#Teji- India allows 74% FDI in defense manufacturing: PM Modi
Prime Minister Narendra Modi announced to allow 74% foreign direct investment (FDI) in defense sector through the automatic route.
The move may prove a major push for ‘Aatmanirbhar Bharat’ in defense manufacturing. The PM emphasized that we aim to increase defence manufacturing in India and make the nation a reliable weapon supplier to friendly nations.
#Teji: Centre presents two options to bridge the compensation gap
At the 41st GST Council meet on Thursday, Finance Minister Nirmala Sitharaman gave states two options to bridge the funding gap created due to economic losses caused by COVID-19.
Option 1: To provide a special window to states, in consultation with RBI, to provide the Rs 97,000 crore at a reasonable rate of interest; this money can then be repaid after five years from the collection of cess.
Option 2: Entire GST compensation gap of Rs 235,000 crore of this year can be met by the states, in consultation with RBI.
#Mandi- Economic recovery to be slow and gradual: Axis Bank Chief
Amitabh Chaudhry, MD and CEO, Axis Bank believe that the recovery in the economy will remain slow because of uneven recovery caused by an increase in supply and low consumer demand.
Chaudhry further said that the economy is currently operating at 70-75% of capacity and it is likely to return to pre-COVID-19 levels between the first and second quarters of next calendar year.
