BUSINESS
Corporate tax reduction helped economy: FM
Replying to the debate on the Finance Bill, the minister told the Lok Sabha that corporate tax collections stood at Rs 7.3 lakh crore so far this fiscal. Besides, Sitharaman pointed out that the Central government did not increase taxes last year or this year. She cited that 32 countries like Germany, France, Canada, UK among others increased taxes.
Akasa Air plans to launch first flight in June
India's newest budget airline Akasa Air plans to launch its first commercial flight in June. The airline's chief executive Vijay Dube said on Friday that they are working with the Ministry of Civil Aviation (MoCA) and Directorate General of Civil Aviation (DGCA) to get the required clearances for commencing the air operations.
Flavour of India's wheat must capture world's taste buds: Modi
Prime Minister Narendra Modi has said the flavour of India's wheat must capture the entire world's taste buds and help increase the country's wheat exports, the Rajya Sabha was informed on Friday. Union Minister for Commerce and Industry, Piyush Goyal informed this while replying to the supplementary question related to wheat export during the Question Hour. Goyal was responding to a question raised by Congress MP Anand Sharma.
China seeks bumper wheat harvest amid fears of global food crisis
The notice, coming at a time when the protracted Russia-Ukraine conflict has stretched the global food supply ranging from corn and wheat to potash fertiliSers, and pushed their prices to record highs, highlighted the latest of a concrete effort from the Chinese government to secure the spring ploughing of staple grains and bumper harvest against the potential impact of geopolitical tensions.
Gold, asset devaluation pulls India's forex reserve down by $2.597 bn
Devaluation of gold and other asset classes pulled India's foreign exchange reserves lower by $2.597 billion during the week that ended on March 18. Reserve Bank of India data showed that India's forex reserves fell to $619.678 billion from $622.275 billion reported for the previous week. The country's forex reserves consist of foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF.
Equity indices settle marginally low
India's key equity indices -- Sensex and Nifty -- settled marginally lower on Friday. Sensex settled 0.4 per cent or 233 points down at 57,362 points, whereas Nifty 0.4 per cent or 70 points down at 17,153 points. "After the recent 10 per cent rally, the market has turned sideways with a negative bias due to increase in commodity prices, tightening monetary policy and inflationary pressure
UN agency downgrades Indian economic growth for 2022 to 4.6 percent
The United Nations Conference on Trade and Development (UNCTAD), in its latest report titled “Tapering in a Time of Conflict”, downgraded India’s projected growth from 6.7 percent to 4.6 percent for the year 2022 saying the Indian economy will suffer due to shocks from the Ukraine war and changes in macroeconomic policies.
Reliance Industries outshines benchmark index, shares rise 14% in 1 month
Shares of Reliance Industries Limited have outperformed the broader market benchmark indices over the past one month. During the said period, the shares of the company rose nearly 14 per cent against a rise of little over 2 per cent in the benchmark Sensex index. The rally in share prices for the Indian company comes amidst volatility in the global financial markets amid geopolitical war and skyrocketing crude oil prices.
Airtel prepays Rs 8,815 cr to clear deferred liabilities for spectrum
Digital communications solutions provider Bharti Airtel on Friday said it has paid Rs 8,815 crore towards part prepayment of deferred liabilities pertaining to spectrum acquired in auction of year 2015. Accordingly, the payment was made to the Department of Telecom, Government of India. "The prepayment is for installments due in FY 2027 and FY 2028," the company said in a statement.
Petrol, diesel prices raised again
State-owned oil marketing companies (OMC) on Friday raised petrol and diesel prices for the third time this week. These prices were revised for the very first time on Tuesday after a gap of more than four months. Accordingly, the increase in the selling price, which includes state levies, central excise and cess amongst others, came days after crude oil rates saw an astronomical rise due to the Russian-Ukrainian crisis.
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