Home Economy Page 5

Economy

File image of a GST Council meeting chaired by Finance Minister Nirmala Sitharaman

GST collections in June stand at Rs 90,917 crore, 9% lower than last year

GST collections for the first quarter of this fiscal declined 59% as lockdown imposed to contain spread of Covid-19 pandemic severely impacted economic activity.
People wear masks as they walk inside a mall west in Florida.

Another Covid wave in 2020 could result in loss of 340 million full-time jobs: ILO

An International Labour Organisation report said there was 14% drop in global working hours during second quarter of 2020, equivalent to loss of 400 million full-time jobs.
Facebook CEO Mark Zuckerberg

Facebook critics target one thing CEO Mark Zuckerberg won’t cede: Control

Diminishing Zuckerberg’s control over Facebook is almost entirely out of the question. The CEO has almost 60% of the company's vote under a special class of shares.
Vodafone-Idea

Vodafone Idea reports highest ever net loss by Indian firm of Rs 73,878 cr in FY 2020

The telecom company is due to pay Rs 51,400 crore after the Supreme Court ordered the non-telecom revenues to be included in calculating statutory dues.
The protests have crossed the 100-day mark. | Photographer: Justin Chin | Bloomberg

What Hong Kong’s new security law means for business

Continued uncertainty over the law’s implementation, response by protesters and retaliation from US may restrain Hong Kong’s economic recovery from Covid.
Signage is displayed outside the IMF | Alex Wroblewski/Bloomberg

IMF sees Asia’s economic pain persisting as coronavirus curbs limit recovery

While regional growth is tipped to rebound to 6.6% next year, that won’t be enough to replace all of the output lost due to the crisis. Image is fine
A man walks past a shutter of a closed store displaying the Bharti Airtel Ltd. logo. | Photographer: Brent Lewin | Bloomberg

Carlyle Group to acquire about 25% stake in Airtel’s Nxtra Data for Rs 1,780 crore

Nxtra, which is headquartered in New Delhi, offers data centre services to leading Indian and global enterprises, start-ups, small and medium businesses and governments.
Representational image | Commons

Indian airlines face risk of extinction as Modi govt refuses to rescue them

Indian airlines need $2.5 billion to keep flying, but Modi govt hasn’t doled out funds to industries or airlines backed by private businesses or billionaires.

Vistara announces 5-20% pay cut for 40% of its workforce till December

Till April, Vistara's pilots were getting base flying allowance, which is a fixed component of the salary, for 70 hours per month.
A worker stands in front of steel tubes at the Steel Authority of India Ltd in Rourkela, Odisha | Dhiraj Singh | Bloomberg File photo

Output of 8 core industries contracts by 23.4% in May, negative growth in 7 sectors

Ministry of Commerce and Industry said coal, cement, steel, natural gas, refinery, crude oil industries experienced substantial loss of production due to Covid.

On Camera

An iPhone XR

Apple-maker Taiwanese company Foxconn to invest $1 bn in Tamil Nadu plant over next 3 years

Move comes as part of efforts of global companies to diversify their supply chains and reduce dependence on China. India has been trying to woo these firms.

Defence

Representational image of an IAF MiG-29 | Photo: Wikipedia

IAF gets night-flying capability at Leh for MiG-29s, force sees it as a ‘game-changer’

The new capability will allow IAF to conduct full-spectrum operations at the LAC on short notice, given Leh’s proximity to it.
Illustration by Soham Sen | ThePrint

Uttar Pradesh is India’s broken heartland, break it into 4 or 5 states

Uttar Pradesh, our largest state by population and most powerful, is also the worst governed. A state with 1-in-6 Indians has no hope because of its size.