Top headlines: PLI for food processing; RBI relief for auto-debit payments

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the scheme which will help create 2.5 lakh jobs | Photo: ANI
Govt approves PLI scheme for food processing sector

The government on Wednesday approved a production-linked incentive (PLI) scheme for the food processing sector, entailing an outlay of Rs 10,900 crore. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the scheme which will help create 2.5 lakh jobs, boost exports and ensure availability of a wider range of value-added products for consumers. Read more

RBI extends timeline for recurring online transactions

The Reserve Bank of India on Wednesday extended the timeline by six months to comply with its guidelines related to recurring online transactions with Additional Factor of Authentication (AFA), but reprimanded players that the non-compliance is a "serious concern". RBI had directed all banks including RRBs, NBFCs, and payment gateways to comply with AFA for automatic recurring payment by March 31, 2021, in order to make digital transaction safe and protect customers from fraudulent transactions. Read more

Pfizer vaccine gives 100% protection at ages 12-15

Pfizer Inc. said its Covid-19 vaccine was 100% effective in a final-stage trial in kids ages 12 to 15, a finding that could pave the way for shots for teens and pre-teens before the next school year. The vaccine is already authorized in the U.S. for people ages 16 and up. Pfizer and its partner BioNTech SE said they planned to submit the data to regulators in the U.S and Europe as soon as possible, seeking to amend their vaccine authorizations to include the younger age group. Read more

Mamata writes to oppn leaders, underscores 'assaults' by BJP on democracy

West Bengal Chief Minister Mamata Banerjee has written personal letters to non-BJP leaders highlighting the "assaults" by the BJP and its government on democracy and constitutional federalism of India. Ahead of the second phase of polls in the state, Banerjee's letter, which was released by the TMC on Wednesday, seeks to drum up support from opposition leaders by stating how non-BJP states have suffered due to the saffron party led Centre's actions.Read more

Biden plans $2-trn spending

President Joe Biden will unveil a $2.25 trillion U.S. infrastructure plan Wednesday -- paid for by steep tax hikes on businesses-- that his administration said will prove the most sweeping since investments in the 1960s space program. The four-part, eight-year plan dedicates $620 billion for transportation, including a doubling in federal funding for public transit. It would provide $650 billion for initiatives tied to improving quality of life at home, like clean water and high-speed broadband. Read more



Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel