Services exports crossed $178 bn in 6 months despite Covid: Piyush Goyal


New Delhi, Jan 21 | “While 2021 was a year in which we defied all odds, 2022 will be the breakthrough year which will unlock the country’s exponential value. Services Export for Apr-Dec 2021 reached more than $178 bn despite the Covid-19 pandemic when the Travel, Hospitality & Tourism sectors were significantly down. ‘India at 100 will be renowned as a start-up nation as we have added 43 unicorns in 45 weeks, and we should aim for at least 75 unicorns in this 75 week period to 75th Anniversary of Independence,” said the commerce and industry minister Piyush Goyal while releasing the NASSCOM Tech Start-up Report 2022.

Goyal lauded the ITES (Information Technology Enabled Services) industry including the Business Process Outsourcing (BPO) sector for the record Services exports during the last year and informed that the Government has taken several steps to boost the start-up ecosystem, as removing problems of ‘Angel tax’, simplification of tax procedure & allowing self-certification and self-regulation, reducing the burden of over 26,500 compliances and decriminalization of 770 compliances.

“The New India is today being led by a new troika of Innovation, Technology & Entrepreneurship (ITE), which in a way has grown further from the original ICE (Information, Communication & Entertainment) and India’s unique digital infrastructure – Aadhaar, Digilocker, Fastag, Cowin, UPI have enabled Access & Affordability. UPI has helped new age technologies in reaching the common man at affordable prices and The next “UPI moment” will be the ONDC (Open Network for Digital Commerce). The first-of-its-kind globally, ONDC to enable interoperability between eCommerce companies, providing equal opportunity to small & large players, will help control digital monopolies & make industry more inclusive for buyers & sellers alike, empowering MSMEs to unlock innovation & value,” added the commerce minister.

He unveiled a five-point plan as the way forward for the NASSCOM as emphasis on basic & core needs of people, providing better access to financial services, education & healthcare; solutions to problems of farmers; Focus on High growth & Job creating sectors, Advertising & Marketing, Professional services, Fitness & Wellness wirh Yoga becoming popular globally, Gaming, Sports, Audio-Visual services; AI, IoT, Big Data, Data Analytics, Blockchain, Virtual Reality, 3D Printing and Drones.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India



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