Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
Analysts say consumers would be the real winners.
Besides Jeff Bezos-led Amazon, Walmart-owned Flipkart is also facing a threat from Asia's richest man and RIL chairman Mukesh Ambani, who is also betting big to grab a share of the country's e-commerce market.
Across the country, companies have stepped up their act to contain the crisis. IT and other new economy firms seem to have taken a lead.
The migration of domestically developed intellectual property to foreign corporations within India reflects an anomaly in the demand pattern of the country's job market, points out Kanika Datta.
Apple Inc has announced the India prices of the new variants of its bestselling smartphones - launched on Tuesday - as it assembles the device in the country. The new iPhone 15 range starts at Rs 79,900 for the 128 GB variant (the same price as the iPhone 14 when it was launched last year) and goes up to Rs 199,900 for the top-end Pro Max with a 6.7 inch screen and 1 TB (terabyte) storage. The world's most valuable company also launched three new upgraded Apple watches, starting with the SE at Rs 29,900 and going up to Ultra 2 at Rs 89,900.
Events to keep an eye out for...
Amazon Web Services (AWS) will invest nearly $4.4 billion (Rs 36,000 crore) in India by 2030 and support more than 48,000 jobs externally through a new regional service launched on Tuesday, said the on-demand Cloud computing company. AWS Asia Pacific (Hyderabad) is the company's second infrastructure region in India, six years after it opened its first Cloud region in Mumbai in 2016. The Hyderabad region will give customers access to AWS technologies for data analytics, security, machine learning, and artificial intelligence.
That's because India does not have a serious venture capital industry with an appetite for risk, observes T N Ninan.
Netflix is reminiscent of Star TV in the 1990s: Very Western in its gaze, very expensive, and clueless, notes Vanita Kohli-Khandekar.
E-commerce platform Snapdeal is looking at filing its Draft Red Herring Prospectus (DRHP) in the next few weeks to launch an initial public offering in first half of next year, according to sources. Sources close to the development said the company is looking at a $250 million (around Rs 1,870 crore) IPO that could value Snapdeal at about $1.5-1.7 billion. Snapdeal is looking at filing the DRHP in December-January time frame, and launch the IPO in the first half of 2022 after the necessary approvals, they added. One of the sources said the founders will not be selling shares as part of the IPO, and major shareholders are also expected to hold onto their shares.
Bill Gates specifically complimented India's Aadhaar identity system and the country's performance in the financial services and pharma sectors.
Donald Trump's executive order prohibiting the entry of people from seven Muslim-majority nations widened the rift between the Trump administration and several leading American companies.
Serena has backed early stage companies for nearly a decade.
In March this year, Worldline India launched Vabox (Voice Alert Box): merchants will now get instant audio alerts on the settlement of UPI (Unified Payments Interface) payments via QR codes in languages of their choice when customers check out. "They needn't worry whether the amount has been credited to their account," says Gulshan Pruthi, the firm's executive vice-president. The French payments giant will roll out 500,000 Vaboxes in the initial phase.
The BCCI will float tenders for IPL's media rights for the 2023-27 cycle as early as the coming week and complete the e-auction in two months.
'The message is not clear whether we are wanted.' 'All this could adversely impact our strategy in India and also investments.'
E-commerce platform Snapdeal has filed preliminary documents with markets regulator Sebi to raise funds through an initial public offer (IPO), joining the league of internet-led businesses looking to list on domestic stock exchanges. The public issue comprises fresh issuance of equity shares worth Rs 1,250 crore and an offer for sale (OFS) of 3.07 crore equity shares, according to the draft red herring prospectus (DRHP). According to market sources, potential listing could value Snapdeal at about $1.5-1.7 billion.
Companies have activated a comprehensive pandemic response plan with requisite risk mitigation protocols for keeping networks working as telecom is an essential service.
Legal experts explain the implications of the latest twist in the Amazon-Reliance battle for billion-plus consumers' purse.
What do we need more of: Leaders who dominate global institutions or local leaders with a 'Make-in- India' mindset?
Romance, horror, adventure, animation, sushi, Sukanya Verma gives us her OTT recommendations for the week.
Key events that rocked India Inc in 2014 and one of them is Vishal Sikka taking over reins at Infosys.
PSLV-C51/Amazonia-1 is the first dedicated commercial mission of NewSpace India Limited, Indian Space Research Organisation's commercial arm.
Their startup investments number 13 so far, compared to 17 deals in 2020.
From auto, refrigerator, and mobile handset makers to real estate firms, companies are tying up with banks to dole out attractive finance schemes and discounts to make buying more affordable.
Flipkart Group on Monday said it has raised $3.6 billion (about Rs 26,805.6 crore) in funding led by GIC, Canada Pension Plan Investment Board (CPP Investments), SoftBank Vision Fund 2 and Walmart, valuing the e-commerce giant at $37.6 billion. The company, which competes with Amazon, Reliance Industries' JioMart and others in the burgeoning Indian e-commerce market, said it will continue to make deeper investments across people, technology, supply chain and infrastructure to address the requirements of a rapidly growing consumer base in the country. The current funding round has also seen participation from sovereign funds DisruptAD, Qatar Investment Authority, Khazanah Nasional Berhad as well as marquee investors Tencent, Willoughby Capital, Antara Capital, Franklin Templeton and Tiger Global.
The Indian retail segment has its own uniqueness and the country is one of the most exciting markets globally that is poised to grow to over a trillion dollars by 2025, according to Walmart Inc President and CEO Doug McMillon. Speaking at the Converge@Walmart event, McMillon noted that given the diversity of the Indian market, the company has to "think local and execute locally". "India is such a diverse market, it's not one country in some ways and so we have to think local and execute locally, and it has its own rules, and so, we've got to comply with those rules," he said.
A glance back at some of the important ups and down Indian Inc faced in 2018.
According to retail-intelligence firm StellaService, customers who buy a product from Apple's online store can get a refund in under a week, versus 10 days previously.
The partnership will also see the two parties cooperate on technology initiatives, including development of affordable smartphones.
Google is planning to sell the next-generation Nexus 7 tablet from July that will feature Qualcomm Inc's Snapdragon processor. It is expected to retain the aggressive pricing.
The bid by Facebook highlights the company's efforts to accelerate its push into video as it tries to take advertising dollars from television and increase the time people spend on its platform.
Walmart-owned Flipkart on Thursday said the company is in compliance with Indian laws, including FDI regulations, and will cooperate with the Enforcement Directorate on the notice sent to the e-commerce major. The Enforcement Directorate (ED) has issued a show cause notice of Rs 10,600 crore to Flipkart and its promoters for alleged violation of the foreign exchange law, official sources said on Thursday. When contacted, Flipkart said it is in compliance with Indian laws and regulations, including FDI regulations.
A growing variety of smaller and cheaper Android tablets from Google to Amazon.com Inc will catch on this year with more consumers and chip away at Apple's dominance since the first iPad launched in 2010.
New versions of the iPad, which will go up against Amazon.com Inc's latest Kindle Fire tablets and other gadgets made by Samsung Electronics.
Jeff Bezos is one of the few chief executives in corporate America who refuse to bow to Wall Street's quarterly profit demands.
Amazon chief has said he plans to focus on his day job but 10 hours a week at Post may be needed for tax benefit
Tapping customers to deliver goods would put the world's largest retailer squarely in middle of a new phenomenon sometimes known as 'crowd-sourcing,' or the 'sharing economy.'
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