has written off nearly $12 billion, in various phases, on account of its Indian investments, both in Vodafone
India and after its merger with Aditya Birla-owned Idea Cellular. That is even higher than what the UK telecom giant paid to acquire Hutchison Essar back in 2007 as it began its tryst with India. And while it has invested over $16.4 billion in the country, it has hardly made any returns for its UK shareholders. Read More
Shingo La project: Centre plans Zojila-like tunnel to Ladakh region
The road transport and highways ministry has started discussions with the defence ministry to build another such all-weather connectivity to the Ladakh region — this time, via Shingo La or Shinkula mountain pass in Himachal Pradesh. The two departments are in preliminary talks to build a tunnel that would reduce the travel time to the Ladakh region by 15-20 per cent and would come up close to the Atal tunnel near Rohtang Pass. Read More
Covid triggers wave of innovations as consumers turn finicky about hygiene
Over the past few months, Megha Ranade, 35, has been worried that the fruit and vegetables she brings home may not be safe for consumption. Her fears have been triggered in part by the infectious nature of Covid-19, known to spread easily across surfaces. While she monitors everything that comes home, fruit and vegetables seem to escape this all. Read More
Top realtors see green shoots as conversion rates rise by up to 25%
Even as the Indian economy grapples with the pandemic-induced lockdowns, top realtors claim they are now witnessing green shoots in the sector. According to them, conversion rates — from enquiries to sales — have risen to 20-25 per cent, from the single-digit levels of pre-Covid days. The average unit sizes of sales have also gone up.Residential property sales dropped 81 per cent in the top Indian cities in the April to June quarter of this year. Read More
Tremors of PUBG Mobile ban shake up India's entire gaming ecosystem
Last Wednesday, the government banned 118 games and apps to “safeguard the interests of crores of Indian users”. The decision, it said, was a “targeted move to ensure safety, security and sovereignty of Indian cyberspace”. The ban follows on the heels of an earlier ban that blocked 59 apps, including TikTok.
The Indian gaming community is hit because PUBG
(pronounced “pub-jee”) is on the list. Read More
From Mahindra to Tata Motors, automakers charge ahead with EV plans
The core internal combustion engine-powered vehicles of auto manufacturers may have been badly bruised by the pandemic, but that has not derailed the electric vehicle (EV) revolution. Encouraged by a pick-up in demand, most firms are going ahead with earmarked investments and have planned roll-outs, said top officials. Read More
Experts advise caution on stagflation fears amid 24% GDP contraction
The economy seems to have hit stagflation with gross domestic product (GDP) contracting 23.9 per cent in the first quarter of the fiscal year, leading to job losses and the consumer price index (CPI) crossing the Reserve Bank of India’s (RBI’s) comfort zone of 6 per cent for the fourth month on the trot. Read More
India Inc mirrors GDP contraction in Q1: Revenues of 2,170 firms dip 24.3%
It’s not often that the macroeconomy and microeconomy move together and mirror each other. Mostly the latter reacts with some lag. In the April-June quarter (Q1), however, India Inc numbers have perfectly mirrored the country’s macroeconomic headline. The combined revenues of 2,170 listed firms was down 24.3 per cent year-on-year during Q1, mirroring 23.9 per cent contraction in India’s gross domestic product (GDP) for the same period. Read More
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