Here's a roundup of the day's top stories in brief.
1. Provident Fund Tax Said To Impact Less Than 1% Of Subscribers
From April 1, those contributing more than Rs 2.5 lakh a year to the EPF will have to pay tax on the interest earned on the amount above that limit. The central government's move to tax high-income provident fund contributors will impact less than 1% of the total Employee Provident Fund subscribers, according to a government official who spoke on the condition of anonymity.
2. SBI's Profit Falls; Chairman Sees Corporate Credit Revival
State Bank of India's third-quarter profit fell on higher provisions. The lender aims to report double-digit credit growth by the second quarter of the next financial year, according to Chairman Dinesh Kumar Khara.
3. Sensex's Late Recovery
Indian equities reversed losses on the weekly options expiry sessions to end higher for a fourth straight day, helped by gains in state-run banks. The S&P BSE Sensex and NSE Nifty 50 index rose 0.7% each, while the Nifty Bank index rose 1.7%.
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4. India's Stressed Real Estate Market A Study In Contrasts
A common refrain in India's housing market is that bigger, better-funded developers are gobbling up stressed smaller peers. Yet, two sets of data throw up conflicting trends. And while contradictory, both trends are true.
5. Modi Government Looks To Clear Up Land Disputes
The government is seeking to clear a backlog of land cases which could potentially unleash investment to boost manufacturing and generate jobs. The move could also potentially help his government's efforts to convince companies to uproot supply chains from China and set up shop in India.
6. Has Budget 2021 Expanded The Scope Of Digital Tax?
Last year, the government imposed a 2% tax on sale of goods and services that take place through non-resident digital operators with annual turnover of over Rs 2 crore. At that time, it faced criticism. Now Budget 2021 has clarified its contours.
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7. Sajjid Chinoy Says RBI Will Need To Be Nimble
As fiscal policy picks up the baton of reviving the economy and sustaining growth, monetary policy may need to pick between being complementary or a substitute so that “all guns are not blazing at the same time”, according to Sajjid Chinoy, chief India economist at JPMorgan.
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8. Winner From Modi's Protectionist Policy Now Has Global Goals
One of the biggest beneficiaries of the Atmanirbhar Bharat program--Amber Enterprises Ltd.--has now forecast higher overseas sales due to government incentives. The Gurugram-based firm manufactures electronic parts for appliances produced by likes of LG, Hitachi and Voltas.
9. U.S. Criticises India's Internet Curbs, Urges Fresh Farm Talks
The U.S. has criticised Indian government's moves to block internet access at protest sites and called on the government to resolve the issue with fresh talks on the new agricultural laws. The statement signals the Biden administration may take a more proactive approach on India's human rights record.
10. New Amazon CEO's Scary Meetings Make Sense
Amazon's new incoming chief executive Andy Jassy has a conference room named "the Chop". That is where ideas, and some times employees, go to get chopped down to size. Despite the alarming name, other leaders could learn from Jassy's management style, writes Sarah Green Charmichael.
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