BUSINESS
Budget FY23: Realty seeks increase in approval time frame for rental housing
NAREDCO President Rajan Bandelkar said the Centre should increase the deduction of interest on home loan for self-occupied house from taxable income to at least Rs 5 lakh in order to promote the ownership concept. Currently, interest on borrowed capital to acquire a house for rental purposes is allowed in full. However, in the case of self-occupied houses, interest is restricted to Rs 2 lakhs, the council said in a statement.
Industry eyes increased fund allocation for health in budget
"The Indian pharmaceutical industry is of strategic importance for the country, providing access to affordable quality medicines across the world. The pharmaceutical industry is science-based and knowledge-driven with scientific developments evolving at a rapid pace. The budget should spur innovation and set the pace for taking the pharmaceutical industry to the next level," Sudarshan Jain, Secretary General, Indian Pharmaceutical Alliance, told IANS.
MapmyIndia declines since listing gains; Q3FY22 net profits, revenue fall YoY
Making its market debut on December 21, 2021, with over 50 premium over its issue price at Rs 1,565 on the National Stock Exchange, it had evidently attracted eyeballs of the potential investors during the IPO subscription. Its issue price was Rs 1,033. Founded in 1995, headquartered in New Delhi, MapmyIndia builds digital map data, telematics services, location-based Software-as-a-Service and GIS AI technologies.
Tax free work from home allowances for salaried employees likely in Budget
Budget 2022 might also introduce tax-free work-from-home allowances for salaried employees. Higher deductions for such expenses would increase the take-home salary. Also, direct tax collection has been robust in FY22. This can allow for greater limits for tax deductions, William O' Neil India, a company that provides financial services and information said in a note.
Battered by Covid, common folk crave for a miracle budget
The customary presentation of the Union Budget on February 1 invariably raises expectations that there may be a cut here or there to help people save money or earn more. The Budget presentation is all about big numbers, lots and lots of money, multi-million-rupee projects and schemes, and policy stipulations, but all that common folk care about are announcements of relief measures.
Automakers to suffer from chip, labour shortages amid new Covid surges
The general theme for semiconductors in 2021 was shortages in mature process technology nodes. The IDC expects tight semiconductor supply to continue through the first half of 2022 as the industry builds up inventory to normal levels. One of the key supply constraints for the semiconductor market was in mature process nodes.
With Budget due on Tuesday and FII's as sellers, expect market volatility to remain
Markets in India rose on one day and fell on three days in a four-day trading week. BSESENSEX lost 1,836.95 points or 3.11 percent to close at 57,200.23 points while NIFTY lost 515.20 points or 2.92 percent to close at 17,101.95 points. The broader indices saw BSE100, BSE200, and BSE500 lose 2.90 percent, 2.93 percent, and 2.99 percent respectively. BSEMIDCAP was down 3.07 percent while BSESMALLCAP lost 3.43 percent.
Pegasus snoopgate to spook upcoming Budget session
As per reports, the spyware Pegasus not only breaches WhatsApp as also the phone but is able to turn over the cellphones camera and microphone to capture all activities in the vicinity of the phone, besides hacking all the security features of the phone, including listening to and sending passwords, contact lists, calendar events, text messages, and live voice calls. It also can plant fake material into the cell phone to falsely incriminate people.
Geo-political tensions to flare-up rupee's weakness
Geo-political tensions emanating from the Russia-Ukraine conflict have spooked investors in India's equity markets, thereby triggering massive fund outflows. As per estimates, till now in January 2022, the FIIs have sold over Rs 30,000 crore worth of equities due to various global factors, including the US Fed's plans to tighten its monetary policy. Notably, any rate hike by the US Fed drives away FIIs from India and other emerging markets.
SBI withdraws circular on pregnant womens' employment eligibility
In a statement on Saturday, SBI said it has decided to keep the revised instructions regarding recruitment of pregnant women candidates in abeyance. Accordingly, SBI recently reviewed the various 'Fitness Standards for Recruitment' in the Bank, including norms for 'Pregnant Women' candidates. "SBI has always been proactive towards the care and empowerment of its women employees who now constitute around 25 per cent of our workforce."
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