OPINION, P10 LEISURE SPOTLIGHT Time for a re-set Art of the matter THE GREAT NFT RUSH Does art need to be understood to be enjoyed or is it only to be felt? Page 7 From actors to artists and musicians to sportspersons, NFTs are emerging as a new extension to their identity as they cash in on their brand value and launch their own digital collectibles Page 5 ACROSS THE AISLE , P CHIDAMBARAM WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XXI NO. 30 BRIDGES THATBIND FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, MAY 22, 2022, 24 PAGES, `10 (PATNA `10, RAIPUR `10) F R O M : A H M E D A B A D , IN THE NEWS Paytm forms JV insurance firm; to invest `950 crore THE BOARD OF One 97 Communications (OCL), the parent of Paytm, has approved an investment of up to `950 crore in Paytm General Insurance Limited, a joint venture, for a stake of 74%, reports fe Bureau in New Delhi. The investment will be made in tranches over a period of 10 years. In a regulatory filing, the company said OCLwill hold 49% stake PGIL in the initial phase, with the remaining 51% being owned by VSS Holding Private Limited, owned by Vijay Shekhar Sharma, MD, OCL. Page 3 CBI launches multiple search ops in NSE scam THE CENTRAL BUREAU of Investi- gation (CBI) launched a coordinated search operation at over 10 locations in multiple cities on Saturday in connection with the NSE colocation scam case, officials said, reports PTI. The search operation will cover brokers at more than 12 premises in Mumbai, Gandhinagar, Delhi, Noida, Gurugram and Kolkata, among other cities, they added. Page 3 B E N G A L U R U , C H A N D I G A R H , C H E N N A I , READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , M U M B A I , N E W D E L H I , P U N E GOVT STEPS IN TO FIGHT INFLATION ● Petrol price reduced by `9.5 per litre, diesel by `7 ● Government sees annual revenue impact of `1 trillion Excise duty on auto fuels cut sharply FE BUREAU New Delhi, May 21 THE GOVERNMENT ON Satur- dayannouncedaseriesofsteps to rein in the runaway inflation, which is threatening growth and leading to the rupee’s sharp fall, besides being a burden on consumers. It cut excise duty on petrol by `8 per litre to `19.1 per litre and that on diesel by `6 per litre to `15.8 per litre to give relief to consumers, a move that would cost the exchequer a massive `1 trillion annually. Additionally, over 90 million beneficiaries of the Pradhan Mantri Ujjwala Yojana will be given a subsidyof `200 per LPG cylinder for up to 12 refills in a year; the revenue impact of the measure is around `6,100 crore a year. The cut in assorted excise levies on auto fuels will straightaway lead to a reduction in state VAT as is levied on a base that includes the Centre’s taxes. Finance minister Nirmala Sitharaman asked state governments, especially those which did not cut VAT rates following the last round of excise cut in November 2021, “to also implement a similar cut and give relief to the common man”. The ministersaid the excise cut will reduce the price of petrol by `9.5 per litre and of diesel by `7 per litre (inclusive of the state VAT relief).Prior to theexcisecut(whichcameinto immediate effect), of Saturday’s retail petrol price of `105.41 perlitre in Delhi,central excise accounted for`27.9 per litre and state VAT, `17.13 per litre. Prime Minister Narendra Modi tweeted after the FM’s announcements:“It is always people first for us! Today’s decisions, especially the one relating to a significant drop in petrol and diesel prices will positively impact various sectors,provide relief to our citizens and further ‘Ease of Living’.” Continued on Page 2 ● FM asks states to effect similar cut for relief to common man ● Steps complement monetary tightening initiated by RBI Cut in customs duty on raw materials & intermediaries for plastic products Calibrating customs duty on raw materials & intermediaries for iron, steel `200 per cylinder subsidy to Ujjwala Yojana beneficiaries for 12 cylinders a year Plastics,cement and steel prices to ease FE BUREAU New Delhi, May 21 ■ Measures being taken up to improve availability of cement ■ Improved logistics will reduce the cost of cement Additional `1.10 trillion to cushion farmers Fertiliser subsidy doubled to `2.15 trn TO INSULATE FARMERS from the sharp increases in the prices,the Centre announced adoublingoffertilisersubsidy to`2.15trillionfromthebudgetedlevelforFY23.Themove was necessitated by a sharp spike in global prices of urea, DAP and MoP in the last one year.“Despite rising fertiliser prices globally, we have protected our farmers from such price hikes. In addition to the fertilisersubsidyof`1.05trillion in the Budget, an additional amount of `1.10 trillion is being provided to further cushion our farmers,” the FM tweeted. OnApril27,2022,theCen- tre said the nutrient-based subsidy (NBS) rates for phosphatic and potassic (P&K) fertilisers for the kharif season (April-September, 2022) will be `60,939 crore, as against `57,150croreforthewholeof lastyear. Continued on Page 2 CONCERNED OVER THE spike in input prices potentially undermining its capex bid and also hurting the MSME sector, the government on Saturday slapped an export dutyon certain steel products, reduced the import duties on select raw materials for steel and plastics, and sought to shore up supplies of cement through better logistics. It notified that an export duty of 45% will be imposed on iron ore pellet,while that of 15% will be slapped on select pig iron,flat-rolled products of iron or non-alloyed steel, bars and rods and various flatrolled products of stainless steel. Similarly, the current export duty on iron ores and concentrates will be raised from 30% to 50%.The import duty on coke and semi-coke will be scrapped from the current 5%.All these changes will be effective from May 22. Accordingtoafinancemin- istry notification, the basic customs duty on PCI coal and coking coal will be scrapped (from 2.5%) and that on naptha reduced to 1% from 2.5%.The dutyon ferro-nickel will be cut to zero and that on methyloxirane (propylene oxide), an input for plastics, reduced to just 2.5%. Elevated prices of critical inputs, especially steel and cement, have threatened to inflate the costs of the government’s own projects in the housing, roads and railways sectors, apart from weighing on private investments in infrastructure. The government has already budgeted a recordcapexof`7.5trillionfor FY23,betting big on its multiplier effect to spur economic growth. Moreover, high prices of steel and cement have long been a sore point with consuming industries, especially engineering goods manufacturers and realty developers, among others. Continued on Page 2 “ Gao Miyan Malhar Yaa Bhimpalasi, Cough Syrup Hai T Alvida Toh Khansi “ P U B L I S H E D Piyush Pandey’s book is a mix of human insight & business acumen Page 4 /TorexSyrup COUGH SYRUP HAI TO ALVIDA KHANSI For more information, please contact : +91 97792 14455, +91 73199 35154 (Whatsapp) / email@example.com New Delhi
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