No entry for two-wheeler riders without helmet on Lucknow-Agra Expressway

New Delhi, Jan 17: E-commerce major Amazon on Friday said it plans to create one million new jobs in India over the next five years through investments in technology, infrastructure and its logistics network.

These jobs are in addition to the seven lakh jobs Amazon's investments have enabled over the last six years in the country.

"Amazon plans to create one million new jobs in India by 2025," the company said in a statement, adding that the jobs - created both directly and indirectly - will be across industries, including information technology, skill development, content creation, retail, logistics, and manufacturing.

Amazon.com Inc chief Jeff Bezos had on Wednesday announced USD 1 billion (over Rs 7,000 crore) investment in India to help bring small and medium businesses online and committed to exporting USD 10 billion worth of India-made goods by 2025.

"We are investing to create a million new jobs here in India over the next five years," Bezos said.

"We’ve seen huge contributions from our employees, extraordinary creativity from the small businesses we've partnered with, and great enthusiasm from the customers who shop with us—and we’re excited about what lies ahead," Bezos added.

India has prioritised job creation and skilling initiatives – including the training of more than 400 million people by 2022 – in rural and urban areas.

"Amazon’s job creation commitment and investment in traders and micro, small and medium enterprises (MSMEs) complement this social inclusion and social mobility efforts by creating more opportunities for people in India to find employment, build skills, and expand entrepreneurship opportunities," the statement said.

The new investments will help to hire talent to fill roles across Amazon in India, including software development engineering, cloud computing, content creation, and customer support.

Since 2014, Amazon has grown its employee base more than four times, and last year inaugurated its new campus building in Hyderabad – Amazon’s first fully-owned campus outside the United States and the largest building globally in terms of employees (15,000) and space (9.5 acres).

The investments will also help in expanding growth opportunities for the more than 5,50,000 traders and micro, small, and medium-sized businesses – including local shops – through programs like Saheli, Karigar, and “I Have Space”.

The GST Council is unlikely to make major changes in the indirect tax structure at its next meeting slated mid June.

A top government source said that the Centre is not in favour of increasing tax rates on any goods or service as it could further impact consumption and demand that is already suppressed due the COVID-19 pandemic and lockdown.

It was widely expected that the GST Council could consider raising tax rates and cess on certain non-essential items to boost revenue for states and the Centre. Several states have reportedly taken an over 80-90 per cent hit in GST collections in April, the official data for which has not yet been released by the Centre.

"The need of the hour is to boost consumption and improve demand. By categorising items into essential and non-essential and then raising taxes on non-essential is not what Centre favours. But, the issue on rates and relief will be decided by the GST Council that is meeting next month," the finance ministry official source quoted above said.

The GST Council is chaired by the Union finance minister and thus the views of the Centre play out strongly in the council meetings.

However, the Council will also have to balance the expectations of the states whose revenues have nosedived after the coronavirus outbreak and wide scale disruption to businesses while they have still not been paid GST compensation since the December-January period.

To the question of wider scale job losses in the period of lockdown as businesses get widely impacted, the official said that the Finance Ministry has asked the labour ministry to collect data on job losses during Covid-19 and is constantly engaging with the ministry to oversee job losses and salary cuts.

On restrictions put on Chinese investment in India, the official clarified that no decision had yet been taken to restrict China through the Foreign Portfolio Investment (FPI) route.

Asked about monetising government debt, the official said that the issue would be looked at when we reach a stage. It has not come to that stage yet.

In the government's over Rs 20 lakh crore economic package, the official defended its structure while suggesting that comparisons with the economic packages of other countries should not be drawn as India's needs were different from others.

"We have gone in more reforms that is needed to give strength to the economy. This is required more in our country," the official source said.

New Delhi, Mar 10: Crisis-hit Yes Bank on Tuesday said that it has enabled inward IMPS and NEFT services.

The move allows people to send money from other bank accounts to their Yes Bank account through IMPS (Immediate Payment Service) and NEFT (National Electronic Funds Transfer) mode.

In a tweet, the bank also said that Yes Bank customers can pay their credit card dues and loan obligations from other bank accounts.

"Inward IMPS/NEFT services have now been enabled. You can make payments towards YES BANK Credit Card dues and loan obligations from other bank accounts. Thank you for your co-operation. @RBIA @FinMinIndia," said tweet.

Last week Yes Bank was placed under moratorium and a withdrawal cap of Rs 50,000 was imposed till April 3.

The administrator of Yes Bank, Prashant Kumar and Rajnish Kumar, the Chairman of the State Bank of India are hopeful that moratorium would be lifted within a week.

As per the Reserve Bank of India (RBI) draft reconstruction scheme for the crisis-hit private lender, the SBI will take up 49 per cent in the bank by investing Rs 2,450 crore.

The new board of directors will stand constituted from the appointed date. It will comprise a CEO and MD, non-executive chairman and non-executive directors. The SBI will have nominee directors appointed on the board of the reconstructed bank.

The RBI may appoint additional directors to the board, who shall continue in office for one year, or until an alternate board is constituted by Yes Bank.

The SBI will not reduce its holding below 26 per cent before completion of three years from the date of infusion of the capital.