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Tuesday, Sep 27, 2022

The Expresso Business Update

Your Business Expresso is served! The Indian Express brings to you the latest updates from the world of Indian and international business. Your one stop shop for all finance and business stories.

Episode 464 June 30, 2022

Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 30th June 2022

Today’s Latest Business News Transcript at 5:30 pm on 30th June 2022

“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.

Let’s begin. India’s biggest tax reform, the Goods and Services Tax completes its half-a-decade journey today, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month ‘a new normal’. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds.
Meanwhile, Prime Minister Narendra Modi on Thursday launched the Rs 6,062.45-crore World Bank assisted central government programme Raising and Accelerating MSME Performance scheme for MSMEs, three months after it was approved by the Cabinet chaired by PM Modi. The five-year RAMP scheme will begin in the current financial year 2022-23 even as it was announced back in 2020 by the government and the World Bank to support Covid-hit MSMEs in their business recovery. Addressing ‘Udyami Bharat’ programme in New Delhi, PM Modi said, “18,000 MSMEs have been digitally transferred over Rs 500 crore and over Rs 1,400 crore has been released under Rs 50,000 crore Self-Reliant India Fund for MSMEs. MSMEs play a big role in the country’s progress. Around one-third contribution to India’s GDP comes from MSMEs. If India earns Rs 100, Rs 30 is because of MSMEs. Strengthening the MSME sector benefits everyone.”
In the industry sector, The government has extended for the fourth time the deadline to submit applications under the production-linked incentive scheme for specialty steel till July 31, 2022. Initially, March 29 was the last date for manufacturers to apply for the benefits under the Production-Linked Incentive scheme for speciality steel. It was later extended till April 30, and again to May 31, 2022. Then it was extended till June 30. On July 22 last year, the Union Cabinet chaired by Prime Minister Narendra Modi approved a Rs 6,322-crore PLI scheme to boost the production of speciality steel in India. The move is expected to attract an additional investment of about Rs 40,000 crore and generate 5.25 lakh job opportunities.
On to Market. Sebi has barred Parsvnath Developers from the securities market for six months and imposed a penalty of Rs 15 lakh on the company for flouting listing rules. The company has been directed to pay the fine within 45 days, the Securities and Exchange Board of India said in an order. Sebi found that Parsvnath Developers Ltd failed to make provision for the outstanding amount in ledger accounts of contractors and sub-contractors and also failed to strictly comply with Accounting Standards 7 or AS 7, which deals with construction contracts.
In some more market news, Moody’s Investors Service on Thursday said global credit conditions have turned more negative amid rising borrowing costs, protracted Russia-Ukraine conflict and slower economic growth. It said the surge in energy and food costs spurred by the conflict in Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment. Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb, while their economies still have not fully recovered from the COVID-19 pandemic crisis, it said. Moody’s in a report said that Global credit conditions have turned more negative and will be tighter for the rest of the year amid rising borrowing costs, the prospect of a protracted military conflict between Russia and Ukraine, materially slower growth of the world economy, surging prices for energy and commodities, renewed supply-chain disruption and increased financial market volatility.
And lastly, let’s see how the stock market performed today. BSE Sensex and NSE Nifty 50 ended the volatile session in red on Thursday, a day of weekly and monthly F&O expiry day. BSE Sensex fell 8 points to end at 53,019, while Nifty 50 ended at 15780, down 19 points. Tech Mahindra, IndusInd Bank, Bajaj Finance, Tata Steel, Bajaj Finserv, HCL Tech, M&M, HDFC were among top index draggers. On the flip side, Axis Bank, State Bank of India (SBI), Kotak Mahindra Bank, NTPC, ICICI Bank, Reliance Industries Ltd, L&T were among top BSE Sensex gainers.

You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories.

Click here to listen to today morning’s Business News bulletin

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Today’s Latest Business News, Finance and Share Market News at 5:30 pm on 30th June 2022Today's Latest Business News Transcript at 5:30 pm on 30th June 2022 "You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express. " Let's begin. India's biggest tax reform, the Goods and Services Tax completes its half-a-decade journey today, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Meanwhile, Prime Minister Narendra Modi on Thursday launched the Rs 6,062.45-crore World Bank assisted central government programme Raising and Accelerating MSME Performance scheme for MSMEs, three months after it was approved by the Cabinet chaired by PM Modi. The five-year RAMP scheme will begin in the current financial year 2022-23 even as it was announced back in 2020 by the government and the World Bank to support Covid-hit MSMEs in their business recovery. Addressing ‘Udyami Bharat’ programme in New Delhi, PM Modi said, “18,000 MSMEs have been digitally transferred over Rs 500 crore and over Rs 1,400 crore has been released under Rs 50,000 crore Self-Reliant India Fund for MSMEs. MSMEs play a big role in the country’s progress. Around one-third contribution to India’s GDP comes from MSMEs. If India earns Rs 100, Rs 30 is because of MSMEs. Strengthening the MSME sector benefits everyone.” In the industry sector, The government has extended for the fourth time the deadline to submit applications under the production-linked incentive scheme for specialty steel till July 31, 2022. Initially, March 29 was the last date for manufacturers to apply for the benefits under the Production-Linked Incentive scheme for speciality steel. It was later extended till April 30, and again to May 31, 2022. Then it was extended till June 30. On July 22 last year, the Union Cabinet chaired by Prime Minister Narendra Modi approved a Rs 6,322-crore PLI scheme to boost the production of speciality steel in India. The move is expected to attract an additional investment of about Rs 40,000 crore and generate 5.25 lakh job opportunities. On to Market. Sebi has barred Parsvnath Developers from the securities market for six months and imposed a penalty of Rs 15 lakh on the company for flouting listing rules. The company has been directed to pay the fine within 45 days, the Securities and Exchange Board of India said in an order. Sebi found that Parsvnath Developers Ltd failed to make provision for the outstanding amount in ledger accounts of contractors and sub-contractors and also failed to strictly comply with Accounting Standards 7 or AS 7, which deals with construction contracts. In some more market news, Moody's Investors Service on Thursday said global credit conditions have turned more negative amid rising borrowing costs, protracted Russia-Ukraine conflict and slower economic growth. It said the surge in energy and food costs spurred by the conflict in Ukraine is weakening the purchasing power of households, raising input costs for companies and dampening investor sentiment. Among sovereign debt issuers, debt sustainability will be especially challenging for many frontier market sovereigns as their borrowing costs climb, while their economies still have not fully recovered from the COVID-19 pandemic crisis, it said. Moody's in a report said that Global credit conditions have turned more negative and will be tighter for the rest of the year amid rising borrowing costs, the prospect of a protracted military conflict between Russia and Ukraine, materially slower growth of the world economy, surging prices for energy and commodities, renewed supply-chain disruption and increased financial market volatility. And lastly, let's see how the stock market performed today. BSE Sensex and NSE Nifty 50 ended the volatile session in red on Thursday, a day of weekly and monthly F&O expiry day. BSE Sensex fell 8 points to end at 53,019, while Nifty 50 ended at 15780, down 19 points. Tech Mahindra, IndusInd Bank, Bajaj Finance, Tata Steel, Bajaj Finserv, HCL Tech, M&M, HDFC were among top index draggers. On the flip side, Axis Bank, State Bank of India (SBI), Kotak Mahindra Bank, NTPC, ICICI Bank, Reliance Industries Ltd, L&T were among top BSE Sensex gainers. You were listening to the Expresso Business Update by The Indian Express and The Financial Express. Ask your digital assistant device to play the latest business news from the Indian Express and stay up to date with the happenings in the finance and business stories. Click here to listen to today morning's Business News bulletin
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