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- Bit by Bit 11th November || Hyundai to introduce global electric battery platform in India || Reliance Jio launches true 5g services in India & More
Bit by Bit 11th November || Hyundai to introduce global electric battery platform in India || Reliance Jio launches true 5g services in India & More
Good Afternoon! Weekend is near and you can hear this image!
So, here are:
"4 amazing stories in 4 minutes to make you future ready", cuz why not?
Happy reading!
MARKET UPDATE
NIFTY 50 : ₹18,157.00 (-0.25%)
BSE SENSEX : ₹61,033.55 (-0.25%)
NIFTY BANK : ₹41,783.20 (+0.23%)
USD/INR : ₹81.36 (-0.01%)
BRENTOIL : $92.60 (-2.88%)
MCXGOLD : ₹51,500 (-0.25%)
FII Net Cashflow : + ₹387 crores
DII Net Cashflow : - ₹1060 crores
(Market data as of 11:00 PM on 10/11/2022)
ECONOMY
719 people were arrested after GST evasion totaling Rs 55,575 crore: Discovery over the past 2 years
Key Facts
The officers of the Directorate General of GST Intelligence (DGGI) discovered over 22,300 phony GST identification numbers (GSTIN).
The second-highest GST income collection ever was recorded in October at almost Rs 1.52 lakh crore, after only April's mop-up of roughly Rs 1.68 lakh crore.
The Story
On November 9, 2020, the government began a nationwide special campaign against dishonest organisations that fraudulently obtained and transferred Input Tax Credit (ITC) by issuing phony or false invoices, and dodging Goods and Services Tax (GST). "GST/ITC fraud worth Rs 55,575 crore has been discovered in the two years of the special drive. 20 CA/CS professionals are among the 719 people who have been detained, "the representative noted.
The GST department has put limits on the amount of ITC that firms can utilise to pay GST in order to combat evasion. These measures include registration verification, the requirement for e-way bills, validation for filing GST returns, and registration verification.
The increase in income will help India cross the crucial $2000 per capita GDP level. India started with a higher consumption rate than China, another economy with similar statistics. Consumption in the next decade is poised to equal consumption in china in 2015.
AUTOMOTIVE
Key Facts
Ioniq 5 will make its premiere at the Auto Expo in January of the coming year.
The Ioniq 5 will be the brand's first vehicle in the nation to be built on the electrified Global Modular Platform (E-GMP).
The Story
Unsoo Kim, MD & CEO of Hyundai Motor India, stated in a statement, "With the introduction of E-GMP to India, we will be able to supply consumers with sophisticated battery electric vehicles, developed from a platform that is modular, scalable, and versatile."
He continued that E-GMP, conceptualized and developed to serve as a turning point in the future transformation of electric mobility, will usher in a new league of electric vehicles for India's new generation of consumers.
The South Korean car giant had previously declared plans to spend close to Rs 4,000 crore by 2028 to bring six electric vehicles to India.
Over the next few years, the business intends to release a variety of models based on both its current line-up and brand-new models based on its global platform, or "E-GMP."
FMCG
The Story
According to research and analytics company NielsenIQ's quarterly FMCG update, persistent inflation, and rural stress hindered growth for packaged consumer products in the July-September period. Compared to the April-June quarter before, rural consumer demand for packaged products shrank by 3.6 percent by volume sequentially in the period.
According to Satish Pillai, general director of NielsenIQ for India, "overall, this quarter displays cautious consumption, mostly due to apprehensions of slowdown and ongoing inflation."
India's villages contribute more than 35% to annual FMCG sales and are reeling under inflation-led price hikes and patchy monsoons. Urban markets performed better in the quarter, according to NielsenIQ, expanding by 1.2 percent as opposed to 0.6 percent the previous quarter. The FMCG industry experienced a volume loss of 0.9 percent compared to the quarter ending in June. The FMCG sector experienced value growth of 8.9%, down from 10.9% in the preceding quarter.
In their September quarter reporting, companies with significant exposure to rural markets—including Hindustan Unilever, Dabur, and Marico—have noted the persistence of weak rural demand. Saugata Gupta, the CEO of Marico, noted that the disparity between rural and urban growth became even more pronounced as the rural sector struggled with inflation and liquidity issues. For the first time in five quarters, according to Mohit Malhotra, chief executive of Dabur, which manufactures Real juice and Vatika shampoo, demand growth in the hinterland dropped behind metropolitan markets in the July-September quarter. According to Ritesh Tiwari, the chief financial officer of HUL, in a post-July-September earnings call, commodities are the single most significant factor influencing rural volumes.
TECH
The Story
The southern, tech-savvy cities of Bengaluru and Hyderabad saw the introduction of fifth-generation, or 5G, services on Thursday from Reliance Jio Infocomm Limited. The flagship telecom business of Mukesh Ambani-owned Reliance Industries stated in a statement: "Starting on November 10th, Jio users in Bengaluru and Hyderabad will be invited to the Jio Welcome Offer, to experience Unlimited Data at up to 1 Gbps+ speeds, at no additional cost.
This comes after Jio True-5G services were beta-launched in six cities: Varanasi, Mumbai, Delhi, Kolkata, Chennai, and Nathdwara.
According to the business, its new 5G service offers users speeds between 500 Mbps and 1 Gbps. Thanks to Jio True- 5G's three advantages, which make it the first TRUE 5G network in India, the consumers "are using very high volumes of data, effortlessly," it claimed.
The network, according to Jio, features a standalone 5G architecture and a mixture of 5G spectrum in the 700 MHz, 3500 MHz, and 26 GHz bands. These 5G frequencies are combined using carrier aggregation to create a single, robust "data highway."
