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The BSE <a href="https://www.wionews.com/business-economy/union-budget-2021-sensex-surges-over-900-points-as-sitharaman-presents-budget-360511">Sensex</a> surged over 2,200&nbsp;points to trade at&nbsp;48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday.

<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Also Follow: Live Updates - Senior citizens exempted from filing ITR</a>

Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&amp;M and SBI.

India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22.

The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech.

The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget.

The Nifty up 114.85 points at 13,749.45 in early trade.

The BSE Sensex surged over 2,200 points to trade at 48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday. Also Follow: Live Updates - Senior citizens exempted from filing ITR Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI.

The BSE Sensex surged over 2,200 points to trade at 48,501 as India's finance minister Nirmala Sitharaman presented the Union Budget 2021 on Monday. Also Follow: Live Updates - Senior citizens exempted from filing ITR Bank stocks rallied with IndusInd Bank being the top gainer, rallying over 10 per cent, followed by ICICI Bank, HDFC, Bajaj Finserv, M&M and SBI. India's finance minister Nirmala Sitharaman while presenting the Budget before Parliament said that Life Insurance Corporation(LIC) will come up with an IPO in 2021-22. The government proposed further recapitalisation of state-owned banks earmarking Rs 20,000 crore. BPCL, Air India, IDBI, SCI and Concor disinvestment will be completed in 2021-22, India's finance minister had said during the Budget speech. The BSE Sensex had shot up over 900 points as Nirmala Sitharaman presented the Union Budget. The BSE Sensex had surged over 400 points in early trade ahead of the Budget. The Nifty up 114.85 points at 13,749.45 in early trade.

Union Budget 2021: Sensex surges over 2,200 points as bank stocks soar

Finance minister Nirmala Sitharaman while presenting the Union <a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Budget</a> 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods.&nbsp;

Watch:

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/union-budget-2021-tasked-to-get-india-on-growth-track-360585/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The government announced agricultural infrastructure cess of 17.5 per cent on crude palm oil, 20 per cent on crude soyabean and sunflower oil.

&nbsp;"Consequent to the imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden," <a href="https://www.wionews.com/business-economy/union-budget-2021-sitharaman-announces-first-digital-census-central-university-in-leh-360591">Sitharaman</a> said during the Budget speech.

Agricultural infrastructure cess of 2.5 per cent has been imposed on gold, silver and dore bars including 35 per cent on apples, 5 per cent on specified fertilizer and 1.5 per cent on coal, lignite and peat.

Agricultural infrastructure cess of 30 per cent has been imposed on kabuli chana, 10 per cent on peas, 50 per cent on Bengal gram/chick peas, 20 per cent on lentil (mosur) and 5 per cent on cotton was imposed in the <a href="https://www.wionews.com/india-news/union-budget-2021-nirmala-sitharaman-announces-rs-35000-crore-for-covid-19-vaccines-in-health-plan-360559">Budget</a>.

The finance minister also imposed agricultural infrastructure of Rs 2.5 per litre cess on petrol and Rs 4 on diesel.

Finance minister Nirmala Sitharaman while presenting the Union Budget 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods. Watch: The government announced agricultural infrastructure cess of 17.

Finance minister Nirmala Sitharaman while presenting the Union Budget 2021 proposed Agriculture Infrastructure and Development Cess (AIDC) on certain goods. Watch: The government announced agricultural infrastructure cess of 17.5 per cent on crude palm oil, 20 per cent on crude soyabean and sunflower oil. "Consequent to the imposition of Agriculture Infrastructure and Development Cess (AIDC) on petrol and diesel, Basic excise duty (BED) and Special Additional Excise Duty (SAED) rates have been reduced on them so that overall consumer does not bear any additional burden," Sitharaman said during the Budget speech. Agricultural infrastructure cess of 2.5 per cent has been imposed on gold, silver and dore bars including 35 per cent on apples, 5 per cent on specified fertilizer and 1.5 per cent on coal, lignite and peat. Agricultural infrastructure cess of 30 per cent has been imposed on kabuli chana, 10 per cent on peas, 50 per cent on Bengal gram/chick peas, 20 per cent on lentil (mosur) and 5 per cent on cotton was imposed in the Budget. The finance minister also imposed agricultural infrastructure of Rs 2.5 per litre cess on petrol and Rs 4 on diesel.

Union Budget 2021: Sitharaman proposes agricultural infrastructure cess of Rs 2.5 per litre on petrol, Rs 4 on diesel

Finance Minister Nirmala Sitharaman on Monday announced that women will be allowed to work in night shifts in all sectors, with adequate safety.&nbsp;

Referring to jobs that require employees to work in 24/7 shifts, Ms Sitharaman said that adequate protection would be provided to women working in the night shifts.&nbsp;

She added that social security benefits will be extended to gig and platform workers.

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Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection: FM Nirmala Sithraman. <a href="https://twitter.com/hashtag/Budget2021?src=hash&amp;ref_src=twsrc%5Etfw">#Budget2021</a> <a href="https://t.co/ezbwH58wa7">pic.twitter.com/ezbwH58wa7</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1356133850317901827?ref_src=twsrc%5Etfw">February 1, 2021</a></blockquote>
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The finance minister also added that Pradhan Mantri Ujjwala Yojana, which provided LPG connections to women of Below Poverty Line (BPL) families, will be extended by one crore in the coming year. 
 
Here are a few conditions that shall be met for the employment of women during the night shift:

<ul>
	<li>First of all, the&nbsp;consent of women employee should be taken</li>
	<li>No women shall be employed against the maternity benefit provisions laid down under the Social Security Code, 2020 (36 f 2020)</li>
	<li>Adequate transportation facilities shall be provided to women employees – to pick-up and drop such employee at her residence.</li>
	<li>The office area including passage towards conveniences or facilities concerning toilet, washrooms, drinking water, entry and exit of women employee should be well-lit.</li>
	<li>The toilet, washroom and drinking facilities should be near the workplace where such women employee are employed.</li>
	<li>The provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (14 of 2013), as applicable to the establishments, shall be complied with.</li>
</ul>

(With inputs from agencies)

Finance Minister Nirmala Sitharaman on Monday announced that women will be allowed to work in night shifts in all sectors, with adequate safety. Referring to jobs that require employees to work in 24/7 shifts, Ms Sitharaman said that adequate protection would be provided to women working in the night shifts.

Finance Minister Nirmala Sitharaman on Monday announced that women will be allowed to work in night shifts in all sectors, with adequate safety. Referring to jobs that require employees to work in 24/7 shifts, Ms Sitharaman said that adequate protection would be provided to women working in the night shifts. She added that social security benefits will be extended to gig and platform workers. Social security benefits will be extended to gig and platform workers. Minimum wages will apply to all categories of workers. Women will be allowed to work in all categories and also in night shifts with adequate protection: FM Nirmala Sithraman. #Budget2021 pic.twitter.com/ezbwH58wa7 — ANI (@ANI) February 1, 2021 × The finance minister also added that Pradhan Mantri Ujjwala Yojana, which provided LPG connections to women of Below Poverty Line (BPL) families, will be extended by one crore in the coming year. Here are a few conditions that shall be met for the employment of women during the night shift: First of all, the consent of women employee should be taken No women shall be employed against the maternity benefit provisions laid down under the Social Security Code, 2020 (36 f 2020) Adequate transportation facilities shall be provided to women employees – to pick-up and drop such employee at her residence. The office area including passage towards conveniences or facilities concerning toilet, washrooms, drinking water, entry and exit of women employee should be well-lit. The toilet, washroom and drinking facilities should be near the workplace where such women employee are employed. The provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (14 of 2013), as applicable to the establishments, shall be complied with. (With inputs from agencies)

Women to be provided adequate protection for night shifts in all sectors: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Monday presented her third Union Budget in Parliament, which rests on six pillars – from healthcare to infrastructure.&nbsp;

Sitharaman announced a whopping 137% increase in the allocation for health and well being during today’s budget speech. The budget outlay for 2021-22 on health is ₹2,34,846 crore as against ₹94,452 crores last year. 
 
<a href="https://www.wionews.com/india-news/live-union-budget-2021-news-nirmala-fm-sitharaman-budget-speech-income-tax-slab-rate-cut-economy-gdp-coronavirus-farmer-railway-budget-union-cabinet-meet-to-start-fm-reaches-parliament-360487">Union Budget 2021: As it happened</a> 
 
“Progressively as institutions absorb more, we will invest more taking a holistic approach to health. We focus on strengthening three areas — preventive, curative, and well being,” said Sitharaman in Parliament.

She announced mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. 
 
<a href="https://www.wionews.com/india-news/union-budget-2021-key-highlights-and-takeaways-from-nirmala-sitharamans-budget-360606">Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget</a>

While no changes were made to the personal income tax, senior citizens were offered benefit. Under the proposal, those above the age of 75 will no longer have to file I-T returns. The FM said that income tax return forms have been further simplified.

<a href="https://www.wionews.com/business-economy/union-budget-2021-senior-citizens-above-the-age-of-75-years-exempted-from-filing-income-tax-returns-360596">Also read: Senior citizens above the age of 75 years exempted from filing income tax returns</a>

Sitharaman also extended tax holiday to startups and affordable housing projects by one year. The FM also ensured housing for migrant workers by exempting notified affordable rental projects from tax.&nbsp;

Delivering her budget statement to parliament, Finance Minister Nirmala Sitharam projected a fiscal deficit of 6.8% of gross domestic product for 2021/22. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier.

India, which has the world`s second-highest coronavirus caseload after the United States, currently spends about 1% of GDP on health, among the lowest for any major economy.&nbsp;

Sitharaman said the foreign direct investment (FDI) cap for the insurance sector would be increased to 74% from the current 49%.

She also allocated 200 billion rupees ($2.74 billion) to recapitalise state-run banks that are saddled with bad loans and have been a drag on growth.

India`s benchmark 10-year bond yield rose sharply to 6.03% from the day`s low of 5.93% on the fiscal projections.

To bridge some of the deficit, the government plans to raise 1.75 trillion Indian rupees from selling its stake in the state-run companies and banks including IDBI bank, an insurance company and oil companies.

The pandemic ruined the divestment plans for the current fiscal with only 180 billion rupees raised so far from the sales.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman on Monday presented her third Union Budget in Parliament, which rests on six pillars – from healthcare to infrastructure. Sitharaman announced a whopping 137% increase in the allocation for health and well being during today’s budget speech.

Finance Minister Nirmala Sitharaman on Monday presented her third Union Budget in Parliament, which rests on six pillars – from healthcare to infrastructure. Sitharaman announced a whopping 137% increase in the allocation for health and well being during today’s budget speech. The budget outlay for 2021-22 on health is ₹2,34,846 crore as against ₹94,452 crores last year. Union Budget 2021: As it happened “Progressively as institutions absorb more, we will invest more taking a holistic approach to health. We focus on strengthening three areas — preventive, curative, and well being,” said Sitharaman in Parliament. She announced mega national highway projects in election-bound states of Tamil Nadu, West Bengal, Assam and Kerala. Union Budget 2021: Key highlights and takeaways from Nirmala Sitharaman's budget While no changes were made to the personal income tax, senior citizens were offered benefit. Under the proposal, those above the age of 75 will no longer have to file I-T returns. The FM said that income tax return forms have been further simplified. Also read: Senior citizens above the age of 75 years exempted from filing income tax returns Sitharaman also extended tax holiday to startups and affordable housing projects by one year. The FM also ensured housing for migrant workers by exempting notified affordable rental projects from tax. Delivering her budget statement to parliament, Finance Minister Nirmala Sitharam projected a fiscal deficit of 6.8% of gross domestic product for 2021/22. The current year was expected to end with a deficit of 9.5%, she said, well up from the 7% expected earlier. India, which has the world`s second-highest coronavirus caseload after the United States, currently spends about 1% of GDP on health, among the lowest for any major economy. Sitharaman said the foreign direct investment (FDI) cap for the insurance sector would be increased to 74% from the current 49%. She also allocated 200 billion rupees ($2.74 billion) to recapitalise state-run banks that are saddled with bad loans and have been a drag on growth. India`s benchmark 10-year bond yield rose sharply to 6.03% from the day`s low of 5.93% on the fiscal projections. To bridge some of the deficit, the government plans to raise 1.75 trillion Indian rupees from selling its stake in the state-run companies and banks including IDBI bank, an insurance company and oil companies. The pandemic ruined the divestment plans for the current fiscal with only 180 billion rupees raised so far from the sales. (With inputs from agencies)

Union Budget 2021-22: Personal tax untouched; healthcare, infrastructure in focus

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns.&nbsp;

“I offer them a pranam and as India completes 75 years of independence, and move to reduce their compliance burden,” said Sitharaman.

She also eased the painstaking prices of return filing for everyone by announcing that in addition to TDS and salaries that come pre-filled, details like capital gains and interest from post and other investments will also come pre-filled.&nbsp;

Pension from the ex-employer is taxed under the income tax head of Salary while family pension is taxed as ‘income from other sources’. Interest income received from SCSS, bank fixed deposit etc is taxed as per one’s income slab under the head ‘income from other sources’. 
 
The bank paying income to them will deduct the necessary tax from their bank account.&nbsp;

This has come after Budget 2018 had announced tax law changes to provide more tax benefits to senior citizens.&nbsp;

These include tax benefits such as the introduction of a new section 80TTB in the Income Tax Act, 1961, the deduction for medical expenditure in case of no health insurance coverage, etc.&nbsp;

'We shall reduce the compliance burden on our senior citizens who are 75 years of age &amp; above - for senior citizens who only have pension &amp; interest income, I propose exemption from filing their Income Tax return,'' FM Nirmala Sitharaman said.&nbsp;

On the reason for exempting such senior citizens from filing their ITR, Sitharaman said that the move aims to give such citizens to give their dues as they have devoted an important period of their life in nation-building.&nbsp;

She also proposed to increase the threshold for tax audit from Rs 5 crore to Rs 10 crore albeit for those transacting 95% digitally.

(With inputs from agencies)

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns.

Finance Minister Nirmala Sitharaman on Monday said senior citizens above 75 years of age with only pension income will now be exempted from filing income tax returns. “I offer them a pranam and as India completes 75 years of independence, and move to reduce their compliance burden,” said Sitharaman. She also eased the painstaking prices of return filing for everyone by announcing that in addition to TDS and salaries that come pre-filled, details like capital gains and interest from post and other investments will also come pre-filled. Pension from the ex-employer is taxed under the income tax head of Salary while family pension is taxed as ‘income from other sources’. Interest income received from SCSS, bank fixed deposit etc is taxed as per one’s income slab under the head ‘income from other sources’. The bank paying income to them will deduct the necessary tax from their bank account. This has come after Budget 2018 had announced tax law changes to provide more tax benefits to senior citizens. These include tax benefits such as the introduction of a new section 80TTB in the Income Tax Act, 1961, the deduction for medical expenditure in case of no health insurance coverage, etc. 'We shall reduce the compliance burden on our senior citizens who are 75 years of age & above - for senior citizens who only have pension & interest income, I propose exemption from filing their Income Tax return,'' FM Nirmala Sitharaman said. On the reason for exempting such senior citizens from filing their ITR, Sitharaman said that the move aims to give such citizens to give their dues as they have devoted an important period of their life in nation-building. She also proposed to increase the threshold for tax audit from Rs 5 crore to Rs 10 crore albeit for those transacting 95% digitally. (With inputs from agencies)

Union Budget 2021: Senior citizens above the age of 75 years exempted from filing income tax returns

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives.

According to the latest report,&nbsp;Robinhood CEO Vlad Tenev and co-founder Bajnu Bhatt had contributed&nbsp;$2,800 to Maxine Waters and&nbsp; $1,200 to Robert McHenry, who are&nbsp;the chair and&nbsp;ranking member of the House Financial Services Committee.

Robinhood&nbsp;Markets Inc's user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums.

The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users' activity under a 25-year-old law known as Section 230.

At least a dozen proposed class-action lawsuits accuse&nbsp;Robinhood&nbsp;of breaching its contract with customers when it restricted trading on Thursday.

Robinhood's users were at the centre of this week's wild rally in a handful of stocks that had been heavily shorted by hedge funds and championed by individual investors in online chatrooms including Reddit's WallStreetBets.

The lawsuits, brought in federal court, alleging that the Menlo Park, California-based company breached its contractual obligation as a regulated broker to execute orders promptly and effectively.

However,&nbsp;Robinhood&nbsp;is not legally bound to carry out every trade and the lawsuits will not succeed without evidence the company restricted trading for an improper reason, such as to favour certain investors, according to several legal experts.

The user agreement on&nbsp;Robinhood's website says it "may at any time, in its sole discretion and without prior notice to Me, prohibit or restrict My ability to trade securities."

Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities.

Retail investors using&nbsp;Robinhood&nbsp;and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives.

The House Committee on Financial Services investigating GameStop saga has come under increased scrutiny after it was revealed that it had received its maximum funding from Robinhood executives. According to the latest report, Robinhood CEO Vlad Tenev and co-founder Bajnu Bhatt had contributed $2,800 to Maxine Waters and $1,200 to Robert McHenry, who are the chair and ranking member of the House Financial Services Committee. Robinhood Markets Inc's user agreement is likely to protect the brokerage app from a barrage of lawsuits filed by customers after it blocked a frenzied trading rally in companies such as GameStop Corp that was fueled on social media forums. The owners of internet platforms where much of the discussion took place are likewise shielded from liability for users' activity under a 25-year-old law known as Section 230. At least a dozen proposed class-action lawsuits accuse Robinhood of breaching its contract with customers when it restricted trading on Thursday. Robinhood's users were at the centre of this week's wild rally in a handful of stocks that had been heavily shorted by hedge funds and championed by individual investors in online chatrooms including Reddit's WallStreetBets. The lawsuits, brought in federal court, alleging that the Menlo Park, California-based company breached its contractual obligation as a regulated broker to execute orders promptly and effectively. However, Robinhood is not legally bound to carry out every trade and the lawsuits will not succeed without evidence the company restricted trading for an improper reason, such as to favour certain investors, according to several legal experts. The user agreement on Robinhood's website says it "may at any time, in its sole discretion and without prior notice to Me, prohibit or restrict My ability to trade securities." Robinhood's fee-free and simple-to-use app has made it popular with a new generation of small-time traders and its restrictions on Thursday drew a heavy backlash from high-profile politicians and celebrities. Retail investors using Robinhood and other apps drove the so-called "Reddit rally" that pushed up shares of GameStop Corp and other companies championed on social media platforms including Reddit, resulting in heavy losses for big hedge funds that had shorted the shares.

House Committee investigating GameStop saga received maximum donation from Robinhood executives

Indian fashion e-tailer Myntra is set to change its logo following a complaint by a Mumbai-based activist.

The complaint, lodged last month with the cyber cell in Mumbai by Avesta Foundation's Naaz Patel, said the brand's signage was offensive towards women.

The logo will be changed across Myntra's website, app and packaging material.

In a tweet, Avesta Foundation said: "Congratulations to our founder. She did it what apparently seemed impossible. Thank you everyone for your support. We're overwhelmed by the response. Kudos to @myntra for addressing the concerns and respecting the sentiments of millions of women."

The matter, however, drew a mixed response from netizens. While some welcomed the company's decision to change the logo, many said such demands for logo changes seemed whimsical.

A few also said the complaint brought to notice the supposed structure of the logo, which many would not have cared to notice otherwise. They said they 'cannot unsee it now'.

Flipkart group company Myntra is one of the largest fashion e-retailers in the country. During its 'End of Reason Sale' last month, it sold 11 million items while catering to more than 5 million orders.

Indian fashion e-tailer Myntra is set to change its logo following a complaint by a Mumbai-based activist. The complaint, lodged last month with the cyber cell in Mumbai by Avesta Foundation's Naaz Patel, said the brand's signage was offensive towards women.

Indian fashion e-tailer Myntra is set to change its logo following a complaint by a Mumbai-based activist. The complaint, lodged last month with the cyber cell in Mumbai by Avesta Foundation's Naaz Patel, said the brand's signage was offensive towards women. The logo will be changed across Myntra's website, app and packaging material. In a tweet, Avesta Foundation said: "Congratulations to our founder. She did it what apparently seemed impossible. Thank you everyone for your support. We're overwhelmed by the response. Kudos to @myntra for addressing the concerns and respecting the sentiments of millions of women." The matter, however, drew a mixed response from netizens. While some welcomed the company's decision to change the logo, many said such demands for logo changes seemed whimsical. A few also said the complaint brought to notice the supposed structure of the logo, which many would not have cared to notice otherwise. They said they 'cannot unsee it now'. Flipkart group company Myntra is one of the largest fashion e-retailers in the country. During its 'End of Reason Sale' last month, it sold 11 million items while catering to more than 5 million orders.

Myntra changes logo after complaint calls signage offensive to women

There is a lot of anticipation from the Union Budget 2021 that will be presented by Indian Finance Minister Nirmala Sitharaman on February 1.

The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the Union Budget to be presented on Monday for easing regulatory norms and for steps which will help in completion of pending projects and sale of build-up houses.

The sector has also been demanding infrastructure status. Apart from the sector suffering a sharp dip in sales due to COVID-19, there was also an exodus of migrant labourers from cities which impacted the execution of projects.

Developers said construction work had not picked up projects due to liquidity crisis.

Navin Raheja, Chairman, Raheja Developers, said the real estate sector is the driver of the economy and a boost to the sector will have a trickle-down impact.

"People on average invest their one-third of their savings in real estate. The real estate sector is largely suffering due to over-regulation and incomplete projects that has led to delays and defaults. Though the government has put the system online, developers still need to approach 50 departments for approvals.

This needs to be taken care of. There should be restructuring of the past loans to complete the projects," he said. R K Arora, Chairman Supertech Group and President NAREDCO-UP said he is expecting that a stimulus package will be announced by the government to increase the purchasing power of the common man which will create demand in the market.

He said if the real estate sector gets industry status, it will ease getting financial support from banks and financial institutions at reasonable interest rates."The last-mile funding to complete ongoing projects of existing lenders by allowing them restructuring existing loans is also urgently required to complete these projects as SBICAPS will take many years to finance the stalled and under-construction projects through the stress fund announced by the central government," Arora said.

Prashant Solomon, Managing Director, Chintels India, suggested extension of the CLSS scheme for the next fiscal, increase in tax incentives for home buyers, infrastructure status for real estate sector and abolishing the tax on unsold homes.

"States on their part must cut stamp duty on registration of properties, as Maharashtra has done. If the government announces some positive measures on the demand side in the budget, housing sale will bounce back to reach the pre-COVID level," he said.

Neetish Sarda, founder of the co-working space company Smartworks, said that the pandemic has accelerated the need for flexible office spaces and the co-working market is poised for growth with new entrants.

He said they are keen on new or reduced TDS bracket for service payments to co-working spaces."We hope the budget would also allocate more funds towards IT infra spending as we believe technology and digitization are the way forward for commercial real estate and co-working segment in particular," said Sarda.

"There is a need for industry status, single window clearance and reinstatement of Input Tax Credit in GST. We look forward to a stimulus to investments in commercial real estate in the budget which will provide a significant fillip to growth, create jobs and spur demand. The government should provide for allowance of capital expenditure incurred by the companies in the co-working segment," he added.&nbsp;

&nbsp;

There is a lot of anticipation from the Union Budget 2021 that will be presented by Indian Finance Minister Nirmala Sitharaman on February 1. The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the Union Budget to be presented on Monday for easing regulatory norms and for steps which will help in completion of pending projects and sale of build-up houses.

There is a lot of anticipation from the Union Budget 2021 that will be presented by Indian Finance Minister Nirmala Sitharaman on February 1. The real estate sector, which took a hard hit due to COVID-19, is pinning hopes on the Union Budget to be presented on Monday for easing regulatory norms and for steps which will help in completion of pending projects and sale of build-up houses. The sector has also been demanding infrastructure status. Apart from the sector suffering a sharp dip in sales due to COVID-19, there was also an exodus of migrant labourers from cities which impacted the execution of projects. Developers said construction work had not picked up projects due to liquidity crisis. Navin Raheja, Chairman, Raheja Developers, said the real estate sector is the driver of the economy and a boost to the sector will have a trickle-down impact. "People on average invest their one-third of their savings in real estate. The real estate sector is largely suffering due to over-regulation and incomplete projects that has led to delays and defaults. Though the government has put the system online, developers still need to approach 50 departments for approvals. This needs to be taken care of. There should be restructuring of the past loans to complete the projects," he said. R K Arora, Chairman Supertech Group and President NAREDCO-UP said he is expecting that a stimulus package will be announced by the government to increase the purchasing power of the common man which will create demand in the market. He said if the real estate sector gets industry status, it will ease getting financial support from banks and financial institutions at reasonable interest rates."The last-mile funding to complete ongoing projects of existing lenders by allowing them restructuring existing loans is also urgently required to complete these projects as SBICAPS will take many years to finance the stalled and under-construction projects through the stress fund announced by the central government," Arora said. Prashant Solomon, Managing Director, Chintels India, suggested extension of the CLSS scheme for the next fiscal, increase in tax incentives for home buyers, infrastructure status for real estate sector and abolishing the tax on unsold homes. "States on their part must cut stamp duty on registration of properties, as Maharashtra has done. If the government announces some positive measures on the demand side in the budget, housing sale will bounce back to reach the pre-COVID level," he said. Neetish Sarda, founder of the co-working space company Smartworks, said that the pandemic has accelerated the need for flexible office spaces and the co-working market is poised for growth with new entrants. He said they are keen on new or reduced TDS bracket for service payments to co-working spaces."We hope the budget would also allocate more funds towards IT infra spending as we believe technology and digitization are the way forward for commercial real estate and co-working segment in particular," said Sarda. "There is a need for industry status, single window clearance and reinstatement of Input Tax Credit in GST. We look forward to a stimulus to investments in commercial real estate in the budget which will provide a significant fillip to growth, create jobs and spur demand. The government should provide for allowance of capital expenditure incurred by the companies in the co-working segment," he added.

Union Budget 2021: Real estate sector pinning hopes on infrastructure status and tax incentives

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson.

On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days.

GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money.

In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade.

Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders.

It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008.

An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate.

The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation.

Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well.

GameStop is an American company and is on the verge of bankruptcy, however, its shares suddenly shot up by two thousand per cent in four days not because the company suddenly began doing well. The astronomical jump was driven by a group of Netizens who were out to teach the bankers at Wall Street a lesson. On January 25, one share of American company GameStop corp was selling at close to $43, however, on January the price shot up to $469 - a whopping jump of more than two thousand per cent in four days. GameStop is one of the world's biggest video game retailers but on Wall Street the market for GameStop stock is a battleground between financial elite and small investors which is exactly what some of the major hedge funds wanted to do with GameStop that is bet on the decline of the company to make money. In other words, selling short but these Wall Street traders got torched by this trade. Short sellers lost more than $5 billion betting against GameStop which includes names like point72 asset management that lost nearly 15 per cent of its fund over this trade. Andrew Left's Citron capital suffered a loss of 100 per cent over the Gamestop trade, Melvin Capital needed a $2.8 billion injection to save itself. The big traders were defeated at their own game by small traders. It all began with Wall Street bets an internet forum on Reddit that decided to teach Wall Street a lesson after online traders, mom-and-pop investors and small brokers decided to buy GameStop shares. For many of these traders this was about punishing Wall Street for the financial collapse of 2008. An army of small investors pushed the stock to record highs leading to a massive jump in Gamestop's market value from $2 billion to $24 billion while the big investors saw the money they bet against GameStop evaporate. The volatile trading led to high drama forcing the Biden administration and the US Securities and Exchange Commission to start monitoring the situation. Robinhood, the app used by many of the small investors to buy GameStop shares began blocking buys from fresh purchases. Some American lawmakers have now demanded an investigation into this halt. The bet against GameStop has left Wall Street traders burnt. The entire affair is a reminder that market investments remain a risky business.

How GameStop stocks surge exposed Wall Street elites

Ahead of the budget session of Parliament Prime Minister Narendra Modi has said that this decade is very important for the bright future of India.

"Today commences the first Session of this decade. This decade is very important for the bright future of India. A golden opportunity has come before the nation to fulfil the dreams seen by the freedom fighters," said Prime Minister Narendra Modi.

"Confident that MPs will not shy away from contributing to make full use of Parliament for fulfilling people's aspirations," said PM Modi.

"Keeping in mind this decade, there should be discussions, presentation of different views this session," PM Modi added.

The budget session of Parliament began today with an address by President Ram Nath Kovind and will be followed by the presentation of the Economic Survey.

The Union Budget will be presented by Finance minister Nirmala Sitharaman on February 1. Both the houses will also debate on the motion of thanks to the President's address after the budget presentation.

(With inputs from agencies)

Ahead of the budget session of Parliament Prime Minister Narendra Modi has said that this decade is very important for the bright future of India. "Today commences the first Session of this decade.

Ahead of the budget session of Parliament Prime Minister Narendra Modi has said that this decade is very important for the bright future of India. "Today commences the first Session of this decade. This decade is very important for the bright future of India. A golden opportunity has come before the nation to fulfil the dreams seen by the freedom fighters," said Prime Minister Narendra Modi. "Confident that MPs will not shy away from contributing to make full use of Parliament for fulfilling people's aspirations," said PM Modi. "Keeping in mind this decade, there should be discussions, presentation of different views this session," PM Modi added. The budget session of Parliament began today with an address by President Ram Nath Kovind and will be followed by the presentation of the Economic Survey. The Union Budget will be presented by Finance minister Nirmala Sitharaman on February 1. Both the houses will also debate on the motion of thanks to the President's address after the budget presentation. (With inputs from agencies)

Time to fulfill dreams of freedom fighters, says PM Modi ahead of the Budget session

Facebook Inc took down a popular Wall Street discussion group, Robinhood Stock Traders, in a move that its founder on Thursday described as backlash for conversations buoying shares of GameStop Corp and other companies this week.

GameStop, AMC Entertainment Holdings Inc and BlackBerry have been at the centre of a market battle as individual investors coordinating on social media including Reddit, and using trading apps such as Robinhood, bought shares and squeezed hedge funds that had bet big on those struggling companies to the tank.

Allen Tran, a 23-year-old from Chicago who created Robinhood Stock Traders, said he woke up on Wednesday to a notification that Facebook had disabled the 157,000-member group. The notification, seen by Reuters, said without detail that the group violated policies on "adult sexual exploitation."

"We were first on the picking tree to be cut off because we are on Facebook, not a free platform like Reddit," said Tran, referring to the typically lighter moderation on the discussion website.

Some of his group's members made tens of thousands of dollars in recent trades first popularized on Reddit's WallStreetBets forum, he said.

Tran, who also runs the 20,000-member HaiKhuu Trading group on chat app Discord, said he has never seen adult content on the Facebook group.

Facebook confirmed its removal but did not immediately have further comment.

Tran said institutional investors are trying to separate retail traders.

Facebook suspended his group on Jan. 7 after labelling it a "dangerous organization," according to correspondence seen by Reuters, though the company reinstated its privileges after he appealed to contacts there.

"With all these major institutions being frustrated with the success of retail, they are trying to target any groups they can," said Tran, who was featured in a Wall Street Journal article in November and described his Facebook group as the largest of its kind.

Tran expressed concern that a replacement group he formed to carry on discussions also will be taken down.

Facebook Inc took down a popular Wall Street discussion group, Robinhood Stock Traders, in a move that its founder on Thursday described as backlash for conversations buoying shares of GameStop Corp and other companies this week.

Facebook Inc took down a popular Wall Street discussion group, Robinhood Stock Traders, in a move that its founder on Thursday described as backlash for conversations buoying shares of GameStop Corp and other companies this week. GameStop, AMC Entertainment Holdings Inc and BlackBerry have been at the centre of a market battle as individual investors coordinating on social media including Reddit, and using trading apps such as Robinhood, bought shares and squeezed hedge funds that had bet big on those struggling companies to the tank. Allen Tran, a 23-year-old from Chicago who created Robinhood Stock Traders, said he woke up on Wednesday to a notification that Facebook had disabled the 157,000-member group. The notification, seen by Reuters, said without detail that the group violated policies on "adult sexual exploitation." "We were first on the picking tree to be cut off because we are on Facebook, not a free platform like Reddit," said Tran, referring to the typically lighter moderation on the discussion website. Some of his group's members made tens of thousands of dollars in recent trades first popularized on Reddit's WallStreetBets forum, he said. Tran, who also runs the 20,000-member HaiKhuu Trading group on chat app Discord, said he has never seen adult content on the Facebook group. Facebook confirmed its removal but did not immediately have further comment. Tran said institutional investors are trying to separate retail traders. Facebook suspended his group on Jan. 7 after labelling it a "dangerous organization," according to correspondence seen by Reuters, though the company reinstated its privileges after he appealed to contacts there. "With all these major institutions being frustrated with the success of retail, they are trying to target any groups they can," said Tran, who was featured in a Wall Street Journal article in November and described his Facebook group as the largest of its kind. Tran expressed concern that a replacement group he formed to carry on discussions also will be taken down.

Facebook shuts popular stock trading group Robinhood amid GameStop frenzy

India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey later on Friday, a source said, betting on a sharp recovery from the pandemic-induced slump this year.

The Indian economy, which the International Monetary Fund singled out as a global bright spot only a few years ago, is set to contract 7.7% in the current fiscal year to March 31, the deepest contraction in four decades, the economic survey is expected to say.

But the government predicts the rollout of vaccines against COVID-19, which has killed 153,847 Indians, will re-energise Asia's third-largest economy with 11% growth next year, said the source, who is familiar with the matter. That would mark the strongest growth since India liberalised its economy in 1991.

The survey is set to forecast nominal GDP, which includes inflation, will rise 15.4%, the highest since India's independence in 1947, said the source, who asked not to be identified. High nominal GDP points towards higher tax collections.

The survey's projections form the basis for key figures in the budget, due to be delivered on Monday by Finance Minister Nirmala Sitharaman. However, she may have to make some tough choices to keep in check the government's ballooning debt while presenting a spending plan able to lift the economy.

The source said the government expected a "V-shaped" economic rebound on the back of its vaccination push and a recovery in demand.

India has started inoculating millions of people with two vaccines -- Serum Institute of India's COVISHIELD, licensed from Oxford University and AstraZeneca, and COVAXIN, developed domestically by Bharat Biotech and the Indian Council of Medical Research.

India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey later on Friday, a source said, betting on a sharp recovery from the pandemic-induced slump this year.

India is likely to predict economic growth of 11% in the fiscal year beginning April 1 in its annual economic survey later on Friday, a source said, betting on a sharp recovery from the pandemic-induced slump this year. The Indian economy, which the International Monetary Fund singled out as a global bright spot only a few years ago, is set to contract 7.7% in the current fiscal year to March 31, the deepest contraction in four decades, the economic survey is expected to say. But the government predicts the rollout of vaccines against COVID-19, which has killed 153,847 Indians, will re-energise Asia's third-largest economy with 11% growth next year, said the source, who is familiar with the matter. That would mark the strongest growth since India liberalised its economy in 1991. The survey is set to forecast nominal GDP, which includes inflation, will rise 15.4%, the highest since India's independence in 1947, said the source, who asked not to be identified. High nominal GDP points towards higher tax collections. The survey's projections form the basis for key figures in the budget, due to be delivered on Monday by Finance Minister Nirmala Sitharaman. However, she may have to make some tough choices to keep in check the government's ballooning debt while presenting a spending plan able to lift the economy. The source said the government expected a "V-shaped" economic rebound on the back of its vaccination push and a recovery in demand. India has started inoculating millions of people with two vaccines -- Serum Institute of India's COVISHIELD, licensed from Oxford University and AstraZeneca, and COVAXIN, developed domestically by Bharat Biotech and the Indian Council of Medical Research.

India's annual economic survey likely to predict 11% economic growth for 2021-22

Union Budget 2021 will be preceded by presentation of Economic Survey 2020-2021 in the Indian Parliament. The survey will be presented today. Economic survey is an assessment of the year gone by. It measures the effect of various government schemes on the economy and sets the stage for Union Budget to be presented. Economic survey kicks off the budget session of the parliament. Prior to tabling of the survey, President Ram Nath Kovind will address a joint session of both houses of the parliament. WION will bring you all updates of the survey via its LIVE streams

If you want to watch the economic survey online on WION live TV <a href="https://www.wionews.com/live-tv">here is the link</a>.

The LIVE stream will be available on Facebook as well, click here for <a href="https://www.facebook.com/WIONews">WION's FB page</a>

WION will also livestream economic survey on its Youtube channel. <a href="https://www.youtube.com/channel/UC_gUM8rL-Lrg6O3adPW9K1g">Here is the link</a>.

The livestream will be available on Twitter as well. <a href="https://twitter.com/WIONews">Here is the link to Twitter page</a>

All eyes are on this year's economic survey as 2020 saw unprecedented impact on global economy due to coronavirus pandemic. India has the challenge to bring the economy back on track. The budget and economic survey this year are hence important.

Stay tuned to WION for latest updates on Economic Survey 2020-21

Union Budget 2021 will be preceded by presentation of Economic Survey 2020-2021 in the Indian Parliament. The survey will be presented today. Economic survey is an assessment of the year gone by.

Union Budget 2021 will be preceded by presentation of Economic Survey 2020-2021 in the Indian Parliament. The survey will be presented today. Economic survey is an assessment of the year gone by. It measures the effect of various government schemes on the economy and sets the stage for Union Budget to be presented. Economic survey kicks off the budget session of the parliament. Prior to tabling of the survey, President Ram Nath Kovind will address a joint session of both houses of the parliament. WION will bring you all updates of the survey via its LIVE streams If you want to watch the economic survey online on WION live TV here is the link. The LIVE stream will be available on Facebook as well, click here for WION's FB page WION will also livestream economic survey on its Youtube channel. Here is the link. The livestream will be available on Twitter as well. Here is the link to Twitter page All eyes are on this year's economic survey as 2020 saw unprecedented impact on global economy due to coronavirus pandemic. India has the challenge to bring the economy back on track. The budget and economic survey this year are hence important. Stay tuned to WION for latest updates on Economic Survey 2020-21

Budget 2021: How to watch Economic Survey 2020-21 LIVE streaming

Americans saw their incomes rise more than expected and spending sink less than forecast in December, thanks to continued support from the government, the Commerce Department said Friday.

Even as data indicates well over one million people are laid off in the world's largest economy each week, personal income increased by 0.6 percent or $116.6 billion in December, while expenditures decreased only $27.9 billion or 0.2 percent, both better than expected.

The income gain came after a 1.3 percent decline seen in November, and the Commerce Department attributed the increase to both financial dividends and government stimulus packages.&nbsp;

Income was in particular supported by a $900 billion measure Congress approved last month that refreshed small business aid and expanded unemployment benefits first provided under a separate bill passed as the Covid-19 pandemic began in March.

Spending nonetheless declined, with the data showing consumers especially avoiding trips to restaurants and other food industry businesses, a sector already hit hard by Covid-19, as well as purchases of recreational equipment.

As the coronavirus pandemic wears on in the United States even as vaccines are being rolled out, Rubeela Farooqi of High Frequency Economics warned consumers may increasingly opt to hold on to their money in the coming months.

"Not only will consumption start from a weak base but containment measures that are restricting activity will likely weigh on spending," and the first quarter of 2021 could see more weakness, she said.

As consumers spent less but received more, the data showed the personal savings rate climbing 13.7 percent to $2.38 trillion, its highest level since September.

Americans saw their incomes rise more than expected and spending sink less than forecast in December, thanks to continued support from the government, the Commerce Department said Friday.

Americans saw their incomes rise more than expected and spending sink less than forecast in December, thanks to continued support from the government, the Commerce Department said Friday. Even as data indicates well over one million people are laid off in the world's largest economy each week, personal income increased by 0.6 percent or $116.6 billion in December, while expenditures decreased only $27.9 billion or 0.2 percent, both better than expected. The income gain came after a 1.3 percent decline seen in November, and the Commerce Department attributed the increase to both financial dividends and government stimulus packages. Income was in particular supported by a $900 billion measure Congress approved last month that refreshed small business aid and expanded unemployment benefits first provided under a separate bill passed as the Covid-19 pandemic began in March. Spending nonetheless declined, with the data showing consumers especially avoiding trips to restaurants and other food industry businesses, a sector already hit hard by Covid-19, as well as purchases of recreational equipment. As the coronavirus pandemic wears on in the United States even as vaccines are being rolled out, Rubeela Farooqi of High Frequency Economics warned consumers may increasingly opt to hold on to their money in the coming months. "Not only will consumption start from a weak base but containment measures that are restricting activity will likely weigh on spending," and the first quarter of 2021 could see more weakness, she said. As consumers spent less but received more, the data showed the personal savings rate climbing 13.7 percent to $2.38 trillion, its highest level since September.

Aid infusions keep US income afloat in December, spending falls

Bitcoin jumped 14 per cent in Friday to attain two-week high after Tesla chief Elon Musk tagged the cryptocurrency on Twitter. Elon Musk has tagged the cryptocurrency in his Twitter biography. He simply wrote "#bitcoin" in his biography on the social media site. The cryptocurrency was trading at $37,800 as of 0936 GMT.

Elon Musk is known for making market-moving comments on Twitter.

GameStop Corp , which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted "Gamestonk!!", along with a link to the Reddit Wallstreetbets stock trading discussion group.

Musk, in December, asked about possibility of converting "large transactions" of Tesla's balance sheet into bitcoin. He said this during Twitter exchange with a well-known advocate for bitcoin.

(With Reuters inputs)

Bitcoin jumped 14 per cent in Friday to attain two-week high after Tesla chief Elon Musk tagged the cryptocurrency on Twitter. Elon Musk has tagged the cryptocurrency in his Twitter biography.

Bitcoin jumped 14 per cent in Friday to attain two-week high after Tesla chief Elon Musk tagged the cryptocurrency on Twitter. Elon Musk has tagged the cryptocurrency in his Twitter biography. He simply wrote "#bitcoin" in his biography on the social media site. The cryptocurrency was trading at $37,800 as of 0936 GMT. Elon Musk is known for making market-moving comments on Twitter. GameStop Corp , which has been at the centre of retail trading frenzy, surged 50% on Tuesday after Musk tweeted "Gamestonk!!", along with a link to the Reddit Wallstreetbets stock trading discussion group. Musk, in December, asked about possibility of converting "large transactions" of Tesla's balance sheet into bitcoin. He said this during Twitter exchange with a well-known advocate for bitcoin. (With Reuters inputs)

Bitcoin jumps 14 per cent to two-week high after Elon Musk tag

Indian stock market indices fluctuated between gains and losses in Friday's volatile session as Finance Minister Nirmala Sitharaman tabled Economic Survey in the Lok Sabha.

The Sensex plunged 588.59 points, or 1.26 per cent to 46,285.77, while the Nifty settled at 13,634.60, lower by 182.95 points, or 1.32 per cent.

Broader markets, Nifty Midcap100 and Nifty Smallcap100 ended 0.38 per cent and 0.63 per cent lower, respectively. Among sectors, metal, pharma and FMCG also reeled under pressure, while banking and realty index ended in the green.

(With inputs from agencies)

Indian stock market indices fluctuated between gains and losses in Friday's volatile session as Finance Minister Nirmala Sitharaman tabled Economic Survey in the Lok Sabha.

Indian stock market indices fluctuated between gains and losses in Friday's volatile session as Finance Minister Nirmala Sitharaman tabled Economic Survey in the Lok Sabha. The Sensex plunged 588.59 points, or 1.26 per cent to 46,285.77, while the Nifty settled at 13,634.60, lower by 182.95 points, or 1.32 per cent. Broader markets, Nifty Midcap100 and Nifty Smallcap100 ended 0.38 per cent and 0.63 per cent lower, respectively. Among sectors, metal, pharma and FMCG also reeled under pressure, while banking and realty index ended in the green. (With inputs from agencies)

Sensex tanks 588 points, Nifty gives up 13,700

Taiwan's government on Thursday said it had approved a $140 million investment in India by Pegatron Corp, a major Taiwanese Apple Inc contract manufacturer.

Taiwan approves $140 million Pegatron investment in India

The U.S. economy contracted at its sharpest pace since World War Two in 2020 as the COVID-19 pandemic depressed consumer spending and business investment, pushing millions of Americans out of work and into poverty.

COVID-19 savages US economy, 2020 performance worst in 74 years

Finance Minister Nirmala Sitharaman has tabled the Economic Survey of India 2021&nbsp;in the parliament, ahead of the Union Budget on Monday.

Sitharaman tabled the Survey after President Ram Nath Kovind's customary address at the start of the Budget Session 2021.&nbsp;

The annual document acts as a platform to pitch larger economic ideas and concepts which the government may or may not act upon. 
 
The Economic Survey 2020-21, authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth.

The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year.

The gross domestic product (GDP) contracted by a record 23.9 per cent in April-June and by 7.5 per cent in the second quarter.

For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next.

GDP growth is seen expanding by 11 per cent in 2021-22 fiscal (April 2021 to March 2022).&nbsp;

The session had an acrimonious start with as many as 19 political parties, including the Congress Party, skipping the President's address, in solidarity with the farmers agitating against the three contentious farm laws.&nbsp;

Here are the key highlights so far:&nbsp;

<ul>
	<li>India sees FY22 GDP growth at 11%&nbsp;</li>
	<li>Combined fiscal deficit to exceed target in FY21&nbsp;</li>
	<li>Growth recovery to be driven by government consumption</li>
	<li>Agriculture has remained the silver lining.</li>
	<li>Contact based services, manufacturing, construction hit hardest by the pandemic.</li>
	<li>Government consumption and net exports have cushioned the growth from diving further down.</li>
	<li>A V-shaped economic recovery supported by mega vaccination drive.</li>
	<li>&nbsp;Current account surplus of 2% of GDP likely in FY21.</li>
	<li>&nbsp;In two years India could be the fastest growing economy as per IMF.</li>
	<li>&nbsp;CAD estimated at 2% in FY21; that is the first in the 17 years.</li>
</ul>

(With inputs from agencies)

Finance Minister Nirmala Sitharaman has tabled the Economic Survey of India 2021 in the parliament, ahead of the Union Budget on Monday. Sitharaman tabled the Survey after President Ram Nath Kovind's customary address at the start of the Budget Session 2021.

Finance Minister Nirmala Sitharaman has tabled the Economic Survey of India 2021 in the parliament, ahead of the Union Budget on Monday. Sitharaman tabled the Survey after President Ram Nath Kovind's customary address at the start of the Budget Session 2021. The annual document acts as a platform to pitch larger economic ideas and concepts which the government may or may not act upon. The Economic Survey 2020-21, authored by a team led by Chief Economic Adviser Krishnamurthy Venkata Subramanian, details the state of different sectors of the economy as well as reforms that should be undertaken to accelerate growth. The economy, which was battered by the coronavirus lockdown, is expected to see a strong recovery in the 2021-22 fiscal year. The gross domestic product (GDP) contracted by a record 23.9 per cent in April-June and by 7.5 per cent in the second quarter. For the full fiscal, the survey projected a contraction of 7.7 per cent and V-shaped recovery in the next. GDP growth is seen expanding by 11 per cent in 2021-22 fiscal (April 2021 to March 2022). The session had an acrimonious start with as many as 19 political parties, including the Congress Party, skipping the President's address, in solidarity with the farmers agitating against the three contentious farm laws. Here are the key highlights so far: India sees FY22 GDP growth at 11% Combined fiscal deficit to exceed target in FY21 Growth recovery to be driven by government consumption Agriculture has remained the silver lining. Contact based services, manufacturing, construction hit hardest by the pandemic. Government consumption and net exports have cushioned the growth from diving further down. A V-shaped economic recovery supported by mega vaccination drive. Current account surplus of 2% of GDP likely in FY21. In two years India could be the fastest growing economy as per IMF. CAD estimated at 2% in FY21; that is the first in the 17 years. (With inputs from agencies)

Economic Survey 2021: GDP growth seen rebounding at 11% in 2021-22

India has transformed the short-term trade-off between lives and livelihoods into a win-win in the medium to long-term that saves both lives and livelihoods, the annual economic survey authored by Chief Economic Advisor Krishnamurthy Subramanian said, in its first chapter.&nbsp;

“By estimating the natural number of cases and deaths expected across countries based on their population, population density, demographics, tests conducted, and the health infrastructure, we compare these estimates with actual numbers to show that India restricted the Covid-19 spread by 37 lakh cases and saved more than 1 lakh lives.”

The survey found a correlation between the stringency of the lockdown and it the number of Covid-19 cases and resultant deaths. It also found a correlation between the lockdown’s stringency and the country’s “V-shaped” recovery. “India thus benefited from successfully pushing the peak of the pandemic curve to September 2020 through the lockdown."

Here are the key highlights so far:&nbsp;

<ol>
	<li>India sees FY22 GDP growth at 11%&nbsp;</li>
	<li>Combined fiscal deficit to exceed target in FY21&nbsp;</li>
	<li>Growth recovery to be driven by government consumption</li>
	<li>Agriculture has remained the silver lining.</li>
	<li>Contact based services, manufacturing, construction hit hardest by the pandemic.</li>
	<li>Government consumption and net exports have cushioned the growth from diving further down.</li>
	<li>A V-shaped economic recovery supported by mega vaccination drive.</li>
	<li>Current account surplus of 2% of GDP likely in FY21.</li>
	<li>In two years India could be the fastest growing economy as per IMF.</li>
	<li>CAD estimated at 2% in FY21; that is the first in the 17 years.</li>
</ol>

(With inputs from agencies)

India has transformed the short-term trade-off between lives and livelihoods into a win-win in the medium to long-term that saves both lives and livelihoods, the annual economic survey authored by Chief Economic Advisor Krishnamurthy Subramanian said, in its first chapter.

India has transformed the short-term trade-off between lives and livelihoods into a win-win in the medium to long-term that saves both lives and livelihoods, the annual economic survey authored by Chief Economic Advisor Krishnamurthy Subramanian said, in its first chapter. “By estimating the natural number of cases and deaths expected across countries based on their population, population density, demographics, tests conducted, and the health infrastructure, we compare these estimates with actual numbers to show that India restricted the Covid-19 spread by 37 lakh cases and saved more than 1 lakh lives.” The survey found a correlation between the stringency of the lockdown and it the number of Covid-19 cases and resultant deaths. It also found a correlation between the lockdown’s stringency and the country’s “V-shaped” recovery. “India thus benefited from successfully pushing the peak of the pandemic curve to September 2020 through the lockdown." Here are the key highlights so far: India sees FY22 GDP growth at 11% Combined fiscal deficit to exceed target in FY21 Growth recovery to be driven by government consumption Agriculture has remained the silver lining. Contact based services, manufacturing, construction hit hardest by the pandemic. Government consumption and net exports have cushioned the growth from diving further down. A V-shaped economic recovery supported by mega vaccination drive. Current account surplus of 2% of GDP likely in FY21. In two years India could be the fastest growing economy as per IMF. CAD estimated at 2% in FY21; that is the first in the 17 years. (With inputs from agencies)

Economic Survey 2021: India's timely lockdown strategy saved more than 1 lakh lives

European shares closed at two-week lows as a slump in German business morale underscored the damage from tighter COVID-19 restrictions. Germany had a relatively successful first phase of the pandemic, but saw infections shoot up during the fall and winter months. In this video, we spoke to Steffen Szeidl, Member of the Executive Board, Drees & Sommer SE, a European real estate planning and consulting company.

How German firms are battling coronavirus pandemic?

At Tricker's, a 192-year-old maker of English luxury shoes, relief at averting a no-deal Brexit on January 1 quickly turned to shock at the scale of the new cost of doing business with the European Union.

UK shoemaker feels pinch from hidden cost of Brexit

The internet and stock market are aflame over GameStop, the video game retailer whose stock is suddenly the darling of day traders who are putting the squeeze on Wall Street’s big players.

The stakes are enormous: The surge in trading has driven GameStop’s value up by $10 billion. Since Tuesday.

GameStop — that feature of malls and shopping centers across the country — was worth about $2 billion in December. Now it is worth $24 billion, roughly the same as the meat giant Tyson and the fuel refiner Valero Energy. On paper, at least.

Exactly why has to do with a mix of traditional investing, rampant enthusiasm, stock-market mechanics and the belief that anyone with a Robinhood account can meme a fortune into existence.

What’s going on?

It’s called a short squeeze, and it involves investors betting on which way a stock will go — up or down. These bets are placed by buying stock options, which we’ll grossly oversimplify here.

Options allow an investor to make money even if the stock itself loses value. Investors who bet against a stock are called “shorts.” In GameStop’s case, the shorts include at least two big hedge funds.

Shorting a stock essentially means borrowing shares from a broker and selling them, with the agreement you’ll return the shares later. When the price falls, you buy back the shares and pocket the difference. But shorting a stock is risky — if the price rises, you can lose big.

Sometimes you just make a bad bet. But you can also lose if someone tries to push up the price by buying lots of shares, even though the company isn’t doing anything different.

This is the squeeze.

Shorts have to close their position — that is, buy up the shares they owe their brokers and return them. This demand kicks the stock higher, and a short who acts too late could be ruined.

Usually, these kinds of standoffs involve sophisticated Wall Street investors, for example when Bill Ackman squared off against two other billionaires — Daniel Loeb and Carl Icahn — over the dietary supplement maker Herbalife.

Why did GameStop’s stock start rising?

The amateurs started driving up the price.

Over the past year, armchair traders have surged into the market. Some smelled opportunity after stocks tumbled last spring, some were trying to scratch a gambling itch after sports leagues shut down, and for some it’s just a game — trying to ring up dollars instead of points. All this has been made easier by the free trades available through platforms like Robinhood and E-Trade.

Some of these enthusiastic amateurs are buying shares of GameStop, but many are placing their own options bets, on the opposite side of the shorts.

These bets involve contracts that give them the option to buy a stock at a certain price in the future. If the price rises, the trader can buy the stock at a bargain and sell it for a profit. (In practice, lots of traders just sell the options contract itself for a profit or loss instead of actually buying the shares, but this description suffices for our purposes.)

The brokers that sell the options contracts have to provide the shares if the trader wants to exercise the option. To mitigate their risk, they buy some of the shares they’d need. Normally, this small amount of demand doesn’t do much to the price.

But if enough traders bet big, the demand can push the stock up. If it goes high enough, the brokers who would be on the hook have to buy more shares, lest they get stuck having to buy a lot of expensive shares all at once.

That increases demand, which increases the stock’s price. Which means the brokers have to buy more shares, which means … You get the idea.

OK, but why GameStop?

You can put some of the blame on Reddit’s Wall Street Bets forum, one of the weirder places on the internet. Wall Street Bets, or WSB, is where armchair traders gather to share memes, commiserate over losses and share more memes. But they also trade tips and analysis that can go on for pages.

GameStop’s shares started to rise in December, after the founder of the pet-supply site Chewy.com bought a stake in the company and got a spot on its board. Slowly, the company gained the attention of WSB and traders who frequent the gamer-friendly social media service Discord.

The traders’ motivations vary widely. Some reason that GameStop’s shares are a good value. Others are just riding the wave. And others want to squeeze Melvin Capital, a hedge fund that was shorting GameStop. They’re the ones quoting Heath Ledger’s Joker character from “The Dark Knight”: “It’s not about the money, it’s about sending a message.”

But the aggressive maneuvers against the shorts aren’t necessarily limited to the amateurs. Wall Street’s big players know a good opportunity when they see it.

How does the GameStop squeeze end?

Nobody knows.

A spokesperson for Melvin Capital — which needed a $2.75 billion cash injection Monday because of the squeeze — said the firm had closed out of its short position. Andrew Left of Citron Research, another short, said he had covered the majority of his short position “at a loss, 100%.”

There’s a catch: GameStop, as a company, is not noticeably different from a month ago. By any conventional measure, its share price wildly inflated — and extremely risky for whoever owns its shares.

But this isn’t just about GameStop anymore. Enthusiastic amateurs are also bidding up the prices of other struggling stocks, like movie theater chain AMC and smartphone maker BlackBerry.

This weird little bubble doesn’t just affect the bettors, though. If big investors on the losing side of these trades have to raise money to cover their losses, it could mean dumping enough shares to hurt the prices of otherwise solid stocks.

If the sell-off is big enough, it could have a cascading effect that leads to broader losses for investors who have never bought or sold a share of GameStop.

The internet and stock market are aflame over GameStop, the video game retailer whose stock is suddenly the darling of day traders who are putting the squeeze on Wall Street’s big players.

The internet and stock market are aflame over GameStop, the video game retailer whose stock is suddenly the darling of day traders who are putting the squeeze on Wall Street’s big players. The stakes are enormous: The surge in trading has driven GameStop’s value up by $10 billion. Since Tuesday. GameStop — that feature of malls and shopping centers across the country — was worth about $2 billion in December. Now it is worth $24 billion, roughly the same as the meat giant Tyson and the fuel refiner Valero Energy. On paper, at least. Exactly why has to do with a mix of traditional investing, rampant enthusiasm, stock-market mechanics and the belief that anyone with a Robinhood account can meme a fortune into existence. What’s going on? It’s called a short squeeze, and it involves investors betting on which way a stock will go — up or down. These bets are placed by buying stock options, which we’ll grossly oversimplify here. Options allow an investor to make money even if the stock itself loses value. Investors who bet against a stock are called “shorts.” In GameStop’s case, the shorts include at least two big hedge funds. Shorting a stock essentially means borrowing shares from a broker and selling them, with the agreement you’ll return the shares later. When the price falls, you buy back the shares and pocket the difference. But shorting a stock is risky — if the price rises, you can lose big. Sometimes you just make a bad bet. But you can also lose if someone tries to push up the price by buying lots of shares, even though the company isn’t doing anything different. This is the squeeze. Shorts have to close their position — that is, buy up the shares they owe their brokers and return them. This demand kicks the stock higher, and a short who acts too late could be ruined. Usually, these kinds of standoffs involve sophisticated Wall Street investors, for example when Bill Ackman squared off against two other billionaires — Daniel Loeb and Carl Icahn — over the dietary supplement maker Herbalife. Why did GameStop’s stock start rising? The amateurs started driving up the price. Over the past year, armchair traders have surged into the market. Some smelled opportunity after stocks tumbled last spring, some were trying to scratch a gambling itch after sports leagues shut down, and for some it’s just a game — trying to ring up dollars instead of points. All this has been made easier by the free trades available through platforms like Robinhood and E-Trade. Some of these enthusiastic amateurs are buying shares of GameStop, but many are placing their own options bets, on the opposite side of the shorts. These bets involve contracts that give them the option to buy a stock at a certain price in the future. If the price rises, the trader can buy the stock at a bargain and sell it for a profit. (In practice, lots of traders just sell the options contract itself for a profit or loss instead of actually buying the shares, but this description suffices for our purposes.) The brokers that sell the options contracts have to provide the shares if the trader wants to exercise the option. To mitigate their risk, they buy some of the shares they’d need. Normally, this small amount of demand doesn’t do much to the price. But if enough traders bet big, the demand can push the stock up. If it goes high enough, the brokers who would be on the hook have to buy more shares, lest they get stuck having to buy a lot of expensive shares all at once. That increases demand, which increases the stock’s price. Which means the brokers have to buy more shares, which means … You get the idea. OK, but why GameStop? You can put some of the blame on Reddit’s Wall Street Bets forum, one of the weirder places on the internet. Wall Street Bets, or WSB, is where armchair traders gather to share memes, commiserate over losses and share more memes. But they also trade tips and analysis that can go on for pages. GameStop’s shares started to rise in December, after the founder of the pet-supply site Chewy.com bought a stake in the company and got a spot on its board. Slowly, the company gained the attention of WSB and traders who frequent the gamer-friendly social media service Discord. The traders’ motivations vary widely. Some reason that GameStop’s shares are a good value. Others are just riding the wave. And others want to squeeze Melvin Capital, a hedge fund that was shorting GameStop. They’re the ones quoting Heath Ledger’s Joker character from “The Dark Knight”: “It’s not about the money, it’s about sending a message.” But the aggressive maneuvers against the shorts aren’t necessarily limited to the amateurs. Wall Street’s big players know a good opportunity when they see it. How does the GameStop squeeze end? Nobody knows. A spokesperson for Melvin Capital — which needed a $2.75 billion cash injection Monday because of the squeeze — said the firm had closed out of its short position. Andrew Left of Citron Research, another short, said he had covered the majority of his short position “at a loss, 100%.” There’s a catch: GameStop, as a company, is not noticeably different from a month ago. By any conventional measure, its share price wildly inflated — and extremely risky for whoever owns its shares. But this isn’t just about GameStop anymore. Enthusiastic amateurs are also bidding up the prices of other struggling stocks, like movie theater chain AMC and smartphone maker BlackBerry. This weird little bubble doesn’t just affect the bettors, though. If big investors on the losing side of these trades have to raise money to cover their losses, it could mean dumping enough shares to hurt the prices of otherwise solid stocks. If the sell-off is big enough, it could have a cascading effect that leads to broader losses for investors who have never bought or sold a share of GameStop.

Four things to know about the GameStop insanity

The US economy shrunk by 3.5 per cent last year as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty.

It was the biggest contraction of the world's largest economy since 1946, the Commerce Department said on Thursday.

The contraction reflected the drop in spending as well as in "exports, private inventory investment, nonresidential fixed investment, and state and local government that were partly offset by increases in federal government spending and residential fixed investment," the report said.

Net exports fell 13 per cent last year while personal consumption expenditures dropped 3.9 per cent.

For the fourth quarter alone, GDP grew by an annual rate of 4.0 per cent, according to the first estimate for the final three months of the year.&nbsp;

Compared to the July-September period, the measure used in most other countries, fourth quarter growth was just 1.0 per cent, the report said.

That followed the record 7.5 per cent rebound in the third quarter, and the record 9.0 per cent drop in the April-June period.

The Commerce Department's snapshot of fourth-quarter gross domestic product on Thursday also showed the recovery from the pandemic losing steam as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly $3 trillion in relief money from the government.

The Federal Reserve on Wednesday left its benchmark overnight interest rate near zero and pledged to continue injecting money into the economy through bond purchases, noting that "the pace of the recovery in economic activity and employment has moderated in recent months."

President Joe Biden has unveiled a recovery plan worth $1.9 trillion, and could use the GDP report to lean on some lawmakers who have balked at the price tag soon after the government provided nearly $900 billion in additional stimulus at the end of December.

The economy contracted 3.5 per cent in 2020, the worst performance since 1946. That followed 2.2 per cent growth in 2019 and was the first annual decline in GDP since the 2007-09 Great Recession. The economy plunged into recession last February.

In the fourth quarter, GDP increased at a 4.0 per cent annualised rate as the virus and lack of another spending package curtailed consumer spending, and partially overshadowed robust manufacturing and the housing market. GDP growth for the last quarter was in line with forecasts in a Reuters poll of economists.

With the virus not yet under control, economists are expecting growth to further slow down in the first quarter of 2021, before regaining speed by summer as the additional stimulus kicks in and more Americans get vaccinated.

The stars of the recovery have been the housing market and manufacturing as those who are still employed seek larger homes away from city centers, and buy electronics for home offices and schooling. Manufacturing's share of GDP has increased to 11.9 per cent from 11.6 per cent at the end of 2019.

(with inputs from agencies)

The US economy shrunk by 3.5 per cent last year as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty.

The US economy shrunk by 3.5 per cent last year as COVID-19 ravaged services businesses like restaurants and airlines, throwing millions of Americans out of work and into poverty. It was the biggest contraction of the world's largest economy since 1946, the Commerce Department said on Thursday. The contraction reflected the drop in spending as well as in "exports, private inventory investment, nonresidential fixed investment, and state and local government that were partly offset by increases in federal government spending and residential fixed investment," the report said. Net exports fell 13 per cent last year while personal consumption expenditures dropped 3.9 per cent. For the fourth quarter alone, GDP grew by an annual rate of 4.0 per cent, according to the first estimate for the final three months of the year. Compared to the July-September period, the measure used in most other countries, fourth quarter growth was just 1.0 per cent, the report said. That followed the record 7.5 per cent rebound in the third quarter, and the record 9.0 per cent drop in the April-June period. The Commerce Department's snapshot of fourth-quarter gross domestic product on Thursday also showed the recovery from the pandemic losing steam as the year wound down amid a resurgence in coronavirus infections and exhaustion of nearly $3 trillion in relief money from the government. The Federal Reserve on Wednesday left its benchmark overnight interest rate near zero and pledged to continue injecting money into the economy through bond purchases, noting that "the pace of the recovery in economic activity and employment has moderated in recent months." President Joe Biden has unveiled a recovery plan worth $1.9 trillion, and could use the GDP report to lean on some lawmakers who have balked at the price tag soon after the government provided nearly $900 billion in additional stimulus at the end of December. The economy contracted 3.5 per cent in 2020, the worst performance since 1946. That followed 2.2 per cent growth in 2019 and was the first annual decline in GDP since the 2007-09 Great Recession. The economy plunged into recession last February. In the fourth quarter, GDP increased at a 4.0 per cent annualised rate as the virus and lack of another spending package curtailed consumer spending, and partially overshadowed robust manufacturing and the housing market. GDP growth for the last quarter was in line with forecasts in a Reuters poll of economists. With the virus not yet under control, economists are expecting growth to further slow down in the first quarter of 2021, before regaining speed by summer as the additional stimulus kicks in and more Americans get vaccinated. The stars of the recovery have been the housing market and manufacturing as those who are still employed seek larger homes away from city centers, and buy electronics for home offices and schooling. Manufacturing's share of GDP has increased to 11.9 per cent from 11.6 per cent at the end of 2019. (with inputs from agencies)

US economy contracts in 2020, has worst year since 1946

E-commerce will play an important role in the government's vision of 'Atmanirbhar Bharat' (self-reliant India) as more homegrown brands scale up and go global, leveraging digital infrastructure, a top Amazon India executive said on Wednesday.

Amit Agarwal, global senior vice president and country head Amazon India, said e-commerce is at nascent stages in India given that it is hardly even 3 per cent of the country's total retail consumption.

"What I predict is you're going to witness a kind of structural shift that propels us faster towards this vision of Digital India."

"I think Make in India is going to go global at massive scale, you're going to have Indian brands become global brands and all of this is going to create a digitally robust business ecosystem across the country that is going to power millions of livelihoods," he said.

He further stated that "this is going to help us realise that vision of Atmanirbhar Bharat and e-commerce is going to play an important role."

Speaking at a TiEcon event, Agarwal said the Indian e-commerce market looked very different when the company had entered India seven years ago.

He said the market at that time was mostly an urban phenomenon, people shopped on select events and it was not common to have people pay for shipping and convenience.

Also, the infrastructure was not sophisticated and the seller base did not have the skills to go online yet.

"It was a whole ecosystem that needed to be built bottom up," he noted.

"We were very clear about our mission, it was the same global mission that we had, which is, we wanted to be Earth's most customer centric company...We are unusually obsessed with customers. We put most of our energy in trying to focus on things customers deeply care about," Agarwal said.

He added that while competition exists, the company is more focussed on the right customer experience.

"We do look at competitors...And that's mostly to get inspired and how we can serve our customers better...it's very early days for e-commerce in India and if we've learned anything from the rest of the world it is that over a long period of time, there will be many winners, and there will be many models", he said.

He further said "competition is good for customers" as it helps improve customer experience.

"Our job, and our controllable inputs, if I may, is to continue to remain focused on the customer experience, it continues to remain focussing on empowering the seller base...they choose us. And that's what we worry about daily," he said.

Amazon faces stiff competition from Walmart-owned Flipkart and Reliance Retail, which is run by India's richest man Mukesh Ambani.

Reliance Retail Ventures Ltd's retail business spans across supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets as well as online grocery store JioMart.

E-commerce will play an important role in the government's vision of 'Atmanirbhar Bharat' (self-reliant India) as more homegrown brands scale up and go global, leveraging digital infrastructure, a top Amazon India executive said on Wednesday.

E-commerce will play an important role in the government's vision of 'Atmanirbhar Bharat' (self-reliant India) as more homegrown brands scale up and go global, leveraging digital infrastructure, a top Amazon India executive said on Wednesday. Amit Agarwal, global senior vice president and country head Amazon India, said e-commerce is at nascent stages in India given that it is hardly even 3 per cent of the country's total retail consumption. "What I predict is you're going to witness a kind of structural shift that propels us faster towards this vision of Digital India." "I think Make in India is going to go global at massive scale, you're going to have Indian brands become global brands and all of this is going to create a digitally robust business ecosystem across the country that is going to power millions of livelihoods," he said. He further stated that "this is going to help us realise that vision of Atmanirbhar Bharat and e-commerce is going to play an important role." Speaking at a TiEcon event, Agarwal said the Indian e-commerce market looked very different when the company had entered India seven years ago. He said the market at that time was mostly an urban phenomenon, people shopped on select events and it was not common to have people pay for shipping and convenience. Also, the infrastructure was not sophisticated and the seller base did not have the skills to go online yet. "It was a whole ecosystem that needed to be built bottom up," he noted. "We were very clear about our mission, it was the same global mission that we had, which is, we wanted to be Earth's most customer centric company...We are unusually obsessed with customers. We put most of our energy in trying to focus on things customers deeply care about," Agarwal said. He added that while competition exists, the company is more focussed on the right customer experience. "We do look at competitors...And that's mostly to get inspired and how we can serve our customers better...it's very early days for e-commerce in India and if we've learned anything from the rest of the world it is that over a long period of time, there will be many winners, and there will be many models", he said. He further said "competition is good for customers" as it helps improve customer experience. "Our job, and our controllable inputs, if I may, is to continue to remain focused on the customer experience, it continues to remain focussing on empowering the seller base...they choose us. And that's what we worry about daily," he said. Amazon faces stiff competition from Walmart-owned Flipkart and Reliance Retail, which is run by India's richest man Mukesh Ambani. Reliance Retail Ventures Ltd's retail business spans across supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets as well as online grocery store JioMart.

E-commerce will play important role in Atmanirbhar Bharat vision: Amazon India head

Boeing has received a licence from the U.S. government to offer its F-15EX fighter jet to the Indian air force, a senior executive said on Thursday.

Boeing will compete with Sweden`s Gripen and France`s Rafale among others for the Indian air force`s plan to buy 114 multi-role aircraft to replace its Soviet-era fleet.

Ankur Kanaglekar, director, India Fighters Lead, Boeing Defense, Space &amp; Security, told reporters discussions on the F-15EX had taken place earlier between the two governments.

"Now that we have the marketing licence it allows us to talk to the Indian Air Force directly about the capability of the fighter. We have started doing that in a small way," he said, adding conversations were expected to gather pace during the Aero India show next week.

India and the United States have built close defence ties, with the Indian military buying over $20 billion worth of weapons in the last 15 years.

Lockheed Martin is also pitching its F-21 fighter to the Indian air force, offering to build the plane in the country to win the deal estimated to be worth more than $18 billion.

Boeing is bullish on India for both its defence and commercial aviation businesses, even as the COVID-19 pandemic has hit demand for air travel, forcing airlines to first get their finances in order before ordering new planes.

Boeing expects domestic passenger traffic to return to 2019 levels by the end of this year, Salil Gupte, the company`s India head said, adding international traffic would return to pre-COVID levels only by 2023.

One of the planemaker`s biggest customers is Indian low-cost carrier SpiceJet Ltd, which has a large order for its narrowbody 737 MAX planes.

Boeing on Wednesday got the green light from the European Union Aviation Safety Agency (EASA) to return its 737 MAX planes to service after a 22-month ban and Gupte said it was working to get approvals from the Indian regulator.

Boeing has received a licence from the U.S. government to offer its F-15EX fighter jet to the Indian air force, a senior executive said on Thursday. Boeing will compete with Sweden`s Gripen and France`s Rafale among others for the Indian air force`s plan to buy 114 multi-role aircraft to replace its Soviet-era fleet.

Boeing has received a licence from the U.S. government to offer its F-15EX fighter jet to the Indian air force, a senior executive said on Thursday. Boeing will compete with Sweden`s Gripen and France`s Rafale among others for the Indian air force`s plan to buy 114 multi-role aircraft to replace its Soviet-era fleet. Ankur Kanaglekar, director, India Fighters Lead, Boeing Defense, Space & Security, told reporters discussions on the F-15EX had taken place earlier between the two governments. "Now that we have the marketing licence it allows us to talk to the Indian Air Force directly about the capability of the fighter. We have started doing that in a small way," he said, adding conversations were expected to gather pace during the Aero India show next week. India and the United States have built close defence ties, with the Indian military buying over $20 billion worth of weapons in the last 15 years. Lockheed Martin is also pitching its F-21 fighter to the Indian air force, offering to build the plane in the country to win the deal estimated to be worth more than $18 billion. Boeing is bullish on India for both its defence and commercial aviation businesses, even as the COVID-19 pandemic has hit demand for air travel, forcing airlines to first get their finances in order before ordering new planes. Boeing expects domestic passenger traffic to return to 2019 levels by the end of this year, Salil Gupte, the company`s India head said, adding international traffic would return to pre-COVID levels only by 2023. One of the planemaker`s biggest customers is Indian low-cost carrier SpiceJet Ltd, which has a large order for its narrowbody 737 MAX planes. Boeing on Wednesday got the green light from the European Union Aviation Safety Agency (EASA) to return its 737 MAX planes to service after a 22-month ban and Gupte said it was working to get approvals from the Indian regulator.

Boeing gets US approval to offer F-15EX to India