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Walmart will be setting up 15 stores in Uttar Pradesh which will create employment for 30,000 people. It currently has 4 cash and carry stores. Walmart’s investment is going into the agriculture supply chain by sourcing from small farmers and using them in its stores in the state and even export.
Public sector banks SBI, PNB and BoB will have a new evaluation system where senior management will get paid on the basis of their performance. Like the private sector, there will be a fixed and a variable pay. This will be a novel salary system for the public sector banks.
The due date for filing income taxes has been extended from 31 July to 31 August. Late filing of taxes would have incurred a fine of Rs5000 if they filed after 31 July but before 31 December and Rs 10,000 if after 31 December but before the end of the FY. This fine is capped to Rs 1000 for those earning less than Rs 5 lakh.
Emotion recognition startup Entropik has raised $1.1 million in funding which will be used for scaling the platform, launch more products and grow globally. The company uses technologies like brainwave mapping, facial coding and eye tracking to understand customers’ cognitive and emotional responses.
Educational Initiatives, an ed-tech company based in Ahmedabad, has raised $25 million to boost its technology, expand products, enter new markets such as the US. The company provides K-12 assessment and adaptive learning offerings.
Some home items like TVs, fridges and washing machines saw GST cut down from 28% to 18%. Sellers will pass on a discount of about 7-8% to people. This, in turn, will lead to more demand and sales. The goods will also see more adoption in India’s interiors.
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