Business – Latest Odisha News, Breaking News Today | Top Updates on Corona – OTV News https://odishatv.in OdishaTV - OTV Fri, 22 Jan 2021 06:24:18 +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 Hit All Time High https://odishatv.in/business_economy/fuel-prices-hit-all-time-high-511451 Fri, 22 Jan 2021 06:24:18 +0000 https://odishatv.in/?p=511451

New Delhi: Petrol and diesel prices rose sharply again on Friday reaching new all-time high levels as oil marketing companies decided to break the pause in revision of auto fuel prices to bridge the widening under recovery. Accordingly, the pump price of petrol increased between 22-25 paise per litre across all major metros on Friday […]

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fuel prices hiked

New Delhi: Petrol and diesel prices rose sharply again on Friday reaching new all-time high levels as oil marketing companies decided to break the pause in revision of auto fuel prices to bridge the widening under recovery.

Accordingly, the pump price of petrol increased between 22-25 paise per litre across all major metros on Friday while diesel price increase ranged 23-27 paise per litre.

With this, petrol is now priced at Rs 85.45 a litre in Delhi as against previous days price of Rs 85.20 a litre. Similarly, in Mumbai petrol price increased to Rs 92.04 a litre, a 24 paise increase from previous days price of Rs 91.80 a litre. In Chennai and Kolkata, petrol is now priced at Rs 88.07 and 86.87 a litre respectively, registering an increase of 22 and 24 paise per litre from the previous day.

Diesel on the other hand faced sharper increase, rising by 27 paise a litre in Mumbai from previous days’ level of Rs 82.13 a litre to Friday’s retail price of Rs 82.40 a litre. In Delhi, diesel rose 25 paise per litre to Rs 75.63 a litre, in Chennai by 23 paise per litre to Rs 80.90 a litre and in Kolkata by 26 paise per litre to Rs 79.23 a litre.

The increase in retail price of auto fuel came on a day when global crude prices showed some signs of softening declining by less than one per cent to close to $ 55 a barrel. Crude prices have remained firm for the last couple of weeks in the wake of unilateral production cuts announced by Saudi Arabia and a pick up in the consumption in all major economies globally.

The increase in the petrol and diesel prices is the third such revision this week. The auto fuels had risen sharply by 25 paise per litre each on Monday and Tuesday before the OMCs decided to give relief to the consumers from frequent price rise for the last two days.

With Friday’s revision, the pump price of petrol and diesel has now increased by Rs 1.74 and Rs 1.76 per litre respectively in January so far with OMCs’ deciding to break an earlier longer period of pause increasing the retail prices for the first time this year on January 6. The price had been raised on six different days since then.

The last few increases in pump prices in petrol and diesel has taken its price to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up up $ 80 a barrel.

The current price rise is largely on account of the steep increase in the central taxes of petrol and diesel and firm crude prices.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies’ executives said petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with the global developments to prevent OMCs from making losses on sale of auto fuels.

(IANS)

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India Formulating New Action Plan, Chinese Telecom Giants Could Be Out Of Game https://odishatv.in/business_economy/india-formulating-new-action-plan-chinese-telecom-giants-could-be-out-of-game-511371 Thu, 21 Jan 2021 16:34:05 +0000 https://odishatv.in/?p=511371

New Delhi: Chinese telecom giants Huawei and ZTE could be potentially out of the game in India with the government set to begin formulating an action plan on the implementation of ‘National Security Directive on Telecommunication Sector’ on Thursday. With an aim to protect India’s essential national security interests, a committee headed by the Deputy […]

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India Formulating New Action Plan, Chinese Telecom Giants Could Be Out Of Game

New Delhi: Chinese telecom giants Huawei and ZTE could be potentially out of the game in India with the government set to begin formulating an action plan on the implementation of ‘National Security Directive on Telecommunication Sector’ on Thursday.

With an aim to protect India’s essential national security interests, a committee headed by the Deputy National Security Advisor (Dy NSA) will soon clear all equipment and gadgets, including 5G mobile networks and supply chains.

Top sources in the government told IANS that “a meeting of nodal officials of key ministries was called (on January 21) to formulate a strategy to secure India’s paramount interest in the field of cyber and telecom security”.

Key officials of the Telecom Ministry, Commerce Ministry and the DRDO, along with cyber security experts were called in the all important meeting, sources said, adding that “a meeting was called by the National Security Council Secretariat, but it was all too confidential. Nothing can be revealed further”.

The security action plan aims to classify telecom products/equipment and their suppliers under the trusted and non-trusted categories. In simpler words, companies or suppliers not trusted by the experts committee would not be allowed to do business with Indian telecom service providers.

Once implemented, the action plan would make it very difficult for Chinese telecom equipment suppliers like Huawei or ZTE to procure supply orders from the Indian telecom players such as Jio, Airtel or Vodafone Idea.

In fact, Huawei and ZTE have been under global scrutiny for allegedly installing “backdoor” vulnerabilities in a desperate bid to do spying for the Chinese government. In the wake of the India-China border tensions, the government’s action plan on telecom front seems much appreciated and awaited by the Central security and intelligence agencies.

The first meeting on the core issue had been called to discuss the methodology to classify trusted products and also to classify trusted contents. Telecom products which would be ‘Made in India’ and identified as trusted would be given incentives by the government.

There would be technology support for Indian companies which pioneer in the field of telecom equipment. The government wants that all Indian telecom service providers should procure such trusted products to ensure a fool proof mobile network operation.

Commenting on a need of ‘trusted products’, an official said that the purpose is to maintain integrity of the supply chain security and in order to discourage insecure equipment in the mobile networks.

“Cyber attacks or rather an espionage attack is generally perpetrated through networks and devices. They are also committed through compromised hardware and software components of telecom networks. With increasing use of internet on mobile phones, the risk continues to increase,” said the official, adding, “That’s why we quickly require a strong telecom security action plan”.

Earlier last month, the Cabinet Committee on Security headed by Prime Minister Narendra Modi had approved the setting up of a new National Security Directive on the telecommunication sector with an aim to classify telecom products and their sources under the ‘trusted’ and ‘non-trusted’ categories.

Telecom and Information Technology Minister Ravi Shankar Prasad had said on December 17, 2020 that the methodology to designate trusted products will be devised by the designated authority, which is the National Cyber Security Coordinator. Under the new security directives of the government, the telecom service providers would be required to connect new devices which are designated trusted products. The designated authority will make its decision based on the approval of a committee headed by the Deputy NSA.

(IANS)

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Sensex Breaches 50,000 For The First Time https://odishatv.in/business_economy/sensex-breaches-50000-for-the-first-time-511146 Thu, 21 Jan 2021 04:26:39 +0000 https://odishatv.in/?p=511146

Mumbai: Positive global cues along with expectations of healthy quarterly results and a supportive Union Budget FY22 powered the ascent of economic barometer the S&P BSE Sensex to cross the 50,000 points mark on Wednesday. Coming a day after Joe Biden’s inauguration as US President, the BSE Sensex mirrored its Asian counterparts in having a […]

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Sensex

Mumbai: Positive global cues along with expectations of healthy quarterly results and a supportive Union Budget FY22 powered the ascent of economic barometer the S&P BSE Sensex to cross the 50,000 points mark on Wednesday.

Coming a day after Joe Biden’s inauguration as US President, the BSE Sensex mirrored its Asian counterparts in having a gap-up opening.

In fact, the positivity sentiment led it to open above the 50,000-mark.

Around 9.50 a.m., it was trading at 50,062.58, higher by 270.46 points or 0.54 per cent from its previous close of 49,792.12.

It opened at 50,096.57 and touched a fresh all-time high of 50,126.73 points.

The Nifty50 on the National Stock Exchange (NSE) also touched a new record high of 14,738.30 points. It was trading at 14,720, higher by 75.30 points or 0.51 per cent from its previous close.

Healthy buying was witnessed in auto and telecom stocks. A positive trend in the global markets also supported the indices on Thursday.

The top gainers on the Sensex were Bajaj Finance, Bajaj Finserv and HCL Technologies.

Further, rise in the shares of index-heavyweight Reliance Industries also lifted the Sensex. RIL shares were trading at Rs 2,077.50, higher by Rs 22.65 or 1.10 per cent from its previous close.

(IANS)

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Fuel Prices Unchanged On Wednesday After Hitting Record Levels Nationwide https://odishatv.in/business_economy/fuel-prices-unchanged-on-wednesday-after-hitting-record-levels-nationwide-510933 Wed, 20 Jan 2021 07:11:16 +0000 https://odishatv.in/?p=510933

New Delhi: Petrol and diesel prices remained unchanged on Wednesday after oil marketing companies went on a pause mode to provide relief to consumers after prices of auto fuels went up consistently for the past few days. Accordingly, petrol continues to be sold at Rs 85.20 a litre in Delhi while diesel prices also remained […]

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Oneindia

New Delhi: Petrol and diesel prices remained unchanged on Wednesday after oil marketing companies went on a pause mode to provide relief to consumers after prices of auto fuels went up consistently for the past few days.

Accordingly, petrol continues to be sold at Rs 85.20 a litre in Delhi while diesel prices also remained same at Rs 75.38 a litre.

Across the country as well pump prices of petrol and diesel remained unchanged on Wednesday.

Petrol and diesel prices had risen sharply by 25 paisa per litre each on Monday and Tuesday before OMCs decided to give relief to consumers from frequent price rise.

The pump price of petrol and diesel has increased by Rs 1.49 and Rs 1.51 per litre respectively in January so far with OMCs deciding to break an earlier longer period of pause increasing the retail prices first time this year on January 6. The price had been raised on five different days since then.

The last two days of increase in pump prices in petrol and diesel has taken the prices to record levels across the country in all major metro cities and other towns. The last time the retail price of auto fuels were closer to current levels was on October 4, 2018 when crude prices had shot up to $80 a barrel.

The current price rise is largely on account of steep increase in central taxes of petrol and diesel and firm crude prices that had again crossed $56 a barrel mark.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs in the month. The price rise started again only on January 6.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

(IANS)

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Sensex Zooms 834 Pts, Nifty Reclaims 14,500 Level https://odishatv.in/business_economy/sensex-zooms-834-pts-nifty-reclaims-14500-level-510751 Tue, 19 Jan 2021 11:33:23 +0000 https://odishatv.in/?p=510751

Mumbai: Equity benchmark Sensex soared 834 points on Tuesday, tracking strong gains in index majors HDFC twins, ICICI Bank and Reliance Industries amid an upbeat trend in global markets. The 30-share BSE index ended 834.02 points or 1.72 per cent higher at 49,398.29. Similarly, the broader NSE Nifty surged 239.85 points or 1.68 per cent […]

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Sensex Zooms 834 Pts, Nifty Reclaims 14,500 Level

Mumbai: Equity benchmark Sensex soared 834 points on Tuesday, tracking strong gains in index majors HDFC twins, ICICI Bank and Reliance Industries amid an upbeat trend in global markets.

The 30-share BSE index ended 834.02 points or 1.72 per cent higher at 49,398.29.

Similarly, the broader NSE Nifty surged 239.85 points or 1.68 per cent to 14,521.15.

Bajaj Finserv was the top gainer in the Sensex pack, rallying around 7 per cent, followed by Bajaj Finance, HDFC, L&T, ICICI Bank, Sun Pharma and NTPC.

On the other hand, Tech Mahindra, ITC and M&M were the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, having seen massive pullbacks in last two trading days, domestic equities witnessed sharp rebound mainly led by strong cues from global markets.

“Positive statement from Janet Yellen about possibility of acting big to support economy bolstered confidence among investors globally,” he said.

US President-elect Joe Biden’s nominee for treasury secretary, former Federal Reserve chair Janet Yellen is calling on Congress to do more to fight the recession to avoid an even worse downturn.

In the testimony prepared for her confirmation hearing on Tuesday before the Senate Finance Committee, Yellen said more aid is needed to get coronavirus vaccines distributed — key to ending outbreaks — to reopen schools and help families struggling with job losses stay fed and housed.

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

Stocks exchanges in Europe were also trading on a positive note in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 1.22 per cent higher at USD 55.42 per barrel.

Gold Gains Rs 198, Silver Jumps By Rs 1,008

Gold gained Rs 198 to Rs 48,480 per 10 gram in the national capital on Tuesday following a rally in international precious metal prices, according to HDFC Securities.

In the previous trade, it had closed at Rs 48,282 per 10 gram.

Silver also marched higher by Rs 1,008 to Rs 65,340 per kilogram from Rs 64,332 per kilogram in the last trade.

In the international market, both gold and silver were quoting gains at USD 1,843 per ounce and USD 25.28 per ounce, respectively.

Rupee Gains 11 Paise To End At 73.17 Against US Dollar

The rupee gained 11 paise to settle at 73.17 (provisional) against the US dollar on Tuesday on the back of rally in domestic equities and weak American currency.

At the interbank forex market, the rupee opened at 73.16, and hit an intra-day high of 73.14 and a low of 73.31.

It finally finished at 73.17, higher by 11 paise over its last close.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.22 per cent to 90.52.

On the domestic equity market front, the BSE Sensex ended 834.02 points or 1.72 per cent higher at 49,398.29, while the broader NSE Nifty advanced 239.85 points or 1.68 per cent to 14,521.15.

Foreign institutional investors were net buyers in the capital market as they purchased shares worth Rs 650.60 crore on a net basis on Monday, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 1.26 per cent to USD 55.44 per barrel.

(With PTI Inputs)

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‘Fryums’ Not Comparable With Old Traditional Snack Food ‘Papad’, Hence 18% GST Levied https://odishatv.in/business_economy/fryums-not-comparable-with-old-traditional-snack-food-papad-hence-18-gst-levied-510524 Mon, 18 Jan 2021 14:51:12 +0000 https://odishatv.in/?p=510524

New Delhi: The good old traditional snack food ‘papad’ or ‘pappadam’, as it is known in south India, cannot be equated with packaged ‘un-fried fryums’ and cannot have similar tax treatment, the Authority for Advance Rulings (AAR) has ruled. In its order rejecting a petition seeking to bring irregular sized packaged snack food as referred […]

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'Fryums' Not Comparable With Old Traditional Snack Food 'Papad', Hence 18% GST Levied

New Delhi: The good old traditional snack food ‘papad’ or ‘pappadam’, as it is known in south India, cannot be equated with packaged ‘un-fried fryums’ and cannot have similar tax treatment, the Authority for Advance Rulings (AAR) has ruled.

In its order rejecting a petition seeking to bring irregular sized packaged snack food as referred to as un-fried fryums at par with papad for applicability of GST, the AAR said that in the matter of the product under reference, where no clear definition has been provided in the statute, the principle of common parlance is used.

This means interpretation of statutes for deciphering the mind of the lawmaker rather than any other scientific reasoning.

With this interpretation, papad cannot be equated with any other un-fried fryums and hence it is liable to pay 18 per cent GST, as against nil GST applicable for papad, the AAR has said.

The AAR ruling brings further clarity in matters of taxation disputes where no clear definition of a product category is available but rates are fixed based on the principle of common parlance.

In this particular case, it is clear that all other ‘un-fried packaged food’ have been considered as ‘namkeen’ and not as ‘papad’. Hence, they attract different tax rates as compared to the traditional food item.

“Classification disputes would be the next big litigation area in GST, and practically bite every industry wherever an exemption or a lower rate of tax is being paid,” said Rajat Mohan, senior partner at AMRG Associates.

(With IANS Inputs)

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Flipkart Introduces SuperCoin Pay Across 5,000 Partner Stores https://odishatv.in/business_economy/flipkart-introduces-supercoin-pay-across-5000-partner-stores-510371 Mon, 18 Jan 2021 06:42:04 +0000 https://odishatv.in/?p=510371

Bengaluru: Flipkart on Monday introduced SuperCoin Pay where customers will be able to pay up to 100 per cent of their bill value across more than 5,000 partner stores (online and offline) using only SuperCoins. SuperCoin Pay will enable customers to pay their bills at the partner stores using the SuperCoins they have earned on […]

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Flipkart SuperCoins

Bengaluru: Flipkart on Monday introduced SuperCoin Pay where customers will be able to pay up to 100 per cent of their bill value across more than 5,000 partner stores (online and offline) using only SuperCoins.

SuperCoin Pay will enable customers to pay their bills at the partner stores using the SuperCoins they have earned on Flipkart.

The company said that all benefits can be accessed by simply scanning a QR code at the partner store using the Flipkart app.

Customers can also access the entire list of stores and partner brands on the Flipkart app under ‘Rewards store’ in the ‘SuperCoin’ section.

“Over the past year, SuperCoin has developed into a highly successful rewards programme, with over 10 billion SuperCoins earned by millions of Flipkart customers,” informed Prakash Sikaria, Vice President, Growth and Monetisation, Flipkart.

“Building on this success and with the intention to create a larger and more inclusive ecosystem, we are thrilled to announce the launch of SuperCoin Pay,” he added.

Being a part of the SuperCoin programme would enable Flipkart partners to reap the benefits of Flipkart’s 300 million customer base through a truly integrated rewards initiative.

This will also enable customers to pay through SuperCoins across health and wellness, food and beverage, travel, grocery and fashion retail outlets.

Flipkart recently introduced SuperCoin Exchange which allows customers to exchange their SuperCoins into the partner brand’s Rewards points and vice versa, to make purchases at the store.

(IANS)

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Petrol, Diesel Prices Remain Static 3 Days In A Row https://odishatv.in/business_economy/petrol-diesel-prices-remain-static-3-days-in-a-row-510113 Sun, 17 Jan 2021 05:29:11 +0000 https://odishatv.in/?p=510113

New Delhi: Petrol and diesel prices remained unchanged on Sunday after oil marketing companies decided to wait and watch the global oil price movement before taking the next course of action. Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs 84.70 a litre while diesel prices […]

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Petrol Prices

New Delhi: Petrol and diesel prices remained unchanged on Sunday after oil marketing companies decided to wait and watch the global oil price movement before taking the next course of action.

Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs 84.70 a litre while diesel prices remained at Rs 74.88 per litre.

Across the country as well pump price of petrol and diesel remained static on Sunday.

Auto fuel price rise was on hold for the last five days after petrol and diesel prices had increased on two successive days last week on Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities. It again rose Wednesday and Thursday by 25 paise per litre each before price rise has again gone in for a pause since Friday.

The OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia’s decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.

At Rs 84.70 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.

The OMCs’ patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.

The Oil companies’ executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with the global developments to prevent OMCs from making losses on sale of auto fuels.

(IANS)

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Good News For Train Passengers As Railway Resumes New Facilities https://odishatv.in/business_economy/good-news-for-train-passengers-as-railway-resumes-new-facilities-509822 Sat, 16 Jan 2021 03:30:14 +0000 https://odishatv.in/?p=509822

In a good news for train passengers, the Railway has allowed e-catering services at some selected railway stations. The Railway Ministry on Friday said that the resumption of the service will be subjected to compliance of all the COVID-19 guidlines on health and safety matters issued by the Central and state governments and other authorised […]

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railway facilities

In a good news for train passengers, the Railway has allowed e-catering services at some selected railway stations.

The Railway Ministry on Friday said that the resumption of the service will be subjected to compliance of all the COVID-19 guidlines on health and safety matters issued by the Central and state governments and other authorised agencies under them.

The IRCTC had written to the Railway Board for the resumption of e-catering at selected railway stations, the ministry said.

“IRCTC will have to review the situation now and permit the resumption of e-catering services depending upon the feasibility, availability of staff and local restrictions etc,” the Railway Ministry said in a statement.

Indian Railways had suspended the e-catering services as part of its measures to prevent the spread of COVID-19.

Recently, the largest public transporter issued a clarification with regard to charging extra fares from train passengers. It rubbished such reports in some section of media that the Railway has been charging extra fares from passengers.

Indian Railways had to stop running of regular trains due to Covid related nationwide lockdown on March 22, 2020, as a measure to counter the spread of coronavirus. Trains are being added in a graded manner.

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Petrol, Diesel Price Rise Pauses After Consecutive Days Of Increase https://odishatv.in/business_economy/petrol-diesel-price-rise-pauses-after-consecutive-days-of-increase-509606 Fri, 15 Jan 2021 06:25:12 +0000 https://odishatv.in/?p=509606

New Delhi: Petrol and diesel prices remain unchanged on Friday after oil marketing companies decided to go on a pause mode opting to wait and watch the global oil market before taking the next course of action. Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs […]

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petrol

New Delhi: Petrol and diesel prices remain unchanged on Friday after oil marketing companies decided to go on a pause mode opting to wait and watch the global oil market before taking the next course of action.

Accordingly, in the national capital, petrol continued to be sold at the new record high level of Rs 84.70 a litre while diesel prices remained at Rs 74.88 per litre.

Across the country as well pump price of petrol and diesel remained static on Friday.

Auto fuel price rise was on hold for last five days after petrol and diesel prices had increased on two successive days last week on Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities. It again rose Wednesday and Thursday by 25 paisa per litre on a half day before price rise has again gone in for a pause on Friday.

OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia’s decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.

At Rs 84.70 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.

The OMCs’ patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

(IANS)

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IAMAI Appeals Govt To Give TDS Relief To Small Sellers On E-Commerce Platforms https://odishatv.in/business_economy/iamai-appeals-govt-to-give-tds-relief-to-small-sellers-on-e-commerce-platforms-509514 Thu, 14 Jan 2021 15:46:31 +0000 https://odishatv.in/?p=509514

New Delhi: The Internet and Mobile Association of India (IAMAI) on Thursday said that its has appealed to the government to reduce TDS on e-commerce platforms to 0.25 per cent from 1 per cent to give a much-needed relief to small sellers in the Union Budget 2020-21. The uniform TDS on e-commerce transactions is creating […]

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IAMAI Appeals Govt To Give TDS Relief To Small Sellers On E-Commerce Platforms

New Delhi: The Internet and Mobile Association of India (IAMAI) on Thursday said that its has appealed to the government to reduce TDS on e-commerce platforms to 0.25 per cent from 1 per cent to give a much-needed relief to small sellers in the Union Budget 2020-21.

The uniform TDS on e-commerce transactions is creating major challenges for the small sellers who are conducting business via e-commerce platforms.

“Reducing TDS will help achieve the tax trail without creating the unintended cash-flow concerns,” the IAMAI said in a statement.

“While it understands that it was an important move on part of the government for better monitoring and realisation of taxation, it has led to unforeseen consequences hurting SME sellers”.

IAMAI had earlier shared with the authorities an illustration that suggested for merchants who have a turnover of up to Rs 1.25 crore, 1 per cent TDS under the new provisions would exceed their total tax liability, resulting in an unnecessary refund position.

“Or, in other words, create cash flow and working capital concerns for small businesses,” said the IAMAI which has now appealed to the authorities in its pre-budget memorandums to reduce the rate of TDS.

Given the Covid-related economic slowdown, e-commerce platforms have proven to be a crucial lifeline for small scale and MSME sellers, who do not have the marketing or logistics bandwidth for wider outreach and are now using ecommerce platforms to sell across the country.

“Unfortunately, the TDS, over and above the pre-existing TCS under GST, now means that such sellers conducting business over e-commerce platforms have a considerable amount of their total revenues locked up under tax claims,” the association argued.

Forcing small businesses into prolonged tax refund claims for release of critical revenues is perhaps unwarranted under the present circumstances, it added.

(With IANS Inputs)

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Elon Musk Confirms Tesla’s Entry In India, Twitter In Splits https://odishatv.in/business_economy/elon-musk-confirms-teslas-entry-in-india-twitter-in-splits-509419 Thu, 14 Jan 2021 10:59:15 +0000 https://odishatv.in/?p=509419

New Delhi: As Elon Musk confirmed the news of electric car giant Tesla’s entry in India, Twitter on Thursday erupted in jokes and memes, mostly focused on the condition of Indian roads. Breaking his silence after the news broke that Tesla has finally entered India by registering it as a company in Bengaluru, Musk said […]

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Elon Musk Confirms Tesla's Entry In India, Twitter In Splits

New Delhi: As Elon Musk confirmed the news of electric car giant Tesla’s entry in India, Twitter on Thursday erupted in jokes and memes, mostly focused on the condition of Indian roads.

Breaking his silence after the news broke that Tesla has finally entered India by registering it as a company in Bengaluru, Musk said he is on the way to fulfil his promise to let electric cars run on the roads of the country.

“I think Tesla is here to test their FSD Beta version in severe chaos of traffic and unlawful land,” a user said in a tweet.

Another posted: “Tesla India will come with all local slur words in its auto-pilot by default,” cracking a joke on the state of mind of drivers on the local roads.

“Not kidding. I read the news of Tesla registering in India while walking on a road inside a pothole,” another user posted.

Reacting to his 41.2 million followers, Musk on Wednesday tweeted on making India his next destination: “As promised”.

Musk, who communicates on all-important company issues via Twitter, however, did not divulge any further details on his India plans.

“Seriously make an electric tuk-tuk, easily the most efficient way around Indian cities with multiple seating capacity. Much smaller battery requirement and affordable to the masses. This will make the greatest impact. Cars are only affordable for the rich,” posted another user.

“Since you have already incorporated Tesla in India how would it be to introduce Tesla tequila simultaneously on welcome celebrations wasn’t that a great idea,” another wrote.

(With IANS Inputs)

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Wholesale Inflation Moderates To 1.22% In Dec As Onion, Potato Prices Ease https://odishatv.in/business_economy/wholesale-inflation-moderates-to-1-22-in-dec-as-onion-potato-prices-ease-509406 Thu, 14 Jan 2021 10:45:41 +0000 https://odishatv.in/?p=509406

New Delhi: The wholesale price-based inflation moderated to 1.22 per cent in December as prices of kitchen staples onion and potato eased, as per a government data released on Thursday. The Wholesale Price Index (WPI) inflation was 1.55 per cent in November 2020, and 2.76 per cent in December 2019. “The rate of inflation based […]

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Wholesale Inflation Moderates To 1.22% In Dec As Onion, Potato Prices Ease

New Delhi: The wholesale price-based inflation moderated to 1.22 per cent in December as prices of kitchen staples onion and potato eased, as per a government data released on Thursday.

The Wholesale Price Index (WPI) inflation was 1.55 per cent in November 2020, and 2.76 per cent in December 2019.

“The rate of inflation based on WPI Food Index decreased from 4.27 per cent in November 2020, to 0.92 per cent in December 2020,” as per the data released by the Department for Promotion of Industry and Internal Trade.

The rate of price rise on wholesale basis in the vegetables basket declined to (-) 13.2 per cent in December, as against 12.24 per cent inflation in the preceding month.

The data showed onion prices contracted by 54.69 per cent in December, as against a decline of 7.58 per cent in November. The inflation in potato eased to 37.75 per cent in December from 115.12 per cent in November.

According to the data, rate of inflation in cereals, paddy, wheat and pulses, also eased in December over the previous month. The wholesale prices of fruits were however higher in December compared to November.

While inflation in food prices eased, the rate of price rise in manufactured goods rose to 4.24 per cent in December. It was 2.97 per cent in November. Manufactured products, include food products, beverages, textiles, chemicals, pharmaceuticals and cement.

The WPI-based inflation in fuel and power segment too increased marginally during the month under review.

It is to be noted that retail inflation too had dropped sharply to 4.59 per cent in December, mainly due to declining food prices.

Commenting on the data, Aditi Nayar, Principal Economist, ICRA Limited said WPI inflation recorded a pullback in December 2020, driven by a disinflation in primary food items and lower inflation for primary non-food articles, even as core inflation spiked to a 24-month high of 4.2 per cent, injecting concern regarding the trajectory of the WPI going forward.

“The sharp 1.5 per cent rise in the core-index in month-on-month terms, partly reflects higher commodity and metal prices, as well as a rise in pricing power, in line with the revival in global demand with the COVID-19 vaccines roll out,” she said.

The surge in the core-WPI inflation has completely doused any lingering hope that the dip in the December 2020, CPI inflation would be adequate for rate easing to recommence in the upcoming policy review, she added.

(PTI)

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Petrol, Diesel Rise 25p/Ltr On Second Consecutive Day, Reach New Highs  https://odishatv.in/business_economy/petrol-diesel-rise-25p-ltr-on-second-consecutive-day-reach-new-highs%e2%80%83-509348 Thu, 14 Jan 2021 08:02:04 +0000 https://odishatv.in/?p=509348

New Delhi: Petrol and diesel prices rose sharply by 25 paisa per litre on Thursday, second consecutive day of similar rise, after oil marketing companies decided to break the pause in price revision in wake of a sudden spike in global oil prices. Accordingly, in the national capital, petrol was sold at the new record […]

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Petrol, Diesel Rise 25p/Ltr On Second Consecutive Day

New Delhi: Petrol and diesel prices rose sharply by 25 paisa per litre on Thursday, second consecutive day of similar rise, after oil marketing companies decided to break the pause in price revision in wake of a sudden spike in global oil prices.

Accordingly, in the national capital, petrol was sold at the new record high level of Rs 84.70 from previous days Rs 84.45 a litre while diesel prices increased to Rs 74.88 per litre as against Rs 74.64 a litre a day earlier.

Across the country as well pump price of petrol and diesel increased on Wednesday but the quantum varied depending on the prevailing tax structure in each state.

Auto fuel price rise was on hold for last five days after petrol and diesel prices had increased on two successive days last Wednesday and Thursday taking gasoline to record high levels in Delhi while keeping its prices very close to record high levels in other metro cities. It again rose yesterday by 25 paisa per litre.

OMCs ran out of patience on Wednesday as global crude prices have risen sharply lately taking benchmark Brent crude price to over $57 a barrel now and rising. The rise is primarily on account of Saudi Arabia’s decision on unilateral production cuts to balance oil prices on pandemic affected demand reduction in an oversupplied market.

At Rs 84.70 a litre in Delhi, petrol price has breached the highest level in the national capital after October 4, 2018, when the rate had risen to Rs 84 a litre.

The OMCs’ patience of holding back fuel prices was broken last week on Wednesday when they increased the retail price of petrol and diesel for the first time this year after over a month-long pause.

Petrol price was very close to breaching the all-time high level of Rs 84 a litre (reached on October 4, 2018) when it touched Rs 83.71 a litre on December 7, 2020. But the march had been halted ever since then with no price revision by the OMCs.

Oil companies executives said that petrol and diesel prices may increase further in coming days as retail prices may have to be balanced in line with global developments to prevent OMCs from making loss on sale of auto fuels.

(IANS)

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‘Amazon Academy’ Launched To Aid Students With JEE Preparations https://odishatv.in/business_economy/amazon-academy-launched-to-aid-students-with-jee-preparations-509219 Wed, 13 Jan 2021 14:25:46 +0000 https://odishatv.in/?p=509219

New Delhi: Amazon India on Wednesday announced launch of ‘Amazon Academy’ to help students preparing for the Joint Entrance Examination (JEE) for entrance to engineering colleges. In a statement, Amazon India said that the online preparation offering will equip students with in-depth knowledge and practice routines required for the JEE, through curated learning material, live […]

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Amazon Academy

New Delhi: Amazon India on Wednesday announced launch of ‘Amazon Academy’ to help students preparing for the Joint Entrance Examination (JEE) for entrance to engineering colleges.

In a statement, Amazon India said that the online preparation offering will equip students with in-depth knowledge and practice routines required for the JEE, through curated learning material, live lectures and comprehensive assessments in Math, Physics and Chemistry.

The beta version of Amazon Academy will be available free of cost on the web and the Google Play Store.

“Amazon Academy will offer students a range of JEE preparatory resources at launch, including specially crafted mock tests by industry experts, over 15,000 handpicked questions with hints and detailed step by step solutions for practice,” it said.

Amazon Academy will also hold live All India Mock Tests (AIMT) at scheduled intervals. These tests are designed to mirror the JEE experience helping students understand the nuances of the examination.

The service enables active learning through live lessons, helping students to strengthen their JEE preparation efforts as they can engage with expert faculty, learn concepts, and clarify doubts in real-time. Bringing further discipline and rigour to their study methodology, it will offer scheduled lessons, daily practice problems and regular tests, starting with a crash course for the upcoming JEE Main.

Amazon Academy will help aspirants know where they stand with an All-India Rank for the respective mock test and assess their test performance through personalised reports highlighting chapter-wise time and strength analysis.

Amol Gurwara, Director, Education at Amazon India, said: “Amazon Academy aims to bring high quality, affordable education to all, starting with those preparing for engineering entrance examinations. Our mission is to help students achieve their outcomes while also empowering educators and content partners reach millions of students.”

“Our primary focus has been on content quality, deep learning analytics and student experience. This launch will help engineering aspirants prepare better and achieve the winning edge in JEE,” he said.

All learning material and exam content has been developed by expert faculty from across the country. In addition to the JEE, those preparing for BITSAT, VITEEE, SRMJEEE, and MET exams will also benefit from the quality content resources available, said the statement. The content is currently available for free and will continue to be for the next few months.

(IANS)

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Indian Railway Finance Corp’s IPO Subscription Opening On Jan 18, Check Details https://odishatv.in/business_economy/indian-railway-finance-corps-ipo-subscription-opening-on-jan-18-check-details-509106 Wed, 13 Jan 2021 09:44:08 +0000 https://odishatv.in/?p=509106

New Delhi: The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC), worth over Rs 4,600 crore, will open on January 18 and close on January 20. The price band of the IPO will be of Rs 25-26 per share. “IRFC coming up for listing with a Rs 4600 cr+ issue in a price […]

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Railways

New Delhi: The initial public offering (IPO) of Indian Railway Finance Corporation (IRFC), worth over Rs 4,600 crore, will open on January 18 and close on January 20. The price band of the IPO will be of Rs 25-26 per share.

“IRFC coming up for listing with a Rs 4600 cr+ issue in a price band of Rs 25-26 per share. Anchor book on January 15 and the Main book from January 18-20,” said Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) on Twitter.

Established in 1986, the dedicated financing arm of the Indian railways is a public sector enterprise under the administrative control of the Ministry of Railways.

The Non-Banking Financial Company (NBFC) would utilise the proceeds of the IPO for augmenting equity capital base to meet future capital requirements and general corporate purposes.

(IANS)

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Tesla Finally Enters India, Registers Company In Bengaluru https://odishatv.in/business_economy/tesla-finally-enters-india-registers-company-in-bengaluru-508961 Wed, 13 Jan 2021 03:22:38 +0000 https://odishatv.in/?p=508961

New Delhi/Bengaluru: Ending years of wait and speculation, Tesla CEO Elon Musk has finally entered India by registering Tesla as a company in Bengaluru. According to the details available on the Registrar of Companies website, Tesla India Motors and Energy Private Limited has been incorporated and the registered address is in Lavelle Road, Bengaluru. “Tesla […]

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TESLA

New Delhi/Bengaluru: Ending years of wait and speculation, Tesla CEO Elon Musk has finally entered India by registering Tesla as a company in Bengaluru.

According to the details available on the Registrar of Companies website, Tesla India Motors and Energy Private Limited has been incorporated and the registered address is in Lavelle Road, Bengaluru.

“Tesla registered its Indian subsidiary with the Registrar of Companies (RoC) in Bengaluru on January 8, with Rs 15 lakh authorised capital and Rs 1 lakh paid-up capital. Tesla India Motors and Energy Ltd has been opened in the city centre, with Vibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein as its directors,” said the company in its filing with the RoC.

Taneja is Tesla’s Chief Accounting Officer while Feinstein is the Senior Director, Global Trade and New Markets, at Tesla. Sreeram is also a director in Xenon Automotive India Ltd since April 2014 and Clearquote Technologies India Ltd since August 2020.

Karnataka Chief Minister B.S. Yediyurappa also tweeted on Tuesday to inform that Tesla is setting up its research and development (R&D) centre in Bengaluru to commence its India operations soon. The Karnataka government had made a strong pitch to invite Tesla to the state.

“Karnataka will lead India’s journey towards Green Mobility. Electric Vehicle Manufacturer Tesla will soon start its operations in India with an R&D unit in Bengaluru. I welcome @elonmusk to India & Karnataka and wish him all the very best,” tweeted Yediyurappa.

Tesla is also in touch with other state governments like Maharashtra, Gujarat, Tamil Nadu and Andhra Pradesh to start its India operations.

Union Road Transport and Highways Minister Nitin Gadkari had said last month that Tesla will begin operations with sales in early 2021 and then “maybe” look at assembling and manufacturing vehicles in the country.

In October last year, Musk, who overtook Amazon founder Jeff Bezos as the world’s richest man with a whopping $195 billion net worth last week, had said that the electric car maker is finally ready to enter the India market next year. Reacting to a tweet by Tesla Club India, Musk said: “Will release order configurator probably in Jan.”

Tesla sales teams are currently working on building custom sales and production orders for the India market, ensuring orders are complete and validated once the configuration is finished.

The move will also open India to select as one of the countries where Tesla cars can be purchased.

On several occasions earlier, Musk had revealed that he would like to bring Tesla to India, but in a 2018 Twitter post, he cited “some challenging government regulations” as a hurdle.

He also criticised the foreign direct investment norms for the delay in the electric car maker’s entry into the Indian market.

“Would love to be in India. Some challenging government regulations, unfortunately,” Musk had tweeted in response to a Twitter user who wrote “No Tesla in India” on his Twitter handle.

In July last year, he had hinted at allowing Tesla’s Indian fans to drive an electric Model 3 “hopefully soon”.

Tesla’s entry comes at a time when India is ramping up charging infrastructure for electric vehicles with the aim of significantly increasing the proportion of electric vehicles plying on the roads.

Besides electric vehicles, the US-based clean energy firm makes battery storage from home to grid scale, solar panels and solar roof tiles.

Tesla officials had held talks with the Karnataka government in September last year for opening its research facility in this tech hub. The R&D unit in India is Tesla’s second outside the US. Its first such overseas centre is in Shanghai where it has a Gigafactory to make electric cars.

The tech-savvy Karnataka is the first state in the country to have an electric vehicle policy to woo investments in the sunrise sector. A slew of startups like Ola Electric, Sub Mobility and Ather have set up their operations in the city.

(With IANS Inputs)

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Retail Inflation Down To 4.59% In December 2020 https://odishatv.in/business_economy/retail-inflation-down-to-4-59-in-december-2020-508872 Tue, 12 Jan 2021 16:46:01 +0000 https://odishatv.in/?p=508872

New Delhi: Retail inflation declined to 4.59 per cent in December 2020 compared with 6.93 per cent in November last, government data showed on Tuesday. The data released by the Ministry of Statistics and Programme Implementation showed that the easing of the Consumer Price Index (CPI) came on the back of a decline in food […]

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Retail Inflation Down To 4.59% In December 2020

New Delhi: Retail inflation declined to 4.59 per cent in December 2020 compared with 6.93 per cent in November last, government data showed on Tuesday.

The data released by the Ministry of Statistics and Programme Implementation showed that the easing of the Consumer Price Index (CPI) came on the back of a decline in food prices.

The Consumer Food Price Index (CFPI) for last month came in at 3.41 per cent, down from 9.50 per cent in November 2020.

The provisional rural CPI in December 2020 was recorded at 4.07 per cent, down from 7.20 per cent in the previous month. The urban CPI was 5.19 per cent last month, compared with 5.19 per cent in November 2020.

The ease in retail inflation for the second consecutive month is a major development as it may give an impetus for a rate cut in the next meeting of the Reserve Bank of India’s Monetary Policy Committee.

(With IANS Inputs)

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Nifty Crosses 14,500 For The First Time, Sensex Hits Fresh High https://odishatv.in/business_economy/nifty-crosses-14500-for-the-first-time-sensex-hits-fresh-high-508745 Tue, 12 Jan 2021 07:40:15 +0000 https://odishatv.in/?p=508745

Mumbai: The Nifty50 on the National Stock Exchange (NSE) crossed the psychological mark of 14,500 points for the first time, amid a largely choppy trade on Tuesday. The indices largely traded on a flat note during the day. The Nifty has touched an all-time high of 14,510.05 points. The BSE Sensex also hit an all-time […]

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Nifty

Mumbai: The Nifty50 on the National Stock Exchange (NSE) crossed the psychological mark of 14,500 points for the first time, amid a largely choppy trade on Tuesday.

The indices largely traded on a flat note during the day.

The Nifty has touched an all-time high of 14,510.05 points. The BSE Sensex also hit an all-time high of 49,328.50 points with marginal gains.

Around 12.05 p.m., Nifty was trading at 14,500.10, higher by 15.35 points or 0.11 per cent from its previous close.

Sensex was trading at 49,317.91, higher by 48.59 points or 0.10 per cent from its previous close of 49,269.32.

Selling pressure was witnessed in consumer durables, capital goods, FMCG and IT stocks, while telecom, auto, and oil and gas stocks rose.

On the Sensex, Bharti Airtel, Reliance Industries and State Bank of India were the top gainers, and the the major losers were Asian Paints, Titan Company and Kotak Mahindra Bank.

Off late the Indian equity indices have largely been on a bull run backed by continuous inflow of foreign institutional investments (FII). Vaccine hopes along with strong Q3 earnings have also been supporting for the market sentiments.

Net FII inflow on Monday stood at Rs 3,138.90 crore.

(IANS)

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Pay Penalty If Not Already Filed I-T Returns, No More Extensions Now https://odishatv.in/business_economy/pay-penalty-if-not-already-filed-i-t-returns-no-more-extensions-now-508712 Tue, 12 Jan 2021 06:51:33 +0000 https://odishatv.in/?p=508712

New Delhi: The Central Board of Direct Taxes dashed hopes of all taxpayers waiting for further extension of due dates for filing tax returns rejecting all representation in this regard, citing that the process cannot be delayed ‘indefinitely’ and hamper the functioning of the tax department and welfare programmes of the government. The decision means […]

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ITR

New Delhi: The Central Board of Direct Taxes dashed hopes of all taxpayers waiting for further extension of due dates for filing tax returns rejecting all representation in this regard, citing that the process cannot be delayed ‘indefinitely’ and hamper the functioning of the tax department and welfare programmes of the government.

The decision means that individual taxpayers who have missed the January 10 deadline for filing returns may now have to pay a penalty to complete the process. Similarly, taxpayers who need to file audit report before filing returns will have to do so by January 15 and file their returns by February 15.

The income tax department had received several representations to further extend dates for filing returns as disruptions caused pandemic had continued to create problems for various taxpayers. The suggestion was to extend dates for all categories of taxpayers to March 31.

In its office order directing all tax formation across the country to see the due dates for tax payment is followed as no further extensions were due, the CBDT cited that the contentions of lesser number of audit reports filed this year and thereby extension was required, as completely baseless. It said that even in previous years audit reports were filed in the last few days before the deadline and similar trends were seen even in 2020-21.

The board also cited that India has been more generous compared to other global economies, particularly, Covid hit the US and UK, in providing relief to its taxpayers on compliance issues.

Moreover, the statistics of returns filed this year clearly shows that the numbers are higher than last year already. In 2019-20, about 5.62 crore income tax returns were filed till due date and this year (2020-21) already 5.95 ITRs have been filed (up to January 10).

Any further extension would adversely affect the return filing discipline and shall cause injustice to those who have taken pains to file the return before the due date, CBDT said in its order.

It will also hamper the government’s efforts to provide relief to the poor during Covid times, the office order said.

(IANS)

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Coal Sector To Play Crucial Part In Achieving USD 5 Trillion Economy Target: Amit Shah https://odishatv.in/business_economy/coal-sector-to-play-crucial-part-in-achieving-usd-5-trillion-economy-target-amit-shah-508590 Mon, 11 Jan 2021 15:39:03 +0000 https://odishatv.in/?p=508590

New Delhi: Union Home Minister Amit Shah on Monday said coal sector will play a very important role in achieving the target of USD five trillion economy by 2022, the year marking the completion of 75 years of the country’s Independence. Launching a single window clearance system for the coal sector, he said commercial coal […]

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Coal Sector To Play Crucial Part In Achieving USD 5 Trillion Economy Target: Amit Shah

New Delhi: Union Home Minister Amit Shah on Monday said coal sector will play a very important role in achieving the target of USD five trillion economy by 2022, the year marking the completion of 75 years of the country’s Independence.

Launching a single window clearance system for the coal sector, he said commercial coal mining auctions will now facilitate small and medium industries to receive coal supplies easily.

The home minister said the coal sector has crossed an important milestone towards fulfilling the dream of ‘Aatmanirbhar Bharat’ (self reliant India) under the leadership of Prime Minister Narendra Modi.

The coal sector will play a very important role in achieving the target of USD five trillion economy by 2022, the year marking the completion of 75 years of Independence, he said at the event, also attended by Union Coal Minister Pralhad Joshi.

Shah said for a long time the need was felt to remove uncertainty in the coal sector and bring in transparency, which has been fulfilled by the Modi government.

He said till 2014, the coal sector seemed entangled in bureaucracy and lack of transparency amidst many allegations of corruption.

Till that time, it was extremely difficult to work in this field, but in 2014, the government under the leadership of Prime Minister Modi made many changes and today with full transparency in the coal sector, equal opportunities are available for all, he said.

We have the most intelligent and educated youth, hardworking labour force as well as a transparent democracy, he said.

The home minister said if there is an assessment of the work done in the coal sector since Independence, it would emerge that unprecedented work has been done under the leadership of Modi in the last six years.

The maximum increase in production has taken place within the same six years.

Around 560 MT of coal was produced in 2014, while in 2020 it has reached 729 MT, he said.

Emphasising on accelerating the pace of coal mining, Shah said the greater the pace of this sector, the faster the nation’s economy will grow, and it will help achieve the target of the USD five trillion economy.

The home minister also praised Joshi for the remarkable work done and said he felt assured that today the country is moving towards a new future.

Today 19 successful bidders have been allotted mines under the country’s first commercial coal mining auction. This will provide an estimated revenue of about Rs 6,500 crore to states every year and will also create more than 70,000 jobs, he said.

Besides, Shah said, it will also lead to an investment of Rs 8,000 crore to Rs 10,000 crore.

He said about Rs 2.50 lakh crore will be invested in the next decade under the PSU plan of coal, and about Rs four lakh crore is expected to be invested under the PSU-Private plan. The roadmap for this is also ready.

The Union minister said the commercial coal mining auction process will open the way for development in the central and eastern tribal areas of the country.

Prior to the Modi government, Eastern India did not develop at the same pace as it should have, compared to Western India, he said.

The Modi government has ensured the development of all regions of the country as well as all sections of society. The government has created the Rs 46,000 crore District Mineral Development Fund for people living near the mines, with focus on the development of districts and especially the least developed villages amongst them. This has led to the development of tribal, Dalit, backward and poor people living in these areas, he said.

Shah also handed over charter of letters to successful bidders of the country’s first commercial coal mining auction.

Presently, about 19 major approval or clearances are required before starting a coal mine in the country. In the absence of a unified platform for grant of clearances, the companies were required to approach different departments leading to delay in operationalisation of coal mines, Joshi said.

Now, the complete process will be facilitated through the single window clearance portal in a phased way.

(PTI)

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Tax Deduction: Middle Class Taxpayers May Gain From Budget 2021 https://odishatv.in/business_economy/tax-deduction-middle-class-taxpayers-may-gain-from-budget-2021-508585 Mon, 11 Jan 2021 14:47:02 +0000 https://odishatv.in/?p=508585

New Delhi: Middle class tax payers may get a lot to cheer about the Budget proposals to be presented by Finance Minister Nirmala Sitharaman next month. Sources said that the Budget 2020-21 may take the sops announced earlier under the Aatmanirbhar Bharat package to help people in their fight against the Covid-19 pandemic further, by […]

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Tax Deduction: Middle Class Taxpayers May Gain From Budget 2021

New Delhi: Middle class tax payers may get a lot to cheer about the Budget proposals to be presented by Finance Minister Nirmala Sitharaman next month.

Sources said that the Budget 2020-21 may take the sops announced earlier under the Aatmanirbhar Bharat package to help people in their fight against the Covid-19 pandemic further, by raising the basic tax exemption limit for an individual income tax payee to Rs 5 lakh from Rs 2.50 lakh at present to enhance net disposable income in their hands.

In the interim budget of 2019, the government had proposed a rebate on all payable taxes if an individual’s taxable income is upto Rs 5 lakh per annum. But it kept the basic exemption levels unchanged.

Even last year, the basic exemption limit remain unchanged even though the government provided some relief to taxpayers by allowing them to choose between the existing tax regime and an alternative optional new tax regime with lower rates sans exemptions.

While the proposal to raise the basic tax exemption limit for individuals has come from different quarters, sources said that the Department of Revenue will take a call on its after examining the tax implications.

“This would also need to be assessed on basis of the potential number of taxpayers (estimated at 3.5 crore) who may fall out of mandatory tax return filing requirement. Subsequently, the other slab rates — both under the existing and new regime — can be adjusted on basis of the revised limits in line with the progressive tax rate system India has always adopted,” Parizad Sirwalla, Partner and Head, Global Mobility Services-Tax, KPMG Assurance and Consulting LLP India, said.

Also on the anvil is an increase in the level of standard deduction that is currently fixed at Rs 50,000. This is expected to provide relief to tax payers as medical reimbursement and travel allowance exemption were done away with from FY 2018-19 in lieu of the standard deduction. Higher levels of standard deduction will help individuals to keep with the ever-rising medical cost that has got amplified due to the pandemic and the rising fuel costs.

Sources said that while the level of deduction has not been worked out, if accepted, it may go up to Rs 75,000-Rs 1,00,000 based on various pre-budget recommendations given to the Finance Ministry.

Standard deductions ensure that all taxpayers have at least some income that is not subject to income tax. These generally increase each year due to inflation.

Government finances, that are contrained by lower growth in tax collections, is expected to be augmented in a big way through disinvestment and higher dividend receipts from the RBI. The spectrum auctions and sale of non-core assets of PSUs including their prized land bank may fill the coffers to the extent that the deficit may be prevented from going completely out of hand.

(IANS)

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Ban WhatsApp, Facebook: Traders’ Body Urges Govt https://odishatv.in/business_economy/ban-whatsapp-facebook-traders-body-urges-govt-508235 Sun, 10 Jan 2021 10:17:32 +0000 https://odishatv.in/?p=508235

New Delhi: The Confederation of All India Traders (CAIT) has strongly objected the new WhatsApp privacy policy through which all kinds of personal data, payment transactions, contacts, location and other vital information of a person who is using WhatsApp will be acquired by it and can be used for any purpose by WhatsApp. In a […]

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Ban WhatsApp, Facebook: Traders' Body Urges Govt

New Delhi: The Confederation of All India Traders (CAIT) has strongly objected the new WhatsApp privacy policy through which all kinds of personal data, payment transactions, contacts, location and other vital information of a person who is using WhatsApp will be acquired by it and can be used for any purpose by WhatsApp.

In a communication sent to Minister for Information Technology Ravi Shankar Prasad, CAIT has demanded that the government should immediately restrict WhatsApp from implementing the new policy or put a ban on WhatsApp and its parent company Facebook.

Ban WhatsApp, Facebook: Traders’ Body Urges Govt (PC: Twitter/@CAITIndia)

Facebook has more than 200 million users in India and enabling it to access data about every user by a company can pose a serious threat to not only the economy but even to the security of the country.

“It reminds us of the days of East India Company who entered India to trade salt only and invade the country but at this time it is the data which is very crucial to wreck the backbone of economy, social structure, etc. The Facebook- WhatsApp combine has shown their true colours by first facilitating the Indians to use Facebook and WhatsApp without any charge but now seeking access to data, its ultimate object seems to control trade & economy of India beside other hidden agenda,” CAIT said.

WhatsApp is to implement its changed Privacy Policy from next month in India which will force people using WhatsApp to accept the changed terms if they want to avail the usage of WhatsApp or else they will have to delete the WhatsApp from their mobile.

“The changed privacy policy of WhatsApp is an encroachment on privacy of an individual & runs against the basic fundamentals of Constitution of India and therefore the CAIT has demanded immediate intervention of the Government,” said CAIT National President B. C. Bhartia and Secretary General Praveen Khandelwal in a joint statement issued on Sunday.

Bhartia and Khandelwal said, “In its new privacy policy, WhatsApp is forcing the user to accept the new terms and it’s a common phenomenon that most of them without reading the terms would just go ahead and accept it without realising what WhatsApp is changing under the new terms. It does not give a choice to the user to stay on the platform without accepting the revised terms which is also an encroachment on independence of a person. How can a company operating in India force the users to accept its arbitrary and one sided terms.”

The new rules will be implemented next month, and if a user doesn’t accept the policy, then he has to delete the WhatsApp application from his mobile.

Bhartia and Khandelwal said what they could understand is that WhatsApp aims to obtain more data about each user which will enable it to know account information, including phone number, address book information, status information, also all the data on transactions and payments and this data may be linked with its new application, WhatsApp payments.

It will be disastrous when this data will be used by both WhatsApp and Facebook for various purposes, including the enablement of Facebook to use data with an e-commerce portal or compromising data with various companies to earn commercial benefits. Since Facebook being the parent Company of WhatsApp will be able to access all such data, CAIT said.

It will cause much disturbance when WhatsApp can collect data about usage, the kind of phone user is using and his location. Through new terms, WhatsApp will also access the bank account of the user. Not only this but WhatsApp will know what user is paying you and to whom and other related details like what is purchased and what will be the location of delivery. It can track every user, CAIT said.

By obtaining such huge data they will accurately know the purchasing and spending behaviour of users, what they eat, volume of requirements of various items, travels and destinations, usage of flights, railways, cab, road transport, etc.

(With IANS Inputs)

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Avail Rs 2 Lakh Loan In 5 Mins! Beware, It Could Be A Trap https://odishatv.in/business_economy/avail-rs-2-lakh-loan-in-5-mins-beware-it-could-be-a-trap-508153 Sun, 10 Jan 2021 05:18:58 +0000 https://odishatv.in/?p=508153

Bhubaneswar: Ever got an SMS regarding enticing loan offer on your mobile phone? Think twice before clicking such links as it could be a trap set up by cyber fraudsters. The State Bank of India (SBI) has warned its users to be extra vigilant about various ‘Instant Loan Apps’, the links of which are easily […]

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Avail Rs 2 Lakh Loan In 5 Mins! Beware, It Could Be A Trap

Bhubaneswar: Ever got an SMS regarding enticing loan offer on your mobile phone? Think twice before clicking such links as it could be a trap set up by cyber fraudsters.

The State Bank of India (SBI) has warned its users to be extra vigilant about various ‘Instant Loan Apps’, the links of which are easily available on various social media platforms.

The SBI has also urged its customers to check the terms and conditions of the offer before advancing further. Besides this, the users should avoid clicking on ‘suspicious links’.

Before downloading any app, people should check its authenticity before downloading/ installing on their mobile phones.

“Beware of fraudulent instant loan apps! Please do not click on unauthorized links or provide your details to an entity impersonating as SBI or any other bank,” tweeted SBI.

The SBI has also warned its customers to be alert on social media and not fall for any misleading and fake messages as they might end up in losing their hard earned money to such tricks of the cyber fraudsters.

The people should always search for queries regarding all their financial needs from the official websites of SBI or any other banks.

The State Bank Of India (SBI) had recently safety tips for users to keep their ATM debit card and PIN ‘protected’.

-Use your hand to cover the keypad while using an ATM card at the ATM or POS machine.

-Never share your PIN/Card details

-Never write the PIN on your card

-Do not respond to text messages, emails or calls asking for your card details or PIN

-Do not use numbers from your birthday, phone or account number as PIN

-Dispose of or safely put away your transaction receipt

-Look for spy cameras before you start your transaction

-Beware of keypad malfunction, heat mapping and shoulder surfing while using the ATM or POS machine.

-Make sure to sign up for transaction alerts.

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COVID-19 Vaccine Rollout & Gradual Revival Pushed Crude Oil Prices Above $50 Per Barrel: Report https://odishatv.in/business_economy/covid-19-vaccine-rollout-gradual-revival-pushed-crude-oil-prices-above-50-per-barrel-report-508102 Sat, 09 Jan 2021 17:26:42 +0000 https://odishatv.in/?p=508102

Mumbai: The rollout of Covid-19 vaccines coupled with a gradual revival in demand has enabled crude oil prices to surge above $50 per barrel level in December 2020 for the first time in FY21, India Ratings and Research (Ind-Ra) said in a report. Besides, the report said the 1 million barrel per day (mb/d) production […]

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COVID-19 Vaccine Rollout & Gradual Revival Pushed Crude Oil Prices Above $50 Per Barrel: Report

Mumbai: The rollout of Covid-19 vaccines coupled with a gradual revival in demand has enabled crude oil prices to surge above $50 per barrel level in December 2020 for the first time in FY21, India Ratings and Research (Ind-Ra) said in a report.

Besides, the report said the 1 million barrel per day (mb/d) production cut announced by Saudi Arabia against the combined 75,000b/d increase granted to Russia and Kazakhstan for February and March 2021 would support the prices in the coming months.

“Ind-Ra believes that any further increase in crude oil price remains susceptible to the successful rollout of a vaccine globally along with effective containment of virus mutations,” it said.

The agency also pointed out that domestic crude production fell 4.9 per cent year-on-year (yoy) in November.

“During the month, the production volumes of Oil and Natural Gas Corporation Limited, Oil India Limited and fields under production-sharing contracts decreased 1.5 per cent yoy, 6.5 per cent yoy and 12.6 per cent yoy, respectively.

“Domestic production remained stable month on month (mom) during the month. On a cumulative basis, a fall of 5.6 per cent yoy in domestic crude production was registered during April-November 2020,” the report said.

It further said that domestic consumption declined 3.5 per cent in a YoY basis to 17.8 mmt while the petroleum product output and exports declined 4.8 per cent to 21.4 mmt and 33.7 per cent to 4.1 mmt, respectively, in November 2020.

“On a cumulative basis, production, domestic consumption and exports declined 14.9 per cent yoy, 14.1 per cent yoy and 14.2 per cent yoy respectively, during April-November 2020,” it said.

In addition, it said that natural gas (NG) production fell 9.1 per cent YoY to 2,331 million metric standard cubic metre (mmscm) in November 2020.

(With IANS Inputs)

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Vistara Grand Offer: Book Flight Tickets At Just Rs 1299, Check Details Here https://odishatv.in/business_economy/vistara-grand-offer-book-flight-tickets-at-just-rs-1299-check-details-here-508080 Sat, 09 Jan 2021 14:57:31 +0000 https://odishatv.in/?p=508080

To commemorate six years of service in India, Vistara has announced a bumper offer for the air travelers. The airline has launched a two-day ‘The Grand 6th Anniversary Sale’ wherein it is facilitating the passengers to board flights at discounted fares starting Rs 1299. “Six Glorious Years – We are ecstatic to be completing 6 […]

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Vistara Grand Offer: Book Flight Tickets At Just Rs 1299, Check Details Here

To commemorate six years of service in India, Vistara has announced a bumper offer for the air travelers. The airline has launched a two-day ‘The Grand 6th Anniversary Sale’ wherein it is facilitating the passengers to board flights at discounted fares starting Rs 1299.

“Six Glorious Years – We are ecstatic to be completing 6 glorious years of flying the skies and taking people home. In celebration of this milestone, we are happy to announce a 48-hour only ‘The Grand 6th Anniversary Sale’ across our domestic network. One-way all-in fares start at Rs 1299 for Economy Class, Rs 2099 for Premium Economy, and Rs 5999 for Business Class,” Vistara has said.

As per sources, bookings opened from 12:01 AM on January 8, 2021 and will continue till 11:59 PM of 9th January 2021, for travel between 1st April 2021 and 30th September 2021 (blackout dates apply).

What this means is passengers only have 3-4 hours left to grab this offer and book their tickets at discounted price.

Those wish to fly can book tickets now via Vistara’s website airvistara.com, the airline’s iOS and Android mobile apps, at Vistara’s Airport Ticket Offices (ATOs), through Call Centre, and through Online Travel Agencies (OTAs) and also travel agents.

Scroll further to view the exhaustive list of discounted fares across destinations.

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Online Fraud: Here Are The Tips From SBI To Keep Your Money Safe https://odishatv.in/business_economy/online-fraud-here-are-the-tips-from-sbi-to-keep-your-money-safe-507906 Sat, 09 Jan 2021 05:29:27 +0000 https://odishatv.in/?p=507906

Bhubaneswar: With cyber fraudsters on the prowl for their next targets round-the-clock, people need to be extra cautious while doing all their monetary transactions online as well as at various ATM kiosks. The State Bank Of India (SBI) has released important safety tips for users to keep their ATM debit card and PIN ‘protected’. The […]

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Online Fraud: Here Are The Tips From SBI To Keep Your Money Safe

Bhubaneswar: With cyber fraudsters on the prowl for their next targets round-the-clock, people need to be extra cautious while doing all their monetary transactions online as well as at various ATM kiosks.

The State Bank Of India (SBI) has released important safety tips for users to keep their ATM debit card and PIN ‘protected’.

The SBI has the largest network with 50,000 plus ATMs across the country.

Here are the key safety tips while using your ATM cards:

  • Use your hand to cover the keypad while using an ATM card at the ATM or POS machine.
  • Never share your PIN/Card details
  • Never write the PIN on your card
  • Do not respond to text messages, emails or calls asking for your card details or PIN
  • Do not use numbers from your birthday, phone or account number as PIN
  • Dispose of or safely put away your transaction receipt
  • Look for spy cameras before you start your transaction
  • Beware of keypad malfunction, heat mapping and shoulder surfing while using the ATM or POS machine.
  • Make sure to sign up for transaction alerts.

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Sensex Rallies 689 Pts To End At Fresh High https://odishatv.in/business_economy/sensex-rallies-689-pts-to-end-at-fresh-high-507759 Fri, 08 Jan 2021 11:49:41 +0000 https://odishatv.in/?p=507759

Mumbai: Equity benchmark Sensex soared 689 points to end at a fresh all-time high on Friday, led by Infosys, TCS and Reliance amid strong buying sentiment in global equities. The 30-share BSE index closed 689.19 points or 1.43 per cent higher at 48,782.51. It touched an intra-day record of 48,854.34. Similarly, the broader NSE Nifty […]

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Sensex Rallies 689 Pts To End At Fresh High

Mumbai: Equity benchmark Sensex soared 689 points to end at a fresh all-time high on Friday, led by Infosys, TCS and Reliance amid strong buying sentiment in global equities.

The 30-share BSE index closed 689.19 points or 1.43 per cent higher at 48,782.51. It touched an intra-day record of 48,854.34.

Similarly, the broader NSE Nifty rallied 209.90 points or 1.48 per cent to close at its record high of 14,347.25. During the day, the index scaled a life-time peak of 14,367.30.

Maruti was the top gainer in the Sensex pack, rising around 6 per cent, followed by Tech Mahindra, Infosys, UltraTech Cement, PowerGrid and NTPC.

On the other hand, IndusInd Bank, Bharti Airtel, SBI, ITC and HDFC were the laggards.

According to Binod Modi, Head-Strategy at Reliance Securities, growing expectations of stronger fiscal stimulus in the US after Congress confirmed President-elect Joe Biden’s victory have fuelled equities rally globally.

“Markets completely downplayed earlier concerns of reversal of lower tax rates in the scenario of Democrats taking control of both the houses of Congress,” he added.

A sustained rebound in key economic data for December 2020 and likely commencement of vaccination drive shortly in India augur well for domestic equities, he said, adding that the underlying strength of domestic equities is intact, which essentially can propel benchmark indices to witness fresh highs in coming weeks.

“FPIs are unlikely to turn net sellers barring select weeks of days considering the status of global economy, stance of global central bankers and weak dollar,” he stated.

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

Stock exchanges in Europe were also trading on a positive note in early deals.

Meanwhile, the global oil benchmark Brent crude was trading 0.59 per cent higher at USD 54.70 per barrel.

Rupee Recovers 7 Paise To Close At 73.24 A Dollar

The Indian rupee staged a smart recovery from the day’s lowest level to end 7 paise higher at 73.24 against the US dollar on Friday, tracking an intense rally in domestic equities.

Starting off on a sluggish note, the Indian unit fell to a low of 73.45 against the American currency during the session, but pared all its intra-day losses to finish at 73.24.

For a better part of the session, the rupee remained under pressure due to stronger American currency against key rivals and surging crude oil prices, eventually capping its gains.

The rupee had closed 20 paise lower at 73.31 a dollar on Thursday.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.12 per cent to 89.93.

Global crude oil benchmark Brent was trading higher by 0.31 per cent at USD 54.69 per barrel.

On the domestic equity market front, the BSE Sensex zoomed 689.19 points or 1.43 per cent to close at a record 48,782.51, while the broader NSE Nifty surged 209.90 points or 1.48 per cent to 14,347.25.

Foreign investors bought shares worth Rs 382.30 crore on a net basis on Thursday, according to exchange data.

(With PTI Inputs)

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Elon Musk Becomes World’s Richest Person, Surpasses Jeff Bezos https://odishatv.in/business_economy/elon-musk-becomes-worlds-richest-person-surpasses-jeff-bezos-507549 Thu, 07 Jan 2021 16:59:54 +0000 https://odishatv.in/?p=507549

San Francisco: Creating history, Tesla and SpaceX CEO Elon Musk, who had once decided to sell off Tesla owing to poor results, became the richest person on the planet, going past Amazon Founder Jeff Bezos on Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. A 4.8 per cent rally in Tesla’s share […]

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Elon Musk Becomes World's Richest Person, Surpasses Jeff Bezos

San Francisco: Creating history, Tesla and SpaceX CEO Elon Musk, who had once decided to sell off Tesla owing to poor results, became the richest person on the planet, going past Amazon Founder Jeff Bezos on Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.

A 4.8 per cent rally in Tesla’s share price on Thursday took Musk past Bezos, with a net worth of $188.5 billion, 1.5 billion more than Bezos, who has held the top spot since October 2017.

Musk’s net worth increased by more than $150 billion this year and Tesla’s share price surged a massive 743 per cent last year.

He told Axel Springer in an interview last month that the key purpose of his wealth is to “accelerate humanity’s evolution into a spacefaring civilisation”.

The world’s 500 richest people added a record $1.8 trillion to their combined net worth last year, according to Bloomberg Billionaires Index.

Tesla delivered 499,550 vehicles in 2020, slightly missing its most recent guidance of 5,00,000 vehicles.

In the fourth quarter, Tesla delivered 1,61,650 Model 3 and Model Y cars and produced 1,63,660 such vehicles.

The automaker also delivered 18,920 Model S and X vehicles and produced 16,097 of them.

“In 2020, we produced and delivered half a million vehicles, in line with our most recent guidance. In addition, Model Y production in Shanghai has begun, with deliveries expected to begin shortly,” the company said in a statement last week.

The company achieved the feat despite closing its new factory in China as well as its vehicle plant in Fremont, California for several weeks as the new coronavirus spread.

Musk also tweeted: “So proud of the Tesla team for achieving this major milestone! At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all”.

Tesla delivered 88,400 vehicles in Q1, and 90,650 vehicles in Q2.

In October, Tesla said it delivered 1,39,300 vehicles during the third quarter, slightly better than the 1,37,000 Wall Street had expected.

For the year, Tesla delivered 4,42,511 Model 3 and Model Y cars, while producing 4,54,932 of the vehicles. It delivered 57,039 Model S and Model X cars while producing 54,805 such vehicles.

Musk has proclaimed that he wants to increase Tesla’s vehicle sales volume from about 5,00,000 in 2020 to 20 million annually over the next decade.

Late last month, Musk told Tesla employees in an email to ‘go all out’ in order to achieve the 5 lakh vehicle delivery goal.

(With IANS Inputs)

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‘New Law Puts Paan, Bidi Sellers In Same Crime List Category As Acid Throwers’ https://odishatv.in/business_economy/new-law-puts-paan-bidi-sellers-in-same-crime-list-category-as-acid-throwers-507362 Thu, 07 Jan 2021 08:56:55 +0000 https://odishatv.in/?p=507362

New Delhi: Federation of Retailer Association of India (FRAI), a representative body of about 4 crore micro, small and medium retailers from across the country on Thursday appealed to Prime Minister Narendra Modi to intervene and order a recall of the proposed 2020 amendments in the COTPA law which threaten to further attack the livelihoods […]

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Paan Sellers

New Delhi: Federation of Retailer Association of India (FRAI), a representative body of about 4 crore micro, small and medium retailers from across the country on Thursday appealed to Prime Minister Narendra Modi to intervene and order a recall of the proposed 2020 amendments in the COTPA law which threaten to further attack the livelihoods of petty retailers selling tobacco and related products across India.

FRAI represents the interests of the poorest of the poor in the country and raises issues which impact their employment opportunities and also render help to such people who are unable to express their views.

FRAI members sustain their livelihood by selling goods of daily needs which are demanded by general public like biscuits, soft drinks, mineral water, cigarettes, bidi, pan etc. in the neighbourhood. The profit of these micro retailers in selling these essential products works out to about Rs 15,000 per month which is barely adequate to feed two square meals a day to their family members.

The Coronavirus triggered lockdowns and economic destruction has further damaged the economic condition of small retailers and any further adverse policy which destabilizes their business activity will be devastating.

FRAI and its member organisations from all over the country are “disturbed by the undemocratic amendment” of CoTPA bill 2020 proposed by the Ministry of Health, which disallows retail sale of loose sticks of cigarettes, prohibits sale of tobacco products persons below 21 years, put controls on in-shop advertising and promotion amongst others, as they seemed to be aimed at destroying the business for the smaller retailers without impacting large retailers.

Speaking on the issue, Ram Asre Mishra, President, Federation of Retailers Association of India, said: “We humbly appeal for the Hon’ble Prime Minister’s empathy and request him to instruct the designated ministry to immediately roll back the proposed COTPA amendments as they are extremely harsh. By making age old trade practices like selling loose cigarettes a cognizable offence and an imprisonment of 7 years for small violations makes small traders look like heinous criminals. Compared to a 2-year imprisonment for extortion or for dangerous driving that can cause death, this is the extreme of the extremes. This puts paan, bidi and cigarette sellers in the same crime list category as a person voluntarily throwing acid on someone or causing death by negligence etc. How can anybody be so insensitive while drafting the amendment towards poor, marginalized people who are struggling to earn their daily living?”

“Already India has the toughest tobacco control laws in the world which has led to degrowth in legal tobacco consumption. Current laws have only helped illicit and smuggled cigarettes to grow benefiting anti-social elements. Then why these extra harsh tobacco control measures have become more important than other health issues like fighting deadly diseases such as coronavirus, diabetes, obesity, mental health, and diseases caused by rising air pollution etc. Unlike Coronavirus, policy changes like these are totally in the hands of our policy makers and should be given a serious human consideration. Today, we feel victimised and targeted as a community and plead for the mercy of PM Modi,” he added.

Gulab Chand Khoda, Joint Secretary, FRAI, said: “Our members provide various products to consumers based on the necessities. The tobacco products such as cigarettes and bidis are also included in the products offered by our members. As per law, we do not sell do not sell tobacco products to minors. In a congested and heavily populated cities, such a restriction is impractical. Petty retailers will have to vacate their place without any means to support their livelihoods.”

The suggested amendment prohibits sale of tobacco products persons below 21 years (earlier this was 18 years).

In India, an 18-year-old person can cast his/her vote to elect government of choice, get a driving license. But it is draconian, that same person cannot exercise their choice when it to comes to buying a tobacco product, which is sold legally. The existing law already prohibits sale of cigarettes to minors, so there is no cause for concern that persons who do not understand implications are buying tobacco products, the FRAI said.

FRAI believes that few NGOs who work for foreign companies are constantly pressurizing the government to enforce unfair and unimplementable laws against small shopkeepers. These policies are helping big foreign and e-commerce companies at the cost of business of petty retailers.

FRAI and its members requested the Government to be practical and equitable, especially for the lowest socio-economic strata of society who are already struggling to make two ends meet and “not impose such harsh, arbitrary and unreasonable restrictions on our right to trade and livelihood”.

(IANS)

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