were at Rs 96.98, Rs 92.58 and Rs 90.77 per […]

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Fuel dearer

New Delhi: Oil marketing companies (OMC) kept petrol and diesel prices unchanged for the 12th straight day across the four metro cities on Sunday.

In the national capital, petrol was sold for Rs 90.56 per litre.

Prices of the fuel in Mumbai, Chennai and Kolkata were at Rs 96.98, Rs 92.58 and Rs 90.77 per litre respectively, same as the previous levels.

Petrol and diesel prices fell by 22 paise and 23 paise per litre, respectively, on March 30 in wake the global softening of oil prices. The OMCs have decided to pause price revision as they want to watch the crude price movement that has now dropped below the $63-per-barrel mark.

In tandem with petrol prices, diesel was sold at unchanged levels of Rs 80.87, Rs 87.96, Rs 85.88 and Rs 83.75 per litre, in Delhi, Mumbai, Chennai and Kolkata, respectively.

After petrol stayed at record levels for a considerable period and were steady for past 24 days, OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25. It again reduced the price on March 30.

Thereafter, fuel prices have remained unchanged. Earlier, petrol and diesel prices increased 26 times in 2021.

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Petrol, Diesel Prices Remain Unchanged For 11th Day https://odishatv.in/business_economy/petrol-diesel-prices-remain-unchanged-for-11th-day-533776 Sat, 10 Apr 2021 08:03:25 +0000 https://odishatv.in/?p=533776

New Delhi: Fuel prices in the country remained unchanged on Saturday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for 11th consecutive day. Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre, respectively, in the capital. […]

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Petrol-Prices

New Delhi: Fuel prices in the country remained unchanged on Saturday with oil marketing companies continuing on the pause mode and keeping petrol and diesel prices static for 11th consecutive day.

Accordingly, pump price of petrol and diesel remained at previous days level of Rs 90.56 and Rs 80.87 a litre, respectively, in the capital.

Petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last week on Tuesday in wake global softening of oil prices. OMC have decided to pause price revision as they want to watch the crude price movement that has now fallen to around $62.5 a barrel from remaining above this level in much of the last week.

Across the country as well the petrol and diesel price remain static on Saturday but its retail levels varied depending on the level of local levies on respective states.

In Mumbai, petrol continues to be priced at Rs 96.98 a litre and diesel at Rs 87.96 a litre. Premium petrol, however, continues to remain over Rs 100 a litre in the city as is the case with several cities across the country.

The OMCs went on price cut for the first time this year on two consecutive days – March 24 and 25 after keeping oil prices steady for past 24 days. It again reduced the price on March 30.

Thereafter, fuel prices have remained unchanged.

Earlier, petrol and diesel prices increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively, so far this year.

Officials in public sector oil companies said that retail price may rise again if crude and product prices pick up but for now it will fall or remain static for few more days.

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Sensex Drops 155 Pts; Gold Climbs Rs 97 https://odishatv.in/business_economy/sensex-drops-155-pts-gold-climbs-rs-97-533528 Fri, 09 Apr 2021 11:20:20 +0000 https://odishatv.in/?p=533528

Mumbai: Equity benchmark Sensex dropped 155 points on Friday, tracking losses in index heavyweights ICICI Bank, Reliance Industries and HDFC Bank amid largely negative cues from global markets. The 30-share BSE index ended 154.89 points or 0.31 per cent lower at 49,591.32. Similarly, the broader NSE Nifty slipped 38.95 points or 0.26 per cent to […]

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Sensex Drops 155 Pts; Gold Climbs Rs 97

Mumbai: Equity benchmark Sensex dropped 155 points on Friday, tracking losses in index heavyweights ICICI Bank, Reliance Industries and HDFC Bank amid largely negative cues from global markets.

The 30-share BSE index ended 154.89 points or 0.31 per cent lower at 49,591.32.

Similarly, the broader NSE Nifty slipped 38.95 points or 0.26 per cent to 14,834.85.

Bajaj Finance was the top loser in the Sensex pack, shedding around 3 per cent, followed by UltraTech Cement, NTPC, Axis Bank, ICICI Bank, IndusInd Bank, Reliance Industries, L&T and HDFC Bank.

On the other hand, Sun Pharma, HUL, Tech Mahindra and Dr Reddy’s were among the gainers.

“Domestic equities traded range-bound with continued selling pressure from financials. Further, weak cues from Asian markets and concerns of sharp rise in COVID-19 cases across the country weighed on sentiments,” said Binod Modi, Head Strategy at Reliance Securities.

While financials remained a drag, pharma stocks witnessed strong buying due to expectations of improvement in sales volume in the backdrop of spike in new coronavirus cases, he said, adding IT stocks remained in focus ahead of results next week.

He stated that continued sharp rise in coronavirus cases in the country and resultant mobility restrictions are expected to weigh on investor sentiment in the near term. Further, recent weakness in the rupee may also aggravate investors’ concerns and adversely impact FPIs flows, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended in the red, while Tokyo finished with gains.

Top stock exchanges in Europe were largely trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.27 per cent lower at USD 63.03 per barrel.

Gold Climbs Rs 97; Silver Declines Rs 275

Gold prices gained Rs 97 to Rs 46,257 per 10 gram in the national capital on Friday supported by rupee depreciation, according to HDFC Securities.

In the previous trade, the precious metal had closed the day at Rs 46,160 per 10 gram.

In contrast, silver dipped Rs 275 to Rs 66,253 per kg, from Rs 66,528 per kg in the previous trade.

“Spot gold prices for 24 karat in Delhi were up by Rs 97 supported by rupee depreciation,” said HDFC Securities Senior Analyst (Commodities) Tapan Patel.

The rupee depreciated 17 paise to 74.75 against the US dollar in opening trade on Friday.

In the international market, gold was quoting lower at USD 1,745 per ounce and silver was flat at USD 25.15 per ounce.

“Gold prices witnessed some profit-booking with dollar gain,” he added.

Rupee Slips For 5th Straight Session, Down 15 Paise At 74.73 Against USD

The rupee fell for the fifth straight session and settled 15 paise down at 74.73 (provisional) against the US dollar on Friday as rising COVID-19 cases, weak domestic equities and strengthening American currency weighed on investors’ sentiment

At the interbank forex market, the local unit opened at 74.75 against the greenback and traded in the range of 74.53 to 74.96 during the day

The rupee finally ended at 74.73 against the American currency, registering a fall of 15 paise over its previous close. On Thursday, the rupee had settled at 74.58 against the American currency

This is the fifth straight session of loss for the domestic unit, during which it has seen depreciation of 161 paise

“Rupee traded weak yet again as the weak trend continues on the back of government spending on vaccines and treatment of COVID-19 increasing numbers,” said Jateen Trivedi, Senior Research Analyst at LKP Securities

Trivedi further noted that “74.75 is now maintained as resistance for the rupee. Going ahead 74.75 – 75.25 range can be seen with the weak trend for rupee”

India registered a record single-day spike of 1,31,968 new COVID-19 cases on Friday, pushing its infection tally to 1,30,60,542, while the death toll increased to?1,67,642?with 780 more fatalities in a day, highest since October 18, the Union Health Ministry data showed

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, advanced 0.25 per cent to 92.29

Brent crude futures, the global oil benchmark, was trading 0.30 per cent down at USD 63.01 per barrel

On the domestic equity market front, the BSE Sensex ended 154.89 points or 0.31 per cent lower at 49,591.32, while the broader NSE Nifty declined by 38.95 points or 0.26 per cent to 14,834.85

Foreign institutional investors were net buyers in the capital market and purchased shares worth 110.85 crore on Thursday, according to exchange data.

(This Story is a compilation of 3 PTI stories)

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FY21 Net Tax Collection At Rs 9.45L Cr, Exceeds Revised Estimates https://odishatv.in/business_economy/fy21-net-tax-collection-at-rs-9-45l-cr-exceeds-revised-estimates-533479 Fri, 09 Apr 2021 08:37:32 +0000 https://odishatv.in/?p=533479

New Delhi: The provisional figures of direct tax collections for the financial year 2020-21 showed that net collections are at Rs 9.45 lakh crore. The net collection is around 5 per cent higher than the revised estimates for the 2020-21. The net direct tax collections include corporation tax (CIT) at Rs 4.57 lakh crore and […]

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Ministry-Of-Finace

New Delhi: The provisional figures of direct tax collections for the financial year 2020-21 showed that net collections are at Rs 9.45 lakh crore.

The net collection is around 5 per cent higher than the revised estimates for the 2020-21.

The net direct tax collections include corporation tax (CIT) at Rs 4.57 lakh crore and personal income tax (PIT), including security transaction tax (STT) at Rs 4.88 lakh crore.

“The net direct tax collections represent 104.46% of the Revised Estimates of Rs 9.05 lakh crore of direct taxes for the FY 2020-21,” said a Finance Ministry statement.


The gross collection of direct taxes, before adjusting for refunds, for the FY21 stands at Rs 12.06 lakh crore, including corporation tax of Rs 6.31 lakh crore and personal income tax (including STT) of Rs 5.75 lakh crore.

It also includes advance tax of Rs 4.95 lakh crore, tax deducted at source (including Central TDS) of Rs 5.45 lakh crore, self-assessment tax of Rs 1.07 lakh crore, regular assessment tax of Rs 42,372 crore, dividend distribution tax of Rs 13,237 crore and tax under other minor heads of Rs 2,612 crore.

The official statement noted that despite an extremely challenging year, the advance tax collections for FY21 stand at Rs 4.95 lakh crore which shows a growth of approximately 6.7 per cent over the advance tax collections of the immediately preceding fiscal of Rs 4.64 lakh crore.

Further, refunds amounting to Rs 2.61 lakh crore have been issued in the FY21 as against refunds of Rs 1.83 lakh crore issued in the FY20, marking an increase of around 42 per cent over the previous financial year.

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Sensex Ends 84 Pts Higher After Choppy Trade; Gold Jumps Rs 182 https://odishatv.in/business_economy/sensex-ends-84-pts-higher-after-choppy-trade-gold-jumps-rs-182-533225 Thu, 08 Apr 2021 10:56:02 +0000 https://odishatv.in/?p=533225

Mumbai: Equity benchmark Sensex ended 84 points higher after a volatile session on Thursday as concerns over rising coronavirus infections and resultant restrictions across the country kept investors on the edge. The 30-share BSE index settled 84.45 points or 0.17 per cent higher at 49,746.21. The broader NSE Nifty advanced 54.75 points or 0.37 per […]

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Sensex Ends 84 Pts Higher After Choppy Trade; Gold Jumps Rs 182

Mumbai: Equity benchmark Sensex ended 84 points higher after a volatile session on Thursday as concerns over rising coronavirus infections and resultant restrictions across the country kept investors on the edge.

The 30-share BSE index settled 84.45 points or 0.17 per cent higher at 49,746.21. The broader NSE Nifty advanced 54.75 points or 0.37 per cent to 14,873.80.

UltraTech Cement was the top gainer in the Sensex pack, rallying over 4 per cent, followed by Titan, Tech Mahindra, Nestle India, TCS, Bajaj Finserv and L&T.

On the other hand, IndusInd Bank, ONGC, Sun Pharma, HDFC Bank and Axis Bank were among the laggards.

Domestic equities, despite trading positively for most of the session, gave up a large portion of gains towards the end of the day as concerns of rising COVID-19 cases continued to weigh on investor sentiment, said Binod Modi, Head-Strategy at Reliance Securities.

Financials witnessed profit-booking and dragged the market. Barring financials, most of key sectoral indices traded in the green with metal index remaining an outperformer.

“Expectations of steady 4QFY21 earnings and weakening INR continued to attract investors’ interest towards IT stocks,” he noted.

While softening of bond yields and crude prices in recent period offered some comfort to markets, a sharp depreciation in rupee in the last couple of trading days could be a new worry for investors, which can also have an impact on FPI flows, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended on a positive note, while Tokyo was in the red.

Stock exchanges in Europe were largely trading with gains in mid-session deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.44 per cent lower at USD 62.88 per barrel.

Rupee Slips For 4th Straight Session, Down 11 Paise At 74.58 Against USD

The rupee fell for the fourth straight session and settled 11 paise down at 74.58 (provisional) against the US dollar on Thursday amid fears that a rapid resurgence of Covid cases in the country can disrupt economic recovery.

At the interbank forex market, the local unit opened at 74.38 against the greenback and traded in the range of 74.19 to 74.93 during the day.

The rupee finally ended at 74.58 against the American currency, registering a fall of 11 paise over its previous closing of 74.47.

On Wednesday, the Indian rupee nosedived 105 paise to mark its biggest single-session drop in over 20 months.

India registered a record single-day spike of 1,26,789 new COVID-19 cases, pushing its infection tally to 1,29,28,574, while the number of active cases too went upwards to breach the nine lakh-mark again, Union Health Ministry data updated on Thursday showed.

Jateen Trivedi, Senior Research Analyst at LKP Securities, said that “government spending keeps increasing on vaccines and health products due to rising COVID-19 cases. INR will be seen in a range of 74.45-75.15 in sessions ahead with a weak trend for the rupee”.

This is the fourth straight session of loss for the domestic unit, during which it has seen depreciation of 146 paise.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.06 per cent to 92.39.

Brent crude futures, the global oil benchmark, was trading 0.51 per cent down at USD 62.84 per barrel.

On the domestic equity market front, the BSE Sensex ended 84.45 points or 0.17 per cent higher at 49,746.21, while the broader NSE Nifty advanced by 54.75 points or 0.37 per cent to 14,873.80.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 227.42 crore on Wednesday, according to exchange data.

Gold Jumps Rs 182; Silver Zooms Rs 725

Gold rose by Rs 182 to Rs 45,975 per 10 gram in the national capital on Thursday following gains in the international precious metal prices, according to HDFC Securities.

In the previous trade, the metal had closed at Rs 45,793 per 10 gram.

Silver also witnessed increased buying and jumped Rs 725 to Rs 66,175 per kg from the previous close of Rs 65,450 per kg.

HDFC Securities Senior Analyst (Commodities) Tapan Patel said, “Spot gold prices for 24 karat in Delhi were up by Rs 182 with gains in COMEX (New York-based commodities exchange) gold prices.”

In the international market, gold was trading with gains at USD 1,744 per ounce and silver was flat at USD 25.30 per ounce.

(This Story Is A Compilation Of 3 PTI Stories)

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During COVID-19 Pandemic, India’s Debt To GDP Ratio Increased From 74% To 90%: IMF https://odishatv.in/business_economy/during-covid-19-pandemic-indias-debt-to-gdp-ratio-increased-from-74-to-90-imf-533052 Thu, 08 Apr 2021 02:29:19 +0000 https://odishatv.in/?p=533052

Washington: India’s debt to GDP ratio increased from 74 per cent to 90 per cent during the COVID-19 pandemic, the International Monetary Fund has said, noting that it expects this to drop down to 80 per cent as a result of the country’s economic recovery. Paolo Mauro, Deputy Director, IMF’s Fiscal Affairs Department told reporters […]

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GDP

Washington: India’s debt to GDP ratio increased from 74 per cent to 90 per cent during the COVID-19 pandemic, the International Monetary Fund has said, noting that it expects this to drop down to 80 per cent as a result of the country’s economic recovery.

Paolo Mauro, Deputy Director, IMF’s Fiscal Affairs Department told reporters at a news conference here on Wednesday, “In the case of India, the debt ratio at the end of 2019, prior to the pandemic, was 74 per cent of Gross Domestic Product (GDP), and at the end of 2020, it is almost 90 per cent of GDP. So, that’s a very large increase, but it is something that other emerging markets and advanced economies have experienced as well.”

“And, for the case of India going forward, in our baseline forecast, we expect that the debt ratio will gradually come down as the economy recovers. In our baseline forecast under the assumption of healthy economic growth in the medium term, we see debt returning to about 80 per cent over time,” Mauro said.

Responding to a question, he said that the immediate priorities are to continue supporting people and firms, and, in particular, to focus on supporting the most vulnerable.

At the same time, it is important to reassure the general public and investors that the public finance is under control and the way to do so is through a credible medium term fiscal framework.

“This year, India has already announced its budget. It continues to be accommodative. It continues to support health, and it continues to support people. Over the next years, it is quite likely that the deficit will be reduced in part as the economy recovers,” he said.

More generally in emerging markets, the priority, given to the very large increases in inequality, given the large increases in public debt, is to mobilise revenues in the medium term, Mauro added.

Vitor Gaspar, Director of IMF’s Fiscal Affairs Department, said that given widening deficits and contraction in economic activity, debt worldwide increased sharply to 97 per cent of GDP in 2020.

It will increase slower to 99 per cent in 2021 before stabilising below but close to 100 per cent of GDP, he added.

In 2020, fiscal policy also contributed to mitigate falling economic activity and employment. It avoided falls on the scale of the great depression.

Gaspar said that that countries with better access to financing, countries with stronger buffers, countries with stronger fundamentals have been able to give more fiscal support during 2020. They can sustain that fiscal support for longer, and they have more options in terms of policymaking.

It is very clear when we focus on the group of emerging markets specifically, he said.

“So, speaking about emerging markets as a group, when looking at the current situation, ignore the need for fiscal policies to be tailored to fit to the country’s circumstances, which is a very important point to make. Clearly there are risks.

“On occasion we have a turmoil or even turbulence in markets. When it is necessary to act to restore confidence of markets and our membership, the IMF stands ready to act and has a financial capacity of about USD 1 trillion,” Gaspar said.

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RBI Keeps Interests Rates Unchanged At 4%, Maintains Accommodative Stance https://odishatv.in/business_economy/rbi-keeps-interests-rates-unchanged-at-4-maintains-accommodative-stance-532826 Wed, 07 Apr 2021 05:03:23 +0000 https://odishatv.in/?p=532826

Mumbai: Concerned over fresh COVID-19 wave and elevated food inflation, Reserve Bank of India on Wednesday decided to keep benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cut in the future if the need arises to support the economy. The benchmark repurchase (repo) rate has been left unchanged […]

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RBI-Guv

Mumbai: Concerned over fresh COVID-19 wave and elevated food inflation, Reserve Bank of India on Wednesday decided to keep benchmark interest rate unchanged at 4 per cent but maintained an accommodative stance, implying rate cut in the future if the need arises to support the economy.

The benchmark repurchase (repo) rate has been left unchanged at 4 per cent, Governor Shaktikanta Das said said while announcing the decisions taken by the central bank’s Monetary Policy Committee (MPC).

“It also unanimously decided to continue with the accommodative stance as long as necessary to sustain growth on a durable basis and continue to mitigate the impact of COVID-19 on the economy, while ensuring that inflation remains within the target going forward,” he said.

Consequently, the Marginal Standing Facility (MSF) rate and the bank rate remain unchanged at 4.25 per cent. The reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with RBI.

This is the first bi-monthly meeting of MPC in the current financial year and after the government’s recent mandate to maintain annual inflation at 4 per cent with an upper tolerance of 6 per cent and a lower tolerance of 2 per cent for another five years.

The central bank has retained growth projection of 10.5 per cent for the current financial year as was estimated in its February bi-monthly policy.

MPC saw inflation edging up to 5.2 per cent in the first half of the new fiscal from 5 per cent in the January-March period and moderate to 4.4 per cent in Q3 of FY22.

The governor said MPC unanimously voted for keeping interest rate unchanged and decided to continue with its accommodative stance to support growth.

This is the fifth time in a row that MPC has decided to keep the policy rate unchanged. RBI had last revised its policy rate on May 22, 2020 in an off-policy cycle to perk up demand by cutting interest rate to a historic low.

The central bank had slashed the repo rate, the rate at which banks borrow from the RBI, by 115 basis points between March and May 2020 to support growth.

Retail inflation rose to a three-month high of 5.03 per cent in February mainly on account of higher food prices. The Consumer Price Index (CPI) based retail inflation stood at 4.06 per cent in January. At the same time, a fresh wave of COVID-19 has resulted in over 90,000 cases per day and the situation has led to localised lock-down impacting economic activities.

To provide clarity over its bond buying programme through Open Market Operations (OMO), Das announced Rs 1 lakh crore target for the first quarter under the new instrument called G-sec acquisition programme or G-SAP 1.0.

The first purchase of government securities for an aggregate amount of Rs 25,000 crore under G-SAP 1.0 will be conducted on April 15, 2021.

He assured that RBI is committed to ensuring ample system liquidity in consonance with the accommodative stance of MPC.

“When I say ample liquidity, I mean a level of liquidity that would keep the system in surplus even after meeting the requirements of all financial market segments and the productive sectors of the economy,” he said.

The Reserve Bank will of course continue to do whatever it takes to preserve financial stability and to insulate domestic financial markets from global spillovers and the consequent volatility, Das added.

To provide additional liquidity to states, RBI has decided to accept the recommendations of an Advisory Committee constituted by it to review the Ways and Means Advance (WMA) limits for State Governments/UTs and other related issues.

Accordingly, it has been decided to enhance the aggregate WMA limit of states and UTs to Rs 47,010 crore, an increase of about 46 per cent from the current limit of Rs 32,225 crore which was fixed in February 2016.

“Further, it has also been decided to continue the enhanced interim WMA limit of Rs 51,560 crore granted by RBI due to the pandemic for a further period of six months i.e. up to September 30, 2021,” he said.

Das further said that to nurture the still nascent growth impulses, it is felt necessary to support continued flow of credit to the real economy.

Accordingly, liquidity support of Rs 50,000 crore for fresh lending during 2021-22 will be provided to All India Financial Institutions (AIFIs).

He announced that Rs 25,000 crore will be provided to NABARD, Rs 10,000 crore to NHB and Rs 15,000 crore to SIDBI.

It is to be mentioned here that special refinance facilities of Rs 75,000 crore were provided to AIFIs during April-August 2020.

The central bank also announced relaxation in the period of parking of External Commercial Borrowing (ECB) proceeds in term deposits.

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Mukesh Ambani India’s Richest With $84.5 Billion, Gautam Adani 2nd: Forbes https://odishatv.in/business_economy/mukesh-ambani-indias-richest-with-84-5-billion-gautam-adani-2nd-forbes-532801 Wed, 07 Apr 2021 03:05:44 +0000 https://odishatv.in/?p=532801

New Delhi: Reliance Industries Chairman Mukesh Ambani topped the Forbes list of India’s 10 richest billionaires with a net worth of $84.5 billion, followed by Adani Group chief Gautam Adani. Amid the Covid-19 pandemic, Ambani accomplished a fund-raising feat, garnering $35 billion through a string of deals to achieve his target of reducing his flagship […]

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Mukesh-Ambani-Gautam-Adani

New Delhi: Reliance Industries Chairman Mukesh Ambani topped the Forbes list of India’s 10 richest billionaires with a net worth of $84.5 billion, followed by Adani Group chief Gautam Adani.

Amid the Covid-19 pandemic, Ambani accomplished a fund-raising feat, garnering $35 billion through a string of deals to achieve his target of reducing his flagship Reliance Industries’ net debt to zero by 2021.

“He also sold a third of telecom unit Jio to marquee investors such as Facebook and Google and offloaded 10 per cent of Reliance Retail to private equity firms such as KKR and General Atlantic, plus concluded a $7.3 billion rights issue of Reliance shares,” Forbes said.

Second richest Indian, Adani, who has also diversified the group’s business and has taken a significant share in India’s airport management and operations business has a net worth of $50.5 billion.

Adani acquired a 74 per cent stake in Mumbai International Airport, the country’s second-busiest, last September. He also sold 20 per cent in his listed renewables firm, Adani Green Energy, to French energy giant Total for $2.5 billion.

The third richest Indian is HCL founder Shiv Nadar as per the Forbes list of India’s 10 Richest Billionaires 2021, with a net worth of $23.5 billion.

Last July, Nadar stepped down as chairman of $9.9 billion (revenues) HCL Technologies, handing over the position to his daughter, Roshni Nadar Malhotra.

Avenue Supermarts’ founder Radhakishan Damani ($16.5 billion) and Kotak Mahindra Bank MD Uday Kotak ($15.9 billion) took the fourth and the fifth spot in the list.

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India Hosts 1st Meet Of BRICS Finance Ministers, Central Bank Governors https://odishatv.in/business_economy/india-hosts-1st-meet-of-brics-finance-ministers-central-bank-governors-532778 Tue, 06 Apr 2021 17:21:07 +0000 https://odishatv.in/?p=532778

New Delhi: India hosted a meeting of BRICS Finance Ministers and Central Bank Governors virtually on Tuesday. The meeting, jointly chaired by Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das, was the first meeting of the BRICS Finance Ministers and Central Bank Governors under India’s chairship in 2021. As BRICS chair, […]

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India Hosts 1st Meet Of BRICS Finance Ministers, Central Bank Governors

New Delhi: India hosted a meeting of BRICS Finance Ministers and Central Bank Governors virtually on Tuesday.

The meeting, jointly chaired by Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das, was the first meeting of the BRICS Finance Ministers and Central Bank Governors under India’s chairship in 2021.

As BRICS chair, India’s approach is focused on strengthening intra-BRICS cooperation based on continuity, consolidation, and consensus.

At the meeting, BRICS Finance Ministers and Central Bank Governors discussed financial cooperation agenda set by India for 2021 – the global economic outlook and response to Covid-19 pandemic, New Development Bank (NDB) activities, social infrastructure financing and use of digital technologies, and cooperation on customs-related issues.

The meeting also discussed IMF reforms, fintech for SMEs and financial inclusion, BRICS Rapid Information Security channel and BRICS Bond Fund.

On the BRICS priorities and agenda for 2021, Sitharaman said that the efforts should be made towards delivering outcomes that reflect the needs and aspirations of BRICS in particular, and emerging markets and developing economies in general.

She emphasised the importance of BRICS in responding to the Covid-19 crisis through policy support and enhancing international coordination.

Sitharaman also highlighted that world’s largest vaccine drive by India is under way. India has supplied 64.5 million vaccine doses to 84 countries.

On the importance of social infrastructure and use of digital technologies, she underscored the merit in engaging with private sector and exploring the innovative financing models.

Sitharaman stated that the Prime Minister’s Health Insurance Scheme using an output-based funding model has triggered a major private investment cycle in health-care infrastructure, enabling significant expansion of health-care services to vulnerable citizens.

She also talked about thematic priorities for the New Development Bank for discussion during 2021 and the issues of membership expansion and called for greater coordination among BRICS member countries on the issues of 16th general review of Quotas of IMF.

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Sensex Tumbles 871 Pts, Nifty Tanks Below 14,650 https://odishatv.in/business_economy/sensex-tumbles-871-pts-nifty-tanks-below-14650-532403 Mon, 05 Apr 2021 11:09:10 +0000 https://odishatv.in/?p=532403

Mumbai: Equity benchmark Sensex tanked 871 points on Monday, dragged by a selloff in financial stocks as spiking COVID-19 cases spooked investors and fanned concerns over economic recovery. After plunging over 1,400 points earlier in the day, the 30-share BSE index pared some losses to finish at 49,159.32, down 870.51 points or 1.74 per cent. […]

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Sensex Tumbles 871 Pts, Nifty Tanks Below 14,650

Mumbai: Equity benchmark Sensex tanked 871 points on Monday, dragged by a selloff in financial stocks as spiking COVID-19 cases spooked investors and fanned concerns over economic recovery.

After plunging over 1,400 points earlier in the day, the 30-share BSE index pared some losses to finish at 49,159.32, down 870.51 points or 1.74 per cent. Similarly, the broader NSE Nifty sank 229.55 points or 1.54 per cent to 14,637.80.

Bajaj Finance was the top laggard in the Sensex pack, plunging around 6 per cent, followed by IndusInd Bank, SBI, M&M, Axis Bank, Bajaj Auto and ICICI Bank.

On the other hand, HCL Tech, TCS and Infosys were among the gainers.

“The market witnessed a huge sell-off today as India’s second wave of COVID-19 is getting bigger than anticipated and is expected to ruin the pace of economic recovery. High valuation added further concern due to a possible downgrade in Q1FY22 earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.

A policy decision in the upcoming MPC announcement and Q4 earnings will define the market volatility in the coming days, he added.

The rise in COVID-19 cases in India is a sobering reminder that challenges to recovery still remain, said Lalitabh Srivastava, AVP research, Sharekhan by BNP Paribas.

The provisional numbers of key banks indicate a consolidating trend in terms of advances growth but encouraging performance on deposit and CASA front, he added.

Elsewhere in Asia, bourses in Seoul and Tokyo ended on a positive note. Markets in Shanghai, Hong Kong and Australia were closed for holidays.

Stock exchanges in Europe were also closed.

Meanwhile, the global oil benchmark Brent crude was trading 2.20 per cent lower at USD 63.43 per barrel.

Rupee Falls By 18 Paise To Close At 73.30 Against US Dollar

The rupee declined by 18 paise to close at 73.30 (provisional) against the US currency on Monday on strong American currency and risk aversion in the domestic market amid concerns over rising COVID-19 cases.

Besides, losses in domestic equity markets weighed on investors’ sentiment.

At the interbank forex market, the local unit opened at 73.38 against the greenback and traded in the range of 73.28 to 73.45 during the day.

The rupee finally ended at 73.30 against the American currency, registering a fall of 18 paise over its previous closing of 73.12. The forex market was closed on April 2, on account of Good Friday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05 per cent to 93.06.

“The Indian Rupee depreciated amid strong dollar and risk aversion in the domestic markets. Dollar is gaining strength amid surge in US treasury yields and upbeat economic data,” said Saif Mukadam, Research Analyst, Sharekhan by BNP Paribas.

Further, the rupee may slip on concern over rising COVID-19 cases in India.

India reported more than 1 lakh cases of corona virus for the first time. Maharashtra government announced new restrictions, including night curfews and weekend lockdowns.

“However, sharp fall was prevented on softening of crude oil prices. Rupee may trade in the range of 72.80 to 74.0 in next couple of sessions,” Mukadam added.

Brent crude futures, the global oil benchmark, was trading 2.05 per cent down at USD 63.53 per barrel.

On the domestic equity market front, the BSE Sensex ended 870.51 points or 1.74 per cent lower at 49,159.32, while the broader NSE Nifty declined by 229.55 points or 1.54 per cent to 14,637.80.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 149.41 crore on Thursday, according to exchange data.

Gold Marginally Lower; Silver Declines Rs 216

Gold was marginally lower by Rs 15 to Rs 44,949 per 10 gram in the national capital on Monday amid muted trading and tepid global trends, according to HDFC Securities.

In the previous trade, the precious metal had closed at Rs 44,964 per 10 gram.

Silver also dipped by Rs 216 to Rs 64,222 per kilogram from Rs 64,438 per kilogram in the previous trade.

“Spot gold prices for 24 carat in Delhi were down by Rs 15 on muted trading,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.

In the international market, gold was quoting lower at USD 1,727 per ounce and silver was flat at USD 24.78 per ounce.

(This story is a compilation of 3 PTI stories)

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PVR, Inox Leisure Shares Fall As Maha Govt Shuts Cinemas https://odishatv.in/business_economy/pvr-inox-leisure-shares-fall-as-maha-govt-shuts-cinemas-532316 Mon, 05 Apr 2021 07:41:27 +0000 https://odishatv.in/?p=532316

Mumbai: The shares of multiplex players PVR and Inox Leisure plunged on Monday post the Maharashtra government’s decision to shut cinema halls and multiplexes amid rising number of Covid cases. Around 12 noon, shares of PVR on the BSE were trading at Rs 1,136.20, lower by Rs 100.60 or 8.13 per cent from its previous […]

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Mumbai: The shares of multiplex players PVR and Inox Leisure plunged on Monday post the Maharashtra government’s decision to shut cinema halls and multiplexes amid rising number of Covid cases.

Around 12 noon, shares of PVR on the BSE were trading at Rs 1,136.20, lower by Rs 100.60 or 8.13 per cent from its previous close.

Stock price of Inox Leisure was trading at Rs 263.45, lower by Rs 15.60 or 5.59 per cent.

On Sunday, the Maharashtra government announced a “week-end lockdown” across the state till April end, besides stringent weekdays norms, to combat the pandemic’s resurgence.

All agricultural, industrial manufacturing, production activities will be allowed but private offices, places of worship, restaurants, bars, pubs, cinemas, malls, shopping plazas, beauty parlours or gents salons, beaches, gardens, playgrounds, swimming pools, sports complexes, amusement parks, and other crowded places shall be shut.

The decision comes at a time when the economy and business activities were on their recovery cycle. Market players are concerned that the latest restrictions may hamper the economic recovery and impact the already-battered businesses.

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LG Electronics Exits From Loss-Making Mobile Biz https://odishatv.in/business_economy/lg-electronics-exits-from-loss-making-mobile-biz-532280 Mon, 05 Apr 2021 06:12:52 +0000 https://odishatv.in/?p=532280

Seoul/New Delhi: LG Electronics said on Monday that it will withdraw from the mobile business after years of money-losing performance amid intensifying competition with bigger rivals. The South Korean tech powerhouse said in a regulatory filing that its mobile communications (MC) unit will no longer produce and sell handsets after July 31, citing its long […]

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LG

Seoul/New Delhi: LG Electronics said on Monday that it will withdraw from the mobile business after years of money-losing performance amid intensifying competition with bigger rivals.

The South Korean tech powerhouse said in a regulatory filing that its mobile communications (MC) unit will no longer produce and sell handsets after July 31, citing its long slump and fierce competition in the industry.

The decision came two months after the company said its MC division is open to “all possibilities” for its future operations.

LG’s mobile business has been in the red since the second quarter of 2015. Its accumulated operating losses reached 5 trillion won (US$4.4 billion) last year.

LG, once the world’s third-largest handset maker, reportedly had talks with Vingroup of Vietnam and Volkswagen of Germany to sell the mobile business, but the talks fell through, according to industry insiders.

LG said its exit from the mobile business will lead to a decline in revenue for the company in the short term but will eventually improve its financial status and management efficiency in the longer period, reports Yonhap news agency.

Analysts said that LG’s operating profit could go up by 1 trillion won this year if it withdraws from the loss-making mobile business.

LG has been striving to make a turnaround in its mobile business in recent years, shifting its smartphone production base to Vietnam while expanding outsourcing deals.

To boost its premium smartphone sales, LG last year launched the Explorer Project, its new mobile category highlighted by a different form factor.

Under the project, the company released the Wing, a dual-screen smartphone with a rotating form factor, but its sales were apparently disappointing.

This year, LG was scheduled to launch a smartphone with a rollable OLED display after it teased the product at the Consumer Electronics Show (CES) 2021. However, the company reportedly scrapped the plan.

Analysts said LG’s efforts were not enough to turn the table as the company was overshadowed by Samsung Electronics Co. and Apple Inc. in the premium segment, while Chinese brands dominated the budget phone sector.

“Its strategic smartphone models like the Velvet and the Wing performed poorly and with the 5G momentum passing its peak, the company has lost ground in the premium smartphone market with little cards left to play,” said Koh Jung-woo, an analyst at NH Investment & Securities.

“Its rollable smartphone brought attention at CES and is enough to boost its technology prowess, but it is not likely to lead to meaningful sales.”

According to market researcher Counterpoint Research, LG was the world’s ninth-largest smartphone vendor with a market share of 2 percent after shipping 24.7 million smartphones last year, down 13 percent from a year earlier.

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Adani Ports Acquire 25% Of Vishwasamudra Holdings’ Stake In Krishnapatnam Port https://odishatv.in/business_economy/adani-ports-acquire-25-of-vishwasamudra-holdings-stake-in-krishnapatnam-port-532273 Mon, 05 Apr 2021 05:35:50 +0000 https://odishatv.in/?p=532273

Ahmedabad: Private sector ports and logistics company Adani Ports and Special Economic Zone Ltd. (APSEZ) is acquiring the residual 25 per cent stake in Adani Krishnapatnam Port Ltd., (Krishnapatnam Port) for Rs 2,800 crore. With this, APSEZ will increase its stake from 75 per cent to 100 per cent in Krishnapatnam Port, the country’s second […]

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Adani Port

Ahmedabad: Private sector ports and logistics company Adani Ports and Special Economic Zone Ltd. (APSEZ) is acquiring the residual 25 per cent stake in Adani Krishnapatnam Port Ltd., (Krishnapatnam Port) for Rs 2,800 crore.

With this, APSEZ will increase its stake from 75 per cent to 100 per cent in Krishnapatnam Port, the country’s second largest private sector port. The acquisition will be completed by buying 25 per cent from Vishwa Samudra Holdings.

Together with the 75 per cent ownership acquired in October 2020, the acquisition implies an enterprise value of Rs 13,675 crore implying an EV/FY21 EBITDA multiple of 10.3x.

Krishnapatnam Port is located on the east coast of India in Nellore district of Andhra Pradesh (180 km from Chennai Ports) close to the border between Andhra Pradesh and Tamil Nadu. It is an all-weather, deep water port and has a multi-cargo facility with a current capacity of 64 MMTPA. With a waterfront of 20 km and 6,800 acres of land, Krishnapatnam Port has a master plan capacity of 300 MMTPA and a 50-year concession.

The port is expected to have volumes of 38 MMT, revenues of Rs 1,840 crore and EBITDA of Rs 1,325 in FY21. Since the acquisition, Krishnapatnam Port has focused on business process re-engineering which has resulted in EBITDA margins improving from 57 per cent in FY20 to 72 per cent in FY21.

Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ said, “The consolidation of our ownership in Krishnapatnam Port reinforces APSEZ’s stride towards 500 MMT by 2025 and achieving our broader strategy of cargo parity between west and east coasts of India. Krishnapatnam Port is on track to handle double the traffic by 2025 and will deliver high growth through a multi-product and cargo enhancement strategy while enhancing return on capital employed.”

“We are confident that we will be able to double throughput and triple EBITDA at Krishnapatnam Port by 2025. We are committed to making Krishnapatnam Port the gateway port for South Andhra Pradesh and Karnataka. With its large industrial land backed with the port we will transform Krishnapatnam into a manufacturing and industrial hub.”

Adani Ports and Special Economic Zone Ltd., a part of Adani Group has evolved from a port company to Ports & Logistics Platform for India. It is the largest port developer and operator in India with 12 strategically located ports and terminals — Mundra, Dahej, Tuna and Hazira in Gujarat, Dhamra in Odisha, Mormugao in Goa, Visakhapatnam and Krishnapatnam in Andhra Pradesh, Dighi in Maharashtra and and Kattupalli and Ennore in Chennai- representing 24 per cent of the country’s total port capacity. The company is also developing a transhipment port at Vizhinjam, Kerala.

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Govt Allows Further Operational Flexibility To GST Filers https://odishatv.in/business_economy/govt-allows-further-operational-flexibility-to-gst-filers-531886 Sat, 03 Apr 2021 08:49:27 +0000 https://odishatv.in/?p=531886

New Delhi: The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the […]

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Govt Eases GST Return Filing Process For Taxpayers

New Delhi: The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST.

These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1 to be filed in the last month of each quarter.

As per an advisory issued by the Goods and Services Tax Network (GSTN), the taxpayer must ensure that any saved but not Filed/Submitted IFF (Invoice Furnishing Facility) records for the first two months of the quarter i.e. month of Jan-2021 or Feb-2021 must be deleted using RESET button before filing GSTR-1 for Jan-Mar-2021 quarter.

The advisory added that the deleted records should be added in GSTR-1 for Jan-Mar-2021 quarter after deleting the saved records from IFF. In future this may not be required as invoices already saved in any of the months on the quarter may be either deleted/moved to quarterly GSTR-1 by a functionality to be introduced shortly.

The advisory also said that any submitted but not filed IFF for the month of Jan-2021 or Feb-2021 must be filed before filing GSTR-1 for Jan-Mar-2021 quarter.

The advisory has been issued for filing quarterly GSTR-1 for January – March 2021 under QRMP scheme.

The taxpayers under QRMP scheme have a facility to file Invoice Furnishing Facility (IFF) in first two months of the quarter and file Form GSTR-1 in third month of the quarter. As IFF is an optional facility it cannot be filed after the end date (13th of the month succeeding the IFF period).

The document saved in IFF, where taxpayer has not filed by the end date, cannot be filed anymore. Hence taxpayers have a been asked to declare such document in the GSTR-1 for the quarter.

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GST Rate Revision Likely To Be Deferred, Natural Gas May Come Under Ambit https://odishatv.in/business_economy/gst-rate-revision-likely-to-be-deferred-natural-gas-may-come-under-ambit-531720 Fri, 02 Apr 2021 16:09:56 +0000 https://odishatv.in/?p=531720

New Delhi: GST rates are unlikely to witness any major changes during the extended run of the pandemic as the Centre and the states have agreed not to disturb the country’s indirect tax structure in wake of the current economic situation where growth has contracted and industrial activity is just about reviving after coming to […]

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GST Rate Revision Likely To Be Deferred, Natural Gas May Come Under Ambit

New Delhi: GST rates are unlikely to witness any major changes during the extended run of the pandemic as the Centre and the states have agreed not to disturb the country’s indirect tax structure in wake of the current economic situation where growth has contracted and industrial activity is just about reviving after coming to a standstill during the lockdown.

Government sources privy to the development said that there would not be any increase in GST rates or movement towards converging GST to the three rate structure even during the major part of the next financial year and only small steps may be taken by the GST Council to correct the inverted duty till the time the economic health of the country is improved.

However, the Council may take up two other important items, including lowering of GST rates for two-wheelers and bringing natural gas into the indirect tax fold at the next meeting, slated for May after declaration of results of the ongoing state elections.

A top source in the Finance Ministry said that inverted duty correction, GST cut on two-wheelers and inclusion of natural gas into GST fold are on the agenda and hopefully the Council will offer some solution that is in the best interest of all stakeholders.

The GST Council, in its meeting in August last year, just focused on the mechanism of compensation to states for revenue forgone due to the switchover to GST. Sources said even at that meeting, it was a unified view that any review of GST rates should not be considered at this juncture. The same view also got strengthened in the parleys between the Centre and the states while deciding the compensation mechanism.

With the Centre now indicating that there would be a GST compensation shortfall even in FY22, this matter would hold prime concern of the GST Council when it meets next sometime next month or later. This would push back any talks on revising the GST rates.

But sources indicated that the Council may, in phases, take steps to correct the inverted duty structure, especially in sectors such as fertilisers, steel utensils, solar modules, tractors, tyres, electrical transformers, pharma, textile, fabric, railway locomotives, among other goods.

Inverted duty refers to tax rates on inputs being higher than those levied on finished products. This results in higher input credit claims by goods besides several administrative and compliance issues.

Currently, while duty on imported tyres is 10 per cent, its inputs, ie rubber, attracts 20 per cent duty. Similarly, solar modules do not attract any duty while its components attract 5-10 per cent duty.

Similarly, the Council may also consider lowering of GST rate of 28 per cent on two-wheelers to give a boost to its sales affected during the pandemic. With a pickup in rural demand, as seen with increased tractor sales, any cut in rates would help the two-wheeler makers to increase sales with competitive pricing.

The Council has, in principle, agreed to include five petroleum products under GST but has so far deferred its actual inclusion into the indirect tax network as states fear a big loss of revenue. But now, the government is considering bringing natural gas under the GST regime to begin with as it would be difficult to bring the entire oil and gas sector under it immediately.

Sources said that natural gas may be included under a three-tier GST structure where rates would vary depending on the usage. So, while piped natural gas (PNG) for homes may be kept at a lower rate of 5 per cent, commercial piped gas may attract the median 18 per cent GST rate and automobile fuel CNG may be kept in the highest bracket of 28 per cent.

“The GST Council could consider bringing natural gas in the GST net ahead of other four petroleum products at its forthcoming meeting. Inclusion of gas would not pose a challenge for the Council as it largely an industrial product where a switchover to new taxation would not be difficult. The revenue implication for the states is also low in the case of this switchover,” said an official source privy to the development.

After falling, GST revenue has again picked up momentum with March collection reaching all time high level of Rs 1,24,000 crore, giving confidence to Centre that revenue fall from petroleum sector by including it under GST would have little financial impact now.

As of now, five petroleum products — petroleum crude, motor spirit, air turbine fuel, high speed diesel and natural gas — are included in GST, but governed under the existing Central Excise Act as well as State VAT and Central Sales Tax Act, till GST Council recommends their coverage under GST.

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IndiGo Introduces Door-To-Door Baggage Transfer Service https://odishatv.in/business_economy/indigo-introduces-door-to-door-baggage-transfer-service-531661 Fri, 02 Apr 2021 12:21:07 +0000 https://odishatv.in/?p=531661

New Delhi: Airline major IndiGo on Friday said that it has partnered with on-demand platform CarterPorter to provide door-to-door baggage delivery service. The airline has commenced the service from April 1, in New Delhi and Hyderabad and will subsequently launch it in Mumbai and Bengaluru for delivery to and from home and airport. The airline […]

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IndiGo Introduces Door-To-Door Baggage Transfer Service

New Delhi: Airline major IndiGo on Friday said that it has partnered with on-demand platform CarterPorter to provide door-to-door baggage delivery service.

The airline has commenced the service from April 1, in New Delhi and Hyderabad and will subsequently launch it in Mumbai and Bengaluru for delivery to and from home and airport.

The airline said the facility will enable passengers to travel “worry-free” as CarterPorter will transfer their baggage contactless from one destination to another with added assistance inside the terminal.

According to the airline, the service starts at a nominal rate of Rs 630 for one way.

“The service will bring relief to customers who may want to travel with additional baggage from home to airport or would like to go for a meeting directly from airport without carrying bags,” said Sanjay Kumar, Chief Strategy and Revenue Officer, IndiGo.

“Our partnership with CarterPorter will ensure that our customers have a seamless experience as their baggage gets transferred door-to-door while they fly onboard our lean, clean flying machine”.

The ‘6EBagPort’ service can be availed up to 24 hours prior to the departure of the flight and anytime on arrival.

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CBDT Notifies New Income Tax Return Forms For 2021-22; Check Details https://odishatv.in/business_economy/cbdt-notifies-new-income-tax-return-forms-for-2021-22-check-details-531651 Fri, 02 Apr 2021 11:59:37 +0000 https://odishatv.in/?p=531651

Bhubaneswar: The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 (FY 2020-21). To facilitate taxpayers and minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms. Only the bare minimum changes necessitated […]

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CBDT Notifies New Income Tax Return Forms For 2021-22; Check Details

Bhubaneswar: The Central Board of Direct Taxes (CBDT) has notified Income Tax Return Forms (ITR Forms) for the Assessment Year 2021-22 (FY 2020-21).

To facilitate taxpayers and minimize the compliance burden, no significant changes have been made in the ITR Forms this year as compared to last year’s Forms. Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made.

As per an official release, ITR Form 1 (Sahaj), ITR Form 4 (Sugam) are simpler forms which cater to a large number of small and medium taxpayers.

Sahaj can be filed by an individual having income up to Rs 50 lakh and who receives income from salary, one house property, other sources (interest etc.).

Similarly, Sugam can be filed by individuals, Hindu Undivided Families (HUFs) and firms (other than Limited Liability Partnerships (LLPs) having total income up to Rs 50 lakh and income from business and profession computed under the presumptive taxation provisions, the statement added.

Persons other than individual, HUF and companies i.e. partnership firm, LLP etc. can file ITR Form 5. Similarly, companies can file ITR Form 6. Trusts, political parties, charitable institutions etc. claiming exempt income under the Act can file ITR-7.

 

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Machines May Render 6 Out Of 10 People Jobless, Says Report https://odishatv.in/business_economy/machines-may-render-6-out-of-10-people-jobless-says-report-531497 Fri, 02 Apr 2021 06:47:51 +0000 https://odishatv.in/?p=531497

Geneva: At least 6 out of 10 people worldwide are likely to lose their jobs by 2025 as humans and machines will probably spend equal amounts of time at work, reveals a new report published by the World Economic Forum (WEF). The report was based on a survey of 32,000 workers conducted by the consulting […]

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Machines

Geneva: At least 6 out of 10 people worldwide are likely to lose their jobs by 2025 as humans and machines will probably spend equal amounts of time at work, reveals a new report published by the World Economic Forum (WEF).

The report was based on a survey of 32,000 workers conducted by the consulting giant PwC across 19 countries, Xinhua reported.

While nearly 40 per cent workers globally think they would lose their jobs in five years, 56 per cent feel that fewer people would obtain long-term employment in the future, the survey showed.

More than 60 per cent demanded that governments must work to protect their jobs.

The survey also showed that 40 per cent of workers used the Covid-induced lockdown in 2020 to hone their digital skills, while 77 per cent were ready to learn new skills or to retrain.

Further, 80 per cent were confident in their ability to adapt to new technologies.

According to a previous WEF report, the growing reliance on machines and artificial intelligence have increased the risk of loss of 85 million jobs. At the same time, they are also likely to generate 97 million new jobs in such a scenario.

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Pandemic-Hit India Server Market Crashes By 11.2% In Q4 2020 https://odishatv.in/business_economy/pandemic-hit-india-server-market-crashes-by-11-2-in-q4-2020-531328 Thu, 01 Apr 2021 11:29:12 +0000 https://odishatv.in/?p=531328

New Delhi: Owing to deals spill over and weakening demand in the pandemic, the overall server market in India witnessed a year-over-year (YoY) decline of 11.2 per cent in terms of revenue to reach $266.1 million in Q4 2020, an IDC report showed on Thursday. The x86 server market contribution grew to 92.9 per cent […]

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Pandemic-Hit India Server Market Crashes By 11.2% In Q4 2020

New Delhi: Owing to deals spill over and weakening demand in the pandemic, the overall server market in India witnessed a year-over-year (YoY) decline of 11.2 per cent in terms of revenue to reach $266.1 million in Q4 2020, an IDC report showed on Thursday.

The x86 server market contribution grew to 92.9 per cent in terms of revenue, a growth of 4.8 percentage points over same quarter last year.

Dell Technologies emerged as the top vendor in the India x86 server market with a revenue share of 29.6 per cent and revenue of $73.1 million.

HPE came at second spot with a revenue share of 19.5 per cent and a revenue of $48.2 million. At the third spot was Lenovo with market share of 10.9 per cent and revenue of $27.0 million.

Cisco came in fourth, accounting for a revenue share of 9.1 per cent with $22.6 million in revenue.

“For 2021, we expect the server market demand to grow across hyperscalers, local data center players, telecommunication companies, banking and financial institutions, and manufacturing firms. Government pipeline looks promising and can expect spend in H2 2021,” said Harshal Udatewar, Market Analyst, Server, IDC India.

The highest contribution in the x86 market mainly came from the professional services, telecommunications, and manufacturing verticals, the report said.

At the processor-brand level, AMD witnessed YoY revenue growth of 4.7 percentage points, claiming a revenue share of 8.4 per cent at the end of Q4 2020.

The non-x86 server market declined YoY by 47.1 per cent to reach $18.9 million in revenue in Q4 2020. IBM continued to dominate the market.

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GST Collections At Record High Of Rs 1.23 Lakh Cr In March https://odishatv.in/business_economy/gst-collections-at-record-high-of-rs-1-23-lakh-cr-in-march-531260 Thu, 01 Apr 2021 09:17:47 +0000 https://odishatv.in/?p=531260

New Delhi: GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. “GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this […]

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Odisha Records 20% GST Collection Growth In 2020

New Delhi: GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday.

“GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic,” the ministry said.

Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it added.

The gross GST revenue collected in the month of March 2021 stood at Rs 1,23,902 crore, of which central GST is Rs 22,973 crore, state GST is Rs 29,329 crore, integrated GST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods).

“GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27 per cent higher than the GST revenues in the same month last year,” the ministry said in a statement.

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World Trade To Grow By 8% In 2021: WTO https://odishatv.in/business_economy/world-trade-to-grow-by-8-in-2021-wto-531121 Thu, 01 Apr 2021 02:55:32 +0000 https://odishatv.in/?p=531121

Geneva: The World Trade Organization (WTO) said on Wednesday that global trade is primed for a strong but uneven recovery after the Covid-19 pandemic shock, forecasting an increase in the volume of world merchandise trade of 8 per cent this year. The global trade body said prospects for a quick recovery in world trade have […]

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Trade

Geneva: The World Trade Organization (WTO) said on Wednesday that global trade is primed for a strong but uneven recovery after the Covid-19 pandemic shock, forecasting an increase in the volume of world merchandise trade of 8 per cent this year.

The global trade body said prospects for a quick recovery in world trade have improved as merchandise trade expanded more rapidly than expected in the second half of last year.

“World merchandise trade volume is expected to increase by 8 per cent in 2021 after falling 5.3 per cent in 2020, a smaller decline than previously estimated,” the WTO said in a press release, Xinhua reported.

The WTO figures showed that China was the world’s top exporter last year, accounting for 14.7 per cent of world merchandise trade, and the second-largest importer behind the US with a share of 11.5 per cent.

“Trade growth should then slow to 4 per cent in 2022, and the effects of pandemic will continue to be felt as this pace of expansion would still leave trade below its pre-pandemic trend,” it noted.

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Centre Cuts Small Savings Rate For Apr-Jun To 3.5% https://odishatv.in/business_economy/centre-cuts-small-savings-rate-for-apr-jun-to-3-5-531106 Wed, 31 Mar 2021 16:30:16 +0000 https://odishatv.in/?p=531106

New Delhi: The Ministry of Finance on Wednesday announced the reduction in the small savings rate from 3.5 percent for the first quarter of the financial year starting April 1, 2021. The small savings rate during January-March was 4 per cent annually. Further, in an office memorandum, the Department of Economic Affairs said that the […]

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Small Savings

New Delhi: The Ministry of Finance on Wednesday announced the reduction in the small savings rate from 3.5 percent for the first quarter of the financial year starting April 1, 2021.

The small savings rate during January-March was 4 per cent annually.

Further, in an office memorandum, the Department of Economic Affairs said that the 1-year time deposit rates have been reduced to 4.4 percent from 5.5 percent, and the 2-year, 3-year, 5-year time deposit rate have been cut to 5.0 per cent, 5.1 per cent and 5.8 per cent, respectively, on a quarterly basis.

The 5-year recurring deposit has been cut to 5.3 per cent from the previous 5.8 per cent.

Post the decision Public Provident Fund (PPF), Sukanya Samriddhi Yojana (SSY), National Savings Certificate would fetch a savings rate of 6.4 per cent, 6.9 per cent and 5.9 per cent, respectively on an annual basis.

The interest rate on Kisan Vikas Patra has been decreased to 6.2 per cent.

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Atmanirbhar Bharat: Indian Startups Begin To Shun Chinese Investment https://odishatv.in/business_economy/atmanirbhar-bharat-indian-startups-begin-to-shun-chinese-investment-531023 Wed, 31 Mar 2021 12:12:00 +0000 https://odishatv.in/?p=531023

New Delhi: Paying heed to Prime Minister Narendra Modi’s call to build a self-reliant India amid the new normal, Indian tech startups have begun to shun Chinese investment as Indian corporates and wealthy individuals, along with investors from other countries, are funding desi companies more than ever. In 2019, Chinese investors poured $3.9 billion into […]

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Chinese Investment

New Delhi: Paying heed to Prime Minister Narendra Modi’s call to build a self-reliant India amid the new normal, Indian tech startups have begun to shun Chinese investment as Indian corporates and wealthy individuals, along with investors from other countries, are funding desi companies more than ever.

In 2019, Chinese investors poured $3.9 billion into India, up from $2 billion in 2018. This investment scenario took a turnaround from May last year amid face-offs and skirmishes between Indian and Chinese troops at locations along the Line of Actual Control (LAC) in eastern Ladakh.

India rolled out a new policy last year to block “opportunistic takeovers”, requiring all foreign direct investment (FDI) from neighbouring countries to be directly approved by the government.

As a result, the investment from China in Indian companies fell down to $263 million across 15 deals in the first half of 2020.

The Indian tech startup base has witnessed a steady growth at a scale of 8-10 per cent (year-on-year) with over 1,600 tech startups and a record number of 12 additional unicorns added in 2020 — the highest ever in a single calendar year, according to the latest Nasscom-Zinnov report.

Sensing the atmosphere, homegrown tech startups have started to look around for investments within the country, and their calls have been answered.

In mid-March, the existing investors, along with a few prominent Indians, bought out Chinese venture capital firm Shunwei Capital’s minority stake in Twitter’s homegrown rival Koo’s parent company Bombinate Technologies.

Former India cricketer Javagal Srinath, BookMyShow founder Ashish Hemrajani, Udaan co-founder Sujeet Kumar, Flipkart CEO Kalyan Krishnamurthy and Zerodha founder Nikhil Kamat participated in the round to buy out shares of Shunwei Capital.

Shunwei Capital had held a bit more than 9 per cent in Bombinate Technologies.

Srinath said that he is happy to be backing Koo. “The fact that they are building a platform to bring the voices of Indian language audiences onto the Internet is commendable, and as an Indian, I extend my support to them wholeheartedly,” the former cricketer had said.

Koo, which positions itself as an ‘Aatmanirbhar’ app for India and the world and has over 40 lakh users, had earlier faced criticism for the company’s links to Chinese funding.

The microblogging platform, however, said that it is one of the first companies in India to be proactive in its actions of cleaning up its cap table and has doubled down on its commitment to build an Aatmanirbhar app.

Founded by Mandeep Manocha, Nakul Kumar and Amit Sethi, Cashify is a re-commerce marketplace, which offers an online platform to sell old, or used electronic gadgets, primarily smartphones.

Cashify, which has Chinese investors on board, raised $15 million from New York-based Olympus Capital Asia, a middle-market private equity firm, earlier in March.

According to Manocha, the CEO of Cashify, “We are looking forward to accelerating our investment in the electronics reuse and recycling sector, thereby enabling OEMs and consumers to materially reduce their carbon footprint.”

Arun Pratap, Vice President (finance and accounts), Cashify, told IANS that they have been lucky to have great investors all over the globe who are not in for the short haul and believe in the power of Indian consumers.

“We are more than happy to welcome Indian investors, but it won’t be correct for us to say that we are shying away from the global ones, as they have played a big part in shaping our journey since the inception of Cashify,” Pratap said.

“What is more important to us is making the best use of the funding, be it from our local players or investors from overseas. In the coming days, we plan to forge ahead with these resources by creating new job opportunities for our fellow nationals and truly contribute to the idea of ‘Make in India’ with homegrown innovation and expansion of our technological know-how,” he elaborated.

According to Vishesh Rajaram, Managing Partner, Speciale Invest, which is a seed-stage venture capital firm, they are seeing a steady increase in founders with technical insights coming with vision to create technologies that make India self-sufficient.

A large part of the portfolio founders (in Fund I) are building products and intellectual property stacks to contribute to India becoming self-sufficient across varied technologies.

“To name a few, Agnikul Cosmos is building India’s private launch vehicle, Astrogate Labs is building India’s first optical communication terminals for making communication more accessible in India, while ePlane Co is building electric planes to make transportation more accessible and cheaper for India,” Rajaram told IANS.

Despite a lower number of total startups deals in 2020, seed-stage investments are recovering at a good pace as investor activities at lower ticket sizes have increased in the country.

Seed-stage funding in 2020 recovered to more than 90 per cent of 2019 levels. Early and late-stage investments are also recovering steadily.

On the other hand, media reports claim that nearly 150 investment proposals from China worth more than $2 billion are still stuck in the pipeline.

In such a scenario, raising money from countries other than China, along with Indian investors, is logical and tech startups have started to chart the new funding route.

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Higher TDS If PAN Not linked With Aadhaar By Today https://odishatv.in/business_economy/higher-tds-if-pan-not-linked-with-aadhaar-by-today-530971 Wed, 31 Mar 2021 09:44:33 +0000 https://odishatv.in/?p=530971

New Delhi: As per the directives of the Central Board of Direct Taxes (CBDT), it is mandatory for all Permanent Account Number (PAN) card holders to link their Aadhaar with PAN on or before March 31. ‘If your Aadhaar is not linked then your PAN will be considered inoperative and this will have an impact […]

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Higher TDS If PAN Not linked With Aadhaar By Today

New Delhi: As per the directives of the Central Board of Direct Taxes (CBDT), it is mandatory for all Permanent Account Number (PAN) card holders to link their Aadhaar with PAN on or before March 31.

‘If your Aadhaar is not linked then your PAN will be considered inoperative and this will have an impact on the TDS rate at the time of receiving any policy payouts’, insurance companies have informed policy holders.

If PAN and Aadhaar are not linked, then the TDS rate on taxable payout will be 20 per cent as per Section 206 of the Income Tax Act 1961, effective from April 1.

PAN if not linked with Aadhaar by March 31, 2021 shall remain inoperative till such period, it is linked. Inoperative Pan means TDS will be deducted at higher rates, ITR cannot be filed and a penalty of Rs 10,000 may be imposed.

March 31 is important as it is the last date to file/revise ITR for FY 2019-20. It is also the last date of investments for deduction u/s 80C or 80D, etc. for FY 2020-21 and last date to file Q1 & Q2 TDS Returns of FY 2020-21 without late fee.

As the new financial year kicks in, from July 1, TDS at 0.1 per cent will have to be paid on purchases of more than Rs 50 lakh if turnover in financial year 2020-21 exceeds Rs 10 crore under Section 194Q.

In addition, charitable Institutions/Trusts already registered with the Income Tax Department will have to re-register themselves in 2021-22.

Income Tax Audit will not be required for FY 2020-21 for persons having turnover up to Rs 10 crore if cash component does not exceed 5 per cent of total Receipts/Payments. Payments received or made by cheque other than account payee cheques will be counted as cash component.

Also, the ITR of FY 2020-21 cannot be filed after December 31, 2021 which implies that three months less time is available as March 31 used to be the cut off date.

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NBFC-MFIs To Charge 7.81% Average Base Rate In April-June https://odishatv.in/business_economy/nbfc-mfis-to-charge-7-81-average-base-rate-in-april-june-530889 Wed, 31 Mar 2021 07:05:32 +0000 https://odishatv.in/?p=530889

Mumbai: The Reserve Bank of India (RBI) on Wednesday said that Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) will charge an applicable average base rate of 7.81 per cent from their borrowers during the April-June quarter. The average base rate charged during the current quarter is 7.96 per cent. “The Reserve Bank of India […]

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NBFC-MFIs To Charge 7.81% Average Base Rate In April-June

Mumbai: The Reserve Bank of India (RBI) on Wednesday said that Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) will charge an applicable average base rate of 7.81 per cent from their borrowers during the April-June quarter.

The average base rate charged during the current quarter is 7.96 per cent.

“The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) to their borrowers for the quarter beginning April 1, 2021 will be 7.81 per cent,” said a statement from the central bank.

The RBI had in 2014 said that on the last working day of every quarter it will advise the average of the base rates of the five largest commercial banks for the purpose of arriving at the interest rates to be charged by NBFC-MFIs to their borrowers in the ensuing quarter.

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52% Of Indian Firms Report Cyber Attack In Last 12 Months https://odishatv.in/business_economy/52-of-indian-firms-report-cyber-attack-in-last-12-months-530707 Tue, 30 Mar 2021 11:45:48 +0000 https://odishatv.in/?p=530707

Mumbai: About 52 per cent of Indian organisations said they fell victim to a successful cybersecurity attack in the last 12 months, according to a survey released on Tuesday. Of these successful breaches, 71 per cent of organisations admitted it was a serious or very serious attack, and 65 per cent said it took longer […]

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52% Of Indian Firms Report Cyber Attack In Last 12 Months

Mumbai: About 52 per cent of Indian organisations said they fell victim to a successful cybersecurity attack in the last 12 months, according to a survey released on Tuesday.

Of these successful breaches, 71 per cent of organisations admitted it was a serious or very serious attack, and 65 per cent said it took longer than a week to remediate, showed the survey by global cybersecurity firm Sophos.

The study of 900 business decision makers across Asia Pacific and Japan indicates Covid-19 accelerated period of digitisation and was a catalyst for improving cybersecurity, but systemic security issues persist.

While attacks are increasing in frequency and severity, cybersecurity budgets remained largely unchanged as a percentage of revenue between 2019 and 2021.

At the same time, India reported the highest percentage of companies that have an independent security budget.

Furthermore, they expect a rise in the median percentage of technology budgets spent on cybersecurity from 9 per cent today to 10 per cent in the next 24 months.

“Cyberbreaches are a reality that we cannot afford to ignore. Within an organisation, there will always be multiple threats that can exploit various vulnerabilities and launch full blown cyberattacks,” Sunil Sharma, Managing Director — sales, Sophos India and Saarc, said in a statement.

“The only way to stop these threats is to actively hunt for them and neutralize them. This makes threat hunting an important function to mitigate the damage caused by cyberattacks.”

Overall, 44 per cent of Asia Pacific and Japan (APJ) organisations surveyed suffered a data breach in 2020, up from 32 per cent in 2019.

Of these successful breaches, 55 per cent of companies rated the loss of data as either “very serious” or “serious”.

As cyberattacks continue to rise, the report found that malware, Artificial Intelligence/Machine Learning-driven attacks and nation state attacks will be the most serious threats to enterprise cybersecurity over the next 24 months.

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Sensex Rallies Over 500 Points In Early Trade; Nifty Tops 14,650 https://odishatv.in/business_economy/sensex-rallies-over-500-points-in-early-trade-nifty-tops-14650-530563 Tue, 30 Mar 2021 04:31:50 +0000 https://odishatv.in/?p=530563

Mumbai: Equity benchmark Sensex rallied over 500 points in early trade on Tuesday, tracking gains in index majors HDFC twins, HUL and ICICI Bank amid largely positive cues from the Asian peers. The 30-share BSE index was trading 510.31 points or 1.04 per cent higher at 49,518.81, and the broader NSE Nifty surged 162.70 points […]

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Mumbai: Equity benchmark Sensex rallied over 500 points in early trade on Tuesday, tracking gains in index majors HDFC twins, HUL and ICICI Bank amid largely positive cues from the Asian peers.

The 30-share BSE index was trading 510.31 points or 1.04 per cent higher at 49,518.81, and the broader NSE Nifty surged 162.70 points or 1.12 per cent to 14,670.

HUL was the top gainer in the Sensex pack, rising over 3 per cent, followed by Titan, NTPC, ONGC, Dr Reddy’s, Nestle India, PowerGrid, HDFC twins and ICICI Bank.

On the other hand, M&M was the sole laggard.

Domestic financial markets were closed on Monday for Holi.

In the previous session on Friday, the Sensex surged 568.38 points or 1.17 per cent to finish at 49,008.50, and Nifty climbed 182.40 points or 1.27 per cent to 14,507.30.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 50.13 crore on Friday, as per exchange data.

Market opened on a positive note on Tuesday tracking positive cues from Asian markets, traders said.

“Sharp decline in FII selling coupled with large buying by domestic institutional investors (DIIs) can support the market and even take it higher.

“But there are many concerns like surge in COVID-19 cases, particularly in economically crucial Maharashtra, appreciation in US 10-year bond yield above 1.7 per cent and the dollar index moving up to 92.8 levels, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading on a positive note in mid-session deals, while Tokyo was in the red.

Stock exchanges on Wall Street ended with losses in overnight trade amid worries over the impact of a default by a US-based hedge fund on margin calls last week.

Meanwhile, the global oil benchmark Brent crude was trading 0.18 per cent higher at USD 65.04 per barrel.

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Crude Oil Tumbles As Container Ship Stuck In Suez Canal Freed https://odishatv.in/business_economy/crude-oil-tumbles-as-container-ship-stuck-in-suez-canal-freed-530485 Mon, 29 Mar 2021 10:11:46 +0000 https://odishatv.in/?p=530485

New Delhi: Stock markets in Asia heaved a sigh of relief and crude oil prices fell as the vessel blocking the Suez Canal was freed. This will clear the canal and allow movement on the busiest waterway in the world. Crude prices fell after rising 4 per cent over the last few days as the […]

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Crude Oil Tumbles As Container Ship Stuck In Suez Canal Freed

New Delhi: Stock markets in Asia heaved a sigh of relief and crude oil prices fell as the vessel blocking the Suez Canal was freed.

This will clear the canal and allow movement on the busiest waterway in the world.

Crude prices fell after rising 4 per cent over the last few days as the blockage was causing $ 9 billion of trade loss every day.

The Suez Canal accounts for 12 per cent of global trade. Oil prices have softened due to the recent lockdowns in Europe also.

Brent crude fell 90 cents to $63.67 a barrel, while the US crude lost $1.03 to $59.94 per barrel.

The Suez Canal accounts for about 30 per cent of global container ship traffic each day. The blockade has hurt supplies of oil and affected shipping and container rates, leading to a rise in the cost of goods. Syria has had to resort to rationing.

The ‘Ever Given’ vessel was wedged in the canal since Tuesday, BBC said. More than 300 ships were stuck on either side of the blockage. Some vessels have had to reroute via Africa.

The 193 km (120-mile) Suez Canal connects the Mediterranean Sea to the Red Sea and provides the shortest sea link between Asia and Europe.

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Ethanol Sale For Compatible Automobiles To Boost Demand: Report https://odishatv.in/business_economy/ethanol-sale-for-compatible-automobiles-to-boost-demand-report-530466 Mon, 29 Mar 2021 09:00:26 +0000 https://odishatv.in/?p=530466

New Delhi: Centre’s move to allow the direct sale of ethanol as a fuel for compatible automobiles is expected to boost demand, said India Ratings and Research (Ind-Ra). According to the agency, the move assumes significance especially for the sugar industry as India might not be able extend export subsidies beyond 2023, according to the […]

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Ethanol

New Delhi: Centre’s move to allow the direct sale of ethanol as a fuel for compatible automobiles is expected to boost demand, said India Ratings and Research (Ind-Ra).

According to the agency, the move assumes significance especially for the sugar industry as India might not be able extend export subsidies beyond 2023, according to the decisions taken at the World Trade Organisation’s Nairobi Ministerial meeting in December 2015.

“Of the total contracted quantity of 3 billion litres for ethanol supply season 2020-21, 0.8 billion litres of ethanol had been supplied till the first week of March, indicating a blending rate of around 7 per cent, though states such as UP, Maharashtra, Karnataka, Uttarakhand and Bihar achieved a higher blending rate of up to 10 per cent,” the report said.

“About 78 per cent of the total ethanol supplied comprised ethanol made from cane juice or B-heavy molasses.”

Recently, Centre had proposed to advance the deadline for blending 20 per cent ethanol in petrol from the earlier announced 2030 to 2024.

The use of 20 per cent doped petrol or E20 decreases the carbon monoxide and hydrocarbons emissions significantly, compared to normal gasoline in two-wheelers and four-wheelers.

The increased blending will also reduce use of polluting fossil fuel in the country.

The Ministry of Road Transport and Highways has already notified the use of E20 and issued mass emission standards for the same.

Now it is up to the oil companies and automobile companies to build capacities for both production and use of E20.

Accordingly, the next two years would also give sugar mills time to convert excess sugarcane or sugar for producing higher quantity of ethanol required for blending with petrol.

The government had earlier fixed a target of 10 per cent ethanol blending by 2022 and 20 per cent by 2030. But the plan now is to directly migrate to 20 per cent as the level of blending is successively being used in a few countries such as Brazil.

The post Ethanol Sale For Compatible Automobiles To Boost Demand: Report appeared first on Latest Odisha News, Breaking News Today | Top Updates on Corona - OTV News.

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Former Worker Sues Amazon For Not Providing Lunch Breaks https://odishatv.in/business_economy/former-worker-sues-amazon-for-not-providing-lunch-breaks-530198 Sun, 28 Mar 2021 06:21:25 +0000 https://odishatv.in/?p=530198

San Francisco: A former Amazon worker has sued the e-commerce giant in the US for not scheduling the mandatory 30-minute meal breaks for employees. Lovenia Scott, a former employee of Amazon’s fulfilment centre in Vacaville, California, alleged that the company didn’t provide enough rest breaks for workers, The Verge reported on Saturday. “When they did […]

The post Former Worker Sues Amazon For Not Providing Lunch Breaks appeared first on Latest Odisha News, Breaking News Today | Top Updates on Corona - OTV News.

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Amazon

San Francisco: A former Amazon worker has sued the e-commerce giant in the US for not scheduling the mandatory 30-minute meal breaks for employees.

Lovenia Scott, a former employee of Amazon’s fulfilment centre in Vacaville, California, alleged that the company didn’t provide enough rest breaks for workers, The Verge reported on Saturday.

“When they did get their meal breaks, workers were expected to monitor their walkie-talkies in case of any problems on the floor, which sometimes cut into their break time,” the lawsuit claimed.

First filed in San Francisco County Superior Court in February, the case has now been moved to US District Court California, Northern District.

The lawsuit also alleged that shifts were “chronically understaffed,” which left some employees unable to take short 10-minute rest breaks in order to finish their work on time.

Amazon was yet to comment on the report.

Earlier this month, Amazon and an independent contractor it worked with in California were fined $6.4 million for wage theft by the Labor Commission’s Office.

The probe found that “Green Messengers, the subcontractor for Amazon, underpaid drivers, scheduling them 10-hour days but with a workload that forced drivers to skip meal and rest breaks”.

Last week, amid a mounting evidence of allegedly ill-treating its low-paid workers, Amazon denied exploitative working conditions at its facilities, including forcing exhausted workers to ‘pee in bottles’.

Replying to a tweet from US Representative Mark Pocan (D-WI), the e-commerce behemoth said that the company’s union-busting tactics allegations are baseless.

“Paying workers $15/hr doesn’t make you a ‘progressive workplace’ when you union-bust & make workers urinate in water bottles,” Pocan said in a tweet.

Amazon replied: “You don’t really believe the peeing in bottles thing, do you? If that were true, nobody would work for us. The truth is that we have over a million incredible employees around the world who are proud of what they do, and have great wages and health care from day one”.

“We hope you can enact policies that get other employers to offer what we already do,” the company further stated.

Once the Twitter war started, several journalists and people who have documented such incidents at Amazon facilities began flooding the Web.

Journalist James Bloodworth, whose 2018 book titled ‘Hired: Six Months Undercover in Low-Wage Britain,’ documented his experience of low-paid work for companies including Amazon.

The post Former Worker Sues Amazon For Not Providing Lunch Breaks appeared first on Latest Odisha News, Breaking News Today | Top Updates on Corona - OTV News.

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