Mukesh Ambani's Jio is partnering with Qualcomm Inc to bring a high-speed network to India through 5G solutions. The joint efforts will accelerate the development of 5G network and its applications in the country, said a joint statement by Jio and Qualcomm. Ambani has also expressed interest in selling the technology to other carriers.
Income-Tax Department has included hotel payment, life, health insurance premium payments, schools fees, foreign travel, and domestic business class air travels under the reportable financial transactions. New measures laid down soon after Prime Minister Narendra Modi launched a platform to ease compliance and honour taxpayers.
The US-India Business Council, representing the tech giants like Google, Amazon and Facebook opposed India’s proposal to regulate non-personal data. USIBC said the move would adversely affect investments made by companies to process and collect such information. India proposed a mechanism for firms to share data with other entities.
India’s economic recovery is reported to have been sabotaged by the rising number of COVID cases. Reports suggested that the economic activity in July has been found not only slower than previous year, but recovery activity in May and June was also interrupted. Reuters’ poll claimed that India’s economy may be in a contraction mode till Dec quarter.
India’s fiscal deficit is forecasted to surge over 6.8% of Gross Domestic Product in this fiscal due to the COVID caused economic impact. The Controller General of Accounts said country’s fiscal deficit widened to 83% of Budget Estimate in the April-June quarter. It has cited a decline in tax revenue amid higher expenditure for COVID relief.
Amazon founder Jeff Bezos added $13 billion to his net worth on Monday after Amazon shares made significant gains across the globe. It is considered to be highest single day jump for an individual since the Bloomberg Billionaires Index was created in 2012, reported Bloomberg. Amazon share values surged by 7.9% following the buying spree.