Top headlines: Microsoft, Telangana seal deal; Budget may give tax breaks

The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers in the upcoming Union Budget. More on that story in our top headlines this morning.

Microsoft, Telangana seal deal for data centre in Hyderabad 

US tech giant Microsoft and the Telangana government have finalised a deal to set up a Rs 15,000-crore data centre in Hyderabad. A 50-acre land near the city is believed to have been finalised and the project is expected to create around 300 jobs. According to sources aware of the development, a formal announcement is likely to come within a month. Read more

Budget likely to phase out of some tax exemptions

The Centre is considering a gradual phasing out of certain direct tax exemptions meant for corporate and personal tax payers. This is among the tax proposals being discussed for the upcoming Union Budget 2022-23. Read more

Overseas investment cap for domestic mutual funds may be doubled 

The Securities and Exchange Board of India (Sebi) is considering doubling the overseas investment limit for domestic mutual funds (MFs), a move that will help citizens diversify their investments. According to sources, the market regulator intends to increase the industry-wide limit from $7 billion to $12 billion or $15 billion. Read more

High LNG prices may impact India's climate goals

India awarded 61 areas under the 11th city gas distribution (CGD) round that will, when it is complete, extend coverage to 88 per cent of the country’s land area and 98 per cent of households. This is a remarkable achievement considering that five years ago city gas networks covered only 11 per cent of the country’s area and 19 per cent of the population.  Read more

Omicron spread: Uber-exclusive clubs turn to home deliveries

The grand white buildings of Kolkata’s colonial-era clubs have fallen quiet again. The virulent Omicron that has swept through the city, which is recording a weekly positivity rate of over 47 per cent, is keeping patrons away.  Read more