BUSINESS
Currency management exercise, not demonetisation: RBI to Delhi HC on 2K note issue
The central bank defended its decision on a PIL filed by petitioner lawyer Rajneesh Bhaskar Gupta challenging RBI's decision. The PIL argued that it lacks the independent authority, as per the RBI Act, to make such a decision.
Myntra's EORS 18 set to go live on June 1 with 2.1 mn fashion, beauty & lifestyle products
The fashion carnival will be a mega bonanza for shoppers of fashion, beauty and lifestyle, where millions of users from across metro, tier 1/2 cities and towns and beyond can expect value offers on 2.1 million styles, from 6,000 brands at never-before-seen prices.
DGCA grants 30 days to Go First to submit revival plan
The low-cost airline had stopped flying on May 3 and is undergoing voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT). The aviation regulator's order came after the airline had submitted their response to the show cause notice issued by the DGCA on May 8.
TVS Supply Chain Solutions' Dinesh is new CII President
Dinesh, a fourth generation of the TVS group assumed office and took over from Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd. Dinesh, who has been engaged with CII for many years at the state, regional and national level started TVS Supply Chain Solutions (formerly TVS Logistics) in 1995.
Russia says trade with China expected to hit record $200 bn in 2023
Russia has been hit by unprecedented Western sanctions since it unleashed a devastating war against Ukraine and has been shut out of much of the global economy, CNN reported. But China, which has declared "no limits" to its friendship with its northern neighbour, has thrown the Kremlin an economic lifeline, tempering the impact of its banishment from the global financial system, CNN reported.
Corporates, govt collaboration to further empower Indian startups: Chandrasekhar
"These are great times to increase the ties between corporates, government, academia and startups to help grow the innovation capabilities of our country and the innovation ecosystem capabilities in our country," Rajeev Chandrasekhar told the gathering. He said that in the past nine years, the country has come a long distance on empowering startups.
India's GDP growth may even cross 7% in FY23: RBI Governor
Speaking at the annual conference of the Confederation of Indian Industry (CII) here Das noted that for FY23, the estimates for GDP growth is 7 per cent. He said going by the trends, there is a possibility that the GDP growth may cross the 7 per cent mark. Das was confident that India's GDP growth rate for FY24 at 6.5 per cent.
Government's IT spending in India to reach $11.6 bn in 2023
The government will continue to focus on modernising initiatives and their digital efforts for increased productivity, automation and other software-driven transformation, according to an IDC report. "For example, they are ensuring public sector institutions in India build mobile-first experiences for their citizens, especially for those who don't own a smartphone," the report noted.
Tesla will pick new factory location this year, India a contender: Musk
In an interview with Wall Street Journal, when asked if India is an interesting choice for a new Tesla location, Musk responded: "Absolutely".
Indian e-commerce to grow 1000% & emissions 8-mn tons by 2030
The domestic e-commerce market is likely to witness a 10-fold hike - from the current levels of 4-billion parcels delivered per annum to 40 billion per year by 2030. The total annual emissions from this sector would zoom up to 8 million tons of CO2 - equivalent to 16.50 lakh petrol cars driven for a year - Aby 2030, said the CMC-SRG study.
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