'Not just MNCs, entire economy faces reset exercise': FM : Bulletin: Business Today
Business Today

'Not just MNCs, entire economy faces reset exercise': FM

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Shailendra Shukla | November 24, 2020

SpiceJet founders venture into COVID-19 testing

SpiceHealth, a healthcare company founded by the promoters of low-cost carrier SpiceJet, announced on November 23 that it would conduct Real-Time Polymerase Chain Reaction (RT-PCR) tests, touted as the most decisive and crucial test for COVID-19, starting at Rs 499. The company also claimed that the test report will be generated in a record time of 6 hours after sample collection, in stark contrast to the current 24 to 48 hours it takes at most places. The RT-PCR is currently the most commonly used and the most accurate test for COVID-19 worldwide.

Govt plans to set up EV charging stations across 69K petrol pumps

The government is planning to set up at least one e-charging kiosk at around 69,000 petrol pumps across the country with an aim to accelerate the uptake of electric vehicles, Union minister Nitin Gadkari said on Monday. The Road Transport and Highways Minister while addressing a virtual conference said that the government has taken several steps to promote electric vehicles which include reduction in GST to 5 per cent, allowing delinking of battery cost of 2-3 wheelers from vehicle cost as it accounts for nearly 30 per cent of the cost etc.

Biocon to buy 26% stake in Hinduja Renewables Two

Biotechnology major Biocon on Monday said it has inked an agreement for the acquisition of 26% stake on a fully diluted basis in Hinduja Renewables Two Pvt Ltd for Rs 5.91 crore. The indicative time period for completion of the acquisition is December 15, 2020, Biocon said in a BSE filing. The cost of the acquisition is Rs 5,91,61,730 for the acquisition of 26% stake on a fully diluted basis in one or more tranches, it added. The object of the stake acquisition is to enhance the renewable-based power consumption, the filing said.

'Not just MNCs, entire economy faces reset exercise': FM

Finance Minister Nirmala Sitharaman on Monday said that the momentum of economic reforms will continue to make India a hotspot of global investment. Addressing National MNCs' Conference 2020, FM said that India has turned the crisis created by the coronavirus pandemic into an opportunity to push economic reforms, which remained pending for decades. FM Sitharaman said that not just the MNCs, but the entire industry and the economy are facing a reset exercise of doing business, and this is being further strengthened by the government's Atma Nirbhar Bharat programme.

RBI's proposal to allow corporate entry into banking a 'risky proposition', says S&P Global

S&P Global Ratings on Monday expressed scepticism over a recommendation by the Reserve Bank of India's (RBI) working group on permitting corporate ownership in private banks. The American credit rating agency said that it is fraught with risk given India's weak corporate governance in the wake of large corporate defaults over the past few years. The agency further added that the RBI's internal working group's concerns regarding the concentration of economic power, as well as financial stability in permitting corporate houses to own banks, are some of the potential risks.

Indian corporations in banking is a bad idea: Raghuram Rajan, Viral Acharya

Former Reserve Bank of India's (RBI) governor Raghuram Rajan and deputy governor Viral Acharya have said that the proposals put out by an internal working group (IWG) of the central bank to allow corporate entry into banking is a "bad idea." Rajan and Acharya, in an article he posted on the former's LinkedIn account, have stated that it is important to "stick to the tried and tested limits on corporate involvement in banking." Rajan and Acharya  note in their article that the recommendation to allow corporate houses in the banking sector is a "bombshell".

Microsoft to go hard on Zoom! Teams app to allow 300 participants in video calls

Software giant Microsoft has rolled out a new feature on its Teams app through which up to 300 participants will be able to do free voice or video calls all day. The announcement by Microsoft has come just days after rival Zoom announced that it would temporarily lift its 40-minute meeting limit on Thanksgiving Day. According to The Verge, the new feature will not be restricted to Microsoft Account or Microsoft Teams app, but one can join calls via the web browser.

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