India's unemployment rate in the month of October has jumped to 8.5%, which is the highest in over three years. Fresh data released by the Centre for Monitoring Indian Economy (CMIE) showed that the rise in India's unemployment rate in October was the highest since August 2016. While the government has been announcing a pool of measures to increase demand, the slowdown in jobs is being seen as the impact of slowdown in the country's economic growth.

India's unemployment rate in the month of October has jumped to 8.5%, which is the highest in over three years. Fresh data released by the Centre for Monitoring Indian Economy (CMIE) showed that the rise in India's unemployment rate in October was the highest since August 2016. While the government has been announcing a pool of measures to increase demand, the slowdown in jobs is being seen as the impact of slowdown in the country's economic growth.

The Indian rupee on Tuesday appreciated by 12 paise to end at 71.31 against the US dollar as crude prices eased following concerns that oil demand will be hit amid rapid spread of coronavirus from China to other countries.
Although, heavy selling in domestic equities and strengthening of the greenback weighed on the domestic unit but easing crude oil prices supported the rupee.
Benchmark Brent crude oil prices moderated to $58.67 per barrel, down 1.10%.
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Rapid digitisation and growth in both online buyer base and spending will help India's online food industry to become a $8 billion market by 2022, a report said on Tuesday. The report by Google and Boston Consulting Group (BCG) revealed that variety in cuisines was one of the top reasons for recurrent use of online food ordering apps, followed by good discounts and convenience.
Overall online spending in India is rising rapidly and expected to grow at 25% CAGR over the next five years to reach over $130 billion, the report mentioned.
Zomato and Swiggy currently dominate the online food delivery market in India.
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Vistara,&nbsp;the airline majority-owned by the Tata Group in a joint venture with Singapore Airlines, may explore opportunities to bid for Air India, according to reports. The airline may consider bidding though a partnership with an investor or another airline.&nbsp;The government, on January 27,&nbsp;formally began the privatisation process for debt-laden Air India&nbsp;by putting up its entire 100% stake up for sale.
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Goods and Service Tax (GST) collections may touch a record high of ₹1.15 lakh crore in January, Hindustan Times&nbsp;reported quoting an official. The Department of Revenue has raised the GST collection target to ₹1.15 lakh crore for January and February from the previous target of ₹1 lakh crore, the report said. The target for March has been set at ₹1.25 lakh crore.
The highest monthly GST collection so far, since its introduction in July 2017, was ₹1.13 lakh crore in April 2019. Collections crossed the ₹1 lakh crore mark in November and December 2019.
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Billionaire investor Rakesh Jhunjhunwala is under the scanner of market regulator, the Securities and Exchange Board of India (SEBI) over alleged insider trading in&nbsp;Aptech&nbsp;shares.&nbsp;SEBI is also examining the role of other Aptech board members, including Ramesh Damani and Madhu Jayakumar, the Economic Times&nbsp;reported.
Jhunjhunwala currently holds a 24.24% stake in Aptech, which is valued around ₹160 crore.&nbsp;Jhunjhunwala first purchased a 10% stake in Aptech in 2005, at ₹56 per share. On Tuesday, Aptech&nbsp;shares were trading at around ₹162 on NSE.

Maruti&nbsp;Suzuki on Tuesday&nbsp;reported a 5% year-on-year increase in its net profit to&nbsp;₹1,564.8 crore&nbsp;for the December quarter, on account of cost reduction efforts, lower operating expenses, lower commodity prices and reduction in corporate tax rate.&nbsp;
India's biggest carmaker sold a total of 437,361 vehicles during the quarter, up 2% as compared to the same period previous year. Sales in the domestic market stood at 413,698 units, higher by 2%. Exports were at 23,663 units.&nbsp;

Stock markets in China will remain shut until next Monday after authorities extended the Lunar New Year break by three days in the midst of the coronavirus epidemic. Stocks and futures trading, as well as interbank markets for bonds and currencies, will resume on February 3, according to reports.

Maruti Suzuki India on Monday announced an increase in prices for select models, with immediate effect, due to increase in input costs with new regulatory norms as the vehicle makers need to make transition to BS-VI engines by April this year.&nbsp;
In a statement, the automobile major said that the price change varies across models and will be up to 4.7%. The new prices are effective from January 27, 2020. The models which will be effected by the price hike are Alto, WagonR, Ertiga, Baleno, S-Presso and XL6.

In a move to encourage &lsquo;Make in India&rsquo; and stimulate exports, a special incentive package&nbsp;could&nbsp;be unveiled in the Budget&nbsp;2020&nbsp;to promote the manufacturing&nbsp;of mobile handsets and components.&nbsp;PM Modi, in a meeting which was held in late December with&nbsp;various industry vertical heads,&nbsp;was suggested that electronics manufacturing, especially handsets and components, had a good chance of becoming India's largest exports within the next five years by exploiting its labour arbitrage. The size of the domestic mobile manufacturing industry in FY20 is expected to be&nbsp;₹1.35&nbsp;lakh&nbsp;crore as against&nbsp;₹94,000 crore in FY17.&nbsp;Only two countries, China and Vietnam, export handsets and components, while 198 countries are net importers.&nbsp;India currently suffers a 9-12% disability vis-&agrave;-vis Vietnam and nearly 18% vis-&agrave;-vis China.&nbsp;To encourage electronics manufacturing in India, Modified Special Incentive Package Scheme (M-SIPS) was put forward in 2012 which ran till 2018. The scheme included a capital subsidy of 20% in special economic zones (SEZs). Exports in this sector have grown&nbsp;10x in 36 months&nbsp;from a mere $200 million three years ago to cross $2 billion in the year 2019-20 in handsets alone.

A British court on Monday ordered that a luxury yacht owned by Force India Limited be sold and its proceeds be used to pay back Qatar National Bank to enforce its mortgage on the vessel.&nbsp;During court proceedings, brought by the bank in England, it had been claimed that liquor tycoon Vijay Mallya's son Siddharth Mallya was the ultimate beneficial owner of the yacht.&nbsp;However, the bank said that without grappling with that issue, their claim was focused on recovering outstanding loan payments estimated at around Euro 6 million.

The Delhi High Court on Monday dismissed the bail plea of Bhushan Steel's former chief financial officer Nittin Johari, who is accused of&nbsp;alleged fraudulent activities, including filing false documents with various banks.&nbsp;Johari was arrested by the&nbsp;SFIO in May last year.&nbsp;SFIO had said that during the probe it found there were several alleged fraudulent practices at the company, including manipulations of accounts and financial statements during the term of Johari.

The Enforcement Directorate has arrested the&nbsp;CMD of Dewan Housing Finance Ltd (DHFL), Kapil Wadhawan, in connection with its money laundering probe against dead gangster Iqbal Mirchi.&nbsp;They said Wadhawan has been arrested under the Prevention of Money Laundering Act or&nbsp;PMLA&nbsp;as he was allegedly not cooperating in the probe.&nbsp;The case relates to Mirchi's Mumbai properties, which have been called as proceeds of crime by the ED. Three such properties were sold to Sunblink, the company linked to Wadhawan brothers Kapil and Dheeraj. Mirchi, who died in 2013 in London, was alleged to be the right-hand man of global terrorist Dawood Ibrahim in drug trafficking and extortion crimes.

Country's largest mortgage lender,&nbsp;HDFC&nbsp;on Monday reported a four-fold year-on-year rise in its December quarter net profits at ₹8,372 crores. The surge in net profit was&nbsp;due to fair value gain of ₹9,020&nbsp;crores after the merger of Gruh Finance with Bandhan Bank.
Provisions, however, spiked to ₹2,995 crores from ₹116 crores in the year-ago period and ₹754 crores in the quarter ended September 30, 2019.

Indian equity markets collapse on Monday tracking weak Asian peers as the deadly coronavirus&nbsp;created tensions of a global economic impact led by China.&nbsp;Sensex&nbsp;on Monday tumbled 1.10% or&nbsp;458.07 points to close at&nbsp;41,155.12. Similarly, Nifty 50 fell 1.06% or 129.25 points to end the day at&nbsp;12,119.
Metal stocks plunged the most as Nifty Metal index fell over 3%, followed by Nifty Bank which fell 1.29%.
Rupee was trading at 71.48 against the US Dollar, losing 0.16 paise&nbsp;or&nbsp;0.23%.

Urban cooperative banks (UCBs) have reported nearly 1,000 cases of fraud worth more than ₹220 crore in the last five fiscals, according to the Reserve Bank of India (RBI). The cases of frauds assume significance as the PMC&nbsp;bank has been under the RBI's restrictions since September 23 after the central bank had found financial irregularities.
Cases of frauds reported to RBI are required to be filed by banks as criminal complaints with law enforcement agencies. Banks are required to look into aspects of staff accountability and punish the guilty through internal proceedings, the central bank said.

The government is estimating a hit of around ₹1 lakh crore due to a reduction in corporation tax, against ₹1.45 lakh crore calculated when the move was announced in September, the Economic Times reported on Monday.
Official said this estimate was based on an analysis of advance tax payments and will provide much-needed cushion to the Centre. The government is battling an acute fiscal strain, with tax collections expected to be significantly lower than the budget estimate of ₹24.6 lakh crore on gross basis.

Asian markets tumbled on Monday as China announced sharp increases in the number of people affected by the deadly Coronavirus. Analysts say, apart from the direct impact on tourism, any economic volatility in the Chinese markets will have global impact.
Tokyo's Nikkei index sank 1.96% to 23,360.27, India's Sensex lost 0.45 to 41,427.68 while Chinese markets were closed for Lunar New Year holidays. The Dow Jones Industrial Average dropped 0.6% and the Nasdaq composite lost 0.9%.&nbsp;
The yield on the 10-year Treasury fell to 1.64% from 1.74% Thursday as investors shifting money into safe-play.
At 10.13 AM on Monday, Brent was trading 2.22% lower at $59.39 a barrel while the Indian rupee was at 71.44 to a US dollar from its previous close of Rs 71.33.

Union Budget 2020-21 is likely to cut the import duty on gold from the current 12.5% with a view to push exports of jewellery. The reduction though is&nbsp;likely to affect the current account deficit, news agencies reported.&nbsp;India is the largest importer of gold which is used i.e India imports 800-900 tonne of gold annually. Gems and jewellery exports declined by about 1.5% to $20.5 billion in April-November this fiscal. The country's gold imports dipped about 3% in value terms to $32.8 billion in 2018-19.&nbsp;

As a measure to boost domestic SMEs, the Commerce and Industry Ministry in its budget recommendations has proposed a hike in customs duty on over 300 items like toys, furniture, footwear, coated paper, rubber items among other. Besides giving relief to the domestic industry and boosting employment, the move is expected to keep imports down and help to raise revenue.
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The printing of Union Budget 2020-21&nbsp;begins with the 'halwa&nbsp;ceremony' ritual which was held at the Ministry of Finance on Monday.&nbsp;Finance Minister Nirmala Sitharaman attended the ceremony with other officials of the ministry.&nbsp;Union Minister of State for Finance &amp; Corporate Affairs Anurag Thakur was also present besides senior FinMin officials.&nbsp;Finance Minister Nirmala Sitharaman will present her second Union Budget on February 1.&nbsp;

Joblessness in October rises to 8.5%, highest in over 3 years

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