SBI lowers India's FY22 growth forecast to 7.9%

The latest SBI Ecowrap report has projected a 7.9 per cent growth for India's GDP, down from its previous projection of 10.4 per cent growth.

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Govt permits supply of liquid oxygen to certain industries, projects on temporary basis

This supply, however, would be subjected to ensuring adequate supply of liquid medical oxygen to hospitals and other medical purposes as per demands of states/UTs as well as adequate supply to industries/sectors such as ampules and vials, pharmaceuticals, manufacturing of oxygen cylinders and PSA plants, neutral glass tubing and defence forces.

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India's GDP to grow at 9.3 per cent in FY22 and 7.9 per cent in FY23, says Moody's

"We expect a decline in economic activity in the April-June quarter, followed by a rebound, resulting in real, inflation-adjusted GDP growth of 9.3 per cent in the fiscal year ending March 2022 and 7.9 per cent in fiscal 2022-23," it said.

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Rules protect rights of users, were framed because social media giants failed to do so: Ravi Shankar Prasad

IT and law minister Ravi Shankar Prasad has been in the thick of things as the new guidelines for social media became a flashpoint for a showdown between the government and Twitter and WhatsApp over issues of privacy and free speech.

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India's factory activity growth slipped in May as demand fell: PMI

The Nikkei Manufacturing Purchasing Managers' Index , compiled by IHS Markit, fell to 50.8 in May from 55.5 in April, its lowest since July 2020. That was only just above the 50-mark separating growth from contraction.

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Let’s invest $50 bn to end the pandemic. This is the best use of public money the world will see in our lifetimes

At an estimated $50 billion, it will bring the pandemic to an end faster in the developing world, reduce infections and loss of lives, accelerate the economic recovery, and generate some $9 trillion in additional global output by 2025. It is a win for all – while around 60% of the gains will go to emerging markets and developing economies, the remaining 40% will benefit the developed world.

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Why a stimulus can’t wait: Second wave has created massive uncertainty. Only answer is massive spending

Four months after Sitharaman’s best budget, the worst sort of uncertainty confronts every economic decision-maker, from migrant workers to middle class professionals to maharajas of India Inc.

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Promoters restructuring holding entities to LLP to escape from RBI could face tax trouble

High net worth individuals looking to convert their investment holding entities into limited liability partnership firms to avoid Reserve Bank of India scrutiny may run into tax trouble.

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View: How to build a great firewall with Indian characteristics

The bigger concern for India is not that India is taking a leaf from Brazil’s playbook, but that it’s dragging the country backward to the China of 2006. That’s when Beijing was powering up The Great Firewall, a project that would prevent outside information from flowing into the nation and allow authorities to control what was shared internally.

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Rescuers question what3words' use in emergencies

Mountain Rescue in England and Wales shows the BBC dozens of wrong addresses it has been given.

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Mountain Rescue in England and Wales shows the BBC dozens of wrong addresses it has been given.

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View: South Asia should pay attention to its standout star -- Bangladesh

India — eternally confident about being the only South Asian economy that matters — now must grapple with the fact that it, too, is poorer than Bangladesh in per capita terms. India’s per capita income in 2020-21 was a mere $1,947.

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Why electric cars will take over sooner than you think

The BBC's Justin Rowlatt explains why we are accelerating towards an electric car future.

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The BBC's Justin Rowlatt explains why we are accelerating towards an electric car future.

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Non-food bank credit grows at 5.7 pc in April: RBI data

The growth in advances to agriculture and allied activities accelerated to 11.3 per cent in April 2021 as compared to a 4.7 per cent growth in April 2020, the data on Sectoral Deployment of Bank Credit – April 2021, released by the Reserve Bank of India on Monday, showed.

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India's GDP grows 1.6% in Q4, annual contraction of 7.3% in FY 20-21

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GDP contracts 7.3% in FY21 as Q4 sees 1.6% growth; focus shifts to second wave's impact on Q1

Gross Value Added (GVA), which is a more accurate way of assessing the actual growth in the economy, contracted by 6.2% for the entire year.

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CPI-IW in April eases to 5.14% compared to 5.64% in March

The All-India CPI-IW for April, 2021 increased by 0.5 points and stood at 120.1 (one hundred twenty and point one). On 1-month percentage change, it increased by 0.42 per cent with respect to the previous month compared to an increase of 0.92 per cent recorded between corresponding months a year ago.

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Reduction in import duty for edible oil should be postponed: Industry

“We have indicated to the government that with international values coming down recently, it may not be a bad idea to revisit duty reduction measures only after kharif oil seed planting is over to ensure no negative signals go to our oilseed farmers,” said BV Mehta, executive director of the Soybean Extractors Association of India (SEA).

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Core sector output growth at 56% in April on low-base effect, sequential decline at 15% due to second wave

The April figures have been high largely due to the base effect but may have been tempered by the impact of local lockdowns on economic activity.

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Monthly GST return filing deadline extended till June 26

The GST Council, chaired by the Union Finance Minister and comprising state counterparts, on May 28 had decided to extend certain compliance relaxations on account of COVID-19.

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Technew

Instagram says its ranking system had a "bigger impact than expected" on some types of posts.

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2nd Covid wave: Over 6 crore EPFO subscribers dip into their provident fund kitty

Yogima Seth Sharma“During the second wave of Covid-19 pandemic, ‘mucormycosis’ or black fungus has been declared an epidemic recently. In such trying times, EPFO endeavours to lend a helping hand to its members by meeting their financial needs,” EPFO said in a statement.

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Retail inflation for industrial workers eases to 5.14 per cent in April

According to the statement, food inflation stood at 4.78 per cent in April against 5.36 per cent in the previous month. The same was at 6.56 per cent in April 2020. The All-India CPI-IW (Consumer Price Index-Industrial Workers) for April 2021 increased by 0.5 points and stood at 120.1 points from 119.6 points in March.

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India's 2020-21 fiscal deficit at 9.3% of GDP

For this financial year, the government had initially pegged the fiscal deficit at Rs 7.96 lakh crore or 3.5 per cent of the GDP in the budget presented in February 2020.

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Record surge in COVID-19 infections deeply impacts business sentiments, says Ficci survey

According to FICCI's Business Confidence Survey, there was a "sharp deterioration" in the optimism level of corporate India vis-a-vis the previous survey.

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Gaza conflict: Instagram changes algorithm after alleged bias

Instagram says its ranking system had a "bigger impact than expected" on some types of posts.

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Massive influx of soyabean oil from Nepal into India flouting Rules of Origin hurting domestic industry and farmers, alleges SEA

"What started as a trickle in the beginning has assumed alarming proportions and is now threatening the very survival of the vegetable oil refining industry in eastern and northern India but also resulting in huge revenue loss to the government of India. It destroys our markets and the very purpose of keeping high import duties on edible oils is getting negated," the SEA letter said.

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Esports' popularity 'only scratching the surface'

Traditional sport must 'shift' to attract new audiences says the boss of a major esports team.

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'I lost millions through cryptocurrency addiction'

Jake got addicted to trading cryptocurrency and lost more than £1m of money that was not his.

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Technew

Traditional sport must 'shift' to attract new audiences says the boss of a major esports team.

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Technew

Jake got addicted to trading cryptocurrency and lost more than £1m of money that was not his.

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Reopening doesn't mean victory over Covid-19: Uday Shankar, FICCI

"The cases are still very high, but they have dropped down from where they were to less than half and we are going to start considering reopening of the economy."

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View: WhatsApp case is about you, the average internet user. So here are a few things you must know

For close to 740 million Indian internet subscribers, it is important they understand that neither WhatsApp nor the govt is completely supportive of their right to privacy. We must expect less from WhatsApp than our govt. WhatsApp is a technology business. Our govt, though, has the primary responsibility of protecting our constitutional rights.

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Noisy appliances: How loud is your house?

Environmental consultancy Quiet Mark is on a mission to ensure technology is seen but barely heard.

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Environmental consultancy Quiet Mark is on a mission to ensure technology is seen but barely heard.

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Covid-19: Let Budget schemes kick in before asking about stimulus, says finance minister Nirmala Sitharaman

Finance minister Nirmala Sitharaman has said that there is no need to rush with an immediate stimulus in response to the Covid second wave as Budget announcements, including on spending, are yet to fully seep into the economy with just two months of the financial year having passed.

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HCL to donate quality seeds to 20k farmers in Hardoi, Lucknow ahead of kharif sowing

Apart from seeds, the company is also ensuring that timely and sufficient supply of other agri-inputs like fertilisers and pesticides are made available for sale at the Hardoi Kisan Farmers' Producers' Organisation, it said.

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RBI's new norms to help enhance audit quality, transparency, add value: Experts

In April, the Reserve Bank issued a circular putting in place the new norms for appointment of statutory central auditors and statutory auditors for commercial banks, large urban co-operatives and large non-banks and housing finance companies.

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Neem-coated fertiliser helped reduce use of chemicals, raise crop yields: Gowda

"100 per cent neem-coated urea introduced in 2015-16 has helped reduce the use of chemicals, improved soil health, reduced pest and disease attack and increased yield," the minister tweeted.

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Government may lift restrictions on oxygen use for some priority industries in 2-3 days

​​ To make oxygen available to more people during the peak of the second wave of COVID-19, the Centre on April 25 had barred the use of liquid oxygen for any non-medical purpose and asked manufacturing units to maximise its production and make it available to the government for medical use.

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FDI in computer software, hardware jumps threefold to $26.14 billion in 2020-21: DPIIT data

The computer software and hardware sector accounted for about 43 per cent in the total $59.63 billion foreign inflows that India attracted in 2020-21.

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COVID-19: Labour ministry announces additional benefits under EPFO, ESIC schemes

These benefits include pension for dependents of insured persons with Employees' State Insurance Corporation (ESIC) who died due to COVID-19 and hike in maximum sum assured under the group insurance scheme Employees' Deposit Linked Insurance Scheme (EDLI), run by Employees' Provident Fund Organisation (EPFO), to Rs 7 lakh from Rs 6 lakh.

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Centre's FY22 GST compensation amount should be higher than projected Rs 1.58 lakh crore: Opp-ruled states

Finance ministers of Kerala, Punjab and Chhattisgarh said there was no consensus regarding the compensation requirement in 2021-22 in the May 28 GST Council meeting and a special session would be called only to discuss 'Revenue Augmentation and Post June 2022 compensation'.

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GST compliance relaxations, late fee rationalisation to help small taxpayers

For monthly and quarterly returns to be filed in the future, the late fee has been capped at Rs 500 for returns with no tax liability. In case of turnover above Rs 1.5 crore, late fee has been capped at Rs 2,000 and from Rs 1.5 crore to Rs 5 crore turnover, the late fee has been capped at Rs 5,000.

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ECLGS 4.0 to cover on site oxygen generation plants

“The modifications in ECLGS, would enhance the utility and impact of ECLGS by providing additional support to MSMEs, safeguarding livelihoods and helping in seamless resumption of business activity,” the ministry noted in its statement adding that these changes will further facilitate flow of institutional credit at reasonable terms.

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Rs 3 lakh crore loan guarantee scheme expanded to help small businesses recover from second Covid shock

According to the proposal, the Central government may look at permitting small businesses to borrow an extra 30 per cent of their credit limit. This is a sizeable bump-up from the 20 per cent announced last year.

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470 infra projects show cost overruns worth Rs 4.38 lakh crore

The average time overrun is 45.63 months. Reasons for time overruns as reported by various project implementing agencies include delay in land acquisition, delay in obtaining forest and environment clearances, and lack of infrastructure support and linkages.

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Dependants of Covid victims to get pension, other benefits

Prime Minister Narendra Modi said these steps will help mitigate financial difficulties faced by these families. “Family Pension under ESIC and EPFOEmployees’ Deposit Linked Insurance Scheme will provide a financial cushion to those families who have lost their earning member due to Covid-19. GOI stands in solidarity with these families,” he tweeted.

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ET Poll: FY21 GDP growth may have got a Q4 booster shot

“We peg the GDP growth for the just-concluded quarter at 2%, suggesting that the double-dip recession implied for Q4 FY2021 by the NSO’s second advance estimates for FY2021, was averted,” said Aditi Nayar, chief economist at ICRA. GDP grew 0.4% in the December quarter.

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Govt forms GoM to cut tax on Covid treatment

The eight-member panel, to be headed by Meghalaya chief minister Conrad Sangma, will submit its report by June 8, the finance ministry said in an office memorandum issued Saturday.

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Buying a pink NFT cat was a crypto nightmare

Trying to own a virtual feline proves to be an exhausting and expensive process.

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Technew

Trying to own a virtual feline proves to be an exhausting and expensive process.

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Second Covid wave: Govt's decision to carry on with infra projects & its impact on thousands of workers

Government decision to carry on with core sector projects at the peak of the second Covid wave has been a boon and a bane: it saved the livelihoods of millions but thousands of workers fell sick and many died at project sites.

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Assam govt to engage Project Management Consultants for projects, worth above Rs 100 cr

In a meeting with the senior officials of PWD (Building) and Health Department, Chief Minister Himanta Biswa Sarma took a review of several infrastructure projects and directed to fast track the implementation process.

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GoM to look into GST rates of Covid vaccine, drugs and related items set up

Tax rates on vaccines, drugs, medicines, Covid testing kits, medical grade oxygen, pulse oximeters, hand sanitizers, oxygen concentrators, generators, ventilators, PPE kits, N 95 masks, surgical masks, temperature checking equipment and any other item required for Covid relief, will be recommended by the group of ministers.

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Technew

The electric car company says it will now "detect inattentiveness" amid safety concerns.

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India set to export rice to the Philippines after reduction of import duty to 35%

In 2020-21, India’s rice exports almost doubled to an all-time high of 17.7 metric tonnes from 9.5 metric tonne in the previous financial year. There was an almost 4% increase in basmati exports to 4.45 metric tonnes and a 160% surge in non-basmati rice exports to 13.09 metric tonnes, according to data with Agricultural and Processed Food Products Export Development Authority.

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US pips Mauritius as second largest source of FDI in India in 2020-21: DPIIT data

During the last financial year, India attracted USD 5.64 billion in FDI from Mauritius, according to the data by the Department for Promotion of Industry and Internal Trade (DPIIT).

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Microfinance sector battles coronavirus pandemic to grow 17% year-on-year

The combined micro credit portfolio of all lenders stood at Rs 2,47,839 crore at the end of FY21 with banks accounting for 44% of the market. NBFC-MFIs contributed 32% to the total market size, microfinance industry association Sa-Dhan said.

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Harambe: Gorilla photo to be sold as an NFT five years after he was shot dead

Memes and vigils were sparked worldwide when the western lowland gorilla was shot dead five years ago.

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Memes and vigils were sparked worldwide when the western lowland gorilla was shot dead five years ago.

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Police raid cannabis farm, find Bitcoin mine

Police say they raided the building thinking they were going to find a cannabis farm.

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Deepfake pornography could become an 'epidemic', expert warns

A leading legal expert says new technology makes it much easier to abuse and harass women with fake porn videos.

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Self-driving vehicles to be trialled in Cambridge

It is hoped the vehicles, which carry up to 10 people, will transform public transport.

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Technew

Police say they raided the building thinking they were going to find a cannabis farm.

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Technew

A leading legal expert says new technology makes it much easier to abuse and harass women with fake porn videos.

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Technew

It is hoped the vehicles, which carry up to 10 people, will transform public transport.

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Investment recovery unlikely without consumption revival: Devendra Pant, India Ratings

"The growth number looks to be very difficult to predict as of now because more than any shock which economies can model with some extent of err, what we are struggling with right now and did last year is uncertainty."

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India-Singapore trade likely to be around $21 billion in 2020-21

Singapore has topped the list of foreign investment generators, accounting for 29 per cent of the record USD 81.72 billion foreign direct investment India received during the financial year 2020-21. The United States was the second FDI generator at 23 per cent and Mauritius third at 9 per cent.

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43rd GST Council meeting begins via video conferencing

"Finance Minister Nirmala Sitharaman chairing the 43rd GST Council meeting via video conferencing in New Delhi today. MOS Shri Anurag Thakur, Finance Ministers of States and UTs and Senior officers from Union Government and States are also present in the meeting," the Ministry of Finance tweeted.

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Must be cautious about FY22 growth predictions: Kaushik Das, Deutsche Bank

"When we talk about growth, there is a mechanical element that we are getting in FY22 just because of the low base effect of last year."

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Government considering FDI policy tweak to facilitate BPCL privatisation

At present, only 49 per cent FDI is permitted through automatic route in petroleum refining by the public sector undertakings (PSU), without any disinvestment or dilution of domestic equity in the existing PSUs. With this provision, a foreign player would not be able to buy more than 49 per cent stake in BPCL.

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