BUSINESS NEWS HIGHLIGHTS FOR THE MONTH OF SEPTEMBER 2021

 

BUSINESS NEWS HIGHLIGHTS FOR THE MONTH OF SEPTEMBER 2021

Aatmanirbhar Bharat requires Aatmanirbhar women : From the source of Livemint, The Ola Futurefactory will be run entirely by women and employ more than 10,000 female workers at its full capacity. The announcement was made by Ola Chairman and Group CEO Bhavish Aggarwal. Ola had announced a 2,400-crore investment last year for setting up its first electric scooter factory in Tamil Nadu. The Ola Futurefactory is being built on a 500-acre site in Tamil Nadu’s Krishnagiri district. While the production capacity will be 2 million units annually during the first phase, it will produce 10 million units every year after completion. Ola Futurefactory will be the largest all-women factory in the world.

GST Collection Hits Rs 1.17 Lakh Crore In September 2021: According to Business Standard, the Gross GST revenue collected in the month of September 2021 is Rs 1,17,010 crore of which CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods). The government has settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2021 is Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST. The revenues for the month of September 2021 are 23% higher than the GST revenues in the same month last year. The average monthly gross GST collection for the second quarter of the current year has been Rs 1.15 lakh crore, which is 5% higher than the average monthly collection of Rs 1.10 lakh crore in the first quarter of the year. This clearly indicates that the economy is recovering at a fast pace.

Amazon India launches its largest fulfilment centre in Bengaluru : The Indian Express reported that E-commerce giant Amazon India had announced the launch of its largest fulfillment centre in the country, with a storage capacity of more than 2.4 million cubic feet, in Bengaluru. With this launch more work opportunities with competitive pay, shall entail a variety of roles in its operations network including full time and part time opportunities. The company said that its fulfillment network is designed with the state-of-the art technology, efficient building systems to minimize energy usage, on-site and off-site solar panels to produce solar power, multiple initiatives such as rainwater collection tanks, recharge wells to replenish water into aquifers and sewage treatment plants to name a few. As an inclusive place to work, fulfillment centres are also being designed to make them accessible to people with disabilities.

Kotak Mahindra Bank arm invests Rs 1,000 cr in TVS family's logistics business : As per Business Today having reported that Kotak Special Situations Fund (KSSF) has invested Rs 200 crore in TVS Supply Chain Solutions and has provided a Rs 800 crore finance to TS Rajam Rubbers Private Ltd through a non-convertible debentures route. The loan will help TVS SCS promoter R Dinesh acquire Canadian pension fund CDPQ's stake in TVS. The fund is registered as an alternate investment fund with the SEBI and currently manages a USD 1 billion fund with a mandate to invest in special situations, credit and distressed space domestically. KSSF's chief executive Eshwar Karra said that the investment is in line with its objective of participating in growth-oriented businesses and partnering with industry leaders by offering "customized solutions to fit the needs of each business" and creating a win-win for all.

WTO members gear up for marathon fishing subsidy : WTO members have resumed negotiations on fisheries subsidies after the August break under an intensified programme on 1 September as affirmed by ministers at 15 July through virtual meeting which involve consultations with members followed by text-based negotiations in various formats such as bilateral discussions, small groups, and meetings of the entire membership on key issues where views remain divergent. Through this they have received valuable inputs, securing agreement on disciplines to eliminate subsidies for illegal, unreported and unregulated fishing and to prohibit certain forms of fisheries subsidies that contribute to overcapacity and overfishing, with special and differential treatment being an integral part of the negotiations.

Africa Finance Corporation Receives a US$100M Loan From India EXIM Bank to Spur Post-Covid Recovery : Business wire testified that Africa Finance Corporation (AFC), has received a US$100 million credit line from the Export-Import Bank of India to develop the critical infrastructure required to rebuild Africa’s economies in the wake of the Covid-19 pandemic. This Bank provides credit lines to national governments, regional financial institutions, commercial banks and other overseas entities as part of its strategy to develop global partnerships. India Exim Bank continues to foster a network of alliances and institutional linkages with multilateral agencies like Africa Finance Corporation, who have a strong credit profile and are at the forefront of changing the development landscape in Africa.