Profit of Indian companies increased 105% in the last financial year due to tax cuts, reduction in spending

Profit of Indian companies increased 105% in the last financial year due to tax cuts, reduction in spending

significant increase in the profits of companies due to a sharp cut in the corporate tax rate and cost reduction due to the pandemic. However, there has been a decline of five percent in the earnings of the companies during this period. This information has been given in a report.

According to an analysis by SBI Research, 4,000 listed companies have paid a record corporate tax. In the financial year 2020-21, these companies paid Rs 1.90 lakh crore corporate tax. This is Rs 50,000 crore more than Rs 1.40 lakh crore in 2019-20. The government in September 2019 reduced the effective rate of corporate tax from 35 per cent to 26 per cent. 

Apart from this, due to the epidemic, these companies have also reduced their expenses, due to which their profits have reached a record level in the last financial year. The average revenue of these companies declined by five per cent in the last financial year but their net profit increased by 105 per cent. However, the company's profit figures have not been given in the report. The report said the tax cuts contributed 19 per cent to the income of these companies during the pandemic. At the same time, this contribution to the income of cement, tire and consumer durables companies was more than 50 percent.  
 


Amazon India to set up digital centers in various cities to support small industries

Amazon India to set up digital centers in various cities to support small industries

New Delhi: E-commerce company Amazon India is planning to open digital hubs in various cities to connect Micro, Small and Medium Enterprises (MSMEs) with its platform and empower them in online business. These centers will help small industries in their digital business by providing awareness and related facilities about e-commerce and will accelerate their growth.

Pranav Bhasin, Director (MSME, Sales Partner Experience), Amazon India said this. The company has opened a digital center for MSMEs in Surat, Gujarat earlier this month. This center will act as a resource center and will help in meeting the needs of MSMEs as well as solving their problems. Through these centers, the company will provide awareness and understanding about e-commerce, export market information, etc. 

Bhasin said, “We have planned to set up digital centers near clusters of small industries in the country to empower MSMEs in the field of digital business and to address their problems.” However, he did not say that Amazon. In which cities and by when India plans to open such digital centers. It is noteworthy that MSMEs play an important role in the country's economy. It contributes about 30 percent of the total Gross Domestic Product (GDP) and 48 percent of the exports. 

Bhasin said, “We recently opened the first Amazon Digital Center in Surat, Gujarat. This center will cater to all the needs of MSMEs to become digital entrepreneurs. In this, MSMEs will be given all kinds of support in terms of benefits of e-commerce and logistic support, digital marketing, GST and taxation. are MSMEs. These centers will help them in their digital business and accelerate their growth. We have set a target of digitally enabling one crore MSMEs by 2025, including through Amazon Digital Center. 

On benefits to MSMEs from e-commerce, Bhasin said, “From the beginning, we have been focused on digitally empowering MSMEs and other vendors by using technology to connect and reduce operational costs for them. . Our investments in technology and infrastructure have fueled their growth." He said, "It is because of our efforts that today lakhs of small and medium businesses are joining us. 

More than 10 lakh artisans and weavers and over 1.5 lakh local offline stores are working with Amazon through franchisees. More than 70 thousand small manufacturers have now launched global brands and exports have already crossed $3 billion.” He added that Amazon.in has more than 8.5 lakh sellers and more than 90 per cent of them are MSMEs. . More than fifty percent vendors are from small and medium towns like Aligarh in Uttar Pradesh, Angul in Odisha, Idukki in Kerala.