The first eight months of the year saw the birth of seven unicorns in India’s startup ecosystem, software industry body Nasscom said in a report. The number of India’s potential unicorns more than tripled from 15 last year to 52 in 2019, becoming the world’s largest pipeline of unicorns in the making, Nasscom said. India’s newest unicorns include Delhivery, a logistics startup; Icertis, which provides cloud-based enterprise contract management; Dream11, a gaming startup; Druva, which provides cloud data protection and management; Ola Electric, the electric vehicle arm of cab hailing firm Ola; and Rivigo, a logistics firm.
The government’s next round of reforms is likely to be focused on real estate, with finance minister Nirmala Sitharaman saying that the prevailing slowdown in the sector needs to be addressed soon. The government is working closely with the RBI to address issues faced by the sector, Sitharaman said at an event organized at the National Stock Exchange on Tuesday. The real estate sector has failed to recover from the twin shocks of demonetization in November 2016 and GST in July the following year. Real estate projects worth ₹1.8 trillion are stalled across India, according to Anarock Property Consultants.
At least nine depositors of the scam-hit Punjab and Maharashtra Cooperative (PMC) Bank were detained on November 5 when they tried to meet Union Finance Minister Nirmala Sitharaman at an event in Mumbai. During the protest, some of them went to the National Stock Exchange (NSE) building, located inside the BKC, where Sitharaman was supposed to address an event. In September, RBI had imposed restrictions on the withdrawal limit of the PMC Bank account-holders after it found alleged irregularities to the tune of Rs 4,355 crore.
Commerce and Industry Minister Piyush Goyal indicated that India is open for negotiations if the member countries of the Regional Comprehensive Economic Partnership (RCEP) would come up with a better offer which can address concerns and provide greater market access for the domestic industries. PM Narendra Modi in Bangkok on Monday said that India will not join the RCEP deal as negotiations failed to address its government’s "outstanding issues and concerns". As many as 16 countries -- 10 nation bloc ASEAN and its six trading partners including India -- were negotiating the mega free-trade pact RCEP.
The world economy could be boosted by as much as $100 billion a year if employers successfully encouraged their staff to meet World Health Organization guidelines on exercise, a study by the health insurance group Vitality and the think tank RAND Europe found. Adding an extra 15 minutes of daily walking, or jogging a steady one kilometre each day, would improve productivity and extend life expectancy - leading to more economic growth. The WHO recommends that all adults should take at least 150 minutes of moderate exercise, or 75 minutes of vigorous exercise, a week.
The Odisha government said the price of onions may further go up by Rs 6-10 per kilogram, due to rain in three supplier states. "Onion prices will go up by another Rs 6-10 as rain in Andhra Pradesh, Maharashtra and Karnataka have affected the supply of onion to Odisha," Food Supplies and Consumer Welfare Minister R P Swain said. Onions are being sold at Rs 60-65 per kilogram in Bhubaneswar.
Finance minister Nirmala Sitharaman on Tuesday hinted that the government will soon use its strong electoral mandate to usher in the next wave of reforms. Without naming the unsuccessful reform measures attempted by the Modi government in its first term, and in an apparent hint at land acquisition reforms, she said government's efforts last time were thwarted by the poor numbers in the Upper House. She said the manufacturing sector competitiveness is still pulled down by "extraneous" factors such as high cost for land, electricity and also changes in land use.