What is the RBI’s data localisation policy? What is the need for local data storage? The story so far: The Reserve Bank of India (RBI) on Wednesday banned Mastercard from issuing new debit and credit cards to customers in India with effect from July 22. According to the RBI, the U.S. card-issuer has failed to … Read more
Sales of listed private manufacturing companies surged 31 per cent year-on-year in the fourth quarter of the last fiscal on favourable base as well price effect, according to RBI data released on Friday. Sales growth of information technology (IT) sector companies accelerated to 6.4 per cent while non-IT services companies recorded a marginal growth after … Read more
6th note in the series. After significant uptick since last note in November 2020, what next?
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
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
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
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
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
A critical component of the myth-making around Indian Prime Minister Narendra Modi is to minimize the contribution of the country’s foundational figures. None has suffered more than Jawaharlal Nehru, the man who laid down the rails on which the republic has run for 74 years. Which makes it surprising that Modi is emulating a signature … Read more
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