Most of the slowdown is automobile industry's own making: Rajiv Bajaj. Taking on his counterparts in the automobile industry who have been pressing for government stimulus to tide over the slowdown, Rajiv Bajaj, managing director at Bajaj Auto, said the automobile industry must first look at its own shortcomings.
Andhra Pradesh stares at slowdown after govt applies brakes on Amaravati. An expansive economic slowdown seems to be in store for Andhra Pradesh.
This is in part due to the sudden dip in business ever since the state government applied brakes on infrastructure activity in the upcoming capital, Amaravati. Media reports are doing the rounds about the plight in villages inside the capital city area. They highlighted empty house properties vacated by people employed in these construction projects. Shops dealing with groceries and consumer durables went out of business in the absence of migrants who have now moved out after work stopped, according to reports. Going by one estimate, over 20,000 people, mostly migrants, were engaged in various projects in the area prior to the change of government earlier this May. The plight, however, isn’t just restricted to people who built extra rooms for rental, or retail businesses that cropped up. There are projects with funding commitment from the Centre such as the construction of green-field port in Duggarajapatnam.
Soon, use Railways' plastic bottle crushers and get free mobile recharge. Railways will help recharge phones of passengers if they use plastic bottle crushing machines installed at stations in a bid to promote Prime Minister Narendra Modi's initiative to junk single use plastic.
In his Independence Day speech, Modi had appealed to the nation to eliminate single-use plastic and find alternatives to plastic water bottles on a priority basis. Railways have issued directions that from October 2 this year, single use plastic will not be used on its premises. Railway Board Chairman VK Yadav has said that railways will install 400 bottle crushing machines at stations in which a passenger wanting to use them will have to key in his phone number into the machine and his phone will be recharged. However, details of the recharge were not known immediately. Currently, 160 bottle crushing machines are available at 128 stations, he said. No tatkal, free insurance of Rs 25 lakh: IRCTC's many firsts for Tejas. Passengers travelling on IRCTC's Delhi-Lucknow Tejas Express will get a free rail travel insurance of Rs 25 lakh each, offer of luggage ferried from their homes to seats at a cost and even have exclusive lounges to relax, according to plans drafted by the railway subsidiary which will run its first train from next month.
The Delhi-Lucknow and Mumbai-Ahmedabad Tejas Express trains will be the first trains to be run by the IRCTC, a railway subsidiary, becoming test cases for Indian Railways' move to hand over certain trains to private operators. "Passengers of IRCTC's Delhi-Lucknow Tejas Express to get free Rs 25 lakh rail travel insurance. The passengers of this train will also be given the facility of using retiring rooms at Lucknow junction station and executive lounge at New Delhi Railway station and lounge for meetings on demand," a document enumerating the operational details of the train said.
No concessions, privileges or duty passes will be allowed on these trains.
Fires still erupting in Amazon; number of blazes in Brazil up 45% from 2018. Hong Kong Exchange makes surprise $36.6 bn bid to buy London Stock Exchange. Hong Kong Exchanges and Clearing Ltd. made an unexpected bid for London Stock Exchange Group Plc, which could potentially throw the European exchange’s own transformative deal into jeopardy.
The transaction values one of Europe’s largest exchanges at 29.6 billion pounds ($36.6 billion), according to a HKEX a statement Wednesday. The Asian bourse operator had considered the ‘ambitious and far-reaching’ deal for many months, HKEX Chief Executive Officer Charles Li said. The LSE, which agreed to snap up data provider Refinitiv in a $27 billion blockbuster deal just weeks ago, declined to comment. Indians most satisfied with boss, employees globally feel they are better. Even as bosses worldwide, including in India, are well regarded by their employees, most of these same employees think they could personally manage even more effectively do their managers' job, according to a survey.
Millennial (73 per cent) and Gen Z (70 per cent) employees are most confident they could do their boss's job better, the Workforce Institute at Kronos Incorporated and Future Workplace survey revealed. The survey was conducted by Future Workplace on behalf of Kronos Incorporated (a workforce management and human capital management cloud solutions provider) between July 31 August 9, 2018, among 3,000 employees in India, Australia, Canada, France, Germany, Mexico, the UK and the US.
For overall people management skills, the majority of workers would 'pass' their boss with an A (26 per cent), B (37 per cent) or C (25 per cent), yet 4 of employees give a solid F for performance, it added. Restrictions end in most of Kashmir, private vehicles out on Srinagar roads. Restrictions were lifted from most parts of Kashmir on Wednesday and some areas in Srinagar city witnessed an increased presence of private transport leading to traffic jams but schools remained closed and public transport was off the roads, officials said.
The city witnessed increased movement of private vehicles on Wednesday leading to traffic jams at several places on the Karan Nagar-Batamaloo-Lal Chowk-Dalgate axis, the officials said. They said few auto rickshaws and inter-district cabs were also seen plying in some areas of the city. The officials said restrictions have been lifted from most areas of the valley, but security forces continued to be deployed to maintain law and order. Life expectancy up slightly in India during 2013-17; rural-urban gap closes. Life expectancy at birth in India has risen marginally to 69 years during 2013-17 from 68.7 during 2012-16, according to the latest survey.
Life expectancy at birth is defined as how long, on average, a newborn can expect to live, if current death rates do not change. In fact, life expectancy at birth for the country has undergone a significant change from 49.7 in 1970-75 to 69 in the latest survey, registering an increase of 19.3 years in the last four decades, according to the latest Sample Registration Survey. Life expectancy of males rose by around five months during this period, while that of females increased by just two and a half months. In 1970-75, the life expectancy at birth for male (50.5) was more than female (49). But the trend has been reversed since the 1981-85. The gap between rural and urban life expectancy has also narrowed down significantly during the same period. The gap was reduced to less than five years in the period under review in the latest survey. Plastic industry employs lakhs, blanket ban will lead to job losses: Jairam.
Congress leader Jairam Ramesh on Wednesday took a swipe at the Modi government over the proposed ban on use of single use plastic, saying it will only grab headlines and "mask" this regime's true environmental record.
He also said that he, as environment minister, had resisted the blanket ban on plastic use as the industry employs lakhsof people. The former Environment minister said the real problem was how to dispose of and recycle plastic waste. He also tagged a media report claiming that a complete ban on plastic by the Modi government was not a good idea as the economy was facing a slowdown. Meat and bottled drink sales fall as consumers get climate change conscious.
Consumers worried about the environment are cutting their spending on meat and bottled drinks and trying to reduce plastic waste, and this trend is set to accelerate as climate concerns mount, a global survey showed on Tuesday.
About a third of people surveyed in 24 countries in Europe, Latin America and Asia are alarmed about the environment, with half of those - or 16% of the global total - taking active steps to reduce their imprint. "We are already seeing small reductions in spending on meat, bottled drinks and categories such as beauty wipes," data analytics firm Kantar said in a report on the survey. "As markets get wealthier, the focus on issues of environmentalism and plastics increases. 40% Indians feel controversial social media content may get them fired. More than 40 per cent Indian respondents polled agreed that they could get fired for controversial content on their social media channels, according to a survey by cybersecurity solutions firm McAfee. Interestingly, more than a quarter (30.6 per cent) admitted to only deleting posts after a crisis, and 25.7 per cent "confessed" to posting negative content about their current workplace. The survey - which included 1,000 adults in India - underlined the risks to professional reputation on account of controversial content on social media profiles.
"McAfee reveals that 40.7% Indians agree that they could get fired for controversial content on their social media channels... (About) 33.7 per cent of respondents said they haven't done anything to change social media privacy settings despite knowing how to," it said. The survey found 21.4 per cent respondents worrying that content on their social profiles would negatively affect career/job prospects. Govt will respond to automobile industry's demand, says FM Sitharaman. Finance Minister Nirmala Sitharaman on Tuesday said the government would respond to the demands of the automobile industry, which is facing the worst slump in two decades.
Sitharaman’s assurance to the auto industry came ahead of the GST Council meeting, slated for September 20. The FM, while speaking to the media here on 100 days of the Modi government 2.0, said, “We are conscious that we need to respond.” When asked about a possible rate cut on cars, Sitharaman said that call would be taken by the GST Council at its meeting in Goa next week.
She, however, added that some of the industry suggestions had already been considered. Domestic sales of passenger vehicles fell 31.6 per cent year-on-year to 196,524 units in August, according to the data released by the Society of Indian Automobile Manufacturers (Siam). The total revenue from the auto sector is pegged at about Rs 3 trillion annually. Telangana govt slashes FY20 budget citing slowdown impact on state finances. Telangana has reduced budgetary expenditure for 2019-20 by nearly 20 per cent, to Rs 1.46 trillion as compared to the Rs 1.82 trillion it had asked for in March, in the Vote-on-Account prior to the state assembly election. Presenting a full Budget for FY20 (officially from April 1) in the legislative assembly, Chief Minister K Chandrasekhara Rao said this was done as the country’s economic slowdown had impacted state finances in great measure. This takes the size of the annual Telangana Budget back by two years.
In FY18, the state announced Rs 1.49 trillion as the estimated spending; it later incurred a total expenditure of Rs 1.43 trillion. Earlier, Rao had said his aim was to mobilise Rs 2 trillion every year during this second stint (his government was re-elected this year). As a consequence, the government has directed all departments to first clear pending bills before taking on new work. Non-tax revenue fell by 14.2 per cent in the first four months. IL&FS arm's Gurgaon metro contract stands terminated from 9 September. Rapid Metro Rail Gurgaon’s contract for running Metro services stands terminated from Monday. The unit of troubled IL&FS would, however, continue to operate and manage the mass rapid transit network in Gurgaon with the Haryana Mass Rapid Transport Corporation Ltd. reimbursing insurance, operation and maintenance cost under a court directive.
Till the next date of hearing (September 17), the company would operate and manage the Rapid Metro Rail at Gurugram on both the lines, but subject to reimbursement of the insurance and operation and maintenance cost for this period by the petitioners, Punjab & Haryana High Court said on Monday. The senior counsel for Rapid Metro submitted during the hearing that with the termination of the contract with effect from September 9, 2019, the respondent would not act “as a concessionaire rather would act as an agent”. Adityanath govt to launch 'angel network' for mentoring, funding startups.
Yogi Adityanath government is planning to launch an angel network for mentoring and funding of startups in Uttar Pradesh. The move is aimed at making UP a $1 trillion economy by 2024. The incubator ‘UP Angel Network’ will be unveiled at a startup conclave being organised by the state IT and electronics department and likely to be inaugurated by vice president Venkaiah Naidu in the presence of chief minister Adityanath here on Saturday (Sep 14). The incubator is touted to be one of the largest of its kind in India for handholding, financing and scaling up of new ventures in order to boost entrepreneurship and create jobs opportunities. A member of the proposed angel network told Business Standard the incubator will have representation from industry, government, incubators and angel investors for creating a holistic ecosystem for mentoring startups.
The state will sign a memorandum of understanding (MoU) with Small Industries Development Bank of India (SIDBI) in this regard. RBI panel suggests setting up new entity to boost home loan securitisation. Finance ministry clears NITI Aayog's artificial intelligence proposal. The Narendra Modi government will soon launch a national artificial intelligence (AI) programme, which will see the formation of a task force under Principal Scientific Advisor K Vijay Raghavan to identify projects and initiatives in which to implement the AI technology.
The policy will also include a national artificial intelligence centre, which has been delayed because of a long-standing tiff between NITI Aayog and the Ministry of Electronics and Information Technology (MeitY) on which will be the department that will anchor the project. The proposed policy and the centre could finally see the light of day as the finance ministry has cleared the NITI Aayog’s Rs 7,000-crore plan. “The expenditure finance committee has cleared the spending of Rs 7,000 crore till 2024-25. The NITI Aayog is likely to be the line ministry for this initiative. Can India's education budget fund increased spending in new policy? China says new digital currency to have some similarities to FB's Libra. FEMA violation case: Jet Airways founder Naresh Goyal questioned by ED. Jet Airways founder Naresh Goyal is being questioned by the ED here on Friday in a case of alleged contravention of the foreign exchange law, officials said.
This is the first time that the central agency is grilling him after it conducted searches against him last year. FEMA violation case: Jet Airways founder Naresh Goyal questioned by ED. iPhone bug also accessed iMessage, WhatsApp, Telegram chats: Google. Google releases Android 10 for Pixel phones with dark mode, better privacy. Google has officially released the final version of Android 10 for Pixel owners and will expand to partner devices in the coming weeks. With AI and automation growing, 120 million workers will need retraining. Chandrayaan-2 landing: Date, time, when and where to watch, other details. In J&K shutdown, PM's health scheme grinds to halt, healthcare crisis grows.
His eyes puffy, his spirits low as he lay on a hospital bed with tubes running out of his body to a dialysis machine that purified his poisoned blood and sent it back, shawl vendor Niyaz Wani contemplated how much longer he could afford his treatment. Till August 26, 2019, Wani’s dialysis was free of cost at the 50-bed Khyber Hospital, one of Srinagar’s leading private medical institutes. He is a “golden card” holder under the prime minister’s key medical-costs reimbursement programme, the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (national health protection scheme), which--until August 2019--reported the best use nationally in Jammu and Kashmir. Started in September 2018, Ayushman Bharat provides free health services costing up to Rs 5 lakh (Rs 500,000) to over 100 million Indian families who live below the official poverty line.
400 million Facebook users' phone numbers exposed in privacy lapse: reports. SC allows Mehbooba Mufti's daughter to meet her in Kashmir. World Wide Web founder Tim Berners-Lee calls for efforts to curb fake news. Oyo, Cure.fit continue to be LinkedIn's top two start-ups to work with. India's BPCL buys US crude set to arrive in China after new tariffs kick in. After RBI bailout, doubts emerge on how govt will pay for schemes in future.
RBI mandates banks to link fresh retail loans to external benchmark. Modi seeks partnership with Russia for manufacturing weapons in India. India to contribute $2,00,000 for WHO health emergency fund: Harsh Vardhan. India sovereign bonds to rally as economic slump spurs deeper rate cut bets. Kulbhshan Jadhav seemed under extreme pressure to parrot Pak's claims: Govt. No change in nuclear policy: Pak on Imran's 'no first from our side' remark. Hurricane Dorian which hit Bahamas could cost insurers $25 billion: UBS. Isro conducts Chandrayaan-2 Moon lander's deorbit manoeuvre successfully. Daytime restrictions lifted, landline services restored: J&K principal secy. Hackers may have accessed photos, data on iPhones for over 2 years: Google. Who is allowing bank frauds? Priyanka to govt as RBI reports rise in cases.
Ex-Chhattisgarh CM Ajit Jogi booked after panel rejects his Tribal status. India to discuss an alternative maritime route for oil from Russia. No single 'gay gene' defines sexuality, finds largest-ever DNA analysis. Old Monk most preferred liquor brand among rich Indians, says survey. New speed breaker on India's road to $ 5 trn economy; NHAI's mounting debt. Sell liquor lying in bar in 8 days or destroy it: Delhi govt to restaurants. Gujarat Ports on alert after intel says Pak commandos may enter India.
Pakistan has no locus standi on Kashmir, no country backing it: Rajnath. Don't appoint relatives for advisory roles in ministries: Modi to ministers. Kashmir internal issue for India, Imran Khan's rhetoric absurd: US lawmaker. Avail 25% discount on select train tickets from September 1, details here. Walmart Foundation gives Rs 34 cr to 2 cos bringing tech to Indian farmers. Britannia Industries stock rises 6.2% as investors cheered growth plans. Vivo plans Rs 7,500-crore investment, facility expansion in India. Get coal mine project in Queensland moving, Australian Minister tells Adani. As demand slowdown hurts, makers of Lux, Lifebuoy, Santoor soaps cut prices. China's new drug law may open door for Indian generic medicines: Report. INX Media case: Chidambaram's counsel seeks transcript of ED interrogation.
I-T attaches Rs 150 cr worth 'benami' hotel of Congress leader Kuldeep Bishnoi, brother. No impact of US-China trade war on India: CEA Krishnamurthy Subramanian. 'Kashmir Ambassador' Imran Khan admits Muslim nations not backing Pakistan. G7 members agree to release $22 million to fight Amazon rainforest fire. Don't hold your breath: Amazon fires aren't depleting Earth's oxygen supply.
Don't hold your breath: Amazon fires aren't depleting Earth's oxygen supply. Govt to soon consider relaxing FDI norms in single brand, digital media. Rs 1.2 trillion investment planned for city gas network expansion: Pradhan. Economic slowdown: Steel consumption set for slowest growth in three years. How much did Railways make fining ticketless travelers in 3 yrs? Rs 1377 cr. SC refuses to entertain P Chidambaram's petition, calls it 'infructuous' PM Modi launches $4.2 mn redevelopment project of Hindu temple in Bahrain.
Restrictions imposed in Srinagar after separatists call march to UN office. Ajay Kumar Bhalla appointed Union home secretary for two-year term. Alert in Tamil Nadu after intel says six Lashkar terrorists entered state. Will no longer seek talks with India, says Pakistan PM Imran Khan. Ready to open Kartarpur Corridor despite tensions with India: Pakistan. Kashmir should be settled bilaterally; no place for third party: Macron. Govt using CBI, ED as 'revenge-seeking' units: Cong on Chidambaram's arrest. Pains me to see Chautalas divided, hope they unite: Parkash Singh Badal. Govt taking steps to stop Himalayan waters from flowing into Pakistan. Mobile data price down 95%, revenue up 2.5 times in 5 years: Trai. Nirav Modi to appear via videolink for customary remand hearing in UK. BJP plans nationwide campaign on Article 370 move, ropes in prominent faces. ISRO performs 2nd lunar-bound orbit maneuver successfully for Chandrayaan-2. NDTV's Prannoy Roy, wife, former CEO booked for alleged FDI norms violation.
Vadra gets 4 weeks to file rejoinder in plea to quash money laundering case. No evidence that India is running afoul of sanctions on Iran: US official. INX Media case: ED issues fresh lookout circular against P Chidambaram. Chidambaram's case to be put before CJI to consider for urgent listing: SC. Railways increases lower berth quota for senior citizens, women passengers. Tips for Senior Citizens to Reach Financial and Emotional Independence. No protection to PSU employees from criminal persecution, rules SC. Former PM Manmohan Singh elected unopposed to Rajya Sabha from Rajasthan.
Chhattisgarh's proposed elephant reserve casts shadow on coal mining. New planet discovered in orbit of young Milky Way star Beta Pictoris. Economic slowdown affecting super luxury segment: Lamborghini India.