TMSEp201: Sri Lanka crisis, crypto, housing finance cos, Presidential election

How’s Sri Lanka’s crisis impacting Indian businesses? What’s next for cryptos in India after TDS clarity? Will rising interest rates affect HFCs? How is the President of India elected? Answers here

India-Sri Lanka | cryptocurrency | Housing Finance Cos

Team TMS |
New Delhi

Sri Lanka’s economy is in a free fall for a while now, it is hurtling fast towards bankruptcy. Its food inflation has soared to 57%, and the nation is left with no reserve to import essentials. This crisis is having a crippling effect on its apparel and famous tea industries also – the mainstays of Sri Lanka’s economy. Meanwhile, traders in India are looking to fill the void left by the South Asian neighbor. But some spillover of the Lanka crisis is hurting Indian businesses too, like the auto sector. Try to gauge the overall effect of the crisis on India. The trouble in Sri Lanka’s economy had started with the onset of pandemic. A large number of people who anticipated this crisis had started exploring options to stay afloat. Some even turned to cryptocurrency too, which is still unregulated in Sri Lanka. Meanwhile, India too is slowly but firmly moving ahead to regulate it.

Recently it was announced to impose 1% TDS crypto assets. And on Wednesday, the government came out with a detailed clarification to address concerns raised by the industry. So as the TDS regime is slated to come into effect from July 1, will it be smooth sailing for domestic crypto exchanges and traders?

Like the cryptocurrencies, the shares of housing finance companies have been falling for quite some time now. And now of them nosedived after the RBI hiked repo rate on May 4. While analysts believe that robust real estate demand may outweigh rate hike impact, there’s a section of firms that may be vulnerable to interest rate hikes. After Dalal Street, let us now turn our focus to the President’s Estate in Delhi. The race to Rashtrapati Bhavan has become interesting. NDA’s presidential nominee Draupadi Murmu is facing opposition’s Yashwant Sinha. She has an edge over Sinha due to the support of a majority in the electoral college. But how does India elect its President? This episode of the podcast shares more.

Watch the video

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, June 24 2022. 08:00 IST


Leave a Reply

Your email address will not be published.