Business News Updates

India's robust GDP growth is surpassing China's, driven by strong manufacturing and global investments. With projections showing India becoming the world's third-largest economy soon, leaders like Modi bolster political stability and economic progress.

Over 70 Air India Express flights were canceled after a significant number of cabin crew members took mass sick leave. The employees protested against deviations from promised job securities and treatment, leading to operational disruptions and concerns over airline management.

RBI Governor Shaktikanta Das convened a meeting with key stakeholders in the UPI ecosystem to discuss strategies for its expansion. The meeting, attended by banks, NPCI, and tech providers, focused on enhancing UPI’s reach and addressing current challenges.

Delhi's Labour Commissioner, Ashok Perumalla, confirms the legitimacy of Air India Express cabin crew's grievances post-Tata acquisition, citing mismanagement and legal violations. Over 100 flights were disrupted due to a mass sick call by around 300 crew members demanding adherence to prior job assurances.

AstraZeneca has voluntarily recalled its Covid-19 vaccine, Vaxzevria, globally due to rare cases of blood clots and a decline in demand. The company admitted the potential side effects in a UK court but claims the withdrawal is for commercial reasons.

Air India Express canceled many flights due to a cabin crew shortage, stemming from protests against alleged mismanagement. The issues intensified with the merger of AIX Connect and Air India Express, leading to widespread discontent among staff.

In Q1 of 2024, India's shipments of 5G tablets soared by 130%, with the overall tablet market growing by 8%. Key players include Samsung, Apple, and Lenovo. Future market growth is anticipated due to technology upgrades and potential government initiatives.

The Indian government lifted the onion export ban but set a minimum export price at USD 550 per ton. Amid Lok Sabha elections, this move follows a temporary prohibition and a newly imposed 40% duty on exports. Onion production has declined significantly, affecting farmers especially in Maharashtra.

President Joe Biden's remarks linking 'xenophobia' in India, China, Russia, and Japan to economic stagnation contrasts with India's significant economic achievements. Despite challenges, India has shown robust growth under PM Modi's reforms, attracting foreign investments, and leveraging a youthful workforce.

The RBI on Friday tweaked rules to reduce the risk faced by banks in their exposure to capital market in the case of issue of Irrevocable Payment Commitments (IPCs).

In Q2 2024, Apple reported significant revenue growth, setting records in numerous countries including India. CEO Tim Cook emphasized the strategic importance of expanding Indian operations and manufacturing to stay competitive. Apple plans to increase iPhone production in India, aiming for over 50 million units annually, with a strong focus on exports and local ecosystem development.

Bharat Biotech announced that its Covid-19 vaccine, Covaxin, maintains an excellent safety profile with no reported severe side effects like blood clots or myocarditis. This statement comes amidst concerns raised by AstraZeneca's Covishield side effects.

GE T&D India has won an order from Powergrid to establish a state transmission asset management centre (STAMC) in Odisha, enhancing OPTCL's grid operations through real-time monitoring and advanced software, facilitating better integration of renewable resources.

In March 2023, the eight core industries, including coal, cement, steel, and electricity, grew by 5.2%. Cement and steel saw significant rises due to demand in infrastructure and real estate. Despite increases in natural gas and crude oil output, petroleum refinery and fertiliser sectors faced declines.

The Reserve Bank of India (RBI) directed banks and NBFCs to review their loan interest charging practices after discovering unfair procedures. These included charging interest before fund disbursal and for full months irrespective of actual loan duration.