India is well positioned to lead the global transitions of digital and artificial intelligence, energy, value supply chains, and the country's growth journey will shape the world's future, B20 India chair N Chandrasekaran said on Friday. In his address to the B20 Summit India 2023, Chandrasekaran, who is also the chairman of Tata Sons, asserted that India stands as a beacon of growth and positively stands out in the global economy, which is facing strong headwinds, tightest rate cycle in decades and record levels of public debt. "The world is currently navigating through three important fundamental transitions.
DCC is the answer to your currency woes says K Veeraraghavan.
For the next few years, the company would tap services in the areas of education, health and security, through partnerships.
Exports contracted by 2.6 per cent to $34.47 billion in September even as the country's merchandise trade deficit narrows to $19.37 billion during the month under review, according to the government data released on Friday. Easing commodity prices helped in cutting down the country's import bill by 15 per cent to $53.84 billion in September, the 10th consecutive month of decline. During April-September this fiscal, exports contracted by 8.77 per cent to $211.4 billion.
The economic growth may have slowed to 3.5 per cent in fourth quarter of 2021-22 from 5.4 per cent in the previous three-month period due to the impact of higher commodity prices on margins, decline in wheat yields and on higher base, Icra Ratings said on Monday. The agency said the hiccups in the recovery of the contact-intensive services attributable to the third wave of Covid-19 in the country may have also affected the economic growth in the quarter. Even the gross value added (GVA) at basic prices (at constant 2011-12 prices) in Q4 FY2022 seems to have eased to 2.7 per cent from 4.7 per cent in Q3 FY2022, it said.
Chief Economic Advisor V Anantha Nageswaran on Thursday said the economy is expected to grow at 6.5 per cent in the current fiscal notwithstanding deficient rains in August. India recorded economic growth of 7.8 per cent in the April-June quarter of 2023-24 against 13.1 per cent in the year-ago period. India's economy in Q1 grew at the fastest pace in a year, on the shoulders of a boost in capital expenditure both at central and state levels, along with stronger consumption demand, especially in rural areas, and improved performance in the services sector, he said.
India's exports declined by 6.86 per cent to $34.48 billion in August this year as against $37.02 billion in the same month last year, government data showed on Friday. Imports too declined by 5.23 per cent to $58.64 billion as against $61.88 billion recorded in August 2022.
Cognizant Technology Solutions is infusing generative artificial intelligence (GenAI) into all its core offerings, chief executive Ravi Kumar S wrote in an internal note to its employees. Cognizant has 351,500 employees, a majority of whom are in India. Kumar cited the example of a GenAI-enabled conversational virtual assistant (VA) that Cognizant has introduced to help clients reimagine experiences beyond chatbots.
'In the next 15-20 years, India will have at least 50 new (AI-driven) billion-dollar companies that are going to solve problems for the largest companies around the world.'
Canada's envoy to the United Nations, Robert Rae, during his address to world leaders at the UN General Assembly on Tuesday raised the issue of 'foreign interference' adding that the rules of state-to-state relations, cannot be bent for 'political expediency'.
In 2024 so far, 20 startups have already visited the campus with 80 placements.
In a statement, the Ministry of Foreign Affairs on Tuesday clarified that the remarks made by Prime Minister Oli 'are not linked to any political subject and have no intention at all to hurt the feelings and sentiments of anyone'.
GDP growth of 7.7 per cent in the first half of this fiscal has "left sceptics gasping and woefully behind the curve", an RBI article said on Wednesday. It also stressed the buildup in the growth momentum is likely to be sustained. The article on the state of the economy published in the Reserve Bank's December Bulletin on Wednesday also said CPI-based retail inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25 from 5.6 per cent in November.
India's exports declined by 2.83 per cent to $33.90 billion in November this year compared to $34.89 billion a year ago, government data released on Friday showed. Imports also declined to $54.48 billion in the month under consideration, as against $56.95 billion recorded in November 2022.
Maruti Suzuki India (MSIL) will issue equity shares on a preferential basis to parent Suzuki Motor Corporation (SMC) to acquire 100 per cent stake in the latter's Gujarat plant. This deal is expected to increase the share base of MSIL by about 4 per cent. And consequently, it will raise SMC's shareholding in Maruti by around 1.8 percentage point. "Whether it is in terms of PAT (profit after tax) or earnings per share (EPS) or dividend per share (DPS) of MSIL, the share-swap option will give shareholders a better deal than any other option such as cash payment," MSIL chairman RC Bhargava told reporters during a press conference.
Pilots might soon be asked not to use perfume, mouthwash and tooth gel as that may result in positive breath analyser test. The Directorate General of Civil Aviation (DGCA) has sought comments on a draft Civil Aviation Requirements (CAR) wherein it has also proposed barring crew from using any "drug/formulation or use any substance such as mouthwash/tooth gel/perfume or any such product which has alcoholic content". Comments have been sought on the CAR, which pertains to procedure for medical examination of aircraft personnel for alcohol consumption, till October 5.
The relationship between the US and India has been very productive, in particular on the trade and technology front, and 2023 can be considered the best year historically for bilateral ties, according to a former top American trade official. Arun Kumar, an Indian-American, who served as the assistant secretary of Commerce for Global Markets and director general of the US and Foreign Commercial Service (USFCS) during the Obama administration, said this during an interview with PTI in Washington. "Looking back on 2023, it was a very productive year for the US-India relationship, by many accounts the best year historically," he said.
Full service carrier Air India on Thursday announced a new multi-year global distribution services partnership with US-based Sabre Corporation. The collaboration enables travel agents and corporations around the world to access Air India fares and seats through Sabre's extensive global travel marketplace, Air India said in a statement. In addition to the distribution services, Air India said it is utilising Sabre's consultancy expertise to help determine optimal routes for its existing and new fleet.
Besides, the ongoing war between Russia and Ukraine has also added another blow to FMCG makers as they expect a rise in the prices of wheat, edible oil and crude. Companies such as Dabur and Parle are watching the situation and will undertake calibrated price increases to mitigate the inflationary pressures.
With Housing Development Finance Corporation's (HDFC's) merger with HDFC Bank becoming effective on July 1, the merged entity is set to become the top weight in the benchmarks S&P BSE Sensex and the National Stock Exchange Nifty indices, dislodging the country's most valuable company, Reliance Industries (RIL), from its perch. HDFC will stop trading after July 13. At present, RIL has a weighting of close to 12 per cent in the Sensex and 10.3 per cent in the broad-based Nifty. Meanwhile, HDFC Bank and HDFC have weights of 9.9 per cent and 6.8 per cent in the Sensex and 8.8 per cent and 6 per cent in the Nifty, respectively.
Apart from such advisory, IT biggies such as TCS, Infosys and HCL Tech among others have been pursuing 'remote working' model to overcome the situation.
The two bandhs reflect the divide among the farmers and pro-Kannada organisations, and has also now led to a confusion about who is supporting the bandh on which day, and whether services will be available on Tuesday.
Mining magnate Anil Agarwal's conglomerate on Friday announced a major business shake-up, with flagship Vedanta Ltd approving a spin-off of its metals, power, aluminium and oil and gas businesses into separate listed entities and an overhaul of lucrative zinc unit planned as part of value creation and reducing debt load. Vedanta will issue one share of the five demerged businesses for every share held in the company, the firm said in a statement. The entire exercise, which would require shareholder and lender approval as well as a nod from the stock exchanges and courts, is expected to be completed in 12-15 months, its president for finance Ajay Agarwal said.
In August, the Fed announced that it would develop a "new interbank 24x7x365 RTGS with integrated clearing functionality to support faster payments in the United States". The Fed Board asked for comments on FedNow by November. In reply to this, Google mentioned its experience of launching Google Pay -- Google's payments app which uses the UPI -- in India.
India's merchandise exports in June rose by 16.78 per cent year-on-year to $37.94 billion while the trade deficit ballooned to a record $25.63 billion on account of a steep increase in gold and crude oil imports, according to the government's preliminary data released on Monday. The export growth in June moderated from 20.55 per cent in May and 48.34 per cent in June 2021. During the month under review, exports of engineering, pharmaceutical and plastic products recorded negative growth.
India's economic growth slowed to 8.4 per cent in the second quarter of 2021-22, mainly due to waning low base effect, official data showed on Tuesday. The GDP growth in April-June quarter this fiscal stood at 20.1 per cent. The Indian economy had contracted by 24.4 per cent in April-June last year.
The stock-and-cash deal is the biggest in the education space.
Uber, Ola's main competitor in Australia, currently operates in 19 cities including Sydney, Melbourne, Brisbane, Adelaide, Perth and Canberra.
rediffGURU Ashwini Dasgupta offers advice on what you can do to grow in your career and shine at the workplace.
'The World Cup alone is expected to create an additional 100,000 jobs, most of which will comprise gig workers in the delivery space, transportation, hospitality and event management.'
Billionaire Gautam Adani's group is planning to build 10 GW of integrated solar manufacturing capacity by 2027, as it looks to capture energy transition business, sources close to the company said. Adani Group currently has a solar manufacturing capacity of 4 GW. Adani Solar has a confirmed order book of over 3,000 MW in exports that are to be serviced over the next 15 months, they said, adding Adani, recently, raised $394 million for solar manufacturing from Barclays PLC and Deutsche Banks AG through a trade finance facility.
HUL and Genpact aim to enable these businesses to eventually get absorbed into the supply chains of large consumer companies, including that of HUL. In 2021, the maker of Sunsilk shampoos committed to spending Rs 2,000 crore annually with diverse businesses by 2025, Ansu Archana, procurement director, beauty & wellbeing, HUL, told Business Standard. Archana added that the program aligns with Unilever's wide-ranging set of commitments and actions to help build a more equitable and inclusive society.
If the product is genuine, denial is violation of consumer laws.
Justice Kohli said the advent of artificial intelligence has caused some concerns amongst the legal fraternity.
Under the plan, there will be 151 private trains covering 109 routes which may entail investments worth Rs 30,000 crore.
Smaller stocks have emerged as Dalal Street's favourites in 2023 that has turned out to be a "great year" for equities, rewarding investors with big gains, driven by optimism over the country's macroeconomic fundamentals and heavy retail investors participation. Experts said equity markets are experiencing a prolonged bull run and it is during this time that the midcap and smallcap segments tend to outshine their larger counterparts. Till December 22 this year, the BSE smallcap gauge has jumped 13,074.96 points or 45.20 per cent while the midcap index has surged 10,568.18 points or 41.74 per cent.
E-commerce player Meesho, backed by marquee investors like SoftBank Group and Meta Platforms, will look at an initial public offering (IPO) only in 2025, and till then, its focus will be on generating profits after tax and not just on being Ebitda (earnings before interest, tax, depreciation and amortisation)-positive, top sources in the company told Business Standard in New Delhi. In a clear shift of strategy, the company, which has reduced its cash burn by 85 per cent, is now looking to trim its annual revenue growth target to 40 per cent from the 100-plus per cent earlier. The sources, however, said even this level of growth was far higher than that of most e-commerce companies.
Its success script: Investing more in local content ecosystem; growing its partnership footprint.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
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