India Consumer Sentiment Index (CSI), an analysis of consumer perception on a wide range of issues, was released by Axis My India, a leading consumer data intelligence company.

21% of Indians consumed more media in January, according to the report.

In the survey, 52% of respondents said they spent more time using digital media in the last year, reflecting the increase in digital media consumption. It was found that 35% of people surveyed logged onto Facebook the most, making it the most popular social media platform.

Flipkart emerged as India’s go-to e-commerce platform as the trend of shopping online did not dip.

Apart from scrolling social media timelines and shopping online, Indians also take a keen interest in sports, with cricket standing out as the country’s favorite sport.

It makes startups eligible for tax incentives as per specified conditions under the income tax department’s Budget 2022 promise of extending the incorporation period by one year to March 31 this year.

Tax incentives will be available to startups incorporated before April 1, 2023, for three consecutive years.

In an official tweet on Wednesday, the Income Tax department announced that the period of incorporation of eligible start-ups has been extended by one year to 31st March, 2023.

Bitcoin prices on Monday gained marginally about 0.1 per cent in the past 24 hours to $16,846.61 amid the volatile past week. Compared with a week ago, the cryptocurrency is up 0.8 percent. In the past 24 hours, Ethereum has remained flat, while in the past 7 days, it has gained about 2.8%. CoinGecko data indicates that the global cryptocurrency market capitalization is $845 billion, a 0.1 percent increase from Monday.

In the last day, cryptocurrency trading volume totaled $27.1 billion. Bitcoin’s dominance is 38.4 percent, while Ethereum’s is 17.4 percent. CoinGecko now tracks 12,903 cryptocurrencies.

In Monday’s trading, Polygon was up by 0.2 percent to 0.799560, while Dogecoin was down by 2 percent to $0.075589.

Edul Patel, the CEO and co-founder of Mudrex, noted that the price of bitcoin stayed beneath $17,000 during the past weekend. He also remarked that it has been facing difficulty on both ends, denoting a disagreement between market contributors. If bitcoin is able to finalize above the $16,900 level, its prior ascending tendency might continue. On the other hand, ether has been comparatively unchanging throughout the weekend with not enough impetus for a noticeable change in rate. Presently trading within a limited band with no clear bullish or bearish signs, if it surges beyond the support tier of $1,230 then an uptrend is likely.

Crypto assets such as Bitcoin, Ethereum, and Polygon have seen sharp drops multiple times in 2022, making it the worst year for cryptocurrencies. The year also saw the fall of a major crypto exchange FTX due to the liquidity crisis. Moreover, authorities raided crypto exchanges in India during the year. Several experts predict that cryptos will continue to lose value in 2023 as well due to systemic issues.

Cryptocurrency Bitcoin has seen a massive decline of about 65 percent in the current financial year, compared to about $47,600 at the beginning of the year (January 1). In the same vein, Ethereum fell 68.15 percent year-to-date to $3,834, compared to $2,56 apiece on January 1, 2022. MATIC or Polygon had been at $2.56 at the beginning of the year.

It has been determined that rejected or damaged paddy seeds will be subject to a 5 percent GST by the Chhattisgarh Authority for Advanced Rulings (AAR). Therefore, rice that is unfit for human consumption or is used for other purposes would not be exempt from goods and services tax (GST).

Paddy seed that is not fit for human consumption will be classified under Chapter heading 100610, which attracts a five percent GST.

The ruling comes after Shraddha Traders, which runs a rice mill, sought clarity on the classification and applicability of GST on the sale of rejected paddy seed, which are unfit for human consumption but can be used for industrial purposes such as cattle feed production or manure production, among others.

GST rates are based on their classification under the harmonised system of nomenclature (HSN).

As of last week, the GST Council, which is led by the Union finance minister and includes representatives from all states and UTs, reduced the tax rates on pulse husks, such as chilka and concentrates, to nil, and on ethyl alcohol to 5%. During the Council’s 48th meeting, which was held via videoconference, no GST rate was raised on any items.

GST Council also clarified that Rab (rab-salawat) and fryums manufactured through extrusion are subject to 18% GST.

The higher rate of compensation cess is also applicable to motor vehicles that meet all four conditions, namely, are SUVs, have engines exceeding 1500 cc, are over 4000 mm in length and have a ground clearance above 170 mm.

Sam Bankman-Fried, co-founder of FTX, pleaded not guilty to US criminal fraud charges over the spectacular collapse of his crypto exchange.

A 30-year-old former digital currency billionaire, who is out on bail, pleaded guilty in federal court in Manhattan before Judge Lewis Kaplan.

FTX and its sister trading house Alameda Research went bankrupt in November, dissolving a virtual trading business valued at $32 billion at one point.

Bankman-Fried is charged with conspiracy, wire fraud, money laundering, and election finance violations by the United States

FTX and Alameda Research customers claim he cheated them and misused their funds.

On all eight counts against him, Bankman-Fried pleaded not guilty – five of which carry a maximum prison sentence of 20 years.

The trial is tentatively scheduled to begin on October 2.

With its founding in 2019, FTX has become a leading player in the crypto-currency market.

As investors await the minutes of the US Fed’s latest policy meeting due later today, domestic equities started flat, but turned sharply lower in Wednesday’s intraday deals.

The S&P BSE Sensex touched a day’s low of 60,633, down over 600 points or 1%, while the Nifty50 fell over 150 points, or 1%, to 18,037.

The BSE MidCap and SmallCap indices both fell up to 1 percent. All sectors also plunged. The Nifty Metal and Realty indices both fell over 1 percent.

At the end of December 31, 2022, IndusInd Bank’s net advances totaled Rs 2.7 trillion, up 19% year-on-year (YoY).

The shares of Avenue Supermarts (DMart) fell 1.4%, even as the company’s standalone revenue from operations for the quarter ended December 31, 2022 (Q3FY23) was Rs 11,304.58 crore, up from Rs 9,065.02 crore.

Australia’s S&P/ASX 200 was up 1.30 per cent, while the Nikkei 225 in Japan fell 1.1 per cent. South Korea’s Kospi rose 0.79 per cent, while the Kosdaq rose 0.52 per cent. Investors await the US Job Openings and Labor Turnover Survey, as well as the minutes of the Fed’s latest policy meeting due later today.

According to a government notification late on Monday, Indian state-run companies will continue to be exempt from the minimum public shareholding (MPS) requirement, requiring listed companies to maintain a 25 percent public shareholding. Even if ownership or control changes after the MPS exemption is granted, the exemption will still be valid for a “specified period.”

Since years, India’s capital market regulator has exempted state-run companies from MPS. But extending that exemption to state-run companies in case they are privatized may entice investors to buy stock in them.

Last month, the regulator announced it would relax listing requirements when the federal government sells its majority stake to a private company.

Despite a flat start on Wednesday, domestic stocks have continued to decline ahead of the US Federal Reserve’s meeting minutes, which could shed light on the Fed’s interest rate hike plans for 2023. The Sensex fell 638.80 points, or 1.04 percent, to 60,655.40 by noon, while the Nifty fell 191 points, or 1.05 percent, to 18,041.50 by noon.

All sectors, too, plunged in the sea of red. The BSE MidCap and SmallCap indexes fell up to 1 percent. The Nifty Metal and Realty indexes were both down more than 1 percent. The India VIX spiked more than 6 percent to 15.53 at the same time.

As investors watch for signs of interest rate hikes in the new year, they are closely watching the minutes of the Federal Open Market Committee’s December meeting. In addition to global trends, Indian investors will also keep an eye on corporate earnings for a better understanding of the economy. The minutes will be released later tonight.

Policymakers raised interest rates by 50 basis points (bps) at their December 13-14 meeting to a range of 4.25 percent to 4.5 percent, down from 75 bps, but with higher inflation expectations.

Based on their median projection, officials predict inflation will end 2023 at 3.1%, up from 2.8% in September’s previous forecast.

After four days of no change in the price of gold in the morning trading session, the precious yellow metal saw an increase on January 4. During the morning trading session on Wednesday, the price of a gram of 24-carat gold in Dubai increased by 0.75 Arab Emirate Dirham or 16.92 Indian Rupee. In Gold and Jewellery Group’s data, 22-carat gold went up by 1 Dh or Rs 22.56 to reach Dh 207.25 or Rs 4,677.13.

Also recorded was an increase of Dh 0.75 per gram for 21-carat and 18-carat gold. While 22-carat gold was priced at Dh 200.50 or Rs 4,524.85 per gram, 18-carat gold was priced at Dh 172.00 or Rs 3,881.89. One ounce of gold cost Dh 25.69 or Rs 579.87 and retailed at Dh 6,782.16 or Rs 153,091.12. A kilogram of silver was priced in Dubai on January 4 at Dh 2,850.39 or Rs 64,344.39.

People from all over the world flock to Dubai every year – lovingly termed “The City of Gold” – due to its unbeatable prices on gold. This is largely because of the UAE government’s policy of not levying taxes on gold purchases; combined with international free market pricing, it provides customers with some of the best rates worldwide. For instance, one gram of 24-carat gold costs Rs 5,575 in India but just Rs 5,049.27 in a shop in Dubai. Making charges can also be bargained with accordingly to bring down the overall cost of jewellery even further.

On Wednesday, the National Company Law Appellate Tribunal (NCLAT) ordered Google to pay 10 percent of the Rs 1,337.76 crore penalty imposed by the Competition Commission of India (CCI) to the tech giant. In addition to challenging the CCI penalty for alleged violations of Android mobile device ecosystem, the NCLAT has agreed to hear Google’s appeal.

As a result of Google’s abuse of its dominant position in multiple markets in relation to Android mobile devices, the CCI fined Google Rs 1,337.76 crore on October 20, and ordered it to cease and desist from various unfair business practices.

The NCLAT, however, declined to grant any immediate stay on the CCI penalty and said it would make any decision after hearing other parties.

CCI has been notified and directed to list the matter on February 13 for hearing over interim stay.