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India’s crude oil imports in December soared to the highest levels in nearly three years to more than 5 million barrels per day (bpd) as its refiners cranked up output to meet a rebound in fuel demand, data from trade sources showed.

India is set to produce surplus sugar for a fifth straight year in 2021/22 as farmers expand sugarcane acreage encouraged by surplus rains and government-backed export incentives. The Indian Sugar Mills Association estimates output at 31 million tonnes in the 2020-21 marketing year ending September 30, against annual demand of around 26 million tonnes.

A maturing ecosystem and tailwinds on the digital front due to Covid have expanded the ‘deep technology’ component of the Indian startup ecosystem. Deep tech includes the use of emerging and new-age tech such as AI, machine learning (ML), augmented & virtual reality, blockchain, robotics and 3D printing.

Mercedes-Benz, the leader of the Indian luxury car market, has said that the entry of Tesla “doesn’t worry the company at all” and added that the addition of the American electric giant will only help in strengthening the position of premium green cars in the country.

IMF chief Kristalina Georgieva has praised India for taking “very decisive” steps to deal with the coronavirus pandemic and its economic consequences and asked the country to do more this year to support an accelerated transformation of the economy. If you look at mobility indicators, we are almost where we were before Covid in India, … Continue reading ‘India took decisive steps to deal with Covid’

Google has removed lending apps aimed at consumers in India from Play Store in an attempt to safeguard users. At least 10 lending apps on Play Store breached Google’s rules on loan repayment lengths aimed at protecting vulnerable borrowers. It also found that a number of the lending apps also flouted central bank regulations aimed … Continue reading Google removes loan apps to protect consumers

Passenger vehicle wholesales in India slipped to a ten-year low in the April-December this fiscal, and the industry will have to work hard to regain better volumes and business health, industry body SIAM said on Thursday.

Be it a school kid in Ahmedabad whose favourite tea-time snack is a plate of Dhoklas or a senior citizen in Bengaluru who can’t do without his staple breakfast of piping hot Rava-Idlis, an advance ruling, issued by the Gujarat bench, has ‘united’ foodies across India with a single goods and services tax (GST) rate.

Signal saw a meteoric rise as a direct consequence of privacy debate around its larger rival WhatsApp, but its co-founder Brian Acton said the messaging platform is hoping to capitalise on the opportunities with its “simple and straightforward” terms of service and privacy policy.

The upcoming budget scheduled for February 1 will go paperless as the finance ministry has decided not to print the Budget documents amid the pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. Both the Houses … Continue reading Covid disturbs traditions: In a first, Budget to go paperless

“According to estimates, about 70 per cent of India’s GDP comes from its cities and around 25-30 people migrate to the cities from rural areas every minute. However, most big cities in India have a wide economic disparity, with expansive slums and a large urban poor population,” the WEF said.

WhatsApp pay policy enjoys precedence

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Facebook will not have any access to a user’s details of a digital transaction through WhatsApp Pay as its India payments policy will overrule any privacy changes of the messaging platform, a review of its India payments policy by TOI showed.

Veteran dealmaker Udayan Bose, who brought modern investment banking and venture capital to India in the ’80s and set up the second private Indian mutual fund, passed away on Friday. Bose (71) was suffering from heart and kidney-related issues.

The one-member commission, set up under the labour ministry’s Central Advisory Contract Labour Board (CACLB) in May last year, tackled concerns regarding providing social security to India’s burgeoning unorganised sector, especially in the aftermath of the pandemic.

Digital services taxes (DSTs) adopted by India, Italy and Turkey discriminate against US companies, are inconsistent with the currently prevailing principles of international tax and burden or restrict US companies. These are the findings of the office of the US Trade Representative (USTR) that were recently made public, pursuant to an investigation under The Trade … Continue reading India’s equalisation levy: Will it ignite a new trade war?

Flight services between India and the United Kingdom (UK) resumed partially on Friday, after being suspended for 16 days. An Air India flight carrying 256 passengers landed in Delhi from London a while ago. The government had suspended flights to and from UK on December 23 in wake of new and more infectious strain of … Continue reading Flight operations between India-UK resumes partially

Tata Consultancy Services (TCS) on Friday reported a 7.2% jump in its profit for the final quarter of 2020, as India’s top software services firm benefited from greater demand for its cloud services during the Covid-19 pandemic.

China on Wednesday expressed its “deep concern” over the recent foreign direct investment (FDI) policy changes initiated by the government, alleging that it curbs takeovers and acquisitions of Indian companies. In April, India had decided to review every FDI proposal from a neighbouring country, a move that was targeted at Chinese investment in India.

Geneva-based WTO said that the other trade-facilitation initiatives introduced by India since 2015 include introduction of Indian Customs Electronic Gateway (ICEGATE); Single Window Interface for Facilitation of Trade (SWIFT); the Direct Port Delivery and the Direct Port Entry facilities; and the increased use of the Risk Management System (RMS).

India’s fiscal deficit for year ending in March is likely to be over 7% of gross domestic product, three sources told Reuters, as revenue collections suffered from a lockdown and restrictions to rein in the spread of Covid-19. India’s government had projected a fiscal deficit of 3.5% of GDP for the current year last February.