Top headlines: June PMI data, GST collections, World Bank grant and more

A nationwide lockdown in April, coupled with a crash in export orders, had led to conditions across sectors falling by the biggest margin ever and new businesses collapsing at a record pace
June manufacturing activity shrinks for third month in a row; PMI at 47.2

India’s manufacturing activity again contracted in June as regional lockdown extensions severely held back demand and labour logistic challenges remained, said the monthly IHS Markit India Manufacturing Purchasing Managers’s Index (PMI) survey on Wednesday. Read more here

At Rs 90,917 cr, GST collections fall for third consecutive month in June

The goods and services tax (GST) collections stood at Rs 90,917 crore in June, contracting for the third month in a row year-on-year. However, the rate of decline has come down considerably to just 9.02 per cent from 38.17 per cent in May and 71.63 per cent in April as returns for earlier months were also filed in June due to a relaxed timeline given by the government amid the outbreak of Covid-19. Read more here

Carlyle Group to acquire 25% stake in Airtel's data centre business

The Carlyle Group on Wednesday announced that it will invest $235 million for approximately 25 per cent stake in Nxtra Data Ltd, a wholly-owned subsidiary of Bharti Airtel engaged in the data centre business. The post-money enterprise valuation of Nxtra is approximately $1.2 billion and Carlyle will hold a stake of approximately 25% in the business upon completion of the transaction, with Airtel continuing to hold the remaining stake of approximately 75%, Bharti Airtel said in a statement. Read more here

California accuses Cisco of caste discrimination against Indian employee

California regulators sued Cisco Systems Inc on Tuesday, accusing it of discriminating against an Indian-American employee and allowing him to be harassed by two managers because he was from a lower Indian caste than them. US employment law does not specifically bar caste-based discrimination, but California's Department of Fair Employment and Housing contends in the lawsuit that the Hindu faith's lingering caste system is based on protected classes such as religion. Read more here

World Bank grants India $750 mn emergency funding to help small businesses

The World Bank will give $ 750 million as loan to India for strengthening small businesses that form the backbone of the country’s economy and were devastated in the coronavirus pandemic. The emergency lending will ensure liquidity for some 1.5 million micro, small and medium enterprises (MSME) and protect millions of jobs, said the Bank in a statement, referring to how India’s government small businesses. Read more here

Non-subsidised LPG price hiked marginally in metros, jet fuel up by 7.5%

Jet fuel or ATF price on Wednesday was hiked by 7.5 per cent, the third increase in a month, while petrol and diesel rates were unchanged for the second day in a row. Aviation turbine fuel (ATF) price was hiked by Rs 2,922.94 per kilolitre (kl), or 7.48 per cent, to Rs 41,992.81 per kl in the national capital, according to a price notification by state-owned oil marketing companies. Read more here

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