Government extends Deadline To Submit Bids For Air India 

The Central government has once again extended the deadline for the expression of interest (EOI) for Air India. The new deadline is 30th October 2020. The main reason behind this extension is stated to be the economic disruption caused by the prevalent pandemic. Before this extension, the last date to submit a bid was 31st August 2020. Earlier reports suggested that Tata Sons might be interested in bidding for the debt-laden airline.

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Tata to launch the ‘super app’ for an e-commerce push

Salt-to-software conglomerate Tata Group is getting ready for a big digital makeover. They are trying to take the benefit of the digital revolution in the country. This ‘super app’ will have all Tata Group services like lifestyle, grocery, healthcare, etc under a single platform. This app is geared to launch by December this year.

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BPCL resumes work on over 2000 pending projects

The state-owned oil marketing company, BPCL, has recommenced their work on 2,118 projects. These projects will involve a capital expenditure of Rs 50,000 crore in the space of the next three years. The two of the biggest projects are in Kochi where they have one of their refineries. BPCL aims to complete 10 projects worth Rs 18,766 crore this fiscal year.

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India’s mobile subscriber base falls in May

According to the data of TRAI (Telecom Regulatory Authority of India), the telecom subscriber base in the country plunged to around 116.36 crores in May this year. There were 116.94 crore telecom consumers in April 2020. Similarly, the landline user base also faced a fall of 1.5 Lakh to end up at 1.97 crores in May. On the contrary, Reliance Jio gained 90,000 new subscribers

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Former IOC Chairman Sanjiv Singh joins Reliance as Group President

Former Indian Oil Corp (IOC) chairman, Sanjiv Singh, is set to become new Group President of Mukesh Ambani-led Reliance Industries. He would also be a core member of the oil-to-chemicals(O2C) business leadership team. Sanjiv Singh is an engineer from IIT Roorkee and was chairman of IOC for three years.

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A possible GST Rate cut in two-wheeler segment

In an industrial event, Finance Minister Nirmala Sitharaman validated the need for a tax rate cut on two-wheelers. In the current regime, it is taxable at 28% and reducing the tax can actually bring down the prices of two-wheelers, which ultimately would lead to an increase in sales. It will be seen as a positive move, as major two-wheeler companies like Hero MotoCorp Ltd, Bajaj Auto Ltd and TVS Motors Co Ltd witnessed a surge in prices (2-5%) after positive sentiment of reduction in tax rates.

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Accenture to lay-off 5% of its employees globally

Technology giant Accenture employees around 2 Lakh people in India and after US media reported about hundreds of job cuts in the UK citing the issue of low demand for its services, the Indian market is likely to suffer from job cuts. Also, despite halting fresh requirements, the company is required to lay off a number of employees.

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McKinsey forecasts a contraction of 3-9% in the economy

In the report, “India’s turning point”, McKinsey highlighted the stress in the banking sector as bad loans are on a rise. Even before the pandemic, India’s economy faced structural challenges and GDP growth fell to 4.2%. The crisis compounds the challenge. In the absence of urgent steps to spur growth, India risks a decade of stagnating incomes and quality of life.

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Snapdeal expands logistics network, adds 8 logistic centres

E-commerce major Snapdeal is expecting demand to rise as the festive season begins and added 8 more logistic stations ahead of the season to meet the demand. These logistic centres will serve the purpose of manufacturing, packaging and online tracking for orders and facilitate faster movement of packets.

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Interest on Net tax liability to be considered on late GST payments from Sep 1

In GST Council’s 39th meeting in March, it had decided to charge interest on the cash component of delayed settlement of Goods and Service Tax liability with effect from July 1, 2017, and it will be amended retrospectively. However, it has been assured that no recoveries shall be made for the past period and it shall be amended from September 1, 2020.

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