ECONOMY & NATION


As startups in India keep firing their staff to navigate through the 'funding winter' and more than 60,000 can lose their jobs in 2022 alone, the country is preparing to welcome 200 unicorns in the next four years.   As thousands more brace themselves for being laid off, led by edtech...

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Artisanal cheese has been increasing in popularity amongst Indian consumers, who, for decades, have only had access to processed cheese. It turns out that Indians were making cheese 4,500 years ago and the art was lost over the centuries. Today, thanks to the initiative of a non-government...

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Come 18th July, 18 per cent Goods and Services Tax (GST) will be applicable on bank cheque book/loose leaf cheques and 12 per cent on maps, atlas, and globes   Similarly, unbranded but pre-packed curd, lassi, butter milk, food items, grains etc will be brought under the GST net from...

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Major Gen SG Vombatkere (The Leaflet) 29 June 2022
Agnipath 2022 is the latest of schemes with large-scale, long-term national implications, pushed into implementation without discussion or consultation in Parliament.   ——————   The Tour of Duty scheme of recruitment for the Defence Services is catchily named ‘Agnipath’, and...

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Moneylife Digital Team 29 June 2022
The Reserve Bank of India (RBI) has imposed a monetary penalty of Rs57.50 lakh on the government-owned Indian Overseas Bank for non-compliance with certain directions issued by it on the classification and reporting of frauds by commercial banks and select FIs (financial...

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Moneylife Digital Team 29 June 2022
Online coding provider WhiteHat Jr, the beleaguered platform under edtech giant BYJU's umbrella, has laid off around 300 employees, after more than 1,000 of its employees resigned after being asked to return to office in April-May.   This time, most of the fired employees belonged to...

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The Centre on Tuesday claimed that the ban on single use plastic (SUP) from July 1 would be implemented strictly across India by setting up state and national level control rooms, along with border points to check inter-state movement etc.   However, with punitive action delegated to...

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Remember, in March-April 2018, the Indian press was abuzz with the news that Walmart was likely to pick up a substantial stake in Flipkart. The actual deal was announced on 9 May 2018. However, something happened even before the deal was announced.    The Economic Times (ET)

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Moneylife Digital Team 28 June 2022
In an example of how the market regulator has multiple proceedings on the same issue, the Securities and Exchange Board of India (SEBI) has imposed penalties of Rs12 crore on two Sahara group firms for an issue going back to 2008-09. A whole decade after the pathbreaking supreme court (SC)...

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Moneylife Digital Team 28 June 2022
Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani has decided to step down from the board of RIL unit Reliance Jio Infocomm Ltd. Reliance Jio has named his son Akash Ambani as the new chairman.   In a regulatory filing, Reliance Jio says, "The board of...

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The toll in the Mumbai building crash has risen to 14 and at least 13 others, including a woman, were injured, the BMC (brihanmumbai municipal corporation) disaster control said on Tuesday.   According to officials, the entire wing of the ground-plus-three floor Naik Nagar Building in...

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Adani Ports and Special Economic Zone Ltd has moved the Supreme Court (SC), challenging the Bombay High Court (HC) order, which declined to entertain its plea against the disqualification of its bid in a tender issued by the board of trustees of Jawaharlal Nehru Port Authority...

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Pallonji Shapoorji Mistry, the billionaire realtor and industrialist, and Chairman Emeritus of the venerable Shapoorji Pallonji Group, passed away at his home here late last night, official sources said here on Tuesday.   He was 93 and is survived by his sons Shapoorji and...

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Shaileshwar Yadav  and   Aditya Tripathi (The Leaflet) 28 June 2022
The Supreme Court once interpreted the role of the Governors as a ‘functional euphemism’, acting promptly and only on the advice of council of ministers. It is inevitable that when some of them, as Chancellors of universities, sought to change this paradigm, it led to pushback from state...

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Moneylife Digital Team 27 June 2022
In a severe rebuke to Dish TV promoters, a majority of its shareholders has voted against the reappointment of managing director (MD) Jawahar Lal Goel and two other directors at its extraordinary general meeting (EGM). The development is a major victory for Yes Bank, the largest shareholder...

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The State-run Bank of Maharashtra (BoM) has written off bad loans of over Rs11,204 crore of 42 big defaulters and Rs2,548.13 crore of small borrowers since FY13-14. However, over the past nine years, the Bank could recover less than 15% of the amount from both big defaulters, who had...

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Moneylife Digital Team 27 June 2022
The Bombay High Court on Monday imposed costs of Rs5 lakh on Adani Ports and Special Economic Zone Ltd (Adani Ports) while dismissing its plea challenging the disqualification of its bid in connection with the tender issued by the board of trustees of Jawaharlal Nehru Port Authority (JNPA)...

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Moneylife Digital Team 27 June 2022
Aurobindo Pharma Ltd has revealed that it has received a warning letter from market regulator Securities and Exchange Board of India (SEBI) for non-disclosure of details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the US Food and Drug...

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Online food delivery platform Zomato, which saw its stock tumbling below its IPO (initial public offer) price, as India reopened and retail food industry came back on track, had acquired quick-commerce grocery delivery platform Blinkit for a whopping Rs4,447 crore—about US$568mn (million)....

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Improving credit growth and decreasing asset-quality risks will be the character of Indian non-banking financial institutions (NBFI) during FY22-23, said Fitch Ratings on Monday.   According to the credit rating agency, this status should support NBFI's performance amid a broadening...

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