Jio to cover 100% Bengal population by December 2018: Ambani | WeForNews | Latest News, Blogs Jio to cover 100% Bengal population by December 2018: Ambani – WeForNews | Latest News, Blogs
Connect with us

Business

Jio to cover 100% Bengal population by December 2018: Ambani

Published

on

mukesh-ambani
Reliance Chiarman, Mukesh Ambani (File Photo)

Kolkata, Jan 16: Reliance Industries Chairman Mukesh Ambani said on Tuesday the Jio network will cover 100 per cent of West Bengal’s population by December 2018 and also committed over Rs 5,000 crore of investments in the state for non-Jio businesses in the next three years.

Addressing the Bengal Global Business Summit here, Ambani said the company will be exploring opportunities for setting up an electronics manufacturing facility in the state.

“Our current Jio network covers 1,000 towns and nearly 39,000 villages in the state. Jio will reach 100 per cent of West Bengal’s population by December 2018. Every last village will be covered by 4G digital technology. We are embarking on an ambitious project of connecting Bengal with optic fibre,” he said.

According to him, Jio will connect every education institution and hospital and medical delivery facility in the state in the next two years by December 2019.

He said the group is also setting up digital service centres across India to bring government to citizen services within easy reach of every citizen, particularly in the rural hinterland.

“I am happy to announce that with the support of state government, we will launch this initiative in five districts of Bengal with immediate effect,” he said, adding that it would create employment and wealth generating opportunities in both rural and urban Bengal.

“It will give birth to digital entrepreneurs in villages and small towns… kick-start e-commerce and support of agriculture, as well as small and medium enterprises,” he added.

He also said the group will be working with “multiple partners to explore setting up next-generation electronics manufacturing facilities” and make West Bengal the hub of innovation and hi-tech technologies for consumer devices such as mobile phones, set-top boxes and other devices.

Ambani said the group has prioritised the availability of 4G Jio phone in the state with effective zero cost.

“We are committing to invest over Rs 5,000 crore in our non-Jio businesses which are across our ecosystem of retail and petroleum outlets (in Bengal) in the next three years,” he said.

Applauding the West Bengal government’s economic activities and Chief Minister Mamata Banerjee, Ambani said: “Didi, under your leadership, Bengal is becoming the best Bengal.”

Ambani said he attended the second edition of the business summit in 2015.

“At that time, we were new to Bengal… Reliance had committed an investment of Rs 4,500 crore in Bengal… We have invested not just committed Rs 4,500 crore but we have completed an investment of over Rs 15,000 crore, nearly triple that amount, in the last two years in Bengal.”

He said the company could make this large investment because the state created a “friendly” climate and enabling policy and infrastructure.

He said the company would focus on digital space.

“We want to empower small retailers with digital tools that help them enjoy the benefits of connecting with their chain of suppliers to customers… our cloud-based digital solution will enable digital billing and payments, loyalty, GST compliance and supplier management,” he said

According to him, these tools will help them do their businesses more efficiently, grow faster, improve supply chain efficiency and increase customer satisfaction.

“We will be creating this set of digital tools and roll them out to the small retailers over the next two years,” Ambani said.

Jio will set up a Chair in the honour of Physicist Satyendra Nath Bose in a prestigious institution in West Bengal, he said.

Ambani said Bengal has showered “so much of love and affection” for Reliance and Jio and assured the state to be “reliable partners” in its growth agenda.

IANS

Business

Govt extends deadline for filing income tax returns by individual taxpayers till Dec 31

The date for furnishing of various audit reports including tax audit report and report in respect of international and specified domestic transaction has also been extended to 31st December, 2020.

Published

on

Income Tax Return

To provide more time to taxpayers for furnishing of Income Tax Returns, the Central government has extended the deadline for filing returns by individual taxpayers for Financial Year 2019-20 till 31st of December this year. Earlier, the tax filing deadline was 30th of November.

Ministry of Finance in a statement said, the due date of furnishing Income Tax Returns for taxpayers whose accounts require to be audited, has been extended till 31st of January, 2021. Due date for furnishing of Income Tax Returns by the taxpayers who are required to furnish report in respect of international and specified domestic transactions has also been extended to 31st January, 2021.

The date for furnishing of various audit reports including tax audit report and report in respect of international and specified domestic transaction has also been extended to 31st December, 2020.

Besides, the due date for payment of self-assessment tax has also been extended to provide relief for the second time to small and middle class taxpayers. The Ministry said, the due date for payment of self-assessment tax by taxpayers whose self-assessment tax liability is up to one lakh rupees has been extended to 31st January, 2021.

Continue Reading

Business

Govt to fetch Rs 60,000 crore from BPCL, Concor, SCI, BEML sale

The government plans to conclude the bidding process in four major PSUs — BPCL, Shipping Corporation (SCI), Container Corporation (Concor) and BEML — by November last as the stock market is heading to break above pre-Covid levels

Published

on

Modi Sitharaman

The government plans to conclude the bidding process in four major PSUs — BPCL, Shipping Corporation (SCI), Container Corporation (Concor) and BEML — by November last as the stock market is heading to break above pre-Covid levels. Though the prices of these four PSUs are far below its pre-Covid levels, the government doesn’t want to miss the opportunity as the volatility is likely to drag down the prices, said two senior executives.

The government’s stake in these listed companies are aggregately valued at Rs 56,214 crore as on Friday. “However, the government is likely to get a better premium in BPCL and Concor, because of the business opportunities and assets,” an executive said.

BPCL’s share price is about 26 per cent below its mid-February share price. Concor (down 32 per cent), BEML (down 34 per cent) and SCI (down 13 per cent) are also yet to recover to pre-Covid levels. The government’s 53 per cent stake was valued around Rs 55,000 crore in January, but it shrunk to Rs 40,000 crore in lieu with the present market capitalisation. BPCL sale is the key for the government to achieve its disinvestment target of Rs 1.2 lakh crore in this financial year.

The department of investment and public asset management (Dipam) will invite the bids for these companies. The government earlier extended the deadline for the submission of expression of interest (EoI) for the privatisation of BPCL to November 16 from September 30.

At a time when the government is exploring all the opportunities to find capital to infuse in the economy, the fundraising through disinvestment is crucial now. In this context, the officials are worried about the outcome of the BPCL bid. The reason is that the global oil companies are in dire financial crisis after the fall of crude prices and COVID-19 outbreak. Besides, they are in the process of scaling down their exposure in fossil fuel as part of decarbonisation targets. However, the government pins its hope around the recovering crude oil prices.

At the BPCL roadshows, which were held in the UK, the US and UAE in January, global oil and gas majors like Shell, Chevron, Conoco Philps, Saudi Aramco, Rosneft and Exxon Mobil had participated.

The government has also asked the Ministry of Railways to break the deadlock in license fee for the land on which Concor operates. The higher fee had halted the privatisation process. The Ministry of Railways is now in the advanced stage of framing a new land licensing fee policy for facilities built on railway land.

Continue Reading

Business

India’s foreign exchange reserves rises by $3.615 bn

Published

on

By

rupee dollar

Mumbai: India’s foreign exchange reserves rose $3.615 billion during the week ended October 16.

According to the Reserve Bank of India’s weekly statistical supplement, the reserves increased to $555.120 billion from $551.505 billion reported for the week ended October 9.

India’s forex reserves comprise of foreign currency assets (FCAs), gold reserves, special drawing rights (SDRs), and the country’s reserve position with the International Monetary Fund (IMF).

On a weekly basis, FCAs, the largest component of the forex reserves, edged higher by $3.539 billion to $512.322 billion.

Similarly, the value of the country’s gold reserves increased, by $86 million to $36.685 billion.

However, the SDR value stood flat at $1.480 billion, while the country’s reserve position with the IMF declined by $11 million to $4.634 billion.

Continue Reading

Most Popular

Corona Virus (COVID-19) Live Data

COVID-19 affects different people in different ways. Most infected people will develop mild to moderate illness and recover without hospitalization.