BUSINESS
India's overall economic activity remains strong despite third wave: RBI Bulletin
"Overall economic activity in India remains strong, with upbeat consumer and business confidence and upticks in several incoming high frequency indicators," it said. "On the vaccination front, India has made rapid strides. On the Omicron variant, the recent data from the UK and South Africa suggest that such infections are 66 to 80 per cent less severe, with a lower need for hospitalisation. This has brightened near-term prospects and financial markets reflect this optimism."
Rationalise tariffs on mobile phone parts in Union Budget: ICEA
"With the 2021-22 Budget, there were duty rate increases on the inputs of mechanics, power banks, connectors, PCBA, camera modules, chargers, and true wireless stereo. These were not envisaged by us or MeitY, and were not even a part of the PMP architecture," said the industry's apex body in the letter. After earlier policy interventions, the charger industry had got well established in India with more than 60 manufacturing units producing over 600 million chargers, with good exports as well, the ICEA said.
Cryptocurrencies could attract tax rates similar to lottery, TDS provisions
Taxmann said in a note that a Bill was expected to be presented during the Winter Session of Parliament to regulate cryptocurrencies. However, it was not introduced, and it is now expected that the government may take up this Bill in the upcoming Budget Session. Considering the size of the market, the amount involved, and the risk coupled with cryptocurrencies, some changes may be brought in the taxation of cryptocurrencies in the Union Budget 2022-23, Taxmann said.
Jhunjhunwala-backed Metro Brands hits 20% upper circuit on Q3FY22 profits
During Q3FY22, the firm reported 53.2 per cent growth year-on-year in consolidated net profit at Rs 102 crore. Besides, the company's total revenue from operations rose 59 per cent to Rs 484 crore. "...we are pleased to see traction in all our concepts of Metro, Mochi, Walkway, and Crocs. We also are encouraged by the growth we have witnessed across the multiple Tiers of cities that we operate in and the continued growth of our ecommerce and omni channel business," Metro Brands Ltd CEO Nissan Joseph said on the performance of the company.
Stocks Rise: Healthy Q3 results buoy indices; realty scrips up
Globally, Asian share markets were mixed on Monday as a slew of Chinese economic data confirmed the deadening effect of coronavirus restrictions on consumer spending, prompting Beijing to again ease monetary policy. Similarly, European stock markets opened higher on Monday as investors look past concerns about looming US interest rate hikes and China's slowing economy.
'State of the World' address: Modi to speak on India-centric issues
From Covid-19 putting pressure on the Indian healthcare system to India's struggle with climate change, specially mentioning the Mumbai floods, Covid's impact of Indian school children from the rural areas to new emerging mental health problems among the public, the WEF has already mentioned all in its India-centric reports. Nearly 40 per cent of the students in underprivileged households in India have not been studying during school closures, according to a new report.
Income inequality worsens during Covid pandemic, 100 % increase registered in wealth of world's top 10 billionaires: Report
The rate of wealth transfer to the billionaires occurred at USD 1.5 billion per day, Oxfam reported in a virtual conference at the World Economic Forum (WEF) summit. Terming this as an “economic violence”, Oxfam said that the pandemic and associated lockdowns has plunged 160 million people into poverty across the world and the resultant income inequality is leading to 21000 deaths per day, as per a report by the AFP.
Walmart plans to enter Metaverse, sell NFTs
Walmart's trademark filings indicate that the company is looking to establish its own NFTs (non-fungible tokens) and cryptocurrency, reports CNBC. One of the trademark applications details possible "physical fitness training services" and "classes in the field of health and nutrition" that could take place in VR/AR environments.
Equities rise for six straight sessions
At 10.15 a.m., Sensex traded at 61,288 points, up 0.1 per cent from the previous close of 61,223 points. It opened at 61,219 points. Nifty traded at 18,280 points, up 0.1 per cent from the previous close of 18,255 points. It opened at 18,233 points.
CAIT urges Centre to exempt GST registration for e-commerce sale
GST runs contrary to the vision of "Digital India" of Prime Minister Narendra Modi, it said in a statement, and it urged the Finance Minister to set things right in consultation with the GST Council.
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