S&P Global Ratings on Thursday said the Indian economy is projected to grow at 11 per cent in the current fiscal, but flagged the "substantial" impact of broader lockdowns on the economy. In its report on Asia-Pacific Financial Institutions, S&P said the control of COVID-19 remains a key risk for the economy. New infections have spiked in recent weeks and the country is in the middle of a second pandemic wave.
It said that the transit was "ongoing" and that there had been "no interference from foreign military forces so far."
Amid news of a fuel shortage in some parts of the country and wider unrest over fuel issues in the neighbourhood, an analysis of the data from international tracker globalpetrolprices.com shows that the per litre price of petrol is higher in India than in seven out of its nine neighbours.
In an earlier interview, chief operating officer N Chandrasekaran had voiced this concern and said TCS was taking some measures. The impact was also evident on the overall revenue contribution, which fell to 4.7 per cent in FY09 from 5.2 per cent in FY08. TCS' head for Apac, Girija Pandey, feels the region will continue to be volatile till they reach a certain level.
Airline officials contend that following the recent air-raids by the LTTE, Sri Lanka's air traffic controllers were no longer in full control of the country's airspace.
Air India is planning to tweak its daily service to Australia, to cut losses.
Food delivery apps Zomato and Swiggy reported a nationwide outage on Wednesday. Both the platforms witnessed technical glitches and were unresponsive for almost an hour. Downdetector, a platform that collects status reports from a series of sources, recorded about 3,619 reports of outage against Zomato at 2:05 PM and about 771 reports of outage against Swiggy at around 2:21 PM. According to the sources, the outage was caused by Amazon Web Services (AWS), a cloud-services platform, which runs both platforms. Though Swiggy and Zomato are working now, some customers reported that the issue has not been solved completely and they are not able to place orders and there are payment related issues.
Indian customers will have wider travel options as airlines introduce new flights from the end of March. While Malaysian Airlines and Turkish Airlines are resuming passenger flights to India after a gap of two years, Air France-KLM and Lufthansa Group will scale up their existing service in a graded manner in the summer schedule. Emirates, the largest foreign airline operating in India, too, is looking to restore its pre-Covid-19 schedule of 172 flights per week.
Known to be having extensive expertise in dealing with India's neighbourhood as well as the US, China and Europe, the 1988-batch Indian Foreign Service (IFS) officer pipped nearly half-a-dozen others in the race for the coveted post including Indian High Commissioner to UK Gaitri Issar Kumar (1986-batch IFS) and Ruchira Kamboj (1987 batch IFS).
'Yet the market didn't do all that badly because it was cushioned by domestic inflows.'
Singapore Airlines' deal with Tata Sons (Tata) will inject a further SGD 360 million ($267 million) into Air India. It will give SIA a 25.1 per cent stake in the enlarged Air India group following its takeover by Tata and merger with Vistara Airlines. The November 2022 deal between Singapore Airlines and Tata Sons to further inject $267 million into Air India is one of the key strategic initiatives for future growth mentioned in the quarterly financial report. This agreement is still subject to regulatory approval. SIA in the statement said, "The merged entity will be four to five times larger in scale compared to Vistara, with a strong presence in all key airline segments in India.
The Asian Development Bank has approved a US$ 1.5 billion (around Rs 11,185 crore) loan to India for COVID-19 vaccine procurement.
The status of the current submarine force level is alarming and we need to address the threat perceptions expeditiously. Critical decisions pertaining to national security cannot be delayed any further due to the rapidly changing maritime threat perceptions and growing strategic importance of the Indian Ocean region, asserts Commodore Venugopal Menon (retd).
The Prime Minister will commission INS Vikrant at Cochin Shipyard Limited in Kochi and during the event, he will also "unveil the new naval ensign (Nishaan), doing away with the colonial past," the PMO said in a statement.
Speaking at a joint press appearance with External Affairs Minister S Jaishankar in Washington, DC, Blinken said that the US tried everything possible to avert the Ukraine conflict through diplomacy.
With the signing of the pact, the Quad grouping of India, Japan, Australia and the US is set to gain more heft now, notes Dr Rajaram Panda.
Defence is at the heart of the India-United relationship, so it is interesting that General Lloyd Austin, the US secretary for defense, was not among the officials present when Joe Biden met Prime Minister Narendra Damodardas Modi for their first meeting since Biden became president in January.
Aarohi Pandit, the world's first woman pilot to cross the Atlantic Ocean and Pacific Ocean solo in a light sport aircraft (LSA), is all set to re-enact on 15th of this month India's first commercial flight flown by the legendry J R D Tata in 1932.
Bengaluru-headquartered IT services major Wipro Limited on Thursday announced that it has signed an agreement to acquire Capco, a global management and technology consultancy to the banking and financial services industry, for USD 1.45 billion.
Debt-ridden telecom operator Vodafone Idea has decided to defer payment of additional adjusted gross revenues of Rs 8,837 crore dues by a period of four years. The company in a late night filing on June 22, said that the DoT on June 15, has raised adjusted gross revenue (AGR) demand for additional two financial years beyond 2016-17, which were not covered under the Supreme court order on the statutory dues. Vodafone Idea (VIL) in the filing said that its board of directors "has approved the exercise of the option of deferment of the AGR related dues by a period of four years with immediate effect, in accordance with the said DoT Letter.
Britain's third female prime Minister, Liz Truss, was out of office on Thursday after the shortest tenure at 10 Downing Street in London and without a cherished India-UK free trade agreement (FTA) under her belt as a Brexit prize.
The free trade agreement (FTA) talks with India are no longer working towards a Diwali deadline though negotiations are progressing well, UK Trade Secretary Kemi Badenoch has said as New Delhi expressed confidence on Friday of an "early date" for a mutually beneficial deal. "There are ongoing negotiations as we know on the FTA. There is interest on both sides to see if we can work towards a deal, an FTA, that is beneficial to both the countries at an early date," external affairs ministry spokesperson Arindam Bagchi told reporters in New Delhi. It came as External Affairs Minister S Jaishankar spoke to his UK counterpart, James Cleverly, and referenced the Roadmap 2030 bilateral agreement signed between Prime Minister Narendra Modi and former UK PM Boris Johnson in May last year, with no specific reference to the FTA.
We do not know, because there has been no discussion, no transparency and most likely no real thinking on this matter at our end, observes Aakar Patel.
Two years after it hitched a ride with Hero MotoCorp (Hero), Harley-Davidson (Harley) and the Pawan Munjal-led firm are gearing up to ride into the middleweight (midweight) motorcycle segment (350-850cc) in the world's largest two-wheeler market.
'Given the possibility that our unstable northern and western borders may become 'live' at short notice, any major systemic change which impacts combat effectiveness should be brought about in a cautious and progressive manner.'
Washington is signalling to Delhi that it can rely on American support in any great game vis-a-vis China. Delhi shouldn't fall into the trap, argues Ambassador M K Bhadrakumar.
Information technology, consulting and business process services company, Wipro on Thursday announced that it has signed an agreement to acquire Ampion, an Australia-based provider of cyber security, DevOps and quality engineering services. "Ampion has a successful track record and enjoys immense credibility with leading enterprises in the region, a collaborative work culture, and significant local subject matter expertise. "We see Ampion as a complementary force that will help us expand our footprint and accelerate our journey in the Asia Pacific region," CEO APMEA, Wipro, N S Bala said. Wipro's new operating model emphasises strategic investments in focus geographies, proximity to customers, agility, scale and localisation, the Bengaluru-headquartered company said in a statement.
Like software-as-a-service (SaaS), CaaS has emerged as a well-orchestrated ecosystem for cybercriminals.
India's economy could prove to be the "most resilient" in the subregion of South and South-West Asia over the long term, according to a report by the UN, which says a positive but lower economic growth post COVID-19 pandemic and the country's large market will continue to attract investments. The report titled 'Foreign Direct Investment Trends And Outlook In Asia And The Pacific 2020/2021', and compiled by United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), stated that inward FDI flows to South and South-West Asia slightly decreased by 2 per cent in 2019, from $67 billion in 2018 to $66 billion in 2019. The growth, however, was mainly driven by India, which accounted for 77 per cent of the total inflows to the subregion and received $51 billion in 2019, up 20 per cent from the previous year.
The navy is pushing hard for IAC-2 to be a 65,000-tonne, flat deck carrier that is designed and built in India, with technical and tactical consultation from the US navy -- the global masters in aircraft carrier operations.
United States Defence Secretary Lloyd J Austin arrived in India on Friday on a three-day visit, aimed at further boosting bilateral defence and security ties in the wake of China's growing military assertiveness in the region including the Indo-Pacific.
Russia and China have a broad consensus today on almost all core issues related to global strategic stability, which is unprecedented in modern history, observes Ambassador M K Bhadrakumar.
Telecom operator Bharti Airtel on Friday said it has signed an agreement to buy Vodafone's 4.7 per cent stake in Indus Towers on the condition that the proceeds will be used for investment in Vodafone Idea and clearing its dues towards the mobile tower company. Debt-ridden Vodafone Idea (VIL) has been unable to pay dues to Indus Towers and both VIL and promoter Vodafone have proposed a payment plan to clear the outstanding amount by July 15. In the meantime, VIL has committed to pay certain minimum amount each month to Indus Towers.
The Indian troops guarding the nearly 3,500-km Line of Actual Control (LAC) maintained an assertive approach in sync with the broader national security doctrine and procured a variety of military platforms and weapons to enhance their combat capabilities.
Promoter Vodafone plans to infuse up to Rs 3,375 crore into debt-ridden Vodafone Idea Ltd as part of the company's proposed raising of funds worth Rs 14,200 crore. Besides Vodafone, Aditya Birla Group plans to pump in up to Rs 1,125 crore, according to a regulatory filing on Friday. The telecom operator will seek shareholders' approval for raising up to Rs 14,500 crore as well as increase its authorised share capital to Rs 75,000 crore at its the Extraordinary General Meeting (EGM) to be held on March 26.
The elephant in the room will permeate the conversations, predicts Rup Narayan Das.
Fifty-nine per cent of reserved tickets on Indian Railways are now booked online.
India's GDP growth for the current fiscal is expected to slow down to 4.8 per cent, a UN report has said, warning that the Covid-19 pandemic is expected to result in significant adverse economic impacts globally. The UN 'Economic and Social Survey of Asia and the Pacific (ESCAP) 2020: Towards sustainable economies' said that Covid-19 is having far-reaching economic and social consequences for the region, with strong cross-border spillover effects through trade, tourism and financial linkages.
'India should not be taken by surprise if the Biden administration seeks China's cooperation at some point,' alerts Ambassador M K Bhadrakumar.
Moody's Investors Service on Monday said the bank capital will moderately fall in emerging Asia over the next two years, with India seeing larger capital decline without further infusion. In a report, Moody's said the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks, as operating conditions remain challenging amid the current COVID pandemic.
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