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Domestic data centre sector to add 508 MW capacity by 2023

Demand has been expanding rapidly due to increasing digital usage emerging from distributed workforce, growing data security concerns and business disruptions.

Climate Change: India may see loss of $6 trillion by 2050; top 5 sectors to be most hit account for over 80% of GDP

A report on climate action and economic future recently released by Deloitte pointed out that if an emission pathway is pursued where global average warming increases by more than 3°C by 2070, it “

This translates into monetary losses of more than $6 trillion in present value terms. In such a scenario, climate change-induced economic losses to India would be almost $35 trillion in the next half of the century.

Covid-19 vaccine: Biological E gets DCGI nod for Phase 2/3 trials on kids, adults

The company has committed to supply 300 million doses by the end of the year to the government. The health ministry has made an advance payment of Rs 1,500 crore to Biological E for reserving these su

“The approvals from the DCGI will encourage us to move forward and produce the Covid-19 vaccine to meet the country's vaccination needs. These approvals will help support subsequent filings with the World Health Organisation as well,” Bio E MD Mahima Datla.

Clean hydrogen: Reliance Industries bets big on green energy

Hydrogen produced with the help of electrolysers through electricity generated from renewable sources such as solar and wind plants is called green hydrogen.

RIL has already begun work on developing the Rs 60,000-crore Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar, which will include manufacturing units for solar cells and modules, a battery unit for energy storage, a fuel cell-making factory and an electrolyser plant to produce green hydrogen.

September 17 meeting: Council to decide on GST aid for states beyond June 2022

“A lot of things have been reset because of two years of unexpected macro risk and failure. I join with other states in the notion that the period of compensation should extend,” Tamil Nadu financ

The Lucknow session, which will be the first physical meeting of the Council after a gap of nearly one-and-a-half years, will also take a call on whether GST concessions for various Covid medicines and related medical equipment, which are to be valid till September 30, should be extended.

Spending push: Finance ministry asks depts to step up capex & create durable assets

Chief economic adviser KV Subramanian had earlier said capex had a high multiplier of 4.5, against less than 1 in even well-directed revenue spending.

The finance ministry has already asked various infrastructure ministries and departments to step up capex and create durable assets.

Centre wants Vodafone Idea’s promoters to put in more capital

Aditya Birla Group chairman Kumar Mangalam Birla, who resigned as Vodafone Idea (VIL) chairman last month, met communications minister Ashwini Vaishnaw on Wednesday, according to sources.

Queries sent to Vodafone Group and Vodafone Idea with regard to the recent meetings remained unanswered.

Uneven Recovery: At Rs 1.12 lakh crore, August GST mop-up down 4%; services sector, consumption remain weak

“The robust GST revenues are likely to continue in the coming months too,” the ministry of finance said in a statement.

GST collections from key manufacturing states such as Maharashtra, Tamil Nadu, Gujarat and Karnataka showed year-on-year growth of 25-35% in August.

April-July FY22: Centre reins in fiscal deficit at 21% of BE

Despite the announcement of the relief package in June, the fiscal cost of which is estimated at around Rs 1.5 lakh crore, the deficit target of 6.8% of GDP for FY22 would be met, given the possibilit

The Centre’s net tax receipts rose 2.6 times on-year to Rs 5.29 lakh crore or 32.2% of FY22BE compared with a mere 12.4% of the corresponding target reported in the year ago period.

Working to enable global settlement of G-secs: Das

The move will enable non-resident Indians to invest in g-secs, the RBI governor said, speaking at the 21st annual conference of the Fixed Income Money Market and Derivatives Association of India and P

Once operationalised, this will enhance access of non-residents to the g-sec market as will the inclusion of Indian g-secs in the global bond indices, for which efforts are ongoing, he added.

Supreme Court: Supertech’s twin towers to be razed

The entire cost of the demolition will be borne by the builder and Noida authorities will supervise the demolition with expert guidance from the Central Building Research Institute, the top court said

The two 40-floor towers to be demolished has a total of 915 apartments and 21 shops, of which 633 flats were booked by homebuyers. The Emerald Court House has 15 other towers, fully built with residents living here.

GDP grows 20% in Q1, but still below FY20 levels

Manufacturing, construction, electricity and mining grew fast enough in the June quarter to offset the steep declines in the year-ago quarter, while key services sectors could not even completely reve

Fixed investment, on which the government would make bets on, rose by a sharp 55.3% in Q1FY22 to raise its share in GDP by over 7 percentage points to 31.6%.

Prosus strikes $4.7-billion deal to buy BillDesk

Through this acquisition, Prosus plans to scale up it payments and fintech business PayU, which operates in more than 20 markets globally, as one of the leading online payment providers globally by to

Bob van Dijk, group CEO at Prosus, said the regulatory clearances for the deal should be in place by February 2022.

Rs 21K-cr rights issue: Fundraise to lower leverage, says Mittal

Among the services listed by Mittal were 5G services, fibre network and data centre business.

Mittal also said the industry has been urging the government to attend to some pressing issues inhibiting continued investments in the sector, given the negative-to-low returns.

Land mapping: Govt readies 5.6 lakh hectares of land on India Industrial Land Bank portal to woo investors

The land, already acquired by the official agencies, is spread across 4,363 industrial parks, estates and special economic zones (SEZs) in 19 states and Union territories, according to a DPIIT present

Since land ownerships in vast swathes of India are fragmented and disorganised, direct acquisition remains a critical challenge, more so for private companies.

Growth pangs: Weak consumption to weigh on economy

While sales of two-wheelers and passenger vehicles have picked up in June and July, the improvements come off a low base; apart from tractors no segment of the auto space is really doing well.

Bharti Airtel to raise Rs 21,000 crore via rights issue; board okays issue at Rs 535 apiece

The Bharti stock closed Friday’s session at Rs 593.95. The Street anticipates the dilution of about 7% could be an overhang on Bharti’s stock price.

Coal shortage drives spot power prices to record high of Rs 20 per unit

On August 28, there was a massive power supply shortage of 77.7 million units (MU), compared to the shortage of 2.3 MU on the same day in 2020, and paucity of 18.9 MU shortage recorded on the correspo

“In the coming days, supplies from the coal companies to the power plants is expected to improve further to stand by the nation in these critical monsoon months and meet the demand of the power sector,” it said.

Low ticket sizes make e-selling in small town India a lot harder

As Arpit Mathur, partner at Kearney, points out there are differences of ticket sizes, language and behaviour that need to be addressed and all of which call for alternate strategies.

The smaller ticket sizes make the returns less attractive. Strategies like discounting and online advertising that typically work for a big city don’t do as well in a small town.

Retrospective Tax – Draft rules: Vedanta has to withdraw Singapore Cairn case for refund

The country also slapped an assessment of Rs 10,247 crore on Cairn Energy in January 2014, which after including penalities came to Rs 20,495 crore.

This would mean that Vedanta has to undertake to withdraw the arbitration filed under India-Singapore tax treaty for Cairn Energy to avail of the facility offered by New Delhi.

BSNL 4G tender hits fresh hurdles: Barring TCS, other players report technical glitches with their core partner

As reported earlier, BSNL had selected TCS, Tech Mahindra, HFCL, L&T and ITI to conduct 4G trials at select locations with their core and radio network partners.

Shortlisted firms such as Tech Mahindra, HFCL and L&T are facing challenges with their Indian partner, Pertsol, which is offering the core solution for the network.

Economic resurgence: FDI equity inflows jump 168% in Q1

Gross inflows surge 90%, aided by base effect

The robust FDI inflows take place at a time when domestic private investments have remained elusive in recent years.

Investors asked to vote against JSPL plan to sell 96.42% in Jindal Power

The company’s debt for 9 months of FY21 was at Rs 6,760 crore, a drastic reduction from Rs 7,390 crore posted for the 12-month period of previous financial year. (IiAS said that JPL did not disclose

The company’s move comes ahead of its EGM on September 3 to seek shareholders’ assent for stake sale to Worldone, a company owned by the Jindal family.

New IT rules: Delhi High Court asks govt to respond to WhatsApp challenge

WhatsApp also said that that the rules "enables government officials, law enforcement, journalists, members of ethnic or religious groups, scholars, teachers, students, and the like to exercise their

A bench comprising Chief Justice DN Patel and Justice Jyoti Singh issued notice to the Union government on an appeal filed by the company against the new Social Media Intermediary Rules, 2021, which came into effect from May 25. The case will be heard next on October 22.

Lending to Discoms: Power ministry wants RBI to direct banks to follow strict norms

According to sources, discoms’ outstanding borrowings were to the tune of Rs 5 lakh crore as at end-FY20, and more than a fifth of this is in the form of state government loans.

The ‘Praapti’ portal shows overdues of renewable energy players from MP discoms to have spiralled to Rs 1,323 crore as of end-July from Rs 537 crore a year ago.

Manufacturing push: Incentivise auto MNCs, forge more free trade agreements, says govt panel

Similarly, for bolstering farm and processed food exports, the country needs to re-negotiate imports tariffs and firm up trade pacts with the EU, the US and the UAE. Rigorous brand-building exercise m

The panel’s suggestions for the priority sectors aim to double manufacturing exports over the next five years, reduce imports by two-thirds and drive up annual domestic consumption growth to about 9% from roughly 7% in a normal year.
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