BQuick On Jan. 7: Top 10 Stories In Under 5 Minutes
Here’s a roundup of the day’s top stories in brief.
1. India’s First Annual GDP Contraction In 40 Years
The Indian economy is expected to contract for the first time in over forty years due to the fallout of the Covid-19 pandemic and the following lockdowns. The government estimates GDP to fall 7.7% in FY21.
2. Midcap Index Hits Record High
India’s mid and small-cap stock gauges rose to a record high stretching its longest run of gains in a month. The S&P BSE Smallcap Index rose 0.9% while the S&P BSE Midcap Index rose 1.1%. However, the benchmarks Sensex and Nifty 50 fell.
3. After Siege, Trump Pledges An Orderly Transition To Biden
President Donald Trump, minutes after Congress certified President-elect Joe Biden’s Electoral College Victory and hours after Trump supporters broke into the Capitol, pledged “an orderly transition.”
4. Indian IT Firms’ Q3 Earnings Preview
India’s listed information technology companies may report a rise in revenue aided by large deal wins. More details on what to expect here.
5. The Fog Over Budget Numbers Is Set To Worsen
Each year, budget estimates presented by the finance minister are the subject of much debate. This has been particularly true in the last few years due to rising volatility. Since FY17, the gap between estimates and actual receipts has only widened. But that will only get worse this year.
6. Microfinance Asset Quality Worsens
Microlenders have seen their asset quality worsen over the past year due to lower repayments amid the Covid-19 pandemic. That’s led to a rise in delinquencies.
7. Petrol Price At All-Time High In Delhi
Oil marketing companies hiked fuel prices for the second day in a row. Petrol price in Delhi was increased by 23 paise to Rs 84.20 per litre, while diesel was hiked by 26 paise to Rs 74.38 per litre.
8. Bitcoin’s Rally: More First-Time Buyers, More Fraudsters
With Bitcoin prices zooming to new highs every day, first-time traders have flocked to exchanges. This has also given rise to a number of ponzi schemes amid a continued regulatory vacuum in India.
9. U.S. Labels India, Italy, Turkey Digital Taxes Discriminatory
The U.S. has said that rules by India, Italy and Turkey to tax domestic revenue of internet firms like Facebook discriminates against American companies. However, it refrained from taking any action for now.
10. If Vaccines Go Wrong, Who’s Responsible?
The Covid-19 vaccines are here and distribution has begun. But what if something goes wrong? Whether it’s a loss of income, hefty medical bills or other serious adverse effects from getting a shot, someone has to pick up the tab. Who will it be?