India's mobility industry is expected to exceed $600 billion by 2030, driven by rising demand for electric vehicles, including preferences for advanced technology in electric four-wheelers and practicality in electric two-wheelers. Emerging mobility models, digital purchase journeys, and increasing influence of women and Gen Z are also shaping the sector's transformation.
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Domestic investors engaged in profit-booking following seven days of gains, causing the sensex to drop by 729 points and the Nifty to lose 189 points. Market analysts attribute this to forthcoming US tariff announcements and sectoral impacts, especially in pharma and IT, despite foreign investors' net buying signals market stability.
President Droupadi Murmu urged the RBI to enhance vigilance against financial fraud and cyber threats as technology advances. She praised the RBI's role in maintaining trust and stability over the past 90 years and emphasized its importance in driving financial innovation and ensuring a secure digital payment system.
India's foreign exchange reserves fell by $2.54 billion to $635.721 billion for the week ending February 14. The decline ended a three-week rise, during which reserves had increased by $7.654 billion. The forex reserves were impacted by a drop in foreign currency assets, while gold reserves and SDRs saw a rise.
Punjab National Bank's new MD and CEO, Ashok Chandra, aims to enhance customer service, retail, agriculture, and MSME lending. He plans to introduce a QR code-based feedback system for customer-facing staff and focuses on improving deposit flows by engaging top companies and being selective with corporate loans.
India's IT sector has shifted towards automation, leading to a collective net headcount reduction of 2,587 in the December quarter. Major firms like TCS, Wipro, and Tech Mahindra saw workforce declines. Experts believe this trend will continue, with the IT sector adding fewer employees compared to the previous year. Increasing revenue productivity has decreased the need for headcount growth.
The Indian rupee closed at 85.43 against the dollar, gaining seven paise. Initially weaker, the rupee strengthened due to the weakening US dollar amid recession concerns and inflation. Despite higher US tariffs on Indian imports, they are lower compared to other countries. Asian currencies recovered, and Indian equities outperformed, while US stocks opened negatively.
US TikTok users are seeing videos from Chinese creators promoting direct factory purchases to avoid Trump's tariffs. These videos, some filmed at factories allegedly producing for brands like Lululemon and Nike, highlight lower prices. Experts suggest this trend undermines tariff policies and promotes Chinese manufacturing, raising questions about tariff effectiveness and TikTok's content distribution influence.
Sanjib Sahoo has been promoted to President of Ingram Micro’s Global Platform Group, continuing to develop the B2B technology platform, Xvantage. Previously the executive vice president and chief digital officer, Sahoo's new role focuses on enhancing real-time interactions and reducing transaction friction, supporting Ingram Micro's goal of becoming a platform company.
Venture capital investments in India saw significant growth from January to November 2024, reaching $16.77 billion across 888 deals. The technology sector secured $6.50 billion. In China, VC funding activities experienced a decline, with a disclosed funding value of $32.3 billion across 2,313 deals.
The US Federal Reserve could cut rates three or four times this year if inflation data cooperates, with a first cut possible before July, a senior bank official said Thursday. Asked about the timing of cuts, Waller said if the data came in as he expected, it was "reasonable" to think rate cuts could come in the first half of the year.