Breaking news and analyses of Indian and world business, economy and politics from Mint.
#GSTcouncil in its 2-day meeting, starting today, is likely to consider the report of the panel of state finance ministers on the feasibility of implementation of e-way bill requirement for the movement of gold and precious stones.
Wipro Consumer Care and Lighting, maker of Santoor soaps and Yardley talcum powder, has reduced #advertising spends and is reviewing raw material procurement, as inflation in commodities such as palm oil raise costs. (@suneeratweets reports)
#MintPlainFacts | But inflation is also forcing companies to take direct price increases. In a recent update, Kantar said every kilogram of packaged consumer goods sold in India in February-April was 10% costlier than a year earlier. Read here:
#MintPlainFacts | With inflation raging, grammage cuts by companies have become pervasive as a method to trim costs. For end consumers this means their bar of soap may run out sooner than expected or a ₹10 packet of chips isn’t as filling. Read here:
India’s non-bank financiers are experiencing slowing demand among certain segments of rural consumers, as the double whammy of high inflation and uneven post-pandemic recovery forces them to delay discretionary spending. (@shayanghosh123 reports)
#MintPlainFacts | Meanwhile, retail inflation has also been hovering above the central bank’s comfort limit of 6% for five months now, and hit an eight-year high in April. This is prompting a shift in consumption patterns. Read more here:
The National Anti-profiteering Authority has found #IndiabullsRealEstate guilty of not passing on over ₹6.46 crore input tax credit benefits to homebuyers by commensurate reduction in prices post rollout of GST.
#StockMarkets | This comes in the wake of BoI filing a petition against FRL under section 7 to initiate corporate insolvency resolution process. Future Retail owes its creditors led by BoI more than Rs15,000 crore. (@writetopriyank2 reports)