In a bid to cut down on its power purchase costs and utilise the vast stretches of linear land along the tracks with greater efficiency, the Indian Railways is planning to come up with solar power tenders of 4GW soon. The bids will open up business opportunities of about Rs 18,000 crore for the domestic solar industry that consists of equipment makers and plant installers. According to sources, the tender, to be invited by Solar Energy Corporation of India (SECI), is proposed to be issued in two tranches of 2 GW each to be built across 10 states.
Employees in India are likely to see a double-digit salary growth in 2019, but inflation may resist the hike at 5%. Salaries in India are expected to increase 10% in 2019 as compared to 9% last year and inflation-adjusted real-wage hikes are likely to rise to 5% from 4.7% in 2018. Consequent to rapid economic growth, India continues to enjoy the highest overall salary increases and real-wage growth in Asia," said Navnit Singh, Chairman & Regional Managing Director, Korn Ferry India.
Indian incense stick exporters can soon start shipping the product to European markets, including Italy, after putting appropriate labelling on the goods. The exports of these sticks to Europe were earlier facing issues after Italian customs authorities seized consignments, alleging that the product contained harmful chemicals beyond a permissible limit. The issue was immediately taken up by Union Commerce Minister Suresh Prabhu with Italian authorities for its resolution. As Italy is a member of the European Union, restrictions on imports of these sticks from India applied to all the member countries.
The country’s biggest dairy brand Amul has sent a legal notice to Google India, alleging that the technology giant has “benefited” from fake ads campaigns to scam individuals in the name of Amul. The Gujarat Cooperative Milk Marketing Federation (GCMMF), that owns Amul, alleged that individuals and organisations with malafide intent have been running a series of fake B2B paid ads on Google search engines using keywords such as Amul franchisee, Amul parlour, and Amul distributor since September 2018. The fake ads promised business opportunities with Amul, only to swindle money ranging from Rs 25,000 to Rs 5 lakh.
Confederation of All India Traders (CAIT) on Wednesday urged the government not to accept any demand by large e-commerce players such as Flipkart and Amazon India to defer implementation of revised FDI norms for e-commerce. The traders’ body warned that any move to amend the policy will be opposed by the trading community. CAIT also demanded a probe into the activities of major e-commerce players over the last two-three years. Government's new regulations bar online marketplaces with foreign investment to sell products of companies in which they hold equity stake.
Civil Aviation Minister Suresh Prabhu said that the government is preparing a roadmap for the domestic manufacturing of aircraft as well as for aircraft financing and maintenance within the country. The move is aimed at boosting Make in India initiative. He said that the country needs a further 2,300 aircrafts to meet future air travel demand. Prabhu said the government wants the financing for aircraft to be done by local players and is working on it how that should happen from India.
Amazon India is gearing up to launch its 4-day long ‘Amazon Great Indian Sale’ starting from January 20. The e-tailer is promising deals on consumer electronics, fashion, home & kitchen, large appliances, daily essentials and smartphone brands like Apple, OnePlus, Xiaomi, Honor, Realme and Samsung. Amazon said it would offer discounts on brands like Puma, Red Tape, Bata, MotherCare, Vero Moda, Fastrack, among others. The new FDI policy on e-commerce would kick in from February 1 which could restrict the steep online discounts offered by e-tailers. Amazon will also be promoting handloom and handicraft products from across the country.
In a boost to the Make in India initiative, state-run BEML has bagged contracts worth Rs 3,015 crore for supply of 378 coaches for ADB-funded Mumbai Metro lines, the Department of Industrial Policy and Promotion (DIPP) said Friday. The contract was awarded under the Public Procurement (Preference to Make in India) Order which emphasizes on procurement from domestic sources only irrespective of the value of the purchase. DIPP had reviewed the eligibility criteria after receiving complaints from BEML about being technically disqualified.
The Indian unit of the French automaker, Renault, more than doubled its losses to Rs 850 crore for the fiscal ending March 2018, due to stiff competition and subdued demand for its existing products. The company’s net loss during the fiscal 2016-17 was Rs 360 crore. In FY18, when the overall passenger vehicle segment grew by around 8% year-on-year, Renault India’s domestic sales fell around 25% y-o-y to 102,222 units. Renault India, which plans to make India an export hub for emerging markets, also saw a hit on exports with negligible growth during FY18.
The World Bank maintained a robust growth forecast for India pegging its GDP growth rate at 7.3% in the fiscal year 2018-19, and 7.5% in the following two years. China’s economic growth is projected to slow down to 6.2% each in 2019 and 2020 and 6% in 2021, according to the January 2019 Global Economic Prospects report released by the World Bank on Tuesday.
The government has refused to grant any special package to iPhone maker, Apple, or its associate contract manufacturers to set up a manufacturing facility in India. The iPhone has reportedly sought a 5 year assured incentives under the Merchandise Export from India Scheme (MEIS) and income tax relief on exports from the government. Union Commerce minister said that the company’s demand for incentives may be aligned with existing schemes, including Make in India, MEIS and the phased manufacturing programme (PMP) for electronics manufacturing. Apple has already started the assembly of iPhones in India at its Bangalore unit.
National carrier Air India’s passenger revenue from domestic and international ticket sales grew 17% to Rs 15,081 crore during April-December of the current fiscal. The growth in revenue was due to better aircraft utilisation and rationalisation of routes, chairman and managing director Pradeep Singh Kharola said on Wednesday. Air India earns 65% of its passenger revenue from international flights.
After failing to attract any bids for Air India in May last year, the government is hoping to pocket around $1 billion (about Rs 7,000 crore) from the sale of national carrier in the next financial year, a government official said. The government will initiate the process of strategic disinvestment of Air India in the second half of 2019-20. Air India has a debt burden of Rs 55,000 crore. The government had received Parliament approval to infuse Rs 980 crore equity into the Airline in 2018. Earlier this month, Parliament approved a further Rs 2,345 crore equity infusion.
Seven of the world’s top 10 economies by 2030 will likely be current emerging markets. As per Standard Chartered Plc. forecasts, China is projected to be the largest economy by 2020 using purchasing power parity exchange rates and nominal GDP. India will likely be larger than the U.S. in the same time period while Indonesia will break into the top 5 economies. Asia’s share of global GDP, which rose to 28 percent last year from 20 percent in 2010, will likely reach 35 percent by 2030, matching that of the euro area and U.S. combined.
Bank of India has sold its three large loan accounts during the quarter ended December with haircuts ranging between 64% and 84%. BoI took a haircut of 84.5% in case of Alok Industries where it recovered Rs 96 crore against the exposure value of Rs 621 crore. Alok Industries was one of the 12 large NPAs named by the RBI in its first list of insolvency resolutions. While the lender recovered Rs 69 crore against an exposure of Rs 191 crore in case of Asian Coated Ispat, the recovery from ISMT was Rs 155 crore against Rs 422 crore.