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Here's the break up of India's $35 billion Diwali stimulus⁠— from income tax relief for home buyers to incentives for formal jobs

<ul><li>The report indicates that under this scheme, the government may give a 10% subsidy on provident fund (PF) contributions for both employees and employers.</li><li>However, the package size could be much smaller than the last stimulus package of ₹20 lakh crore, which included a lot of <keyword id="10262200" type="UNKNOWN" weightage="20" keywordseo="earlier-announcements">earlier announcements</keyword>.</li><li>As per the RBI data released yesterday, the GDP is likely to contract by 8.6% for the July-September period, which means India will enter into a recession for the first time in history.</li></ul>Hours before a press conference scheduled to be addressed by the Finance Minister Nirmala Sitharaman, a <a href="https://www.cnbctv18.com/videos/economy/government-may-announce-next-stimulus-package-before-diwali-7460631.htm">CNBC Awaaz report</a> says India is likely to announce another set of stimulus packages focused on incentives for <keyword id="3113641" type="PERSON" weightage="20" keywordseo="stressed-sectors">stressed sectors</keyword>, middle-income groups in urban and rural areas, and employment generation, ahead of Diwali. The report suggests that the package size could be much smaller than the last stimulus package of ₹20 lakh crore, which included a lot of announcements made prior to the pandemic. What is expected in the package? The government may introduce <keyword id="10262201" type="COMPANY" weightage="20" keywordseo="the-pradhan-mantri-rojgar-protsahan-yojna">the Pradhan Mantri Rojgar Protsahan Yojna</keyword>, a scheme meant to boost employment, in an expanded form as a part of the new package. The report indicates that under this scheme, the government may give a 10% subsidy on provident fund (PF) contributions for both employees and employers. It may also announce <keyword id="10262202" type="COMPANY" weightage="20" keywordseo="the-emergency-credit-line-scheme">the Emergency Credit Line Scheme</keyword> part-2 as a part of the new package. Under which the government is likely to provide collateral-free credit, and similarly some special incentives for specific sectors may also be part of the new package. Another <a href="https://www.business-standard.com/article/economy-policy/govt-might-unveil-fresh-stimulus-before-diwali-focus-on-job-creation-120111102087_1.html">report </a>also pointed out that the government was also mulling over infusion in the form of direct cash, but from the past trends, it was observed the measure was not beneficial. The trends indicated that people’s spending has come down drastically, and the decision of direct cash benefit won’t hold. The government’s efforts so far have seen limited impact in stalling the COVID-19 crash. They have also been constrained by declining resources. It has already increased its borrowing to a whopping ₹13 lakh crore to make up for the shortfall in revenue for the current fiscal year. The Indian economy contracted by a record 23.9% in the first quarter, as the country went into the lockdown to curb the spread of the virus. And, as per the latest RBI data released yesterday, the GDP is likely to contract by 8.6% for the July-September period, which means India will enter into a recession for the first time in history. Investors have not been enthused by the possibility of cash injection in the economy. The half a percent fall in <keyword id="6484188" type="COMPANY" weightage="20" keywordseo="sensex">Sensex</keyword> and the Nifty, benchmark equity indices, reflected the caution in the market. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/indian-government-approves-the-pli-scheme-for-10-sectors/articleshow/79172901.cms" data-type="tilCustomLink">Indian government approves the Production Linked Incentive scheme for 10 sectors worth ₹2 lakh crore</a> <a href="https://www.businessinsider.in/business/corporates/news/spicejet-shrink-its-losses-to-112-59-crore-in-the-second-quarter-ended-september-30/articleshow/79172678.cms" data-type="tilCustomLink">Spicejet is losing one rupee where it was losing four thanks to cheaper fuel and cut in rentals</a>

Ahead of Nirmala Sitharaman’s press conference, reports say there is a Diwali stimulus package coming

The <keyword id="6354766" type="LOCATION" weightage="20" keywordseo="Gujarat">Gujarat</keyword> government on Wednesday decided to reopen high and higher secondary <keyword id="37180" type="COMPANY" weightage="20" keywordseo="schools">schools</keyword> and colleges in the state from November 23 subject to adherence of Covid-19 guidelines. However, there has been no decision on reopening of primary schools. The government said it will analyse the feedback on implementation of Wednesday's decision and then decide. <keyword id="6355445" type="UNKNOWN" weightage="20" keywordseo="education">Education</keyword> Minister Bhupendrasinh Chudasama said: "A Cabinet meeting chaired by Gujarat Chief Minister Vijay Rupani on Wednesday decided to reopen schools and colleges in the state. Before that, I held discussions with my department officials, education experts, academics and other stakeholders on continuation of studies. "The Cabinet decided that after Diwali, from November 23, all high and higher secondary schools, colleges and universities will hold teaching in their respective premises. For this, they shall strictly follow the Standard Operating Protocol of the central government." "In the first stage, in colleges and universities, classes for postgraduate, medical and paramedical students will be resumed. Moreover, classes of only final-year students of undergraduate courses will be resumed. In engineering streams also, classes of final-year students will resume. Similarly, ITIs and polytechnics will be reopened. The present system of providing online education will also have to be continued by various institutes in the state," added Chudasama. The Minister said that the decision was applicable to all schools and colleges in the state -- government, grant in aid, self-financed, Kasturba Gandhi Balika Vidyalaya and all schools under Social Justice and Empowerment Department. For the remaining schools, the government will decide later. The Minister said that though attendance by students will not be mandatory, schools and colleges will have to obtain written consents from parents on a form provided by the government. Principals of all educational institutions will ensure that all SOP are in place and followed in letter and spirit. The teaching staff and all students coming to the institutions will be checked for body temperatures through thermal guns. "For physical distancing, we are giving the educational institutions the option of odd-even formula and alternate-day teaching so that students keep safe distance. It will also be ensured that students, even during recess or other times, don't crowd and maintain physical distance," added Chudasama. "The Education Department officials and District Education Officers will monitor schools and colleges in their respective areas and submit daily reports to us," the Education Minister added. For the continuation of education in primary schools, Chudasama said: "After we get a feedback on this decision and how it works out, the government will decide on resuming studies in primary schools." Wednesday's decision to reopen educational institutions in Gujarat is significant, especially when many other states have had to revoke such decisions and again order shutdown due to rising coronavirus infections in school children. See Also - <a href="https://www.businessinsider.in/tech/apps/news/pubg-set-for-a-comeback-in-india-to-set-up-a-local-office-hire-100-employees-and-invest-100-million-in-the-indian-market/articleshow/79188814.cms">PUBG mobile game set for a comeback in India</a> <a href="https://www.businessinsider.in/india/article/happy-diwali-2020-messages-and-wishes-for-whatsapp-and-facebook-status/articleshow/79186448.cms">Happy Diwali 2020 messages and wishes</a> <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Here's the break up of India's $35 billion Diwali stimulus</a> <a href="https://www.businessinsider.in/personal-finance/news/india-offers-income-tax-relief-for-home-buyers-and-developers-to-boost-new-property-sales/articleshow/79188820.cms">India offers income tax relief for home buyers and developers to boost new property sales</a>

Gujarat set to reopen higher secondary schools and colleges from November 23

<ul><li><keyword id="4998506" type="PERSON" weightage="20" keywordseo="pubg">PUBG</keyword> Corporation announced that it will soon be launching <keyword id="6409600" type="UNKNOWN" weightage="20" keywordseo="PUBG-MOBILE">PUBG Mobile</keyword> India, which will be a new game made specifically for the Indian market. </li><li>For the new version of PUBG, the company will set up an Indian subsidiary with a local office in the country and will also hire 100 employees to begin with. </li><li>The company has also said that it will put more focus on privacy and security in India. </li></ul>Popular <keyword id="2148326" type="PERSON" weightage="20" keywordseo="gaming-app">gaming app</keyword> PUBG, which had been banned in India because of its Chinese origins in September under Article 69A of the Information Technology (IT) Act, is all set to make a comeback in India. The company behind the game – PUBG Corporation announced that it will soon be launching PUBG Mobile India, which will be a new game made specifically for the Indian market. PUBG Corporation is a subsidiary of the South Korea-based KRAFTON, Inc. Earlier the company had also signed a partnership with <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-could-return-to-india-riding-on-microsofts-azure-cloud-service/articleshow/79127963.cms">Microsoft Azure’s cloud service</a>. For the new version of PUBG, the company will set up an Indian subsidiary with a local office in the country and will also hire 100 employees to begin with. After being banned in India over suspicions of data being shared with China, the company has said that it will put more focus on privacy and security in India. “The company will conduct regular audits and verifications on the storage systems holding Indian users’ personally identifiable information to reinforce security and ensure that their data is safely managed,” said the company in a statement. To further set up a strong foothold in India, PUBG Corporation also said that it would be investing $100 million to build the country’s gaming environment. “The company also plans to make investments by hosting India-exclusive esports events, which will feature the biggest tournaments, the largest prize pools, and the best tournament productions,” said the statement. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-could-return-to-india-riding-on-microsofts-azure-cloud-service/articleshow/79127963.cms">PUBG Mobile could return to India riding on Microsoft’s Azure cloud service</a> <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Here's the break up of India's $35 billion Diwali stimulus</a> <a href="https://www.businessinsider.in/finance/news/what-is-atmanirbhar-bharat-rozgar-yojana-scheme-and-what-is-benefits-of-employees-and-companies/articleshow/79188487.cms">What is Atmanirbhar Bharat Rozgar Yojana</a>

PUBG set for a comeback in India – to set up a local office, hire 100 employees and invest $100 million in the Indian market

<ul><li>The Finance Ministry has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. </li><li>This means under a circle rate of ₹1.2 crore, <keyword id="6371902" type="UNKNOWN" weightage="20" keywordseo="home-buyers">home buyers</keyword> can buy a house of upto ₹1.5 crore rather than just ₹1.33 crore to avail the tax benefits.</li><li>This is the second time that the government has revised the limit — the first was in February when the differential was increased from 5% to 10%.</li></ul>With the prices of homes falling and mortgages being lower than ever, the Finance Ministry has announced <keyword id="422910" type="PERSON" weightage="20" keywordseo="income-tax-relief">income tax relief</keyword> for home buyers and developers. “There’s a lot of inventory, we’re told, in the real estate sector,” said Finance Minister Nirmala Sitharaman during today’s press conference on November 12. <div type="Article" hostid="261" msid="79187044" title="$35 billion Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The government has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. This is the second revision of the limit done by India. The first was in February when the differential was increased from 5% to 10%. What is circle rate and why should I care? Right now, if there is a difference between the cost of the home and the circle rate set by the government. If that difference is more than 10%, any excess income is accounted for as the buyer’s income. Since it comes into the income basket, it is also taxed at the same nominal rates. But going forward, for homes under the price of ₹2 crore, this differential will be increased from 10% to 20% for next seven months, until 30 June 2021. This means that if for instance, if the circle rate is ₹1.2 crore, the price of the home can’t be more ₹1.5 crore for buyers to remain within the 20% differential. Had the limit been 10%, the choice of purchasing a home would be limited to around ₹1.33 crore. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle rate (assumed) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home price (assumed) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2 crore </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Existing policy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New policy </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Excess allowed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taxable amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹90 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹80 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax (assuming a rate of 30%) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.7 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.4 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Savings </td><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30,000 </td></tr></tbody></table> However, it’s important to note that property prices, circle rates or even demand trends are not uniform across the country. So cities are witnessing better growth which allows for higher prices, while others are lagging behind and will have more to benefit from under the new limit. What’s in it for the developers? It's also a boon for developers, because they can now offer their property at lower rates than the prevailing circle rates. This allows them to monetise any idle assets they haven’t been able to move yet. Clearing their existing inventory in turn allows developers to generate more liquidity to start up new projects or clear liabilities on existing ones. "The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> relief will ensure tremendous liquidity into the market and the measures will incentivize people to buy homes and is a win-win situation for both developers and home buyers. The reduction in bank guarantees for construction activity will also ensure availability of additional liquidity providing major relief to the industry." Lincoln Bennet Rodrigues, Founder and Chairman, Goa-based Bennet &amp; Bernard Group said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference</a> <a href="https://www.businessinsider.in/policy/economy/news/atmanirbhar-bharat-indian-fm-nirmala-sitharaman-shared-the-progress-of-the-atmanirbhar-abhiyaan/slidelist/79187890.cms">Atmanirbhar Bharat: Indian government’s report card on the implementation of the COVID stimulus so far</a> <a href="https://www.businessinsider.in/finance/news/what-is-atmanirbhar-bharat-rozgar-yojana-scheme-and-what-is-benefits-of-employees-and-companies/articleshow/79188487.cms">Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees</a>

India offers income tax relief for home buyers and developers to boost new property sales

<ul><li><keyword id="3358959" type="PERSON" weightage="20" keywordseo="ShareChat">Sharechat</keyword> has also brought on former Uber product leader Gaurav Mishra. At Uber, Mishra led Uber AI, Data, and Marketplace Platforms. </li><li>Located in Palo Alto, the company said the new lab will be the ‘backbone’ of all technological developments for the company. </li><li>Sharechat will build on artificial intelligence and machine learning driven capabilities for both its social media platform as well as its recently launched video platform <keyword id="8678883" type="UNKNOWN" weightage="20" keywordseo="moj">Moj</keyword>. </li></ul>Indian social media platform Sharechat has set up a research and development lab in <keyword id="6357722" type="LOCATION" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword> called <keyword id="10264866" type="UNKNOWN" weightage="20" keywordseo="sharechat-labs">Sharechat Labs</keyword>. Located in Palo Alto, the company’s CEO and co-founder said this lab will build the "the most sophisticated content creation and distribution engine”. To lead its product developments, Sharechat has also brought on former Uber product leader Gaurav Mishra. At Uber, Mishra led Uber AI, Data, and Marketplace Platforms. He had also co-founded a regional language search engine platform Guruji.com which was acquired by Flipkart. At the Silicon Valley lab, Sharechat will build on artificial intelligence and machine learning driven capabilities for both its social media platform as well as its recently launched video platform Moj. "We are building both ShareChat and Moj with a future-ready approach. We would focus on building new products and solutions around camera technology and AI/ML (especially focusing on deep learning). We would also look at hiring the best technology minds globally and not just limited to India. We would soon expand our talent base to other international geographies and drive excellence in technology innovations in the Indian internet space,” said Mishra. By bringing on board global talent, the company said that it will look into “developing state of the art deep learning ML (machine learning) models to better personalize the user feed and detect NSFW content, hate speech and fake news with a goal to enhance the experience of it's community of creators and users.” NSFW refers to “not safe for work” for content, videos and images that a user should refrain from in a public environment. Earlier in 2019, Indian ride-hailing giant Ola had set up an advanced technology center in the Bay Area in San Francisco. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Here's the break up of India's $35 billion Diwali stimulus⁠— from income tax relief for home buyers to incentives for formal jobs</a>

Sharechat sets up a R&D lab in Silicon Valley – brings on board former Uber product leader to drive AI and ML innovation

Equity <keyword id="10180550" type="PERSON" weightage="20" keywordseo="benchmarks-sensex">benchmarks Sensex</keyword> and <keyword id="6354813" type="COMPANY" weightage="20" keywordseo="Nifty">Nifty</keyword> opened on a volatile note on Wednesday as investors await directional cues from domestic as well as global markets. After swinging 258 points in the opening session, the 30-share BSE index was trading 75.75 points or 0.19 per cent higher at 40,597.85. Similarly, the broader NSE Nifty advanced 29.90 points or 0.25 per cent to 11,919.30. <keyword id="6354287" type="COMPANY" weightage="20" keywordseo="bharti-airtel">Bharti Airtel</keyword> was the top gainer in the Sensex pack, rallying over 10 per cent, after the country's second largest telecom operator reported its highest-ever quarterly consolidated revenue, helping it narrow losses in the July-September period. Consolidated revenue rose 22 per cent to Rs 25,785 crore in the September quarter while net loss narrowed to Rs 763 crore. M&amp;M, Maruti, Bajaj Finance, Bajaj Finserv, NTPC, Axis Bank and Infosys were also among the gainers. On the other hand, <keyword id="6407278" type="COMPANY" weightage="20" keywordseo="kotak-bank">Kotak Bank</keyword> fell around 2 per cent, followed by HDFC, HUL, <keyword id="6653" type="COMPANY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> and Titan. In the previous session, Sensex surged 376.60 points or 0.94 per cent to finish at 40,522.10, while Nifty climbed 121.65 points or 1.03 per cent to 11,889.40. Exchange data showed that foreign institutional investors purchased equities worth Rs 3,514.89 crore on a net basis on Tuesday. According to Arjun Yash Mahajan Head Institutional Business at Reliance Securities, Indian equities are expected to be volatile ahead of monthly derivatives expiry and US presidential election. However, news pertaining to a fiscal stimulus before Diwali, MSCI rebalancing next month and healthy 2Q corporate earnings are likely to aid the domestic market, he said. Bourses in Hong Kong, Seoul and Tokyo were trading on a negative note in mid-session deals, while Shanghai was in the positive territory. Equities on Wall Street ended on a mixed note in overnight session. Meanwhile, international oil benchmark Brent crude was trading 1.78 per cent lower at USD 40.87 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byju-raveendran-on-byjus-us-expansion-and-how-white-hat-jr-wont-just-be-about-coding-anymore/articleshow/78904109.cms" data-type="tilCustomLink">'India can provide teachers to the world, just like software engineers,' says Byju Raveendran as he plans to take his $11 billion edtech startup to US shores</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-hero-moto-airtel-tata-motors-icici-bank-adani-gas-marico-titan-dr-reddys-and-others/articleshow/78903221.cms" data-type="tilCustomLink">Top stocks to watch — Hero Moto, Airtel, Tata Motors, ICICI Bank, Adani Gas, Marico, Titan, Dr Reddy’s and others</a> <a href="https://www.businessinsider.in/politics/world/news/trumps-official-campaign-website-briefly-offline-after-hackers-appeared-to-take-control-and-claim-they-had-full-access-to-trump-and-relatives/articleshow/78902375.cms" data-type="tilCustomLink">Trump's official campaign website briefly offline after hackers take control and claim they had 'full access to Trump and relatives'</a>

Sensex, Nifty choppy in morning trade, Bharti Airtel surges 10%

<ul><li>Public sector banks across the country are planning to go on strike near the end of the month, on November 26.</li><li>This will be the 20th national-wide general strike since 1991.</li><li>One of the seven demands laid out by the Central Trade Unions (CTUs) is to increase the rate of interest that customers are currently offered on savings deposits and reduce bank charges levied on the common customer. </li></ul>Public sectors banks across India are planning to go on strike on November 26. While their protests range from the privatisation of banks to outsourcing of jobs — one of their demands includes increasing the rate of interest that customers are currently offered on deposits and reducing bank charges, which bodes well for the customer. However, this comes at a time when the <a href="https://www.businessinsider.in/personal-finance/news/savings-rates-in-banks-offer-higher-returns-than-fds-as-banks-continue-to-slash-fd-interest-rates/articleshow/76282346.cms">interest rate on saving deposits</a> is higher than what customers can get by locking their money into a fixed deposit. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank Name </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Interest Rate </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Minimum Amount </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">State Bank of India (SBI) </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.70% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">NIL </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.75% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 0pt 2pt 0pt;overflow:hidden;overflow-wrap:break-word;">Average quarterly balance of ₹500 and ₹1,000 for Rural and Urban respectively </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Punjab National Bank (PNB) </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹500 ₹1,000 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IDBI Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.10% - 3.60% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹5,000 Metro and Urban, ₹2,500 Semi Urban, ₹500 Rural </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Andhra Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹150 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.50% - 3.75% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹250 for non cheque operation and ₹500 for cheque operation </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">3.25% - 3.75% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 for Metro, Urban and Semi Urban branches and ₹500 for Rural branches </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2.50% - 2.60% </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Average quarterly balance ranges between ₹250 and ₹1,000 </td></tr></tbody></table> The aim of the strike is to the “put up a resistance to the destructive approach of ruling government at the centre being manifested to the country and its people at large,” as per the Bank Employees Federation of India (<a href="https://www.befi.in/admin/UPL/77-2020-2020-11-10.pdf">BEFI</a>) notification. The All India Bank Employees’ Association (<a href="https://www.facebook.com/aibeazindabad/photos/pcb.645822202778977/645822069445657/?type=3&amp;theater">AIBEA</a>) further clarified that the nation-wide strike is against the “anti-economic policies, anti-worker labour policies and anti-farmer legislations in the country.” These are the seven demands laid out by the Central Trade Unions (CTUs): <ol><li>Stop moves to privatise public sector banks like the dilution of government equity and provide adequate recapitalisation </li><li>Strengthen public sector banks</li><li>Take stringent measures against willful loan defaulters and recover the huge corporate NPAs still pending</li><li>Increase interest rate of bank deposits and reduce bank charges levied on customers</li><li>Stop outsourcing of regular bank jobs and regularise casual workers engaged by different banks</li><li>Repeal Banking Regulation (amendment) Act 2020 and strengthen the cooperative banking sector</li><li>Scrap NPS for bank employees and extend defined pension scheme to all</li></ol>SEE ALSO: <a href="https://www.businessinsider.in/politics/india/news/checkout-here-bihar-assembly-election-2020-results-and-updates-online/articleshow/79142084.cms"></a> <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Here's the break up of India's $35 billion Diwali stimulus</a> <a href="https://www.businessinsider.in/india/news/psu-bank-employees-wage-revision-finalised-after-three-years-of-waiting-only-a-1500-increase-in-salary-for-officers/articleshow/79166497.cms">PSU bank employees wage revision finalised after three years of waiting — only a ₹1,500 increase in salary for officers</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-set-for-a-comeback-in-india-to-set-up-a-local-office-hire-100-employees-and-invest-100-million-in-the-indian-market/articleshow/79188814.cms">PUBG mobile game set for a comeback in India</a>

Public sector banks across India plan to strike on November 26 seeking higher savings interest rates and lower bank charges

<ul><li>Firms have an option to pay income tax at 22% if they give up exemptions or incentives.</li><li>The effective tax rate will come down sharply to 25.7% boosting profitability of companies.</li><li>Any new domestic company incorporated on or after Oct 1, 2019, making fresh investment in manufacturing, has an option to pay income tax at 15%.</li><li>Foreign investors have been exempted from the additional surcharge imposed in the latest budget.</li><li> Minimum Alternate Tax reduced from existing 18.5% to 15%.</li><li>No tax on share buybacks announced before July 5, 2019.</li><li>Money spent on state-run startup incubators or any central or state government agency will count as CSR.</li><li>The government has given up ₹1.45 trillion in revenue to provide today's stimulus.</li></ul> Diwali has come early for financial investors and corporates in India as the government acts decisively to battle the economic slowdown. Indian Finance Minister Nirmala Sitharaman has unleashed the market's animal spirits with a massive stimulus to end the country's economic downturn. The government has given up ₹1.45 trillion in revenue that will leave more money in the hands of businesses to invest and revive the economy. Stock markets in India are on cloud nine hoping for more profits due to lower taxes. Sensex has jumped over 5%, the sharpest single day in many years. The Bank Nifty went up over 200o points at one point. These are the top announcements made by Sitharaman in a press conference that has sparked a historic rally in Indian stock markets. <ol><li>Firms have an option to pay income tax at 22% if they give up exemptions or incentives.</li><li>The effective tax rate will come down sharply to 25.7% boosting profitability of companies.</li><li>Any new domestic company incorporated on or after Oct 1, 2019, making fresh investment in manufacturing, has an option to pay income tax at 15%.</li><li>Foreign investors have been exempted from the additional surcharge imposed in the latest budget.</li><li>Minimum Alternate Tax reduced from existing 18.5% to 15% before surcharge.</li><li>No tax on share buybacks announced before July 5, 2019.</li><li>Money spent on state-run startup incubators or any central or state government agency will count as CSR.</li></ol> "This is the budget that counts," veteran investor Vallabh Bhanshali told a television channel to highlight that the move by the Indian government has sent out the right signal to the markets and global investors. "My net investments are the highest ever, more than 100%," said the Singapore-based Samir Arora of Helios Capital, and added that the market rally following this decision "will not be just 5-7%. It will be much bigger than that." Indian economy, which was the world's fastest-growing economy until recently, had slipped to a quarterly growth rate of 5%, the slowest in last six years. A broad-based slowdown across sectors from automobiles to textiles to fast-moving consumer goods indicated a worsening health of the economy. There are those who believe that this is yet another move that is targeting the wrong end of the economy. "This is yet another supply-side measure whereas the real slowdown is on the demand side," renowned economist Pronab Sen told a TV channel adding that the impact of the announcements may be limited in boosting consumption. SEE ALSO: <a href="https://www.businessinsider.in/nirmala-sitharam-address-on-india-economic-stimulus-live-updates-and-highlights/articleshow/70804926.cms" data-type="tilCustomLink" target="_blank">India unveils economic stimulus-- from homes to cars to banks to infrastructure to equity markets</a>

India cuts corporate tax rates to end the economic spiral and unleash the market's animal spirits

By Gunjan Sharma Gurgaon, May 17 () The 32-year-old Rukma Devi spends her day sitting on the roadside with earthen pots and piggy banks lined up on a folding table, desperately waiting for customers.Every passing vehicle raises hopes in her which dash in a flash as it zooms past. Her husband, who is usually at the potter's wheel when she sets up the makeshift shop, has stopped making new ones now. "There are no sales," Rukma rues.She is among the many who stay in various 'Kumhar Grams' (potters' villages) in Gurgaon and make earthen pots and diyas for livelihoods. First the ban on use of wood-fire kilns and now the lockdown to contain the spread of coronavirus have left them struggling to make their ends meet."There are no sales. My husband has stopped making new ones as we have not sold even 10 pieces in last two months," Rukma tells , cuddling her 3-year-old kid who sleeps with a mask on a cloth mattress beside her.Her husband is now looking for some alternative work but there has been no luck because of the lockdown. "I bring my son with me, because my husband goes to different places where food is being distributed. Thus, he arranges meals for us," she says. Roshan (42) apprehends that the situation might not improve just after the lockdown is eased as the fear of virus spread has gripped people."This used to be a good season for us as people would prefer buying earthen pots to beat summer woes. However, it's not the same this year. It's not just the lockdown that has caused this situation but also the fear of virus spread. Even if we take precautions of wearing masks and washing hands, people are sceptical in buying," he said.The lockdown has also halted the supply of clayey soil, which is used to make earthen pots and other products. "We just have two seasons -- one is summer and the other is Diwali time. We survive on the savings from these time or do other jobs. However, we are already running out of the savings now and there are not much options to take up some alternative work," Deepak Kumar said."The supply of soil is limited. We were already feeling the pinch due to competitive pricing, low wholesale rates and the government's push to ban wood-fired kilns used by us for pottery. The virus spread and the lockdown have made things even worse," he added.Gurgaon has several settlements of potters. The area used to be bustling with activities amid a din of vendors trying to make a sale and buyers trying to bargain. But all these have vanished now. There is some occasional commotion when someone comes to distribute food or essentials.The potters in Kumhar Gram usually sell their products at a very low price, mostly in wholesale to dealers who further sell the in different parts of the city at higher profit margins."Dealers are also not buying at this time. And even when they do, the payment is not immediate. The government is making announcements for everyone, but no one has bothered about the potters. "In the initial days of lockdown, we were not even allowed to sell. Now the cops don't bother us unless we are not wearing a mask, but that is not helping our livelihoods," said Prince Khandodiya.The nationwide lockdown was first imposed from March 25 to April 14, then extended until May 3, and again extended to May 17 with an aim to prevent the spread of the novel coronavirus that has claimed 2,872 lives and infected 90,927 people in the country.India's economy has been severely hit by the coronavirus-induced lockdown with thousands of people losing their means of livelihood across the country. To deal with the situation, Prime Minister Narendra Modi on Tuesday announced an economic stimulus package for Rs 20-lakh crore, estimated at 10 per cent of the GDP. GJS TIR

You Searched For "diwali stimulus" and got 10 results

Here's the break up of India's $35 billion Diwali stimulus⁠— from income tax relief for home buyers to incentives for formal jobs

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Ahead of Nirmala Sitharaman’s press conference, reports say there is a Diwali stimulus package coming

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Gujarat set to reopen higher secondary schools and colleges from November 23

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PUBG set for a comeback in India – to set up a local office, hire 100 employees and invest $100 million in the Indian market

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India offers income tax relief for home buyers and developers to boost new property sales

Prabhjote Gill