Business News This Week #16 | NF World Latest News
Jio 5G | RBI – Govt securities | Adani – 3rd richest | Tata Motors – Marcopolo | GST revenue – Aug 22 – Business News this week
Check out below to read the Top 5 Prime Business News this week in the NF World Latest News section. This section covers the weekly summary of Economic, Stocks, Industry and Cryptocurrency related Business News.
Reliance Jio: 5G network in metro cities by Diwali 2022
Reliance Industries (RIL) chairman Mukesh Ambani declared a promise to invest a massive 2 lakh crore in building its Pan-India genuine 5G network.
He stated that Reliance Jio Infocomm had devised the country’s most ambitious and rapid 5G deployment strategy to date.
Jio intends to launch Jio 5G by Diwali 2022 in a number of significant cities, including the metropolises of Delhi, Mumbai, Kolkata, and Chennai.
He stated that Jio will implement the most recent form of 5G, known as Stand-Alone 5G. Stand-Alone 5G is independent of their 4G network.
Jio can bring new and powerful services such as low latency connection, extensive machine-to-machine communication, 5G calling, Edge computing and network slicing, and metaverse using Stand-Alone 5G.
RBI plans to auction government securities from September 2022
On September 2, the Reserve Bank of India (RBI) will auction four dated government securities totalling ₹33,000 crores.
The Centre would also be able to keep an extra subscription of ₹2 crores for each security. The RBI, in particular, established September 5 as the settlement date for these instruments.
Both competitive and non-competitive, bids for the auction should be submitted electronically using the RBI’s core banking solution (E-Kuber) system.
The four Government securities which are going to be auctioned:
- ₹4,000 crores worth of Government Security 2024 which is 6.69%.
- ₹7,000 crores worth of Government Security 2029 which is 7.10%.
- ₹13,000 crores worth of Government Security 2032 which is 7.26%.
- ₹9,000 crores worth of Government Security 2061 which is 6.95%.
The founder of Adani Enterprises is now the third richest person on the planet Earth
According to new reports, Gautam Adani is currently the world’s third-richest person. The 60-year-old business mogul follows Elon Musk and Jeff Bezos on the coveted list with a net worth of $137 billion.
This is the first time an Asian has entered the list of the world’s top three wealthiest persons. Other wealthy Asians, such as Indian tycoon Mukesh Ambani and China-based Alibaba Group’s Jack Ma, have not risen to this level.
While Tesla CEO Elon Musk has a net worth of $251 billion, Amazon co-founder and CEO Jeff Bezos have a net worth of $153 billion. Gautam Adani has eclipsed French business billionaire and Louis Vuitton co-founder Bernard Arnault.
Tata Motors has fully acquired Marcopolo stakes and become the owner of this subsidiary
Tata Motors announced the completion of its acquisition of its joint venture partner Marcopolo’s interest in Tata Marcopolo Motors Ltd.
Marcopolo and Tata Motors reached an agreement in December 2020 under which the domestic manufacturer agreed to buy 49% of its Brazilian partner’s stake in the joint venture for ₹99.96 crores. In 2006, the 51:49 JV was created.
Tata Motors stated that it has fulfilled the procedural procedures under the share purchase agreement for purchasing the whole ownership held by Marcopolo SA in Tata Marcopolo Motors Ltd (TMML).
As a result, starting August 29, 2022, TMML will be a wholly-owned subsidiary of the corporation.
GST collection in India reached ₹1.4 lakh crores in August 2022 for the sixth consecutive time
In August, gross GST earnings in India were ₹1,43,612 crore, a 28% increase over the previous year. Revenues from imports of products increased by 57% during the month, while taxes on domestic transactions and imports of services increased by 19% compared to August 2021.
The gross GST income collected in August 2022 increased by 28% yearly. According to data released, August GST collections totalled ₹1,43,612 crore.
That includes CGST accounting for ₹24,710 crores, SGST accounting for ₹30,951 crores, IGST accounting for ₹77,782 crores (including ₹42,067 crores collected on import of goods), and cess accounting for ₹10,168 crores (including ₹1,018 crores collected on import of goods).
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