BUSINESS
EPFO to pay 8.1% interest rate on PF for 2021-22
"The Central Board recommended 8.10 per cent annual rate of interest to be credited on EPF accumulations in members' accounts for the financial year 2021-22. The interest rate would be officially notified in the government gazette following which EPFO would credit the rate of interest into its subscribers' accounts," a statement said.
War's impact on commodity prices to dent GPD, demand growth
The crisis has led to a global spike in international prices of crude oil, natural gas, coal, nickel, copper, aluminium, titanium and palladium.The high commodity costs will impact manufacturing and infrastructure sectors, which are key contributors to growth and job creation. Already, the manufacturing sector is reeling under expensive commodities costs due to rise in their international demand and supply constraints.
Stagflation worries, downgrades in stock market weightage cloud India's growth story
Stagflation is characterised by slow economic growth and relatively high unemployment -- or economic stagnation. Credit Suisse has announced a tactical downgrade of India from Overweight to Underweight. Higher oil prices hurt the current account, add to inflationary pressures and increase sensitivity to Fed rate hikes.
Ukraine crisis may hit India's global semiconductor hub dream
The government recently set up the India Semiconductor Mission (ISM) and approved Rs 76,000 crore ($10 billion) for the development of semiconductors and display manufacturing ecosystem in the country. The Rs 76,000 crore Production-Linked Incentive (PLI) scheme will be spread across six years. As part of the scheme, incentives worth Rs 2.3 lakh crore will be provided to position India as a global hub.
China aims to deploy 2 mn 5G base stations by 2022
China currently houses around 1.43 million 5G base stations and over 500 million 5G users, Xiao told journalists on the sidelines of the ongoing "two sessions," adding that the country will also make plans to develop 6G technology, reports Xinhua news agency.
RBI directs Paytm Payments Bank to stop acquiring new customers, orders IT probe
The Reserve Bank of India (RBI) on Friday directed the Paytm Payments Bank Ltd (PPBL) to stop taking new customers with immediate effect. This action has been taken on the basis of “certain material supervisory” issues, as per the RBI press release.
Lighthouse invests Rs 200 crore in Ferns N Petals
Lighthouse India Fund III, Limited on Saturday announced to invest Rs 200 crore ($27 million) in online gifting platform Ferns N Petals (FnP). Lighthouse is a leading mid-market private equity firm focused on growth investments in the country.
PSBs well-capitalised; Not to require major infusion in FY23
According to Brickwork Ratings, in FY23, banks will be able to achieve credit growth of 8-9 per cent.
"Between FY17-FY20, the government injected Rs 3,000 billion in PSBs in order to help the banks maintain the minimum capital requirement, as well as manage huge amounts of bad assets in their books," the agency said.
Auto ancillary's FY23 revenue expected to grow at 10-15% YoY
Accordingly, the trend is supported by moderate growth of 5-9 per cent YoY in original equipment manufacturers' volumes and continued healthy exports. However, the FY23 growth is lower than the estimated at 20-25 per cent YoY rise in FY22, due to rising input cost. "Demand from the aftermarket is likely to provide a steady contribution," said India Ratings and Research (Ind-Ra).
Iran ready to supply required oil for world market: Official
The government has made every effort to regain Iran's oil share in the market and to increase it, Xinhua news agency quoted Mehr as saying to local media. "Necessary measures are being taken for the sanctions and post-sanctions time" for Iran to return to the world market, he was quoted as saying. Iran's position in supplying the world with oil is special, the NIOC chief said.
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