Page 1323 - Economy & Policy News

Petrol price cut by 20 paise a litre, first reduction in over a month

Petrol and diesel prices were cut by 20 paisa per litre each on Sunday - the first reduction in petrol rate in over a month, and the fourth in case of diesel in less than a week

No GST on canteen charges recovered from employees, says AAR

GST will not be levied on the amount paid by employees for availing canteen facilities provided by their employers, the AAR has ruled.

483 infra projects show cost overruns of Rs 4.43 trn, 504 works delayed

Ministry of Statistics and Programme Implementation monitors infrastructure projects worth Rs 150 crore and more.

In a first, CCPA initiates class action proceedings against 9 companies

The firms include online travel companies, a social media firm, and an e-commerce firm

India smartphone market to reach record 173 mn units in 2021: Report

India's smartphone market is set to hit a record high of 173 million units in 2021, growing at 14 per cent year-on-year, according to Counterpoint Research.

Doctor consultations exceed 4 billion in India in FY21: Praxis report

Growth in teleconsultation peaked after the lockdown induced by the pandemic and the online doctor consultation market in India is expected to reach $836 million by FY24

Railway privatisation round 1 goes off track amid operational hurdles

The lack of an independent regulator to ensure that the Railways Ministry gives a level-playing field to private- and government-run trains was a deterrent for the players

Focus on its economy may've led US to put India deal on the back burner

Government officials said circumstances are now different, with a change in the administration in the US and President Joe Biden taking over in January

Facebook India launches loans programme for small businesses in 200 places

India is the first country where Facebook is rolling out this programme in partnership with online lending platform Indifi.

India to phase out ozone-harming gases by 2023; industry says ready

The Union Cabinet decided to develop a national strategy for phasing down HFCs by 2023, so that industries can draw a roadmap for action

ED suspects FEMA violations, seeks details of fund source, assets

The ED sought information under Section 37 of the Foreign Exchange Management Act (FEMA), which is typically invoked to obtain primary details for initiating a probe

MPC member Varma the only one to favour raising reverse repo rate

His was the lone dissenting voice against a continued "accommodative" stance, minutes of the August 4-6 meetings showed

Formalisation of economy picks up pace in June, spike in EPF subscribers

June had 1,283,448 EPF subscribers on a net basis, the highest in first three months of current fiscal and higher than average monthly figure of past three years

Government amends FEMA to enable FDI hike in insurance sector to 74%

Applications for FDI in pvt banks having JVs in insurance sector may be addressed to RBI for consideration in consultation with IRDAI to ensure foreign investment limit of 74% is not breached

India rice rates at 4-1/2-year low on weak demand, high shipping costs

Top exporter India's 5% broken parboiled variety was quoted at $352 to $356 per tonne this week, down from last week's $354 to $358

India's direct selling industry bucks pandemic to grow 10% in FY21

India's direct selling industry is likely to have grown around 10 per cent in the Covid-hit FY21, according to industry stakeholders

EPFO adds 1.283 million members in June amid Covid-19

Retirement fund body EPFO recorded net new enrolments of 12.83 lakh in June, giving an employment perspective in the country.

Top headlines: Sonia urges Oppn to plan for 2024 polls; Zydus gets SEC nod

Business Standard brings you the top stories this evening

MPC minutes: RBI Guv pitches for continued policy support to revive growth

Reserve Bank Governor Shaktikanta Das opined that continued policy support with a focus on revival and sustenance of growth was the most desirable and judicious policy option at the moment

India reduces soyoil, sunflower oil import tax to calm prices

The tax reduction could increase imports of soyoil and sunflower oil in Sept, although a big jump is unlikely as the lower duty is only applicable for a short period until Sept. 30