But it is less adventurous. It seems, at last, that in its eighth decade, Pakistan has settled into being a parliamentary democracy just like Bangladesh has and like we have always been, observes Aakar Patel.
Ola founder and chief executive officer (CEO) Bhavish Aggarwal will step back from day-to-day operations to focus more on engineering functions, team building, and products, apart from focusing on long-term strategic projects, such as two-wheelers, cars, and innovations in quick commerce and international expansion. "I'll be spending more time with all engineering functions, team building, and on products," said Aggarwal in an internal note, adding, "I'll also be increasing my focus on our longer-term strategic projects, including new two-wheeler products, our car project, innovations in quick commerce, electrifying ride-hailing, our cell research and development (R&D), international expansion, building our Pune technology (tech) centre, and Futurefoundry UK." To drive scale, speed, and quality, Aggarwal said he is expanding Ola Group's chief financial officer (CFO) G R Arun Kumar's role to help him steer 'day-to-day operations' across the group.
For India, struggling for competitiveness, the current rupee overvaluation in terms of real effective exchange rate is a genuine constraint.
Spiralling prices pinched the pocket of consumer as edible oil, fuel and many other commodities turned dearer this year amid pandemic-induced disruptions but the inflationary pressure is anticipated to ease, though marginally, in the coming months. As consumers, at retail as well as wholesale levels, are willy-nilly learning to live with the new normal of curbs to contain the spread of coronavirus infections, experts are of the view that elevated inflation is likely to stay longer. After dealing with the devastating blows from the second COVID wave, especially during the April-June period, the economy is well on the revival path but the emergence of Omicron might unsettle the recovery trajectory in the short term.
Irked by India's status as the world's biggest arms importer, Modi wants to build an advanced defence industry
Passenger vehicle wholesales in India rose significantly year-on-year in July, as COVID-led restrictions eased across states and companies pushed stocks to dealers to build up inventories for the upcoming festive season, SIAM said on Thursday. The total passenger vehicle sales -- including dispatches of cars, utility vehicles and vans -- from OEMs to dealerships increased by 45 per cent to 264,442 units in July against 182,779 units in the same month last year. According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler dispatches from the OEMs to dealerships, however, declined by 2 per cent to 12,53,937 units in July, compared to 12,81,354 units in the year-ago period.
Armed with necessary macro and micro growth drivers, India is on its way to becoming the fastest growing major economy in the world, a finance ministry report said. Rapid vaccination and teeming festivities will push India's ongoing recovery resulting in narrowing of demand-supply mismatches and greater employment opportunities, as per the monthly Economic Review prepared by the ministry.
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
Prabhu's maiden Railway budget is high on vision.
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) fell from 58.9 in October to a three-month low of 56.3 in November, indicating that the manufacturing sector growth remained strong, despite losing traction.
The government plans to raise resources to finance capital spending beyond the Rs 3.10 lakh crore budgeted for 2017-18 through higher borrowing or divestment receipts.
India's services sector activities improved further and expanded at strongest rate in over 11 years in May, supported by a substantial pick-up in new business growth, even as input cost inflation climbed to a record high, a monthly survey said on Friday. The seasonally adjusted S&P Global India Services PMI Business Activity Index jumped to 58.9 in May, up from 57.9 in April, amid better underlying demand and strong inflows of new work. For the tenth straight month, the services sector witnessed an expansion in output.
The most important positive of India's stealth bull market is earnings growth across different sectors, explains Debashis Basu.
Inflation rose to 4.27 per cent for the week ended June 30 as compared to 4.13 per cent in the previous week mainly due to increase in prices of food articles and some manufactured items.
There are also talks of branded garments being put under the luxury tax slab, which could be higher than 18 per cent.
Rating agencies Crisil and Icra on Monday revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. "We have revised down our forecast for real gross domestic product growth to 7 per cent for fiscal 2023 from 7.3 per cent, primarily because of the slowdown in global growth that has started to impact our exports and industrial activity.
The Indian economy can contract by 7.7 per cent in current financial year ending on March 31 and the growth could be 11 per cent in the next financial year, according to the Economic Survey tabled in Parliament by Finance Minister Nirmala Sitharaman. The contraction in FY21 is mainly due to coronavirus (Covid-19) pandemic and the visible damage caused by the subsequent countrywide lockdown to contain it. The survey unveiled two days before the Union Budget is broadly in line with forecasts by the Reserve Bank of India (RBI) which has said it expected the country's GDP to contract by 7.5 per cent in the year ending March 31.
The government on Wednesday approved a Rs 7,350-crore scheme to boost production of laptops, tablets, all-in-one PCs and servers in the country, as it sought to woo global and domestic players to take advantage of India's manufacturing prowess. Production worth Rs 3.26 lakh crore and exports of Rs 2.45 lakh crore are estimated over the next four years under the new scheme, which is expected to create 1.80 lakh jobs. Briefing reporters after a meeting of the Cabinet, Communications and IT Minister Ravi Shankar Prasad said the Production Linked Incentive (PLI) scheme has been approved for IT hardware products that would cover laptops, tablets, all-in-one PCs and servers.
In his address after more than 75,000 people were given appointment letters for various government jobs in the first tranche, Modi acknowledged the challenges facing the economy the world over with many countries hit by a record inflation and unemployment and said India is making every effort to come out of the situation unscathed.
Reliance Industries Ltd's focus on the next hypergrowth opportunities in clean tech and its path to decarbonisation has the potential to spur re-rating, raises clarity on investment cycles and reduces investor worry, brokerages said. RIL chairman Mukesh Ambani at the company's 'Green AGM' on Thursday committed Rs 75,000 crore over the next three years to set up an integrated Green Energy Giga Complex across 5,000 acres in Jamnagar, Gujarat which will contain four giga factories. The complex, which would be one of the world's largest renewable manufacturing facilities, would have an integrated solar photovoltaic module factory, an energy storage battery factory, electrolyser manufacturing for hydrogen production, and manufacturing of fuel cells so that hydrogen can be used in transportation.
The 1,600-member crew and a slew of civilian workers were working like busy bees on Friday preparing the majestic warship IAC Vikrant for its commissioning on September 2.
He said the country needs to have "zero tolerance" for corruption in the administrative ecosystem and this would work for the idea of a developed India.
Palo Alto-based electric carmaker Tesla has initiated talks with the government on the modalities of setting up fully-owned retail outlets. The company needs to comply with the foreign direct investment (FDI) guidelines related to single-brand retail, including local sourcing norms, to sell directly in India. At least two other foreign majors - Apple and Ikea - were engaged in talks with the government long before the sourcing norms were eased under the single-brand retail route.
According to CAIT, the estimated loss to Chinese manufacturers this Diwali could be as high as Rs 40,000 crore.
'One out of three phones sold in India is a Xiaomi phone.'
Congress general secretary and chief spokesperson Randeep Surjewala claimed a clear message has come from the House today that if people want relief from 'severe unemployment, extreme inflation, falling incomes and extreme poverty', then the Bharatiya Janata Party 'will have to be defeated' in the elections.
'It is going to be extremely rapid and anybody who is not there, be it investor, manufacturer, supplier, will miss out.'
Ola Electric on Monday said it will foray into the electric car segment with plans to launch its first model by 2024. The company, which struggled with deliveries for its electric scooters after it announced entry into the segment exactly a year ago, has set an ambitious target of selling 10 lakh electric cars by 2026-2027. In a press conference, Ola founder and CEO Bhavish Aggarwal said Ola Electric aims to provide a range of electric two-wheelers to electric cars which are priced in the range of Rs 1 lakh to Rs 50 lakh.
Inflation breached the 5.0 per cent figure with price level rising for the second consecutive week by 0.30 per cent to 5.3 per cent in the week ended March five despite cheaper fruits and vegetables.
The entire engine, Agnilet, is one piece of hardware from start to finish and has zero assembled parts, reports T E Narasimhan.
The muted expectation of dealers come at a time when vehicle manufacturers such as Maruti Suzuki, Hyundai Motor, Mahindra & Mahindra and others reported a double-digit fall in wholesale dispatches to dealerships in July and August.
The Railway ministry has been allocated budgetary support of Rs 140367.13 crore in the Union Budget on Tuesday - Rs 20,311 crore more than the revised figures of the previous fiscal. Overall, the national transporter is set to get a capital expenditure (CapEx) push of Rs 2.45 lakh crore in the financial year 2022-23, 14 per cent higher than the budgeted capital expenditure of Rs 2.15 lakh crore for the current financial year. Finance Minister Nirmala Sitharaman in her Budget speech for 2022-23 said that India will manufacture 400 new, energy-efficient Vande Bharat trains in the next three years.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
Titan Industries, the country's leading watch manufacturer, is leveraging the existing distribution network of the Tata Group companies to penetrate the rural markets to mark its presence in the low-cost watches under the Sonata brand.
Eight BJP-ruled states have fully vaccinated 50 per cent of their eligible population with the coronavirus vaccine and seven of them have inoculated 90 per cent people with the first dose, numbers not yet achieved by any state ruled by the Congress and its allies, official sources said Monday.
With the fashion world blurring the lines between innovation, technology and reality, shopping is all set to be revolutionised.
The sources said the talks are focused on sorting out certain issues relating to cost component, weapons package and technology sharing.
Here are the key numbers to watch out for in the Budget for 2022-23, which is widely expected to boost spending towards policies that create jobs, boost manufacturing, helping rural and agri-economy and infrastructure creation. Sitharaman, who had in her first budget in 2019 replaced leather briefcase -- which had been in use for decades for carrying budget documents -- with a traditional red cloth 'bahi-khata', has spurt in tax collections to her aid in the budget that is expected to a spend-all budget.
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