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Pratip Chaudhuri, chairman of State Bank of India (SBI) has said that the government owned bank is not lenient with debt struck Kingfisher Airlines. Says Chaudhuri, “We are not lenient with Kingfisher and are treating it at par with Air India and Jet Airways.” Strong words from the chairman of a leading Indian bank...
With a Gross Domestic Product (GDP) low growth of 5.3 percent during the fourth quarter of the financial year 2011-12, India has recorded its worst ever growth in the last nine years. HSBC has tagged the economy of India as a ‘gasping elephant’. According to a report released by HSBC, “With policy paralysis not...
The Gross Domestic Product (GDP) of India grew by 5.3 percent during the last quarter of the financial year 2011-12. The economic growth is the lowest ever witnessed in nine years. The decline in growth was observed in almost all the sectors contributing to the economy of the country. During the quarter ended March...
According to a weekly credit report released by rating agency Moody’s, India will largely benefit from the weakening of rupee as it is likely to balance the macroeconomic disparity. The sharply depreciating rupee is unlikely to cause a downgrade by the rating agency Moody’s. According to Moody’s, “Since the Indian government’s political capacity to...
Boon Sim, global head of Mergers and Acquisitions at Credit Suisse is moving on from his current position to join Temasek Holdings, an Asia investment firm headquartered in Singapore. For Temasek Holdings, Sim will take the position of president and head of North America along with co-heading the credit operations in United States of...
On the eve of Windows 8 Hackathon, an event organized by Microsoft where nearly 250 certified developers from all over India participated. The two day event was held at a premium hotel in South Mumbai to shape the ideas of developers in the form of an application, which would later make its way to...
The world has been talking about Antilla, largest private residence on Earth, for a long time now. Amidst all that has been written about the mansion, the most important thing that has been ignored is the fact that it remains a home at the end of the day. Nita Ambani, wife of billionaire industrialist...
According to a Crisil report, the Rs 150 billion Indian bus market is growing at an attractive rate of 25 to 30 percent every year. The online bus ticketing market contributes to ten percent of the 2 to 3 lakh bus tickets sold every year. With the rise in demand of bus travel, the...
In a market of six airlines, Indigo Airlines has replaced Jet Airways to become the number one airline of India by market share. According to data released by the Directorate General of Civil Aviation (DGCA) on 18 May 2012, Indigo registered a market share of 24 percent in April compared to 21.9 percent in...
Pranab Mukherjee, Finance Minister of India, refused to withdraw the change in the Income Tax Act with respect to the retrospective effect to tax foreign firms doing business in India. On Friday, January 20, 2012 Indian Supreme court passed the verdict in favor of the Vodafone group saying that the UK based telecom company...
Dr. Manmohan Singh, Prime Minister of India, met Ajit Singh, civil aviation minister of India, to discuss the issues causing the strike by the pilots of the government owned airline carrier. It is reported that Dr. Manmohan Singh asked the civil aviation minister to take pro active measures to ensure that the airfares do...
While the economies worldwide are discussing issues which are influencing slowdown, India is going through one of the best phases with a record Foreign Direct Investment (FDI) inflow of USD 50 billion in 2011-12. This is the highest ever inflow ever since the FDI was allowed in 1996. According to Anand Sharma, Commerce and...
In an interview with Mr. Pramodh Menon by a renowned print media, President Partner Business Group at Cisco Systems (India) Private Limited, he spoke about the India strategy and characteristics that go into the making of an active partner of Cisco Systems. Menon mentioned that Cisco has 1600 active partners in India. He further...
Italian scooter company Piaggio is all set to relaunch Vespa in India yet again owing to the attractive two-wheeler segment which has witnessed tremendous growth over the years. This is the third entry of Vespa on the Indian soil. Globally, Piaggio sold 1.5 lac scooters in 2011. The company is bullish that the Indian...
India is planning to formally challenge the sharp rise in the rejections of US visas for Indian professionals. With the rising trend in US visa rejection being observed by a team of legal experts, India may extend its formal dispute of visa fee hike along with the abrupt increase in visa rejections. Owing to...
Kingfisher Airlines is getting all the attention for wrong reasons though. This time around 200 engineers of the airlines have decided to protest against non-payment of salaries by going on a strike. Recently, Dr. Vijay Mallya, Chairman of the cash strapped Kingfisher Airlines had written a motivating letter to his employees assuring them payment...
Amidst all the policy issues suppressing the growth of the country, Pranab Mukherjee, Indian Finance Minister believes that from a holistic view, India still remains a good investment hub. “Based on what’s the size of the market, whether the systems are transparent and what’s the purchasing power of people, (investment decisions are made),” Mukherjee...
Vodafone and the Government of India entered into a heated exchange of words over the payment of taxes. The Finance Ministry of India had recently decided to amend the Income tax laws in the country. The result of which will be heavily paid by Vodafone. R.S. Gujral, Secretary of Finance Ministry, strongly opined that,...
On Thursday, 19 April 2012, Adi Godrej, President of the Confederation of Indian Industry (CII) was confident that the roll out of the Goods and Services Tax (GST) will improve the economic growth of the country by nearly 1.5 percent. Adi Godrej became the President of CII on Wednesday. In a detailed meeting with...
With a market capitalisation of nearly Rs 200 billion, Dabur India is the maker of some of the most prominent products used in the day-to-day life. The company reported a net profit of Rs 5.68 billion in 2011-12, and targets to double its turnover in the next five years. In a recent interview Anand...
D.K. Mehrotra, Chairman of Life Insurance Corporation of India (LIC), shared his views on the controversy surrounding the intervention of country’s largest insurer in the last minute to bail out the ONGC disinvestment auction. Denying the news that Life Insurance Corporation of India is the bailout resort for the government to sail their disinvestment...
If market sources are to be believed, today Kingfisher Airlines paid the second installment of income tax dues to the Income Tax Department of India. Ever since the management announced their ineffectiveness towards clearing the salaries of the employees in November 2011, nearly 40 bank accounts of the airlines were frozen, only to be...
According to Sanket Akerkar, Managing Director of Microsoft, the opportunity for cloud computing in India is huge as the Indian enterprises are increasingly adopting the technology. Dismissing the adoption of cloud computing as a mere hype in India, Akerkar said, “Cloud computing has a broad trend than just thinking about virtualizing your data center....
According to ‘Leveraging Aadhaar in Telecom Sector’, the first version of a study conducted by the Unique Identification Authority of India (UIDAI), the telecom companies in India can save to the tune of Rs 1000 crore per annum by using the identification details provided by the Aadhaar Authentication. The study says, “Adopting Aadhaar authentication...
On Tuesday, 11 April 2012, Bharti Airtel launched 4G services for the first time ever in India. In a path breaking move, telecom giant Bharti has decided to offer 4G services under the 4G LTE (Long Term Evolution) network, which works on TD-LTE technology. With 4G services, Bharti is all set of offer high...
The Government of India is planning to invest USD 30 billion in the next ten years to open up more existing network of airports for modernization under the Public-Private Partnership (PPP) model. During the 3rd International Aviation Economics Conference, S.N.A Zaidi, Civil Aviation Secretary, said, “In 10th and 11th five year plans, the government...