BUSINESS
People saving less, household savings moderate in Q3 FY21
According to Preliminary Estimates of Household Financial Savings released by Reserve Bank of India (RBI), household financial savings is placed at 8.2 per cent of GDP in Q3 of 2020-21. This is a sequential moderation for the second consecutive quarter after having spiked in the pandemic-hit first quarter of 2020-21.
Nirav Modi loses first stage of extradition appeal in UK court
An official of the high court confirmed that the permission to appeal was "rejected on paper" on Tuesday. The latest rejection leaves Nirav Modi with one chance to make his case at a brief oral hearing in the high court with a renewed "leave to appeal" application for a judge to determine if it can proceed to a full appeal hearing.
PSBs to get Rs 9k cr from assets of economic offenders, FM assures cases being actively pursued
Taking to Twitter, Union Finance Minister Nirmala Sitharaman on Wednesday said that fugitives and economic offenders will be actively pursued and dues would be recovered by attaching their properties. "Fugitives & economic offenders will be actively pursued; their properties attached & dues recovered. #PSBs have already recovered Rs 1357 Cr by selling such shares. A total of Rs 9041.5 Cr shall be realised by banks through sale of such attached assets," she said.
Cabinet nod to pact with Caribbean nation to fight offshore tax evasion
Under the pact, both the countries will exchange information and assistance in respect of collection of taxes. An official statement said this is a new agreement between the Republic of India and Saint Vincent and The Grenadines and there was no such agreement in the past between the two countries.
People saving less, household savings moderate in Q3 FY21
According to Preliminary Estimates of Household Financial Savings released by Reserve Bank of India (RBI), household financial savings is placed at 8.2 per cent of GDP in Q3 of 2020-21. This is a sequential moderation for the second consecutive quarter after having spiked in the pandemic-hit first quarter of 2020-21.
For travel operators, second wave clogs rebound route, revenues to touch only 40% of pre-pandemic levels in FY22
While companies have raised capital last fiscal and will continue with cost-control measures to cut cash losses, a significant decline in travel, and continued uncertainty about the pandemic will weigh negatively on their credit profiles. This is as per Crisil's study of three sector majors that account for over half of the domestic tours and travel industry, with a reported revenue of Rs 11,300 crore in fiscal 2020.
Stock Talk: Top IT companies on Sensex today
The IT industry accounted for 8% of India’s GDP in 2020. Exports from the Indian IT industry are expected to increase by 1.9% to reach US$ 150 billion in FY21. In 2020, the IT industry recorded 138,000 new hires.
SBI may need to raise only up to Rs 9K cr in capital in FY22
Country's largest bank State Bank of India may raise only up to Rs 9,000 crore in capital through additional tier I bonds (AT1 bonds) in current financial year (FY22). Official sources said that the bank is sitting with a sound capital adequacy ratio (CAR) of 13.74 per cent and expects loan growth to touch close to 9 per cent in FY22.
Nirmala Sitharaman calls for changing financing and development priorities
Speaking at the forum co-organised by InfrastructureAsia, EnterpriseSingapore, Ministry of Finance Singapore and Monetary Authority of Singapore, Sitharaman called for re-thinking financing and development priorities for inclusive, sustainable and resilient infrastructure. She emphasised on prioritising healthcare and education, ensuring resilience of global supply chains and creating infrastructure aligned with SDGs.
Economic shocks from 2nd Covid wave will be less severe
The second wave of COVID-19 and the subsequent lockdowns came as India had been on a steady path toward economic recovery and double-digit growth. The virus resurgence adds uncertainty to India's growth forecast for 2021; however, it is likely that the economic damage will remain restricted to the April-June quarter.
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