Amazon’s Small Business Days sees record sales for over 84K SMBs

Amazon India’s recently held Small Business Days (SBD) has helped more than 84,000 Small and Medium Businesses (SMBs) to bounce back from the economic disruptions caused by the second wave of Covid-19, the company said on Sunday. The three-day event was held between July 2 and 4. Of the 84,000, 68 per cent of the … Read more

Samsung skips telecom PLI scheme; Ericsson participates through Jabil

South Korean electronics major Samsung has not applied for the production-linked incentive scheme for telecom gear manufacturing, while Swedish telecom gear maker Ericsson is participating through its vendor Jabil Circuit. The government is learnt to have received 37 applications for the scheme, including from leading global manufacturers like Foxconn and its subsidiary Rising Star, Flex, … Read more

GST collections in June slip below ₹1 lakh crore after 8 months

Goods and Services Tax (GST) collections in June fell to ₹92,849 crore from ₹1.02 lakh crore in May, marking the first time after eight months that indirect tax collections fell below the ₹1 lakh crore mark. While lockdowns aimed at curbing the second COVID-19 wave hit economic activity and moderated GST revenues in June, the … Read more

Frequent run-ins with India govt cloud U.S. tech expansion plans

Another spat between India’s government and U.S. big tech has exacerbated disillusion among firms which have spent billions to build hubs in their largest growth market, to the extent some are rethinking expansion plans, people close to the matter said. The government on Saturday said Twitter Inc had not indicated compliance with new rules aimed … Read more

Government guarantee for proposed bad bank may be capped at Rs 31,000 crore

The government guarantee for the proposed bad bank may be capped at Rs 31,000 crore as lenders have indicated higher-than-expected recoveries through the institution expected to become operational soon. The government guarantee will cover all security receipts (SRs) issued by the new bad bank while acquiring non-performing assets (NPAs), said a senior executive aware of … Read more

Exports jump 58.23% to record $34 bilion in March; 7.4% dip in 2020-21

The country’s exports jumped by 58.23 per cent to $34 billion, the highest ever reached in a month, in March as key sectors such as engineering, gems and jewellery and pharmaceuticals recorded healthy growth rate during the month, according to the commerce ministry‘s provisional data. Exports during April-March 2020-21, however, dipped by 7.4 per cent … Read more