BUSINESS
German inflation jumps to 40-year high
The national consumer price index (CPI) in Germany climbed up from 5.1 per cent in February, Xinhua news agency reported, citing the preliminary figures published by the Federal Statistical Office (Destatis). "The last time the inflation rate in Germany was at a similar level was in the autumn of 1981, when mineral oil prices also rose sharply as a result of the effects of the first Gulf War," Destatis said.
ECLGS scheme enhanced, validity extended till March 2023
Accordingly, the ECLGS extension and enhancement announcement which was made by the Union Finance and Corporate Affairs Minister Nirmala Sitharaman in Union Budget 2022-23 was put into effect by the National Credit Guarantee Trustee Company on Wednesday. Further, the coverage, scope and extent of benefits under ECLGS 3.0 pertaining to hospitality, travel, tourism and civil aviation sectors has been expanded, said the Union Finance Ministry.
Non-linking of PAN-Aadhaar by March 31 to attract penalty
As per the Ministry, non-linking of PAN-Aadhaar will lead to a penalty of Rs 500 up to three months from April 1, 2022 and a fee of Rs 1,000 thereafter. Nevertheless, the non-linked PAN will remain operational till March 31, 2023. "On failure to do so... PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon intimation of Aadhaar to the prescribed authority after payment of a prescribed fee," a Ministry statement said.
India emerging as an alternative destination for relocating Chinese industries
In this regard, Japanese Prime Minister, Fumio Kishida announced an investment of Yen 3.5 trillion ($42 billion) in India over five years during the India-Japan Annual Summit in Delhi. Under an MoU, Suzuki Corporation would set up an electric car manufacturing unit in Gujarat.
Builder.ai raises $100 mn in series C funding
The round, which brings the company's total funding to $195 million across three total rounds, includes participation from existing investors such as Singapore-based Jungle Ventures, in combination with new individual and institutional names that include the IFC and Jeffrey Katezenberg's WndrCo.
'Porting of motor third party insurance is customer friendly, will clean up market'
In order to make the motor insurance market a level playing field, the insurance regulator should make third party insurance policies portable, industry experts said. Such a facility will also clean up the market, they added. The Supreme Court had ruled that a new two-wheeler or a private car should have a third party liability insurance cover for five and three years, respectively.
New Income Tax rules will come into effect from 1 April 2022: Here're details
The new provisions related to Income Tax (IT) in the Union Budget 2022 will be in effect from the new financial year 2022-23 which begins on 1st April. These include several changes in the IT rules vis-à-vis crypto assets, EPF interests, tax relief for cooperatives and startups as well as for COVID19 treatment which will be effective from Friday. Here are the key changes in the Income Tax effective from the FY 2022-23.
Rising demand, waning Covid impact to accelerate NBFC's growth
Accordingly, the expected trend came to light via a survey of entities constituting over 50% of the industry's AUM. In the ICRA's survey, entities expect asset quality to improve in FY2023 from current levels. Besides, large entities are expecting to consume some of the excess liquidity for business growth while smaller ones intend to maintain liquidity amid expectations of funding constraints to support their liquidity profile in event of any uncertainties and to provide comfort to various stakeholders.
India Ratings revise its FY23 GDP growth forecast downwards to 7-7.2%
Accordingly, the ratings agency believes that its 'FY23 Economic Outlook' released in January 2022 is unlikely to hold in view of the global geo-political situation arising out of the Russia-Ukraine conflict. "Since the duration of Russia-Ukraine conflict continues to be uncertain, Ind-Ra has created two scenarios with respect to the FY23 economic outlook basis certain assumptions."
Sanctions to isolate Russia leading to economic crisis of historic proportions
According to Vasily Nebenzya, Western countries in "unbridled sanctions hysteria" did not think about anyone, including their own citizens.
"Today we heard and will hear another thesis about the inevitable coming food crisis in the world. In the submission of Western delegations, it is caused solely by Russia's actions in Ukraine. By posing the question in this way, our Western colleagues are being disingenuous.
Don't Miss
Advertisement