Top headlines: Economic recovery picks up pace; GST mop-up rises by 4%

From pickup in GST mop-up to new FSSAI roadblocks for food and beverage companies near schools, here are top headlines this morning

From tax collection to car sales, India's economic recovery picks up pace

Good tidings for economy as key indicators like tax collection, manufacturing, car sales show signs of a rebound ahead of festive season; some sectors still lag. In a significant rebound, goods and services tax (GST) collection posted growth in September after six months of contraction, indicating a return to normalcy in economic activities after months of disruption caused by lockdown. Read More

Food and beverage companies see red over FSSAI roadblocks near schools

The prohibition of the sale of ‘unhealthy’ food and beverages in and around schools has angered packaged food and beverage companies who fear that sales will fall. Rules issued by the Food Safety and Standards Authority of India (FSSAI) ban the sale of items containing excess salt, sugar or saturated fat — among other ingredients – within a 50 metre radius of a school or similar educational institute or hostel from July, 2021. Read More

GST mop-up rises 4% to Rs 95,480 cr in Sept as recovery picks up pace

In a significant rebound, goods and services tax (GST) collection posted growth in September after six months of contraction, indicating a return to normalcy in economic activities after months of disruption caused by lockdown. The robust mop-up may be an outcome of restocking ahead of the festival season in October, economists suggested. Read More

Reliance Jio's fibre arm to raise Rs 14,700 cr through InvIT offer

Reliance Industries Ltd (RIL) on Thursday started the process of monetising its fibre optic network via an infrastructure investment trust (InvIT) structure. Digital Fibre Infrastructure Trust (DFIT) will raise around Rs 14,700 crore by issuing units to its investors, and raise another Rs 25,000 crore by way of debt, which will be used to retire the debt of the fibre optic arm. The 51 per cent of the fibre optic business will be owned by DFIT, and the rest by RIL. Read More

Sebi slaps Rs 6-crore penalty on NSE for investing in 'unrelated' biz

The Securities and Exchange Board of India (Sebi) on Thursday levied a penalty of Rs 6 crore on the National Stock Exchange (NSE) for allegedly investing in six companies unrelated or non-incidental to the stock exchange business. Read More

Multiplexes get the go-ahead, but dark cloud still hangs over silver screen

After half a year of movie halls staying shut, the cinema industry has finally got the Centre’s go-ahead to resume screenings. But it’s easier said than done. Though the cinemas have welcomed the home ministry’s decision to lift the curbs and allow theatres to reopen from October 15, the battle is hardly over. As many as seven states are yet to give their assent to the home ministry’s guidelines. Read More

Revised, more industry-friendly PLI scheme for bulk drugs on the cards

The production-linked incentive (PLI) scheme to boost local manufacturing of bulk drugs or ingredients to make medicines may be revised to make it more industry-friendly. The technical committee under the Department of Pharmaceuticals has submitted its recommendations this week, sources said. Read More

Delhi Assembly vs Facebook: Is the social media giant answerable to states?

The recent tussle between the Delhi Assembly and Facebook has raised an important question: Is the social media giant answerable to states? The answer, according to Facebook, is no. The tussle began with investigation of allegations that Facebook and its subsidiary, WhatsApp, were used to spread communal posts during the Delhi riots in January in which over 50 people died. Read More

TVS Supply Chain set to launch Rs 1,100-crore warehousing venture

TVS Supply Chain Solutions, earlier known as TVS Logistics Services, is looking to launch a new warehousing venture, said a source in the know, with an investment of $150 million (Rs 1,100 crore). The UK government’s investment arm CDC is pumping in $50 million (Rs 369 crore), said sources. The venture is expected to be launched this month. Read More

Mubadala picks up 1.4% stake in Reliance Retail for Rs 6,247 crore

Reliance Industries (RIL) on Thursday said Abu-Dhabi-based sovereign fund Mubadala would invest Rs 6,247.5 crore into subsidiary Reliance Retail for a 1.4 per cent stake. This is the fifth deal to be announced by the Mukesh-Ambani-led firm in three weeks, stepping up its stake sale process that has seen marquee investors back the firm so far. Read More