BUSINESS
India's eight core industries' April production rises over 56%
The Index of Eight Core Industries' reading for last month showed an expansion of over 56 per cent from (-) 37.9 per cent dip in output during the same month of last year. On a sequential basis, the output of eight major industries had risen by 11.4 per cent in March 2021. The pandemic-triggered national lockdown (from late March 2020) during Q1FY21 had a massive impact on the economy, which suffered a GDP contraction of 24.4 per cent.
Don't cite 2018 circular to warn against crypto investment, RBI tells banks
The clarification comes as media reports suggested that certain banks and regulated entities have cautioned their customers against dealing in virtual currencies (VCs) by making a reference to the RBI circular DBR No.BP.BC.104/08.13.102/2017-18 dated April 6, 2018.
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. However, it added: "We impart an upward bias to this number with the fervent hope of 1 crore vaccinations per day beginning mid-July as per Government projections."
India's FY21 fiscal deficit reaches 98.5% of revised target
The 2020-21 deficit -- the difference between revenue and expenditure -- has been enhanced to Rs 18.48 lakh crore or around 9.5 per cent of the GDP, as compared to the earlier target of Rs 7.96 lakh crore for the last fiscal. As per the Controller General of Accounts (CGA) data, the fiscal deficit 2020-21 period stood at over Rs 18.21 lakh crore, or 98.5 per cent of the revised estimates (RE).
Covid Casualty: India's FY21 GDP to down 7.3%
On a sequential basis, however, India's economy grew during the fourth quarter, which ended on March 31, 2021 by 1.6 per cent. The data furnished by the National Statistical Office (NSO) showed real GDP or Gross Domestic Product (GDP) at constant (2011-12) prices in year 2020-21 attained a level of Rs 135.13 lakh crore, as against the 'First Revised Estimate' of GDP for the year 2019-20 of Rs 145.69 lakh crore.
India needs to expand its waiver demand at WTO
Sourcing of these medical supplies has been the single biggest challenge for the governments across the world. One of the barriers to this has been the dependency on patent holders who only can decide who gets what. To address this, on October 2, 2020, India and South Africa made a proposal for Intellectual Property Rights (IPR) waiver of certain provisions of the TRIPS Agreements for the prevention, containment and treatment of Covid-19.
Nifty at record high, crosses 15,500 for the first time
It touched a record high of 15,508.50. Around 10.56 p.m., Nifty was trading at 15,507.10, higher by 71.45 points or 0.46 per cent from its previous close. The BSE Sensex was trading at 51,727.69, higher by 304.81 points or 0.59 per cent from its previous close.
India's last mile delivery to become $6B profitable market by 2024
"In the e-commerce sector, logistics is divided between captive and third-party logistics (3PL). The overall e-commerce shipments has grown from 817 million shipments in 2018 to 1,364 million shipments last year, and is expected to grow over 5,000 million by 2025," said Kanishka Mohan, a Director with RedSeer.
IFC plans to lend $50M for Rabobank India
The IFC and Rabobank India are also in discussions on the former's advisory services aiming to assist the latter in strengthening its internal knowledge of selected agriculture value chain players in some geographies in India as well as the design of lending products needed to finance CSA solutions.
SaveIN aims market expansion after pre-seed funding
The company, which has not disclosed the funding amount, got investments from a number of Indian and international angel investors and industry leaders across banking, consulting, blockchain, and fintech. The company is looking to use recently-raised funds to expand its market reach
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