Connect with us


The repo rate and reverse repo rate will remain at 4% and 3.35 percent, respectively, according to the RBI.



The Reserve Bank of India (RBI) kept its main policy rates unchanged on Friday, for the sixth time in a row and at record lows, as part of its “accommodative approach to revive and maintain growth on a sustainable basis” as the coronavirus pandemic entered its second wave. “The Monetary Policy Committee (MPC) voted to retain the status quo, which means the repo rate will remain at 4%.MPC also agreed to keep its accommodative stance for as long as it is required to revive and maintain growth on a long-term basis, as well as to mitigate the effect of Covid on the economy,” RBI governor Shaktikanta Das said after the three-day meeting in Mumbai.

“At this juncture, the MPC believes that policy support from all sides is needed to reclaim the growth momentum seen in the second half of 2021 and to nurture the recovery once it has taken root,” Das said.

Das added that the RBI held the reverse repo rate, or borrowing rate, at 3.35 percent. Owing to the effects of the second wave of the coronavirus pandemic, the central bank lowered its forecast for economic growth for the current fiscal year to 9.5 percent from a previous outlook of 10.5 percent. Bank rates and the Marginal Standing Facility (MSF) rate were also held at 4.25 percent.

Since March2020, the RBI has cut the repo rate, or main lending rate, by a total of 115 basis points (bps) to cushion the blow of the coronavirus pandemic. On June1, the MPC, the RBI’s rate-setting council, began its three-day monetary policy deliberations.

On May22,2020, the central bank cut its policy rate to a historic low in an off-policy period to boost demand. “The conduct of monetary policy in 2021-22 will be driven by changing macroeconomic conditions, with a bias to remain supportive of growth until it gains traction on a durable basis while ensuring that inflation remains within the target,” the RBI said in its annual report released last month.

The central bank will also ensure that system-level liquidity remains comfortable during2021-22, in line with the stance of monetary policy, and that monetary transmission continues unhindered while financial stability is maintained, according to the study.

The Indian economy grew by 1.6 percent in the first quarter of this year compared to the same period last year, but contracted by 7.3 percent for the entire fiscal year, the worst in more than 40 years.

Bitcoin suffers a setback as a result of Elon Musk’s tweet, but a weekly gain is anticipated.

Bitcoin fell more than 3% on Friday after Tesla CEO Elon Musk hinted at a split with the cryptocurrency in a tweet, but it is still on track for its best weekly gain in about a month as it seeks to recover from the crash in May.

Bitcoin was last trading at$37,809, down about 3.6 percent. Above a meme that seemed to show a couple discussing their breakup, Musk tweeted “#Bitcoin” and a heartbreak emoji. This week, Bitcoin has gained 6.3 percent.

Musk has long been a proponent of cryptocurrencies, but his support for bitcoin has waned after Tesla’s decision to stop accepting it as a form of payment for cars due to doubts about its energy use.

SoftBank is planning a $700 million investment in Flipkart.

SoftBank Group Corp. is in negotiations with Flipkart to invest $700 million in the internet retailer, according to two people familiar with the matter. SoftBank sold its entire interest in Flipkart to Walmart Inc. three years ago.

SoftBank’s Vision Fund 2 is considering a $1.2-1.5 billion investment in Flipkart, according to people familiar with the matter who spoke on the condition of anonymity. Flipkart is expected to be valued at $28 billion in the acquisition, according to one source, with the deal expected to close in 3-4 months.

Depending on the final group of buyers, the deal may be worth as much as $30 billion, according to the second person. According to the people, Prosus Ventures, the investment arm of South African conglomerate Naspers, and other established investors can increase their stakes.

According to the first individual, the deal will take place before the Indian e-commerce giant’s planned listing, which is expected to happen within the next 12-18 months. According to the second person, investors who have signed up for the current round expect Flipkart’s valuation to grow to about $35-40 billion by then, with online sales surging due to the pandemic.

According to the second person, Singapore’s sovereign wealth fund GIC and Canadian pension fund CPPIB are also in talks to invest in Flipkart. The Economic Times was the first to announce this on May 11.

According to the sources mentioned above, Flipkart is unlikely to seek additional funding before its IPO. Flipkart’s transaction is being handled by investment banks JP Morgan and Goldman Sachs.

SoftBank is the company’s second investment in Flipkart. It left the organisation in May of this year. The proposed deal is also almost twice as expensive as when it sold its interest three years earlier.

In August2017, SoftBank’s Vision Fund 1 invested $2.5 billion in Flipkart, but sold its roughly 20% stake a year later after Walmart agreed to purchase a majority stake in the startup for $16 billion. SoftBank made a $1.5 billion profit after selling its share for $4 billion. According to Business Standard, the exit allowed the Japanese investor to pay a steep 43 percent short-term capital gains tax, for which the fund had set aside $648 million.

This year, SoftBank Vision Fund 2 has made some bold bets in India. It is now planning to invest in food delivery unicorn Swiggy, marking the company’s first foray into the foodtech sector.

Last month, SoftBank invested more than $1 billion in banking technology company Zeta. Its planned investment in OfBusiness is also expected to propel the B2B marketplace into unicorn territory.

JP Morgan and SoftBank declined to comment. On Thursday evening, Flipkart, Goldman Sachs Ventures, Prosus, GIC, and CPPIB did not immediately respond to a request for comment.

Meanwhile, SoftBank is considering selling $1.5 billion in shares as the first tranche of dilution in the planned initial share sale of One97 Communications Ltd, the company that operates Paytm.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *


Aditya Bharti : Face behind GoCleaners and GoRealtors



Khushi Thawani, Mumbai Uncensored, 18th January, 2023:

As Aristotle said, Excellence is not an act but a habit. It involves a lot of effort, tenacity, research, sacrifice, and, most importantly, passion for the task at hand. Although the founder of GoCleaners, Aditya Bharti, had never heard of this proverb, he was working on it as though it were his personal mission statement.

Initially, he didn’t launch with a significant setup. He also had no idea that what he was about to do in the home cleaning services industry would one day be so intrusive that it would upend some of the established businesses in hyperlocal markets. This is especially true given that he had modest beginning and lacked the high-end funding that his rivals did.

This business was founded by Aditya 1 and a half years back and he has already achieved wonders in the sector. He was later joined by two co-founders Anup and Shivam. Aditya was working at a real estate company at the time, and Anup was employed for the renowned Urban Company, a provider of home cleaning services. Shivam wasn’t working at the time. They weren’t your usual IITians or IIM grads who were surrounded by money and plethora of opportunities. But hey, they already knew that. They therefore already began looking for that initial pool of capital.

GoCleaners was Aditya’s idea; it was memorable and expressed exactly what they wanted to convey to any visitors to their website. They put together roughly Rs. 1 lakh and set out on their voyage, learning more about where life would lead them little by little. Aditya used to receive the orders, while Shivam and Anup used to deliver the jobs.

From Anup’s background, they were aware that although the businesses were benefitting from the services provided, the service providers who worked with them were not really pleased with their policies. The service providers frequently encountered a lack of collaboration between the personnel overseeing them, and had to pay for their credit in order to receive a work, and occasionally had to foot the bill for the chemicals. They had a lot of room to grow and explore in an untapped sector. Aditya and his team, like the majority of disruptors, struggled to keep up with the speed of funding needed because they were aware of the issue but lacked the resources to address it.

They were running out of labour, equipment, and chemicals on a regular basis. H “Many people came up with different psychologies and ideas but I was sure of what I had to do to execute and push things further ahead. I had a clear image built up in my head. I sincerely recommend anyone who wishes to start out on their own – first research the problem and start developing the best solution for it. Don’t jump in blind, your path will then be laden with unforeseen problems and under-researched quick fixes which is a sure-shot recipe for failure.”is parents were quite encouraging. In order to keep them back on course and make sure they didn’t veer off the course they had set for themselves, his mother loaned him every piece of jewellery she owned.

The encouragement from his mother worked. They got started in a way that established the bar for success. Anup and Shivam, the team’s co-founders, are joined by 16 other members so far, all of them are specialists who complete tasks. They have successfully impacted the important Mumbai suburbs of Andheri, Goregaon, and Vile Parle, among others, and receive a steady stream of orders from these areas, the majority of which are client references.

Aditya is aware that this is only the start. With such a strong team, they still have more benchmarks to reach, and Aditya hopes to create a unified platform for all varieties of professional services.

He acknowledges that the travel was a crucial period in his life and that it kept him inspired to continue. Every day was different; some were really productive, while others were the pits. To manage both the tasks and obligations of his profession, he first had to make adjustments to himself and his daily schedule. When Aditya thinks back today, he recalls the period when he had considered quitting school, but his friend Shivam and his family encouraged him, giving him hope that he might achieve his goal.

Aditya responds to the question, what is the one thing you remember doing that you realise was the most crucial step of your journey? replying “Many people came up with different psychologies and ideas but I was sure of what I had to do to execute and push things further ahead. I had a clear image built up in my head. I sincerely recommend anyone who wishes to start out on their own – first research the problem and start developing the best solution for it. Don’t jump in blind, your path will then be laden with unforeseen problems and under-researched quick fixes which is a sure-shot recipe for failure.”

Not only this the start-up king has invested himself in yet another idea called Go realtors, where he and his team help sellers, buyers and investors with the best possible tips and provide other services related to real estate, considering Aditya’s prior experience in the same sector. He seems unstoppable with the ideas and his ‘ace it all’ mindset.

Continue Reading


Anuraddha Singh launches a new collection of party dresses from her brand Throne of Medusas



Mumbai Uncensored, 15th November 2022:

Throne of Medusas, a newly emerged fashion brand known for its exquisite craftsmanship and attention to detail, has just launched its latest collection of party dresses.

The new line, “Disco On Fire,” features a range of elegant and sophisticated dresses perfect for any special occasion. Made from the finest fabrics and adorned with delicate lace and intricate embroidery, these dresses are designed to make any woman feel like a true queen.

The collection includes two astonishing colours, Bleeding emerald and Sunkissed glitter which are available in a range of sizes to suit every body type. 

In a statement, the brand’s founder, Anuraddha Singh, said, “We are thrilled to introduce our new Disco On Fire collection, which captures the essence of femininity and strength. These dresses are perfect for the modern woman who wants to make a statement and feel confident and powerful.”

Throne of Medusas is known for its commitment to high-quality materials and ethical production, and its new collection is no exception. Each dress is crafted by skilled artisans using quality fabrics and advanced production techniques.

The new collection is available now on their website – Don’t miss out on the opportunity to elevate your wardrobe with these stunning and luxurious dresses.

For more information, visit the Throne of Medusas website or follow the brand on social media to stay up-to-date with their latest collections and special offers.

Continue Reading


सर्वसामांन्याचे बजेट कोलमडणार, जीवनावश्यक वस्तूंवर ५ टक्के GST लागू



Kalyani Gilbile, Mumbai Uncensored, 20th July 2022:

आजपासून जीवनावश्यक वस्तूंवर ५% जीएसटी लागू करण्याच्या सरकारच्या निर्णयांमुळे सर्वसामान्यांच्या खिशाला कात्री लागणार आहे. आधीच सर्वसामान्य माणूस महागाईने त्रस्त आहे, त्यात जीएसटी परिषदेने दैनंदिन जीवनात वापरल्या जाणाऱ्या अनेक वस्तूंवरील कर दर वाढवण्याचा निर्णय घेऊन सर्वसामान्यांच्या घरखर्चाचे गणित पूर्णपणे विघडवले आहे.

सीलबंद दही-दुधाला जीएसटीच्या अंतर्गत आणण्याचा निर्णय अर्थमंत्री निर्मला सीतारामन यांच्या अध्यक्षतेखाली झालेल्या जीएसटी परिषदेत घेण्यात आला होता, त्यानंतर या गोष्टीवर 5 % जीएसटी लागू करण्याचा निर्णय घेण्यात आला.

कोणत्या गोष्टी महागणार – 

तृणधान्ये, डाळींपासून ते दही, लस्सी, पनीर, गूळ, चिरमुरे, खांडसरी साखर अशा ब्रँड नसलेल्या खाद्यपदार्थांवर आता कर प्रणाली अंतर्गत कर ५% आकारला जाईल. याआधी केवळ ब्रँडेड वस्तूंवरच शुल्क आकारले जात होते.

सध्या शाई (प्रिटिंग व चित्रकलेसाठी वापरली जाणारी), चाकू, एलईडी दिवे, चित्रकलेचे साहित्य, पेन्सिल शार्पनर्स या वस्तूंवरील जीएसटी आता १२ % वरून १८ % झाली आहे. तसेच, सोलर वॉटर हिटरवर आता ५ % वरून १२ % जीएसटी आकारला जाणार आहे.   

त्याचवेळी रुग्णालयातील अतिदक्षता नसलेल्या खोल्यांचे एका दिवसांचे भाडे ५००० रुपयांपेक्षा अधिक असल्यास त्यावर ५ % जीएसटी लागू होणार आहे.

कोणत्या गोष्टी स्वस्त होणार –

ऑस्टोमी प्रकारच्या शस्त्रक्रियेच्या उपकरणांवरील जीएसटी १२ % वरून ५ % करण्यात येणार आहे.

ट्रक/मालवाहतूक भाड्याने जेथे इंधन खर्च समाविष्ट असेल तेथे 18% ऐवजी 12% इतका जीएसटी  कमी होईल.

विमानाने इकॉनॉमी क्लासमधून बागडोगरा ते ईशान्येकडील राज्यांच्या हवाई प्रवासावर जीएसटी माफ करण्यात आला आहे. तसेच, बॅटरीसह किंवा त्याशिवाय इलेक्ट्रिक वाहनांवर 5% जीएसटी आकारण्यात येणार आहे.

Continue Reading