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The government has extended the tenure of three managing directors (MDs) and 10 executive directors (EDs) of public-sector banks, a move that will ensure stability in policy-making at various lenders at a time when the economy requires a massive credit push to reverse a Covid-induced slump in growth. The Appointments Committee of the Cabinet (ACC) has approved the extension of the tenure of SS Mallikarjuna Rao, MD CEO of Punjab National Bank, by about four-and-a-half months through January 31, 2022, when he is due for superannuation. Similarly, the tenure of Atul Kumar Goel, MD CEO of UCO Bank, and AS Rajeev, MDCEO of Bank of Maharashtra, by two years each. The department of financial services had recommended the extension of tenure of the top executives of PSBs amid the pandemic. According to an order of the Department of Personnel Training, the ACC has also approved a two-year extension of the tenure of three executive directors. They are Ajay K Khurana (Bank of Baroda), A Manimekhalai (Canara Bank) and PR Rajagopal (Bank of India). Similarly, terms of executive directors Sanjay Kumar and Vijay Dube (Punjab National Bank), Gopal Singh Gusain and Manas Ranjan Biswal (Union Bank of India), Vikramaditya Singh Khichi (Bank of Baroda), Shenoy Vishwanath Vittal (Indian Bank), and Alok Srivastava (Central Bank of India) have been approved for an extension until they reach the age of superannuation. The move came a day after finance minister Nirmala Sitharaman announced that state-run banks would undertake a nation-wide loan outreach programme around October amid fears that bankers have turned risk-averse. Credit flow in recent months has stayed muted, remaining one of the biggest problems for policy-makers. Growth in non-food bank credit slowed to 5.9% in June from 6% a year earlier. Loans to industry, in fact, contracted by 0.3% in June from a 2.2% increase a year before. That The daily surplus liquidity in the banking system has averaged as much as Rs 6 lakh crore in July and August, according to CARE Ratings.
Russian President Vladimir Putin has criticized the United States involvement in Afghanistan, charging that its 20-year-long military presence in the country has achieved zero. Putin said Wednesday that for 20 years, the U.S. military in Afghanistan was trying . to civilize the people who live there, to introduce their norms and standards of life in the broadest sense of the word, including the political organization of society. The result is sheer tragedies, sheer losses, both for those who were doing that – the US – and more so for the people who live in Afghanistan. A zero result, if not negative, Putin said. The Russian president added that its impossible to impose something from outside and that if someone does something to someone, they should draw on the history, the culture, the life philosophy of these people in the broadest sense of the word, they should treat their traditions with respect. Moscow, which fought a 10-year war in Afghanistan that ended with the Soviet troops withdrawal in 1989, has made a diplomatic comeback in the country as a mediator over the past few years. Russia has reached out to the feuding Afghan factions, including the Taliban – even though it has labeled them a terrorist organisation.
The department of telecommunications (DoT) will soon announce the list of companies selected for the production-linked incentive (PLI) scheme for the manufacture of telecom equipment. The government has received 36 applications from global and local firms, including Nokia, Jabil, Cisco, Flex, Foxconn among others. The DoT will grant approvals to 10 eligible applications each in the MSME and non-MSME categories. Of the 10 applications in non-MSME category, at least three applicants will be eligible domestic companies. The applications will be short-listed from highest to lowest on the basis of committed cumulative incremental investment during the scheme period. However, the guidelines say that if the government is left with the budgetary allocation, more companies can be selected. Also, a fewer number of firms can be selected if budgetary outlay is exhausted. In that case, companies which have committed a bigger amount of investment will be selected. The scheme, with an outlay of Rs 12,195 crore, offers incentives in the range between 4% and 7% for different categories and tenures. For the MSMEs, a 1% higher incentive is proposed in year 1, year 2 and year 3. The financial year 2019-20 will be treated as the base year for computation of cumulative incremental sales of manufactured goods net of taxes. The minimum investment threshold for MSMEs has been kept at Rs 10 crore and for others at Rs 100 crore. It is estimated that full utilisation of the scheme funds is likely to lead to an incremental production of around Rs 2.4 lakh crore with exports of around Rs 2 lakh crore over five years. It is also expected that the scheme will bring in investments of around Rs 3,000 crore and generate huge direct and indirect employment. This is in line with the larger objective of Telecom equipment that would get covered under the scheme, includes core transmission equipment, 4G\/5G next-generation radio access network and wireless equipment, access and customer premises equipment (CPE), Internet of things (IoT) access devices, other wireless equipment and enterprise equipment like switches, routers, etc. The scheme is expected to offset huge imports of telecom equipment worth more than Rs 50,000 crore and reinforce it with Made-in-India products both for domestic markets and exports.
Leading online travel firm MakeMyTrip said it has been able to disburse Rs 642 crore in refunds for the travel bookings between March 25 and May 24, 2020, due to enormous efforts put by its teams. We have disbursed Rs 642 crore in refunds for travel bookings between 25th March to 24th May 2020. Over the past eighteen months, our teams have spent considerable number of hours to ensure that our customers remain duly informed about the progress of their refund requests, a MakeMyTrip spokesperson said in a statement. Besides this, MakeMyTrip has worked closely with its partner airlines to help resolve pending cases, it added. MakeMyTrip CEO Rajesh Magow on August 28 had said that the domino effect of flight cancellations leading to a massive pile up of refund requests needed an extraordinary effort to solve for flight plan changes, credit shells, refunds and more. We are humbled to share that through the enormous effort made by our team over the last several months, almost 99.6 per cent impacted bookings during the lockdown period stand resolved today, he added. Following the Supreme Courts direction to airlines to refund fares booked for travel until May 24, 2020, we have seamlessly passed on the refund received from airlines in entirety to our customers, Magow said.
Signalling accelerating economic activity, GST collection topped the Rs 1-lakh-crore mark for the second straight month in August at Rs 1.12 lakh crore. The tax collections in August on goods sold and services rendered was 30 per cent higher than Rs 86,449 crore collected in August 2020, and 14 per cent higher than Rs 98,202 crore collected in August 2019. Sequentially, however, there was a 3.76 per cent dip in August 2021 collection vis-a-vis Rs 1.16 lakh crore mopped up in July 2021. The gross GST revenue collected in the month of August 2021 is Rs 1,12,020 crore of which Central GST is Rs 20,522 crore, State GST is Rs 26,605 crore, Integrated GST is Rs 56,247 crore (including Rs 26,884 crore collected on import of goods) and Cess is Rs 8,646 crore (including Rs 646 crore collected on import of goods), the finance ministry said in a statement. During August this year, the revenues from domestic transactions (including import of services) were 27 per cent higher than the revenues from these sources during the same month last year. The GST collection, after posting above the Rs 1-lakh-crore mark for nine months in a row, dropped below Rs 1 lakh crore in June 2021, after the second wave of COVID caused a blip. With the easing out of COVID restrictions, GST collection for July and August 2021 have again crossed Rs 1 lakh crore, which clearly indicates that the economy is recovering at a fast pace. Coupled with economic growth, anti-evasion activities, especially action against fake billers have also been contributing to the enhanced GST collections. The robust GST revenues are likely to continue in the coming months too, the finance ministry said. ICRA Chief Economist Aditi Nayar, however, cautioned over the sequential dip in collection and moderation in the August manufacturing PMI. The PMI index stood at 52.3 per cent in August, down from 55.3 per cent in July. The sequential dip in the GST collections, lower-than-expected core sector growth, and moderation in the August manufacturing PMI suggest that some caution is warranted regarding the strength of the recovery that is underway in the ongoing quarter. We expect GDP growth in the ongoing (September) quarter to range between 7.8-8.8 per cent, with the absolute level of GDP to continue to trail the pre-pandemic level as the services sector struggles to catch up with the rest of the economy, Nayar said. Indias economy grew by a record 20.1 per cent in April-June quarter, helped by a weak base of last year and sharp rebound in manufacturing and services sector. Singhania GST Consultancy Co Partner Aditya Singhania said the collection during August 2021, majorly relates to supplies that took place in July 2021, and it seems to maintain the revenue consistency in comparison to the collection of July 2021, which clearly indicates the economy is thriving with the steady pace. With the new milestones India is achieving in getting people vaccinated, easing out of COVID restrictions, extension of amnesty scheme for waiver in late fees due to non-filing of GSTR 3B from July, 2017 to April, 2021, September being the last month to rectify the errors\/omission for FY 2020-21, upcoming due dates for filing of annual return\/self-certified reconciliation statement for FY 2020-21, sequential spurt in e-waybill generation, etc. we may see acceleration in revenue from GST in coming months, he said. In the current fiscal, GST mop up touched a record high of over Rs 1.41 lakh crore in April, but fell to over Rs 1.02 lakh crore in May after the outbreak of second wave. In June, collection slipped below the psychological Rs 1 trillion mark to Rs 92,849 crore followed by a sharp rebound in July to Rs 1.16 lakh crore. In August it stood at Rs 1.12 lakh crore. EY Tax Partner Abhishek Jain said the collections are for the supplies made in the month of July, when lockdown restrictions were relaxed for most parts of the country. With increasing rate of vaccination and business supplies picking up, the uptrend is expected to continue in coming months, Jain added. Shardul Amarchand Mangaldas Co Partner Rajat Bose said what is heartening to see is that manufacturing states such as Maharashtra, Karnataka and Tamil Nadu have shown an increase of over 30 per cent in GST collection, as compared to last year, which is a sure-shot sign of economic recovery. Deloitte India Senior Director M S Mani said most of the key manufacturing states have shown an increase of 25-35 per cent in collections compared to the same period last year, indicating that the economic recovery may be faster in the current year.
Automotive electrical components manufacturer Lucas TVS and the US-headquartered 24M Technologies, developer of next generation lithium-ion battery technologies, announced the signing of a licence and services agreement, to construct one of the first Giga factories near Chennai, The Tamil Nadu cabinet had cleared Lucas TVS The company is building its first plant with global safety standards at Thervoy Kandigai, Gummudipundi, near Chennai and it expects to build other plants throughout the country to support the growing energy storage, electric mobility and lead acid battery replacement markets. The Chennai plant is expected to begin commercial production in the second half of 2023. Based on the aggressive targets set by government in the renewable energy and electric mobility space, Lucas TVS plans to grow the capacity of the plant to a globally competitive scale of 10 GWh in two stages. TK Balaji, CMD, Lucas TVS, said: We are confident that their innovative SemiSolid Naoki Ota, CEO of 24M, said:
Bitcoin surged past the $50,000 mark once again on Thursday. The biggest cryptocurrency rose nearly 6 per cent during the 24-hour period to $50,329 before slipping back to the $49,500 level at the time of filing this report, according to the data from CoinMarketCap, even as the overall crypto market Bitcoin had last surpassed $50,000 on August 23 Prices for other coins had also increased including over 6 per cent growth in Ethereum to $3,826, 9 per cent for Cardano, etc. The overall crypto market value had jumped from $2 trillion to $2.25 trillion in the past seven days. Bitcoin ownership is probably around 80-90 per cent of that. Given that more and more people and institutions are buying bitcoin, price discovery is certainly going to be very volatile. And the fact that bitcoin is traded 24x7x365 across multiple exchanges in multiple formats, is also the reason I think we see so much volatility while it is also driven by macro factors, Also read: For instance, last week, Twitter founder Jack Dorsey had announced that his payment company Square would be launching a decentralised bitcoin exchange under the project named TBD. In comparison, this had indicated an average of only 1,538 coins were added during every six-month period of 2019 and 2020. Similarly, Singapore-based CoinGecko had added 3,064 new coins while Poland-based crypto research platform Coinpaprika had added 2,000 new coins to its database.
Shershaah: Actor and film director Kamal Haasan on Monday took to microblogging site Twitter to laud peoples current favorite Shershaah. The actor, calling himself, patriots son, lauded the entire team of the film. He tweeted that being a big movie fan and a patriots son, he never liked how most of the Indian films would represent the Indian army calling Shershaah an exception that swells his heart with pride for soldiers. He further thanked Dharma Productions for promoting director Vishnu Varadhan and congratulated actor Sidharth Malhotra and Kiara Advani for their excellent work in the movie. Right from my childhood as a film fan and a patriots son I resented the way Indian army was depicted in some of our Cinemas. Shershaah is that exception that makes my chest swell with pride for my soldiers.(1\/2) Replying to him, he wrote that it was such an honor for the team of Shershaah using a couple of emojis. Thank you so much Sir! This is such an honour for team #Shershaah ???????????? She also took notice of the tweet and thanked the producer. Responding to the tweet, she wrote, Thank you so much sir. Thank you so so much Sir???????? He was awarded with the Param Vir Chakra, for his actions during the war. Actor Sidharth Malhotra was seen playing the role of Vikram Batra while actor Kiara Advani was seen playing the role of his fiancee Dimple Cheema. The entire team of Shershaah has been earning all the praises for this emotional storyline and actors have also been getting recognition for their performances. Actor Sidharth Malhotra announced on Instagram that shooting for his upcoming period thriller Mission Majnu had been resumed now. See you in theatres he wrote as he shared the news on Instagram. The movie is based on real events set in the 1970s. Scripted by Parveez Shaikh, Aseem Arrora and Sumit Batheja, the movie follows the story of India The movie will also mark the directorial debut of Shantanu Bagchi, who is a former ad filmmaker.
Young children, especially in the 5-11 age group, were plagued by excess weight gain during the Covid-19 pandemic, a new study published in the Corinna Koebnick, senior author of study from the Kaiser Permanente Southern California Kaiser Permanente is a healthcare consortium in Portland, California. The researchers analysed records of 1,91,509 Kaiser Permanente members in the 5-17 age group from March 1, 2019, to January 31 this year. Children aged between 5 and 11 years gained an additional 5.07 pounds (approx. 2.30 kg) during the pandemic compared to the same period before Covid-19. Children in the 12-15 age group gained an additional 5.1 pounds (approx. 2.31 kg), while those in the 16-17 age group gained 2.26 pounds (approx. 1.02 kg) in excess over the prior year. In the 5-11 age group, this additional weight gain led to almost 9 per cent more children becoming obese or overweight. The figures for the 12-15 and 16-17 age groups were 5 per cent and 3 per cent, respectively. Among the 5-11 and 12-15 age groups, most of the weight gain was because of an increase in obesity. According to the US Centres for Disease Control and Prevention (CDC), childhood obesity in the country is a serious problem, and puts children and adolescents at a high risk of poor health. Between 2017 and 2018, obesity was prevalent in 19 per cent or 14.4 million children and adolescents between 2 and 19 years. Obesity among children of certain populations was more alarming than others. The prevalence of obesity among Hispanic children was 25.6 per cent and 24.2 per cent in non-Hispanic Black children. For non-Hispanic White children, the figure stood at 16.1 per cent, while that among non-Hispanic Asian children was 8.7 per cent.