BUSINESS
RBI asks banks to put in place policy to refund 'interest on interest'
In a major relief to big borrowers, the Supreme Court last month ruled that no penal or compound interest would be charged on any loans, including those above Rs 2 crore, during the six-month moratorium announced by the government against the backdrop of the Covid-19 pandemic.
IMF chief urges policymakers to foster fair recovery
"The good news is that there is light at the end of the tunnel. After the worst global recession since the second world war, the recovery is underway," Georgieva said in her opening remarks at a virtual press conference during the IMF/World Bank Spring Meetings on Wednesday, Xinhua news agency reported.
Rise in prices of pulses, veggies and eatables upsets kitchen budgets
With the import of edible oil becoming more expensive and diesel prices rising in the country, items of everyday consumption have become even more expensive. The problems of the common man have been further compounded by the resurgence of Covid-19 cases in the country.
Resurgent Covid: Rising infections to subdue growth
Besides, economy watchers cite partial restrictions as well as localised lockdowns as real "demand killers".However, the shock of the initial lockdown in 2020 is not expected to be repeated this time around due to excessive liquidity, low-interest rates, combined with the experience gained by India Inc in handling the situation last year.
Rupee slips on RBI's dovish stance, 'loose' policy
Accordingly, the rupee closed at 74.55 to a US dollar after the Reserve Bank of India assured the markets of a stable and orderly evolution of the yield curve via a specific amount of open market purchases of government securities.On Wednesday, Governor Shaktikanta Das said that the RBI will conduct G-SAP 1.0 to purchase Rs one lakh crore worth of government securities.
IT spending in India to reach $93B in 2021: Gartner
"IT no longer just supports corporate operations as it traditionally has, but is fully participating in business value delivery," John-David Lovelock, Distinguished Research Vice President at Gartner, said in a statement.
Boeing forecasts demand for over 2,200 new aircraft in India by 2041
The CMO cited that Covid-19 pandemic has sharply reduced Indian air travel last year, however, the country's domestic passenger traffic is recovering more rapidly than in most other countries and regions, recently reaching 76 per cent of pre-pandemic levels.
PLI push of over Rs 6,000 cr for AC, LED light manufacturing
"It is designed to create a complete component ecosystem in India and make India an integral part of the global supply chains. The scheme is expected to attract global investments, generate large scale employment opportunities and enhance exports substantially," it said.
Cabinet approves PLI scheme for Solar PV module manufacturing
The approval was given by the Union Cabinet which met here under chairmanship of Prime Minister Narendra Modi.The new PLI scheme has been approved based on a proposal from the Ministry of New and Renewable Energy, and launched with an outlay of Rs 4,500 crore.
Stepping on the Gas: Tata Motors to foray into CNG space
Accordingly, few of the company's models will be offered with a factory fitted CNG kit. At present, Tata Motors provides an option to get the CNG kits fitted in some of its PVs at dealerships.The move assumes significance in the light of high transportation fuel prices, which have spiked recently. Also, the new option is expected to complement the company's portfolio of electric variants.
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