Top headlines: GST collections give FM confidence; Lava to ramp headcount

From recapitalisation plan in the works for India Post Payments Bank to record GST collections ahead of budget 2021, here are top headlines this morning

Recapitalisation plan in the works for India Post Payments Bank

The government is exploring options to make India Post Payments Bank viable, which include infusing about Rs 2,000 crore into it and merging the institution with regional rural banks (RRBs). The payments bank, launched in January 2017, has not been doing well as a standalone entity and needs to be recapitalised, said an official in the know. Read More

At record Rs 1.19 trn, GST collections give FM confidence ahead of Budget

A day ahead of the Union Budget, which is likely to report a huge fiscal deficit, the government has got some cushion with goods and services tax (GST) collection touching a record high of Rs 1.19 trillion in January. Since the figure pertained to collection till 6 pm on January 31, some more is expected to come into the government coffers for the month. GST collection surpassed Rs 1 trillion for the fourth straight month due to economic recovery and because of government measures to tighten its noose on tax evaders. Read More

Zero-trust defence can help India shield world from cyberattacks: Google VP

At a time when cyberattacks are rising due to the Covid-19 pandemic and organisations are becoming increasingly vulnerable as employees work from home, technology giant Google is betting big on its zero-trust turnkey security offering Beyond­Corp Enterprise for businesses in India. BeyondCorp is modelled after how Google keeps its network safe without relying on virtual private network (VPN). The platform allows employees and extended workforce to access applications in the Cloud or on-premises and work from anywhere without a traditional remote-access VPN. Read More

Legacy insurers can't go digital overnight, says Oracle's Prasad Rai

The pandemic has changed the way legacy insurance firms conduct business, even as it throws up concerns on coverage terms. Some products were seen as too complex to be hawked or serviced through digital modes without insurance agents. Insurers will also need to introspect and bring about changes internally, according to PRASAD RAI, vice-president, Global Strategic Clients Group at Oracle, who spoke to Raghu Mohan. Read More

Lupin plans expansion, aims to enter Chinese market in the next one year

Mumbai-headquartered Lupin is firming up plans to enter the Chinese market in the next one year. Its peers Sun Pharmaceuticals and Dr Reddy’s Laboratories (DRL) already have a presence in the dragon nation. Nilesh Gupta, managing director of Lupin, confirmed that the firm was keen to enter China. “In fact, last March, a management team was scheduled to visit China to explore prospects. This, however, could not happen due to the pandemic. We were planning to enter the market in 2021, but it got delayed due to the pandemic,” Gupta said. Read More

Lava plans to turn up the heat on Chinese brands, aims to ramp up headcount

Indian handsets brand Lava is all set to make a comeback in 2021, after it bagged approval under the production-linked incentive (PLI) scheme last year. The Noida-based company, which was cornered by a few aggressive brands from China about five years ago, is now looking to beat rivals on their terms. Once a major player in the country’s budding smartphone market, Lava was the casualty of a highly-competitive pricing game that Chinese brands had initiated post their entry in 2014. Read More

Hit hard by Covid-19 lockdown, economy on firm path of fragile recovery

One could interpret data in different ways. One may say that gross domestic product (GDP) contracted an unprecedented 23.9 per cent in the first quarter and 7.5 per cent in the second quarter, plunging the economy into a recession for the first time in its independent history as Covid-induced lockdowns hit hard. On the other hand, one could also argue the economy did not decline in double digits in the second quarter as was expected after the first-quarter numbers were released, giving a glimmer of hope that a recovery is in the process. Read More

Pharma to real estate, here's look at the winners and losers amid Covid-19

A large number of Indian companies, hit hard by the pandemic, are recovering at a fast pace – thanks to the rising consumer demand and government expenditure on infrastructure projects. CEOs expect to finish the ongoing March quarter with positive growth as the corporates get back to work in full strength. While several sectors like airlines and real estate are still reeling from the pandemic, here’s is look at the winners and losers during the period. Read More