Top Headlines: Direct tax mop-up zooms 85%, ICICI Venture eyes start-ups

Business Standard brings to you top news headlines on Monday

India's direct tax collection has nearly doubled this fiscal year so far over the equivalent period in 2020-21 in spite of economic disruption due to the second pandemic wave. The leading private equity player ICICI Venture is re-entering the start-up space after around two decades. Business Standard brings to you top headlines on Monday

Direct tax mop-up zooms 85% in spite of economic disruption

India's direct tax collection has nearly doubled this fiscal year so far over the equivalent period in 2020-21 in spite of economic disruption due to the second pandemic wave. Strong growth is visible as part of the first installment of advance tax flows in.

Also, the trend is in contrast to the moderation in goods and services tax collection seen last month.

Direct tax collection, net of refunds, stood at Rs 1.62 trillion up to June 11 this year against Rs 87,000 crore in the same period last year, posting 85 per cent growth. Read More

India gets wide support on TRIPS waiver for Covid-19 vaccines at G-7 meet

Prime Minister Narendra Modi found widespread support from leaders, including the Australian prime minister, the director general of the WTO, as well as the UN Secretary General, for text-based negotiations for a temporary patent waiver for Covid-19 vaccines, proposed by India and South Africa at the World Trade Organization (WTO).

He sought “strong support” for the proposal, Additional Secretary at the Ministry of External Affairs P Harish told reporters. Read More

Banks' pricing of micro-finance loans may soon be linked to MCLR

Banks’ pricing of micro-finance loans may soon be linked to their marginal cost of funds-based lending rate (MCLR) and caps imposed on per customer exposure to arrest levels of indebtedness.

Microfinance institutions (MFIs) may also be allowed leeway with a mark-up over 10 per cent of their cost of borrowings when pricing loans.

This takes into account the fact that they are not able to absorb the additional credit costs arising out of the pandemic for two consecutive financial years. Read More

ICICI Venture eyes digital start-ups, real estate fund of $300-400 million

ICICI Venture has decided to invest in digital start-ups and is considering setting up a separate fund for this purpose. It is also looking at setting up a new fund in real estate of around $300-400 million to leverage the post covid-19 requirements in the commercial space.

The leading private equity player is re-entering the start-up space after around two decades.

When it started as a venture capital fund in 1988, ICICI Venture focused on investing in early stage companies such as naukri.com but from 2002 on, it shifted back to later stage companies and bigger deals. Read More

Tata Digital's 1mg buy a prescription for strong e-pharma growth

Continuing its push into the digital online ecosystem, Tata Digital, which is building its super application ecosystem, has put online pharmacy player 1mg in its cart after betting on e-grocery BigBasket and fitness start-ups Cult.fit.

According to sources, Tata Digital, a 100 per cent subsidiary of Tata Sons, has acquired 60 per cent stake in the start-up.

The deal size is valued at $270 million. 1mg has presence in the online health space and enables access to medicines, health and wellness products, diagnostics services, and teleconsultation. Read More