The longer India delays in creating a manufacturing-based middle class, the more difficult it may be to create one.
The second wave of the pandemic in the country has derailed the recovery momentum of the domestic auto industry, which was poised for a comeback in the current fiscal after witnessing the two consecutive challenging years, ratings agency ICRA said on Thursday. Unlike the first wave where infections were largely localised to urban clusters, the second wave has seen deeper and wider penetration, including into rural hinterlands. Accordingly, outlook for various segments has been revised downwards, it said.
Business chamber Assocham has asked the government to accord industry status to organised retail sector, which would improve investment inflows into the sector and increase its share in this segment. The move would increase the share of organised retail in the overall sector to 20-22 per cent from the current 3 per cent, Assocham said.
'What has happened at Byju's is no surprise to anyone.'
Ace film maker Yash Chopra, who is also Federation of Indian Chambers of Commerce and Industry Entertainment Committee chairman, said the multiple taxation is a serious threat to the survival of the industry.
The Income Tax department has trained its scanner on the burgeoning 'e-commerce' business in the country.
Affirmative action here refers to direct efforts to ameliorate the educational and employment situation for Scheduled Castes, Scheduled Tribes and Other Backward Classes.
Sale of Apple's iPhone 15 is estimated to have registered a 100 per cent growth compared to that of the iPhone 14 series on the first day with high demand for made-in-India iPhone 15 and iPhone 15 Plus models, according to industry sources. Apple has for the first time made available the 'made-in-India' iPhone on the same day it started selling the devices in the country and other parts of the globe. "Till evening, 6 pm IST, the sales of iPhone 15 series have recorded over 100 per cent growth on Day 1 compared to the sale of iPhone 14.
It is being suggested that apps, such as WhatsApp and Telegram, should share their APIs with each other to ensure there is interoperability, just as it exists across email services.
Industry chambers on Thursday said all soft drink manufacturers must adhere to international norms, while criticising the government for going slow in implementing stringent rules.
The anticipated adverse impact on the economy and consequent uncertainty around employment prospects is likely to result in lower purchasing power.
The commerce ministry has proposed a three-year extension of tax benefits given to Export-oriented Units in an attempt to encourage export industries at a time when global demand is expected to slump further.
In a major policy reversal, the AAP government wrote to the Centre to withdraw approval given by previous Congress government for FDI in multi-brand retailing in Delhi, saying the entry of global chains such as Walmart and Tesco in India would result in large-scale job losses.
Different industry and trade bodies have extended their support to BangaloreIT.in, the premier annual IT event organised by the Karnataka government and STPI. The three-day event will be inaugurated on the 29th of October in the premises of Bangalore International Exhibition Centre (BIEC).
Punjab Chief Minister Bhagwant Mann also joined the meeting at the Mahatma Gandhi State Institute of Public Administration in Sector 26 in Chandigarh.
Wholesale price-based inflation remained in the negative territory for the fifth straight month in August at (-)0.52 per cent, but prices of food articles and fuel showed an uptick. The wholesale price index (WPI) based inflation rate has been in the negative since April and was (-)1.36 per cent in July. In August last year it was 12.48 per cent. Inflation in food articles remained in double digit at 10.60 per cent in August, lower than 14.25 per cent in July.
External Affairs Minister S Jaishankar has met United States Defence Secretary Lloyd Austin and held a productive conversation with him on deepening bilateral defence cooperation, including in the co-production of defence articles, and exchanged perspectives on a variety of security issues.
Reminding the UPA-II government about the need to reverse the negative perception of a 'decision-making paralysis', industry body Assocham has made a pitch for second-generation reforms in various sectors, including finance, banking, taxation and agriculture.
Exports of electronics goods has risen by 24 per cent from April to November as compared with the same period in the last fiscal, the largest increase out of India's top 10 export categories. The increase has been propelled by mobile exports under the Production Linked Incentive (PLI) scheme and has pushed electronics up from sixth to fifth position in the top 10. A gap of $200 million separates electronics from occupying the fourth position, currently held by drugs and pharmaceuticals at $17.9 billion.
Leading industry and export chambers like PHDCCI and Federation of Indian Export Organisation on Tuesday demanded 1.0 per cent cut in bank rate and cheaper export finance in Reserve Bank of India's' forthcoming busy season credit policy.
'Das is friendly, but he finally does what he does. The quality of engagement is very good.'
For the startup ecosystem in India, the scorecard so far has been a mixed bag, observes Akhil Gupta.
A panel of Union ministers will hold a fourth round of talks with farmer leaders in Chandigarh on Sunday over their demands, including loan waiver and bringing an ordinance on giving legal guarantee to a minimum support price (MSP) for crops.
Indian economy is on an upswing with industrial production posting its highest growth in a decade at 12.4 per cent
Fresh guidelines issued by the Union home ministry on Wednesday permit industries operating in rural areas to run from April 30 with strict social distancing norms.
Scenes from day two of the Opposition conclave in Bengaluru on Tuesday, July 18, 2023.
Exports declined for the fourth-consecutive month by 10.3 per cent year-on-year to $34.98 billion in May, while the trade deficit widened to a five-month high of $22.12 billion. According to the data released by the commerce ministry on Thursday, key export sectors recording negative growth include petroleum products, gems and jewellery, engineering goods, ready-made garments of all textiles and chemicals. Imports also declined 6.6 per cent, six-month in a row, to $57.1 billion against $61.13 billion in the same month last year, the data showed.
Exports had risen over 11 per cent in July, year-on-year.
According to Assocham, "the prospects for improving bilateral economic relations seem extraordinary. . .Pakistan will benefit by improving trade and economic relations with a fast growing country like India".
The Supreme Court on Friday said lawyers and professionals with 10 years of experience will be eligible for appointment as president and member of the state consumer commission and district forums.
Getting to the magic growth, however, will require massive increase in investment in infrastructure, in labour force skills and manufacturing capacity.
Union Commerce and Industries Minister Kamal Nath on Friday said he disagreed with the finance ministry on the controversial fringe benefit tax, saying the tax laws should be made simpler.
Referring to an action against farmers by the security personnel deployed by the Haryana authorities at the Punjab-Haryana border, Pandher slammed paramilitary personnel for using "force" against farmers, leaving many injured.
The message is clear: The 60-year-old wise uncles need to handhold the 40-year-old entrepreneurs when, obsessed with ambition and greed for growth, they become a victim of hubris, points out Tamal Bandyopadhyay.
India's import of personal computers, including laptops and tablets, shot up in September by 42 per cent to $715 million, reversing a year-long downward trend after the government announced it would impose import restrictions on such electronic hardware items in August. The rise in such imports were led by the largest source China (33 per cent) and Singapore (188 per cent), according to data released by the commerce department. On August 3, the Centre had announced it was planning to bring seven products in the information technology hardware segment, such as personal computers, micro computers, mainframe computers, super computers, computer systems and data processing units under the 'restricted' label.
Birla was the chairman of Century Textiles and Industries and had been active in business since the age of 15. He was instrumental in a slew of business initiatives, starting with his stint as the chairman of Kesoram Industries.
Although Infosys was given 50 acre at Rajarhat for setting up its first development centre in West Bengal, the firm was insisting on getting special economic zone status, which the state was not keen to consider due to political reasons.
