Top headlines: Govt likely to ease tax compliance deadline; Nifty turns 25

From govt examining industry demands to centre stepping in to counter oxygen crisis, here are the top headlines this morning

Govt examining industry demands; breather on tax compliance deadline likely

The Union government is examining proposals seeking relief to businesses through extension of compliance timeline for goods and services tax as well as income tax. With India facing the biggest Covid-19 crisis so far, the government has received multiple industry representations, including from micro, small and medium enterprises, wanting a breather of up to three months. Read More

PM avoids committing to deadlines on climate, says concrete action needed

Prime Minister Narendra Modi on Thursday avoided committing to any deadlines on emission levels or climate change goals, and said India had always been responsible in protecting the climate, was doing enough, and remained committed to sustainable development. Read More

Nifty turns 25: Here's how the index progressed from 1,000 to 14,000

It has been 25 years since the National Stock Exchange (NSE) introduced its benchmark Nifty index, a gauge for the performance of the country’s 50 blue-chip stocks. The index was set up on April 22, 1996, less than two years after the exchange launched electronic screen-based trading. Read More

Govt steps in to counter oxygen crisis; MHA directs free movement

On a day when the Union government stepped in to prevent states from hindering the movement of liquid medical oxygen (LMO) to other states, India also placed four orders with foreign suppliers for 2,500 tonnes of the essential commodity. Additionally, from Friday, the Indian Air Force (IAF) will airlift empty oxygen tankers and reach them to industrial units that have switched to producing medical grade oxygen. Read More

Ola Electric to set up world's largest EV two-wheeler charging network

Ola Electric on Thursday revealed its plans to set up the world’s largest electric two-wheeler charging network. SoftBank-backed Ola Electric plans to provide charging solutions to all its electric two-wheeler customers. It unveiled the Ola Hypercharger Network, the charging network for its upcoming two-wheeler products starting with the Ola Scooter to be launched in the coming months. Read More

Delhi curfew, oxygen shortage take a toll on Noida industrial belt

The strict curfew in Delhi and shortage of industrial oxygen have begun to take a toll on the thousands of facilities in the Noida-Greater Noida industrial belt. Besides rising cases of Covid-19 among workers and fear of another lockdown prompting many to return to their hometowns, lack of industrial oxygen is putting a strain on manufacturing activities. Read More

Centre's disinvestment plan: A stress test for zombie steel plants

With the government looking to divest loss-making steel assets, significant interest from secondary players is most likely this time apart from the anticipated list of large integrated primary steel producers, said industry experts. Rashtriya Ispat Nigam Limited (RINL), Neelachal Ispat Nigam Ltd (NINL), NMDC Integrated Steel Plant (NISP)-Nagarnar, Ferro Scrap Nigam Ltd and three units of Steel Authority of India (SAIL) — Alloy Steels Plant, Durgapur; Visvesvaraya Iron and Steel Plant, Bhadravati; and Salem Steel Plant, Salem — constitute the divestment list. All the three units of SAIL have been loss-making for more than five years. Read More

Covid-19 second wave single biggest challenge to recovery: RBI Governor Das

The second wave of Covid infections and its impact on growth loo­med large on the minds of the six MPC members, showed the minutes of the meetings relea­sed by the RBI on Thursday. The monetary policy committee (MPC) members were also in favour of engaging with the bond market on yields. Jayanth R Varma, external MPC member, said RBI’s forward guidance has failed to bring down yields and that the practice can be stopped. Read More