Famous and long believed to be trusted Indian brands have wilted against foreign brands, says Mohan Guruswamy.
On Mody's death, Tata on Friday said, "Russi Mody was an institution at Tata Steel. Under his leadership, the company grew significantly and he instituted many human resource initiatives.
Authorities on Saturday continued to dig up currency to the tune of lakhs of rupees, including in new notes, across the country.
The Ambani brothers, Mukesh and Anil, came together on Thursday to raise the issue of stalled projects plaguing India Inc and implored the Maharashtra government and the Centre to make Mumbai, India's financial capital, an easier place for business and investments. "Several projects are stuck for many years in Mumbai and we would like to know how the government intends to improve the financing and execution of projects, including those relating to infrastructure and education which have been in limbo for long and are affecting the growth of the city," Reliance Industries Ltd (RIL) Chairman Mukesh Ambani told Finance Minister Arun Jaitley. Seated on the same table was his brother, apart from Tata Group Chairman Cyrus Mistry and State Bank of India (SBI) Chairman Arundhati Bhattacharya. Jaitley was addressing the Mumbai Next MMR Transformation conclave, organised by the Maharashtra government and Mumbai First here, through video conference. In his reply, Jaitley said the government was exploring several options of infrastructure financing in India and that a number of international bodies were ready to fund infrastructure development projects. He added the government was keenly considering these funding sources. While praising Maharashtra Chief Minister Devendra Fadnavis for honesty, Jaitley also had a word of advice. Apart from being honest, the government had to be decisive, he said. On his part, Reliance Group Chairman Anil Ambani told the chief minister about his experience of decisions being delayed due to an indecisive bureaucracy and the need to protect officials who wanted to take quick decisions. "Through the past many years, we have faced a number of obstacles in decision-making," he said, adding he was speaking as someone who had lived and invested in Mumbai. Fadnavis responded by saying he would bring about a transparent process to ring-fence officials. Both the Ambani brothers have announced a number of infrastructure projects in and around Mumbai, including a world-class convention centre in Bandra Kurla Complex by RIL, but very few have actually fructified. RIL's special economic zone project failed to take off due to land acquisition problems in Raigarh, while a second SEZ near Mumbai is stuck due to lack of clarity in SEZ norms. The first phase of the Mumbai Metro, set up by Anil Ambani's Reliance Infrastructure, was marred by cost overruns and run-ins with the government over fares. Subsequently, the company withdrew from the second and larger phase, citing inordinate delay. Anil Ambani also withdrew from Mumbai's sea link project on the same grounds. The brothers had also bid for a trans-harbour sea link between Navi Mumbai and Mumbai under the Congress-Nationalist Congress Party government, but their bid was rejected. Reliance Infrastructure is also the power supplier to more than half of this city. Participating in the conclave, some of India Inc's leading bankers said making Mumbai a financial hub would take at least a decade. SBI's Bhattacharya said the Indian currency should be made fully convertible and facilities should be created for it. "However, for this, the economy needs to look up and that will happen only in the next 7-10 years, not immediately," she added. Sunil Kaushal, Chief Executive Officer of Standard Chartered, India, pitched for strong infrastructure to support development. "We will take a long time to develop into a global financial centre. We need to solve transport bottlenecks in Mumbai and have lifestyle facilities for people working in and around these areas," he said.
Tatas may look at selling part of its stake in couple of investments
Issues related with intellectual property rights, including piracy of films and software, figured prominently during the India-US CEO Forum in New Delhi attended by Prime Minister Narendra Modi and US President Barack Obama.
Vistara starts flying in India.
Real estate barons Sushil and Gopal Ansal on Wednesday escaped being jailed in the 18-year-old gruesome Uphaar Cinema fire tragedy in which 59 people died.
Vistara'a launch, the steel plant at Kalinganagar and e-commerce venture are the ones most awaited for
Broader markets underperformed the benchmark indices with BSE Midcap and Smallcap indces slipping 0.8%-1.1%
We have to move from E-governance to M-governance. M-governance does not mean Modi governance. It means Mobile governance, the PM said.
The year-long suffering she faced following the controversial "gender test" in 2014 has hurt promising sprinter Dutee Chand so much so that she still feels that she may get trapped and her resurrected career may be in ruins again. Two years ago, Chand's dreams of representing her country at the Commonwealth Games and Asian Games came crashing when an indefinite ban was imposed on her, barring her from taking part in women's competitions due to her higher levels of testosterone (hormones primarily produced by male). Dutee fought the case at the Court of Arbitration for Sports in Switzerland which upheld her appeal, citing no clear cut link with higher levels of these hormones with enhancement in performance. She returned to competitions last year and broke the national record in 100m dash recently. "I'm not able to trust anyone. I am scared that I might get trapped again. I hardly have any friends," Dutee told reporters on the sidelines of the GAIL Indian Speedstar event. "I prefer to train alone at SAI camp in Hyderabad. I don't train at national camp at NIS Patiala. Some of the 4x400 relay members don't like me," she added.
Keki Mistry, vice chairman and CEO, HDFC tells Joydeep Ghosh and Chirag Madia that unlike some other players it never went for excesses and never took unreasonable risks.
Union Minister P Chidambaram has opted out of the Lok Sabha election with the party on Thursday night nominating his son Karti from his constituency Sivaganga in Tamil Nadu while another Union Minister Ghulam Nabi Azad was brought as a candidate from Udhampur in Jammu and Kashmir.
The divide between 'teams' of Congress president Sonia Gandhi's and that of vice president Rahul Gandhi is increasing by leaps and bounds, according to party sources. There appears to be no common ground between the two sides, with both blaming the other for the state of affairs in the party. Renu Mittal reports
A round-up of Ranji Trophy matches played across India on Sunday
The meeting will focus on how to make the crisis an opportunity for India.
Dr Yusuf Merchant's book Happyness will tell you how to turn your life's negative situations into your strengths.
Two Nobel Laureates, four listed writers of this year's Man Booker Prize, Pulitzer Prize winners and finalists, winners of Commonwealth Writers' Prize, Crossword Prize and film stars will be the attraction at the most sought after literary event in India -- the Jaipur Literature Festival.
A summary of the opening day's play in the Ranji Trophy matches, at various venues over the country.
PM promised a tax regime that is predictable and competitive
Rumours about a spike in taxes for equity investors are flying thick and fast.
The S&P BSE Sensex closed at 26,190, up by 43 points and Nifty50 settled above 7,950 to end at 7,963, up by 17 points
The 57-year-old Charudatta, a Tata Steel official, was constantly humiliated and harassed between May 2012 and May 2013 following which he took the drastic decision to end his life.
At a time when others are cutting on development of commercial property, plans to add 50% more of IT space.
Round-up of the Ranji Trophy matches being played in different parts of the country.
The Birlas are investing $100 million in the financial services business in fiscal beginning April 1.
Mukesh Ambani said the Digital India initiative has the potential to transform the lives of 1.2 billion Indians using the power of digital technology.
Ambani brothers on Wednesday showered lavish praises on Prime Minister Narendra Modi saying, India has now got a decisive and visionary leader.
Meeting the disclosure norms isn't very easy.
This celebrity trainer worked with Katrina Kaif to achieve her Sheila ki jawaani look.
If you've lived in this city even for a day, then there's no way you cannot fall in love with the street food that defines Mumbai -- vada pav.
Singapore Airlines first approached the Tatas, its old choice for a venture in India, and was aware of AirAsia negotiations.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
In the last couple of months, the Prime Minister has visited Japan and the US and launched the Make in India campaign to lure foreign investments into manufacturing sector.
Arun Jaitley had proposed to set up a Public Debt and Management Agency.
The $100 billion Tata group conglomerate is a major beneficiary of the decision to open up aviation in India.
India Inc is either shutting loss making businesses or is hiving off allied verticals to enhance revenues.
Congress Vice President Rahul Gandhi on Sunday asked the victims of Muzaffarnagar riots living in relief camps here to go back to their homes, saying those engineering communal riots want them to remain in the camps as such a situation "benefits" them.
The majestic Rajpath saw a scintillating display of India's military might as the country celebrated its 69th Republic Day on Friday, with the leaders of all the 10 countries of the ASEAN attending the parade. Take a look here.
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