Top headlines: Debt to hit 87.6% in FY21, Amazon boosts MSME exports & more

Here are the top headlines of the day

Indian MSMEs on Amazon global selling programme cross $2 billion in exports

E-commerce giant Amazon on Monday said Indian MSMEs and brands that are part of its Global Selling Programme have crossed $2 billion in cumulative exports. The company, which had started GSP in 2015, allows Indian companies to export to other countries through 15 Amazon websites globally. The programme had started with a few hundred sellers and now has over 60,000 exporters. In January this year, Amazon had pledged to enable $10 billion in cumulative exports by 2025. Read more.

India's debt to hit 87.6% of GDP in FY21; FRBM target only by FY30: Report

Covid-19 and the subsequent nationwide lockdown starting March 2020-end cast its shadow on the economy with most experts projecting a contraction. Increased borrowing by the government given these developments is likely to push up India’s debt further to around Rs 170 trillion, or 87.6 per cent of GDP in the current financial year, suggests the July 20 ‘Ecowrap’ report by State Bank of India, authored by Dr. Soumya Kanti Ghosh, their group chief economic adviser. Read more.

Internet speed, traffic show pick up in economic activity continues

The Indian Railways reported an uptick in moving goods and more people took out their cars: all in a week when the total number of coronavirus cases crossed the 1 million-mark. Other weekly indicators too showed signs of sustained economic activity. Business Standard tracks weekly indicators to get an updated picture of economic activity in the country. Read here.

Covid-19 cess dampens spirits; consumers turn to cheap liquor brands

Hit by the steep price increase in wine, beer and spirits due to Covid cess, consumers in many states are downgrading to lower-priced alcoholic beverages, according to a LocalCircles survey. The survey found that the volumes of liquor sales in the states are falling as consumers say they are buying less than their usual quantity due to increased MRP. This phenomenon might lead to reduced tax collections for the states. Read more.

Embassy Office Parks REIT reports rental collections of 97% in Q1FY21

Embassy Office Parks, India's first listed real estate investment trust (REIT) and the largest in Asia by area, said on Monday its rental collections for the first quarter (April to June) from office occupiers remained robust at 97 per cent. The office rental collections were 98 per cent in April and May, and 95 per cent in June, it said in an operational update for Q1 FY21. There were rental increases of 14 per cent on 1.8 million square feet across 22 office leases. Read more.

TikTok suspends UK talks for opening global HQ in London: Report

Beijing-based unicorn ByteDance, the parent company of short video-sharing app TikTok, has reportedly suspended talks about opening a global headquarters in London. It is feared that the move could lead to strong reactions from China, threatening the start of a tit-for-tat trade war between the two countries. Read more.

Airline industry disruption due to Covid has far-reaching effects: Moody's

The global airline industry has been disproportionately affected by Covid-19 and is one of just a few industries that saw more than 90 per cent of demand fall within weeks of the global spread of the pandemic in March, Moody's Investors Service said. The strain on the industry's previous fundamentals is (and will continue to be) felt across a broad swath of the global economy well into 2022 and beyond, it added. Read more.