India's transport minister asserts confidence in local EV brands' capacity to compete with Tesla amid the growing electric vehicle market. He highlights the shift to quality-based manufacturing and anticipates India becoming the top automobile market within five years due to advancements in alternative fuel and electrification.
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TCS CEO K Krithivasan attributes the company's sequential lackluster performance to deferred discretionary spends by clients and seasonality. Despite these challenges, he remains optimistic about future business prospects, managing potential changes in immigration regulations, and leading advancements in AI and software engineering for improved productivity.
India is discontinuing medium- and long-term options of its gold monetisation scheme due to evolving market conditions. From March 26, 2025, only short-term deposits will be accepted based on commercial viability. This move aims to reduce financial commitments and mitigate risks from gold price fluctuations. Existing deposits will remain intact until maturity.
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.
India needs a tax buoyancy of 1.2-1.5 to achieve a 6.5-7% growth rate, according to an EY report. To support this growth, the government may need to boost the tax-to-GDP ratio to 14% by FY31. Enhancing tax buoyancy, managing expenditures, and continuing structural reforms are crucial for sustainable growth. India's projected GDP growth for the next fiscal is 6.3-6.8%.
Honda and Nissan are in preliminary merger talks, potentially creating a holding company to rival Toyota. This move could also involve Mitsubishi, further consolidating the Japanese auto industry. The discussions aim to strengthen their position against global competitors, particularly in the electric vehicle market, and address financial challenges.
7-Eleven's parent company, Seven & i Holdings, is exploring store sell-offs with Canadian firm Alimentation Couche-Tard (ACT) to address antitrust concerns and a potential merger. Joint efforts by financial advisors are underway to find buyers, aiming to create a feasible divestiture plan. This follows measures to counter ACT's takeover bid, previously rejected for undervaluation.
Gold prices reached an all-time high of Rs 86,875 per 10 grams, driven by investor demand for safe havens amid US trade tariffs and global economic slowdown. Silver also saw fluctuations, ending at Rs 99,389 per kilogram. Market sentiment reflects expectations of a less aggressive Federal Reserve policy and ongoing volatility in the dollar index and US trade.
Accel raised $650 million for its eighth India-focused fund, reflecting confidence in the country's startup ecosystem amid global economic uncertainties. This funding will support both new ventures and existing portfolio companies, with notable investments like Swiggy, BlackBuck, and Bluestone preparing for public offerings.
Shaktikanta Das, concluding his six-year term as India's central bank governor, navigated the RBI through a pandemic and digitization, defying initial skepticism. Despite lacking formal economic training, he prioritized financial stability, built up forex reserves, and fostered a modern digital payments system. His successor, Sanjay Malhotra, inherits a strong foundation but faces global market uncertainties.
Hero MotoCorp will appoint Vikram Kasbekar as acting CEO effective May, following Niranjan Gupta's departure. The restructuring also designates Ram Kuppuswamy and Ashutosh Varma in new roles. Additionally, the EV & Emerging Mobility Business Unit will become a separate entity from February 2025.