The Indian IT industry will stage a "strong recovery" in 2021-22 with a revenue growth of up to 11 per cent, ratings agency Crisil said on Wednesday. The recovery will be led by increasing outsourcing and accelerating digital transformation services mainly in sectors such as banking, financial services and insurance (BFSI), healthcare, retail and manufacturing, it said. As per Nasscom, the IT services industry grew 2.7 per cent to $99 billion in 2020-21.
'Usually, customers who don't get loans from banks approach NBFCs.' 'This is one reason NBFCs price their loans costlier than PSBs or private banks.' 'NBFCs will have higher delinquencies levels than private banks for most products.'
With the Yogi Adityanath government taking credit for cracking down on criminals and making it an election issue, political parties are now having a rethink on aligning with those who have a criminal background but also enjoy influence in their areas.
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
Experts said this will mean that companies, which have offices in multiple states, will have to raise Goods and Services Tax invoice for functions performed by employees in head office that has helped branches in other states.
The Reserve Bank has asked troubled digital wallet firm MobiKwik, which is facing data breach allegations, to get a forensic audit done without any delay. Though the Gurugram-based firm has been claiming that its systems are secure and that there is no basis to the allegations of data breach, a group of hackers on Tuesday said that they accessed personal and financial data of nearly 10 crore MobiKwik customers. On Wednesday, sources in the know of the development told PTI that the RBI has ordered an immediate forensic audit of the company's systems by a certified auditor. When contacted, an RBI spokesperson refused to comment. MobiKwik refused to give a direct answer to a query on whether the RBI has ordered a forensic audit.
Any business that makes inter-state supply is outside the ambit of the scheme
But there are challenges, observes Tamal Bandyopadhyay.
Justice Bharati Dangre granted them bail as the Enforcement Directorate failed to file its charge sheet in the case within the stipulated 60-day period.
However, a prolonged and intense second wave that curtails oxygen supply to industries for a longer-than-expected period will exacerbate downside risk in affected sectors
New ministry will bring much-needed transparency in the functioning of the cooperatives, which so far have been riddled with allegations of political interference and mismanagement.
'The run of titles that we won under Sir Alex, I don't think that's going to be easy for anyone to emulate or copy'
'If the Russian forces do capture Kyiv and set up some sort of provisional government, they might run into an insurgency, for which the geography is just right, it could prove costly for them.' 'In that event, the whole exercise could turn out to be counter-productive -- and costly in both foreign policy and domestic terms.'
Nehal, 41, is charged in a New York Supreme Court indictment with Grand Larceny in the First Degree, Manhattan District Attorney Cy Vance, Jr. said.
Vithal, a 1950-batch IAS officer, died early on Friday morning due to old age ailments, his son Sanjay Baru, media advisor to former prime minister Manmohan Singh, told PTI.
From Madhuri's Ek Do Teen to her most recent number, Dil De Diya in Radhe: Your Most Wanted Bhai, the actress has enhanced so many of Bollywood's item numbers with her presence.
Addressing a gathering of priests and devotees, he said the redevelopment of centres of faith in India shows the country's growing pride in its ancient saints and philosophers like Adi Guru Shankaracharya and Swami Vivekananda.
Although the RBI's open market operations have ensured sufficient system-level liquidity, some sectors are finding liquidity to be a challenge owing to their credit profile.
'The government has stopped our earnings due to the lockdown and must do something for our earnings to restart.'
'I am particularly happy that an Indian has done such a superb job as the coach because people always talk about foreign coaches, but Shastri has dashed all those views.'
'The India-Pakistan relationship is in a deep freeze, though it could be a lot worse had there not been a new LoC ceasefire a year ago.' 'The India-Pakistan relationship will only start to thaw if the Pakistani military decides it's prepared to push for detente.'
Cricketer-turned-politician Gautam Gambhir on Thursday said he will contribute his two years' salary as an MP to the Prime Minister-CARES fund to tackle the coronavirus pandemic sweeping through the country. The BJP's Lok Sabha member from East Delhi made the announcement on his Twitter page, urging people to come forward and donate generously.
Since most banks have tightened lending to diamond merchants and others are about to do so, many medium and small diamond dealers are approaching large players for credit facility within the industry
Of the 1,145 offers made this year, consulting firms made up 34 per cent, followed by banking, financial services and insurance, pharma/healthcare, IT/ITeS and FMCG/retail.
Equity mutual funds witnessed an outflow of Rs 9,253 crore in January, making it the seventh consecutive monthly withdrawal, primarily due to profit booking and portfolio rebalancing amid markets touching new highs. The pace of outflows from equities has however slowed for the third month and Gautam Kalia, head - Investment Solutions, Sharekhan by BNP Paribas said that it will likely turn positive soon as investors get used to the new normal. In addition, investors pulled out Rs 33,409 crore from debt mutual funds last month after investing Rs 13,863 crore in December, data from the Association of Mutual Funds in India showed on Tuesday.
Airtel CEO Gopal Vittal on Thursday warned about a rise in cyber frauds amid a massive surge in online transactions during the second wave of the pandemic, and asserted the company is working "relentlessly" and coming out with safety features to ensure customers are not vulnerable to fraudsters. In an e-mail outreach to customers, Vittal highlighted the modus operandi being adopted by fraudsters and also drew attention to cyber frauds related to digital payments. "With the growing second wave of the pandemic and lockdowns in various parts of the country, there has been a massive increase in online transactions. "Unfortunately, there has also been a corresponding increase in cyber fraud," Vittal said.
Consolidation has begun, due to which some are trying to trim the business and others are seeking an exit. The situation would worsen after August 31.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
The Supreme Court on Wednesday said the Centre should implement "as soon as possible" the interest waiver on loans of up to Rs 2 crore under the RBI's moratorium scheme in view of the Covid-19 pandemic, saying the common man's Diwali is in the government's hands.
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
Bad management, an exhausted government vigilance mechanism, delay in roping in private players, relaxing norms, and over-dependence on antigen tests may be the reason behind the surge, reports Shine Jacob.
'A recent compromise by the state government is accepting NEET exams for medical entrance.'
Currently, banks follow system of internal benchmarks, including Prime Lending Rate, Benchmark Prime Lending Rate, Base rate and Marginal Cost of Funds based Lending Rate.
The pre-Budget proposals sent to the finance ministry aim to bring uniformity in tax treatment for investments in different financial sectors, mitigate hardship to retail taxpayers, and encourage participation in mutual funds.
The economy is gaining traction with gradual pick up in manufacturing activity and moderation in contraction of services, spurred by comfortable liquidity conditions, an RBI article on Tuesday said. Observing that the retreat of the second wave of coronavirus pandemic has been slow, the RBI in an article on the 'State of Economy' said, the aggregate demand conditions are buoyed by the release of pent-up demand post unlock, while the supply situation is improving with the monsoon catching up to its normal levels and sowing activity gaining pace. "Reaffirming the traction that the economy is gaining, the manufacturing activity is gradually turning around, while contraction in services has moderated.
At present, 70% of the mobile handsets sold in India are imported.
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
The assets under management of the 44-players mutual fund industry stood at Rs 24.55 lakh crore in May-end from Rs 23.93 lakh crore in April-end.
