Govt releases Rs 36,400-crore GST compensation to states
Ahead of GST Council meeting next week, the Centre on Thursday released compensation worth Rs 36,400 crore to states for three months up to February 2020. The much-delayed compensation comes at a time when state finances are under severe stress due to the Covid-19 lockdown. Read more.
State Bank of India plans to raise up to $1.5 bn via overseas bonds in FY21
State Bank of India plans to raise long-term funds — up to $1.5 billion — through bonds from international markets in FY21. The executive committee of the central board will meet on June 11 to examine the status and decide on fundraising plans. SBI may also raise money through a public offer and/or private placement of senior unsecured notes in dollars or any other convertible currency, during FY21. Read more.
Realtors fazed by Piyush Goyal's take, say lower prices may not boost sales
The real estate industry is disconcerted by the observations of Commerce and Industry Minister Piyush Goyal
that the players in the sector should start lowering prices and, if the worst comes then to write off investment as bad business decisions. Executives say the sector has been ailing for months since the shake-out in NBFCs, and the shutdown made the situation worse. While Goyal said lowering prices was the only way out, industry leaders cited additional measures that might aid the depressed sector. Read here.
Amazon in talks to buy 5% stake worth $2 billion in Bharti Airtel: Report
Amazon.com is in early-stage talks to buy a stake worth at least $2 billion in mobile operator Bharti Airtel, in a move that could turbocharge India's digital economy. The planned investment, if completed, would mean Amazon acquiring a roughly 5 per cent stake of Bharti and would give India's third-largest telecom company a boost as it seeks to compete against the number one player Reliance Jio. Read here.
Unemployment rate falls to 5.8% in 2018-19 from over a four-decade high
The unemployment rate in India fell to 5.8 per cent in 2018-19 from over a four-decade high the previous year, according to official data released on Thursday. Between 2017-18 and 2018-19, the joblessness rate dipped from 5.7 per cent to 5.2 per cent for females and from 6.2 per cent to 6 per cent for males. Read more.
Homebuyers enjoy clear-cut financial gain with deferred payment plans
Several real estate developers across the country — are currently offering deferred payment plans. The buyer pays 5-30 per cent of the property cost at the time of purchase and the balance at possession. The primary reason developers are offering these plans is to provide a fillip to sales. Read here.
India, Aus ink landmark defence pact after Modi-Morrison online summit
India and Australia on Thursday inked a landmark agreement for reciprocal access to military bases for logistics support besides firming up six more pacts to further broad base ties after the online summit. The Mutual Logistics Support Agreement will allow militaries of the two countries to use each other's bases for repair and replenishment of supplies besides facilitating scaling up of overall defense cooperation. India has already signed similar agreements with the US, France, and Singapore. Read more.
Airtel, Voda Idea, Jio change their operating models
Airtel, Vodafone Idea and Reliance Jio
are changing their operating models for the post-lockdown era, enhancing digital recharges and deploying more chat bots and other automation tools while drastically reducing call centre operations. Industry executives said that even the sales operations will change, as teams are now targeting neighbourhoods instead of long distances to generate business leads, Economic Times reported.
IRDAI’s Covid cover: Daily cap of Rs 5,000 for room
With Covid-19 cases rising across the country, the Insurance Regulatory and Development Authority of India has unveiled a standard individual product, under which room charges have been capped at Rs 5,000 per day, ICU charges at Rs 10,000 per day and quarantine charges at Rs 3,000 per day, with a maximum sum insured of Rs 5 lakh. While it is a draft product for now, and there may be some minor tweaks, IRDAI has asked insurers to compulsorily offer it on or before June 15, Indian Express reported.