Top 10 biz headlines: Full GST compensation unlikely; unemployment at 7.2%

From Centre hinting states unlikely to get full GST compensation to Amazon seekING interim stay on CCI order, here are top 10 business headlines of the day

States may not get GST compensation in full, says Finance Ministry

State governments are unlikely to get the full compensation promised for shortfall in goods and services tax (GST) collection as the finance ministry says the amount will be given only through money collected from the cess imposed for this purpose. A key ministry official said states should agree to hike GST or cess rates in the Council meeting, the date for which is yet to be fixed. Read More

Amazon seeks interim stay on CCI order, cites 'irreparable loss and injury'

E-commerce giant Amazon on Monday filed a writ petition in the Karnataka High Court, seeking an interim stay on the Competition Commission of India’s (CCI’s) order on probing some of its business practices. Investigation by the CCI was launched last month after the Delhi Vyapar Mahasangh (DVM), a traders’ body, filed a complaint against e-commerce players giving deep discounts on online sales of smartphones and cherry-picking sellers. Read More

15th Finance Commission to recommend grants for statistics in second report

The Fifteenth Finance Commission will recommend grants for statistics in its second report, with an aim to improve statistical data collection and collation in India. This is among the various sectoral grants that the Commission has promised to award in its upcoming report, provided states and the Centre meet certain parameters. Read More
 

Unemployment rate 7.2% in January 2020

In January 2020, the unemployment rate in India was 7.16 per cent. This is substantially lower than the 7.6 per cent unemployment rate recorded in December 2019. In recent months, the monthly unemployment rate seems to have stabilised at just below 7.5 per cent. But, month-on-month variations, at about 65 basis points, have been higher than in earlier years. Read More

Govt receives two dozen applications for Sebi chairperson's post

The government has received close to two dozen applications for the Securities and Exchange Board of India (Sebi) chairperson’s post. The last day to submit applications ended on Monday. Sources in the government said top bureaucrats, including officials from the department of financial services, the department of economic affairs, and also the Ministry of Corporate Affairs, have applied for the position. Read More

Top electronics firms catch Coronavirus, sales to plunge in future

The spread of the novel coronavirus (nCoV) in China could have an impact on the sales of top electronics companies and smartphone makers such as Apple, OnePlus, and Xiaomi, especially those listed on e-commerce platforms like Amazon and Flipkart. Business in China was scheduled to reopen on Monday. However, reports suggest that some provinces and districts have asked companies not to resume work till March 1. Read More
 

Flipkart digs deep into India's fintech market; clocked 40% growth in 2019

Walmart-owned e-commerce firm Flipkart has increased its focus on the Indian fintech market and took on rivals such as Amazon and Alibaba-backed Paytm. Flipkart’s overall fintech category, which comprises consumer credit constructs, device insurance, and seller financing, grew 40 per cent in 2019. As the company brings the next 200 million consumers online, it aims to significantly multiply the number of users having access to its fintech products and services. Read More
 

Auto Expo 2020: Hero Cycles plans to capture 10% of global e-bicycle market

Two years ago, on a leisurely Sunday afternoon lounging on his sofa at his Ludhiana residence, Pankaj M Munjal, chairman and managing director (CMD) at Hero Cycles, was swiping on his iPad. The image of an e-cycle launched in Spain caught his attention. He got on to the phone with his chief executive and research and development head. The trio met later in the day to discuss making a similar cycle. This is how Hero started reinventing the wheel. Read More
 

Food delivery business out of the way, Uber turns focus to car rentals, shuttles

Ride hailing firm Uber is planning to offer self-driving car rentals and shuttle bus services in India to trump key rival Ola, three people aware of its plans said. The move is part of the San Francisco-based company’s plans to expand its core mobility business in India with new products and partnerships, after exiting the food delivery business. The company has already formed a team for the foray into self-drive rentals and shuttle buses, the people cited above said on condition of anonymity, repports LiveMint.

Cognizant steps up campus hiring, hikes starting salaries by up to 18%

Nasdaq-listed Cognizant Technology Solutions Corp. plans to hire more technical graduates in India this year as a growing number of students equip themselves with digital skills. The company aims to hire more than 20,000 students from campuses in India this year, according to Brian Humphries, chief executive officer (CEO), Cognizant.