Business Standard - December 11, 2024

In this issue

December 11, 2024

Amazon raises export target from India: $80 bn by 2030

Says it's on track to reach $20 bn goal in exports by 2025

2 mins

LISTING OUT KEY ISSUES FOR RBI Das: Restoring inflation-growth balance top task

Restoring the inflation-growth balance is the most important task ahead for the Reserve Bank of India (RBI), outgoing Governor Shaktikanta Das said on the last day of his tenure while listing out some key issues for his successor, Sanjay Malhotra.

3 mins

IOC pact gives us access to 37K retailers, 13K LPG distributors

Much before the Teslas, Athers and Olas of the world, CHETAN MAINI, now chairman of battery-swapping major Sun Mobility, co-founded Reva - India's first electric car company in 1994. The world was then busy guzzling diesel and warming the earth. But Reva remained a trial for customers, before Maini sold it to Mahindra. The Stanford alumnus moved on to start a battery-swapping business in 2017, again a bit early for its time. Maini has now roped in Indian Oil as an equal partner. That involves setting up battery-swapping stations (BSS) at IOC's fuel outlets. In an interview, Maini spoke to S Dinakar in Chennai to explain what this new tie-up means for both companies, and for battery swapping. Edited excerpts:

2 mins

RBI approves Burmans' 26% stake buy in REL

Shareholders of Religare Enterprises (REL) will decide the future of the company's Executive Chairperson Rashmi Saluja, who is seeking reappointment as a director, at the annual general meeting (AGM) scheduled for December 31.

1 min

Maharashtra, Tamil Nadu ride auto PLI manufacturing wave

Maharashtra, Tamil Nadu, Haryana, and Karnataka have emerged frontrunners in India's electric vehicle (EV) manufacturing ecosystem, accounting for over 200 of the 257 manufacturing facilities and engineering research and design units established by beneficiaries of the government's Production Linked Incentive (PLI) Scheme for the Automobile and Auto Component Industry (PLI-Auto), according to data from the Ministry of Heavy Industries (MHI).

1 min

'India not tougher than other mkts'

Online retail major Amazon is navigating a challenging regulatory environment in India at a time when e-commerce is witnessing rapid growth and quick commerce has emerged as a new reality. SAMIR KUMAR, in his first interview since taking charge as Amazon India head in September, tells Aryaman Gupta & Nivedita Mookerji in New Delhi that regulatory challenges exist in every market and that India is not more difficult than others. On quick commerce, he says a pilot for 15-minute delivery is starting in Bengaluru this month. Edited excerpts:

3 mins

India's BEV market to grow threefold next year: S&P

Battery electric vehicles (BEVs) are projected to see nearly a threefold increase in production in calendar year (CY) 2025, driven by major electric car launches.

1 min

Separate policy sought for stainless steel industry

Industry body Indian Stainless Steel Development Association (ISSDA) is pushing for a separate policy for the stainless steel industry.

1 min

Omnicom's IPG buy to make it India's 2nd-largest ad firm

The board of directors of the Omnicom group on Monday approved the acquisition of Interpublic Group (IPG), making it the largest advertising company in the world by revenue.

2 mins

Fog mandate: DGCA denies Akasa immediate relief

The Directorate General of Civil Aviation (DGCA) has directed Akasa Air to immediately comply with its mandate to deploy only CAT-III-trained pilots at all six major fog-affected airports, even as it reviews the airline's requests for certain exemptions, sources told Business Standard on Tuesday.

1 min

Wet blanket on investments if imports are not curbed

Surge in import of flat steel from China to India is roiling the large integrated steelmakers who have lined up big-ticket investments through this decade. Trapped in a downward profit spiral, steelmakers are asking the Centre to put in place trade and non-trade remedy measures to protect the domestic industry. In a video interview, ArcelorMittal Nippon Steel India (AM/NS India) director and CEO DILIP OOMMEN tells Ishita Ayan Dutt that things will only get worse if the government doesn't act in time. Edited excerpts:

3 mins

Will do what is best for economy, says incoming RBI guv

A day after his appointment as the 26th governor of the Reserve Bank of India (RBI), outgoing Revenue Secretary Sanjay Malhotra on Tuesday said one must understand the economic landscape and do what was best for the economy.

1 min

The relationship between RBI and govt is at its best

Outgoing Reserve Bank of India Governor SHAKTIKANTA DAS talks of how the relationship between the central bank and the government has evolved, why putting business restrictions is the last resort for the regulator, and that growth is impacted by a multiplicity of factors, not just one factor of the repo rate. Edited excerpts:

3 mins

New governor has a lot on plate

Sanjay Malhotra takes charge as 26th RBI governor at a time when headline retail inflation has shot up to 6.2%

3 mins

RBI an institution of trust, credibility: Das

As he left office on Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das reminisced on how, together with the central bank's team, they successfully navigated an exceptionally challenging period marked by unprecedented global shocks, wishing that the top bank grows even taller as an institution of trust and credibility.

1 min

Asset quality pressure rising in India: Fitch

Global rating agency Fitch on Tuesday said the rapid credit growth and historical risk-taking have intensified asset quality pressures in emerging markets like India and Vietnam.

1 min

India set for resilient growth in '25: S&P

The Indian economy is set for resilient growth in 2025 on the back of strong urban consumption, steady services sector growth, and ongoing investment in infrastructure, S&P Global Ratings has said in its latest India Outlook.

1 min

Next edition of debt and investment survey in 2026

The National Statistical Office (NSO) is slated to kickstart the next round of \"All India Debt and Investment Survey (AIDIS)\" in 2026, after the surveys on health, travel and tourism expenditure are completed as part of the 80th National Sample Survey (NSS) round next year, official sources said.

2 mins

Rupee hits new low of 84.85 vs dollar

Traders expect new RBI guv to tread a more flexible path on exchange rate

1 min

India for 'per capita distribution of subsidies' criteria for fishers

India is pushing for the use of a \"per capita distribution of subsidies\" criteria in order to discipline subsidies that result in overfishing and overcapacity under a World Trade Organisation (WTO) framework.

1 min

Ajay Seth given additional charge as revenue secy

The Appointment Committee of the Cabinet, headed by Prime Minister Narendra Modi, on Tuesday assigned the additional charge of the post of revenue secretary in the finance ministry to Economic Affairs Secretary Ajay Seth.

1 min

US CEO murder suspect is Ivy League grad

Valedictorian at his $37,000-a-year all-boys prep school. Founder of a gaming club and graduate at an Ivy League university. A rapidly ascending data engineer at TrueCar Inc. Luigi Nicholas Mangione was all that. And now, he's been charged in New York with the murder of insurance executive Brian Thompson, a father of two gunned down last week in Midtown Manhattan.

1 min

After strike, Boeing restarts 737 MAX production

Boeing restarted production of its best-selling 737 MAX jetliner last week, about a month after the end of a seven-week strike by 33,000 factory workers, according to three sources familiar with the matter.

1 min

Syrian rebels name caretaker PM

Mohammed al-Bashir will run administration until March 1; Israel's Katz says he ordered a 'sterile defensive zone'

2 mins

Quantum computing is closer to reality after another Google breakthrough

In 2019, a team of Google researchers said they had built a machine capable of performing tasks that were not possible with traditional supercomputers.

3 mins

China's exports slow, imports shrink ahead of Trump tariffs

China's exports slowed sharply and imports unexpectedly shrank in November, in a worrying sign for the world's number two economy as Donald Trump's imminent return to the White House brings fresh trade risks.

1 min

The power of India's family businesses

Indian family-owned business groups have once again been thrust into the limelight following the US prosecution of the Adani Group for alleged corrupt behaviour.

4 mins

The universe decoded

The physicist Sean Carroll has embarked on an ambitious experiment with a trilogy that discusses the \"Biggest Ideas\". Two volumes have been published and both promise to become pop science classics.

3 mins

Engaging with Dhaka

Foreign secretary's visit suggests a thaw

2 mins

Unfavourable design

Sovereign gold bonds are a drain on govt finances

2 mins

Civil servants at Mint Road

The rise of civil servants at the helm of the RBI is not a new trend

5 mins

Lalu joins Oppn chorus to back Mamata for heading INDIA bloc

'Diversionary tactic' to shift focus away from demand for JPC probe on Adani group: Cong

2 mins

Packing and labelling imported goods don't confer Indian-origin status

We want to import some items from China and re-export them to USA after repacking and relabelling.

2 mins

Bihar mandis in 'deplorable' state after repeal of APMC Act

At the height of the farmers' agitation against the three farm Acts in 2020, many commentators had pointed to Bihar's abolition of the Agriculture Produce Marketing Committee (APMC) Act as an example of deregulating the farm markets.

2 mins

Gadkari: Rajasthan to get 9 projects worth ₹30K cr

341,620 houses to be constructed under PM Awas: Shivraj

1 min

MEITY'S MISSION NOT SO EASY

There are many hurdles on the path of India's electronics ambition. But there is a plan of action

5 mins

Kalki, Stree 2, Maharaja among most popular Indian films: IMDb

Nag Ashwin's Kalki 2898 AD is the most popular movie of 2024. Amar Kaushik's Stree 2: Sarkate Ka Aatank, Chidambaram S. Poduval's Manjummel Boys, and Kiran Rao's Laapata Ladies also make it to a somewhat eclectic top-ten list from IMDb (Internet Movie Database).

2 mins

From sports to AQI, all that ruled the Google search list

Google, the search giant has come up with its list of topics that were most searched by Indian internet users in 2024.

1 min

IIT-Madras comes out with world's 1st detailed 3D images of foetal brain

Indian Institute of Technology Madras has become the first research organisation in the world to release the most detailed 3D high-resolution images of the foetal brain, pushing the frontiers of brain mapping technology and placing India in the global league of brain mapping science.

1 min

IIT-Delhi, IIT-Kanpur among world's top 100 varsities for environmental impact

Indian Institute of Technology (IIT), Delhi is at top among universities in India for sustainability, jumping 255 places to reach 171 globally, according to QS Rankings announced on Tuesday.

1 min

Andre Agassi serves an ace for tech in education

Tennis legend Andre Agassi said finding private sector solutions for daunting social problems is important and needs to be scaled up.

1 min

RIL continues to be a laggard on bourses

Reliance Industries (RIL), India's largest company by revenue and market capitalisation, is a laggard on the bourses.

2 mins

Brokerages advise caution in '25

Earnings growth uncertainty, elevated valuations seen capping upsides

2 mins

Market regulator widens scope of T+0 settlement to top 500 stocks from Jan 31

The Securities and Exchange Board of India (Sebi) on Tuesday announced that the top 500 stocks will be eligible for the same-day settlement cycle (T+0) in a phased manner.

1 min

DigiLocker may be used to ease the process of claiming unclaimed assets

The Securities and Exchange Board of India (Sebi) has proposed leveraging the DigiLocker platform to streamline the process of claiming unclaimed assets of deceased investors.

1 min

ADANI GREEN FASTEST WEALTH CREATOR DURING 2019-24: MOTILAL OSWAL STUDY

Reliance Industries (RIL) emerged as the biggest wealth creator for the sixth time in a row, while Adani Green and Adani Enterprises were the fastest wealth creators for the five-year period ending March 2024, reveals the 29th annual wealth creation study by Motilal Oswal.

1 min

Net inflows into equity schemes fell 14% in Nov

Slowed by decline in lump-sum investments and NFO collections

2 mins

Swiggy's early moves stir pot in food, qcom

Growth, strategy may help close the gap with Zomato

2 mins

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