Enter the fireworks city of Sivakasi in Tamil Nadu and you can smell a familiar mix of sulphur, potassium nitrate, aluminium and carbon - familiar because if you've ever burst crackers, say on Diwali or Onam, chances are they were made here. Almost every household used to contribute to India's festive joy by contributing almost 90 per cent of the fireworks made in the country. Before the pandemic, around 300,000 people worked in the industry directly and another 500,000 indirectly. Located 540 kilometres from Chennai, Sivakasi is famous for its fireworks and crackers, along with printing and matches, but is almost a ghost town these days.
The Indian Medical Association states that cases are likely to rise further before coming down in Kerala as about 50 per cent of its population is still susceptible to the virus.
From social engineering to bearing the cost of COVID-19 treatment to financial reconstruction of Tamil Nadu's debt the debutant chief minister is emerging as a leader with a difference, says Shjne Jacob
In a first step towards succession plan, Chennai-based fast-moving consumer goods (FMCG) major CavinKare on Monday announced the restructuring of its businesses and also roped in the generation next giving charges of separate business verticals. Announcing the restructuring on Monday, CK Ranganathan, chairman and managing director of CavinKare indicated that the business will be split into mainly four different streams - FMCG, ecommerce, retail and research and development.
Bad management, an exhausted government vigilance mechanism, delay in roping in private players, relaxing norms, and over-dependence on antigen tests may be the reason behind the surge, reports Shine Jacob.
The government may look at areas around Thonnakkal, in Thiruvananthapuram district, for the facility. If successful, this would be one of the few sites of Sputnik V owned by Russian firms outside that country. Shine Jacob and Sohini Das report.
US tech giant Microsoft is in the final stages of talks with the Telangana government to set up a data centre with a total investment of Rs 15,000 crore. According to sources in the state government, the company has zeroed in on a land parcel near Hyderabad for the facility. "In the information technology (IT) space, Telangana is already seeing some major investments. "Microsoft is establishing its data centre here, and it may come out with a public announcement soon," said a source.
India's largest garment hub Tirupur continues to reel from the effects of the pandemic, with almost 10 per cent of its orders for the upcoming season getting diverted to Bangladesh, Vietnam, Cambodia and China. The sector had seen a drop of about 9 per cent in exports during the first wave, but the impact is likely to be more this time, according to industry experts. Being one of the epicentres of Covid cases in the state, a majority of manufacturing units in the textile belt were closed for almost six weeks during the second wave.
From Covid-19 essentials, such as Vitamin C supplements and thermometers, to bicycles, laptops, and personal weighing scales, demand for certain items galloped during last financial year as the pandemic altered what Indians used on a day-to-day basis. Imports of outdoor sports equipment, handbags for women, and dentures, among others, plummeted. With outdoor activities coming to a halt last year and schools functioning virtually, imports of sports goods witnessed a decline, while inbound shipments of laptops and battery chargers saw a sharp uptick, according to the import data for the financial year 2020-21.
Is there more than meets the eye to Kitex Garments, the world's second-largest children's garment producer, abandoning Kerala for Telangana?
The Union Cabinet on Thursday approved a proposal to allow 100 per cent foreign direct investment (FDI) in public sector refiners, expanding the scope for FDI in the privatisation of Bharat Petroleum Corporation Ltd (BPCL). The approval by the Cabinet will enable the sale of the government's 52.98 per cent stake in BPCL to a foreign buyer, and, at the same time, will open the door for FDI in other public sector companies in the oil sector put up for privatisation.
The government of Tamil Nadu on Tuesday signed a memorandum of understanding (MoUs) with 35 companies that may see investment to the tune of Rs 17,141 crore, creating employment opportunities for 55,054 people. The major companies that would be coming up with fresh investments over Rs 1,000 crore in the state include JSW Renew Energy Two, TCS, ZF Wabco and Srivaru Motors among others. JSW Renew Energy Two will be coming up with a 450 megawatt (Mw) wind power generation unit at Tuticorin, Tirunelveli, Dindigul and Tiruppur for Rs 3,000 crore. TCS will be coming up with its third phase of expansion at SIPCOT IT Park in Siruseri, ZF Wabco with an auto component unit at Kancheepuram for Rs 1,800 crore and a two-wheeler EV unit by Srivaru Motors for Rs 1,000 crore at Coimbatore.
The survey covered 1,210 IT executives and technology professionals from North America, the United Kingdom, Australia, New Zealand, Singapore and India. In India, 202 respondents from businesses with more than 500 employees across 18 industry verticals completed the survey. Overall, 89 per cent of the respondents said implementing a work-from-home policy had increased security challenges for their organisations. The risk posed by shadow IT was especially high, with 89 per cent of companies having no control over the software that employees purchase and install on their devices.
Recovery from the second wave of the pandemic in April-May is expected to be swifter as compared to the first wave in 2020, according to the Confederation of Indian Industries (CII) chief executive officers (CEOs) poll of 119 top corporate. During the second wave, the lockdowns were largely designed to limit social gatherings and impact on economic activities was restricted. This helped arrest the impact of the second wave on economic growth, according to a survey conducted by the industry lobby group Confederation of Indian Industries (CII). About 59 per cent of the CEOs polled expect the recovery in sales to be better than in the first wave for their companies, while 46 per cent of them expressed a similar trend for their respective industry sectors.
Infosys chairman and Aadhaar architect Nandan Nilekani will join a panel set up by the central government, along with eight other members, to advise the government on designing and accelerating adoption of Open Network for Digital Commerce (ONDC), aimed at curbing digital monopolies. The larger idea is to give 'free and fair' choice to consumers to buy products on an online platform, a senior government official said.
The Centre has slapped as many as 148 notices on e-commerce players in the past three months for not complying with the mandatory display of the 'country of origin' tag on products sold. "Of the 148 notices, 56 have compounded it (the offence) and paid up around Rs 34 lakh," a senior official told Business Standard. "Every product has to display the country of origin, along with other basic information," the official added. In the case of e-commerce companies, these details have to be clearly displayed on their portals.
The trade to-and-from India so far is not affected. But if the situation continues to remain the same for the next two to three months, it could definitely hurt India trade, including essential cargo.
'Supplies should start moving to the Serum Institute without any impediments.'
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
According to Ajai Sahai, director-general and CEO of Federation of Indian Export Organisations, rising cases are a cause for concern as it adds to the uncertainty and may impact exports.
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