Top headlines: Govt says no new schemes, Abu Dhabi fund to invest in Jio

Those new schemes that were given in-principle approval would also be suspended in this financial year, said an office memorandum issued by the expenditure department
Govt applies the brake on schemes outside the Rs 20 trillion package

The finance ministry has kept on hold the implementation of all new schemes other than those announced in the Rs 20-trillion package to revive the economy and help vulnerable sections amid the ongoing Covid-19 pandemic. Those new schemes that were given in-principle approval would also be suspended in this financial year, said an office memorandum issued by the expenditure department. Read More...

Abu Dhabi's Mubadala to buy 1.85% stake in Jio Platforms for 9093.6 crore

Reliance Industries Ltd has said that Abu Dhabi state fund Mubadala Investment Co will buy a 1.85 per cent stake in its digital unit, Jio Platforms, for Rs 9,093.6 crore. Reliance has now sold a combined 19% interest in Jio Platforms, which houses movie, music apps and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99% stake sale to Facebook Inc for $5.7 billion. Read More...

SC seeks govt's reply on plea to cap Covid-19 treatment cost in pvt hospitals

The Supreme Court on Friday agreed to hear a public interest litigation (PIL) seeking an upper limit on fees that can be charged by private hospitals across the country for treatment of coronavirus patients. A three-judge bench headed by Justice Ashok Bhushan asked the Central government to file its response on the PIL, filed by a person called Avishek Goenka, within a week. The apex court asked the petitioner to serve a copy of the PIL to Solicitor General Tushar Mehta to ensure that the law officer can take proper instructions from the government on the matter, and fixed it for further hearing after one week. Read More...

RBI creates Payments Infrastructure Development Fund to boost digitisation

In an effort to give a push to digital payments across the country, the Reserve Bank of India (RBI) on Friday said they are setting up a Payment Infrastructure Development Fund (PIDF) of Rs 500 crore. The RBI has made an initial contribution of Rs 250 crore covering half the fund. The remaining will come from the card issuing banks and card networks operating in the country. This fund has been created to encourage acquirers to deploy point of sale (PoS) infrastructure, both physical and digital, in tier-3 to tier-6 centres and north eastern states. This is in line with the measures proposed by the vision document on payment and settlement systems in India 2019-2021. Read More...

Elon Musk calls for breakup of Amazon in tweet, slams 'wrongful monopoly'

Telsa Inc Chief Executive Elon Musk on Thursday called for Inc to be broken up, after an author complained on social media about being unable to self-publish a book via the world's largest online retailer. "This is insane @JeffBezos," Musk tweeted at Amazon's chief. Both men are billionaires and oversee competing space exploration companies on top of their duties at Telsa and Amazon. "Time to break up Amazon. Monopolies are wrong!" Musk added in a second tweet. Read More...

Modi proposes plan for India's UNSC seat as China border standoff continues

With India and China enmeshed in a standoff on their border with each other, New Delhi on Friday unveiled Prime Minister Narendra Modi’s new ‘panchsheel’, or five principles, that will shape its approach in its bid to get elected to the United Nations Security Council (UNSC). External Affairs Minister S Jaishankar launched a brochure outlining India’s priorities for its forthcoming campaign to secure an elected seat on the UNSC at elections slated for June 17, 2020. India’s bid is likely to succeed for it's the sole endorsed candidate of the Asia-Pacific Group, said the External Affairs Ministry. This would be India’s eighth term at the UNSC, and this two-year tenure will start in January 2021. Read More...


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