Top Headlines: Curbs in-place for New year; Covovax approval expected soon

Business Standard brings you the top headlines at this hour.

Omicron spread: Curbs return to keep year-end celebrations muted again

A day after the Centre asked states to activate war rooms to tackle the rising Omicron threat, state governments stepped up their guards with fresh curbs on religious and social gatherings. They also limited capacity in restaurants and bars, and ordered strict vigil on the ground. Read more
 

Budget 2022-23: Avoid sharp fiscal correction, economists tell FM

Ahead of the Union Budget, economists advised FM Sitharaman and ministry officials to avoid a sharp fiscal correction and maintain focus on public investment in infrastructure to further revive consumption and demand. In a pre-Budget meeting on Wednesday, the economists also advised finance ministry officials that the Centre should strive for consistency and stability in tax policy. Read more
 

2021, the year that was: 'Glocal' pandemic shocks, just as demand revived

The first year of the pandemic brought home the downside of globalisation as country after country went into lockdown and companies struggled to cope with crashing demand by paring costs every which way. The second year, 2021, offered an unexpectedly different perspective in terms of disrupted supply chains across the world just as demand started reviving. Read more
 

New provision from Jan 1: GST officials to make surprise recovery visits

Come January and the government is empowered to send its recovery officials to your premises to collect GST without notice, if your tax liability shown in the requisite form is less than what invoices, mentioned in the outward supply form, should draw. Read more
 

Covid-19 pandemic: Covovax data with DCGI, approval expected soon

Approval for Serum Institute of India- (SII-) manufactured Covovax, the Indian version of US major Novavax’s protein sub-unit Covid-19 vaccine, is expected anytime. Sources said the nod may even come as early as December-end after the world’s top health body and the European Medicines Agency (EMA) gave their thumbs up to the vaccine recently. Read more
 

Can biz family trusts ensure smooth succession? Answer lies with Tolstoy

Last week, the Supreme Court appointed two retired judges as mediators between Lalit Modi and his mother, Bina. Lalit, son of indu­strialist K K Modi, is better kno­wn as the man behind the Indian Premier League of cricket. He and his mother have been at loggerheads since Modi Sen­ior’s death in November 2019. 

It is a messy affair. Read more