India witnessed a 13% rise in foreign direct investment (FDI) to $57 billion in 2020 compared to the previous year. The domestic figure was boosted by investments in the digital economy, while China overtook the US as the largest recipient of FDI globally, according to an UNCTAD report.
In a sweeping move that may lead to legal challenges and further acrimony between India and China in the digital space, the government has permanently banned 59 Chinese apps, and these are believed to include top ones such as ByteDance’s TikTok, Baidu, WeChat, Alibaba’s UC Browser, shopping app Club Factory, Mi Video Call (Xiaomi), and BIGO Live.
No major economy has grown 8-10 per cent without opening up of market, and India should bring down tariff on industrial goods to 10 per cent, Niti Aayog former vice-chairman Arvind Panagariya said on Monday.
Country's largest software exporter Tata Consultancy Services (TCS) on Monday surpassed Reliance Industries Ltd to become the country's most valued firm by market capitalisation. In another milestone, TCS also emerged as the most valued IT company in the world as its market valuation went past that of Accenture.
The Reserve Bank of India (RBI) on Monday refuted reports of withdrawal of old series of Rs 100, Rs 10 and Rs 5 currency notes. While announcing the issuance of new Rs 100 denomination banknotes with base colour lavender in July 2018, RBI had said banknotes in the denomination of Rs 100 issued by it in the earlier series will continue to be legal tender.
Amazon.com Inc has requested to block partner Future Group’s $3.4 billion deal to sell its retail assets to Reliance Industries, in its latest attempt to derail the deal, a court filing seen by Reuters showed.
Equity indices plunged on Monday with the benchmark BSE sensex falling over 500 points dragged by losses in IT and FMCG stocks.The 30-share BSE index fell 531 points or 1.09 per cent to finish at 48,348; while the broader NSE Nifty settled 133 points or 0.93 per cent lower at 14,239.
India’s economy showed signs a recovery is taking root as waning virus cases and a vaccine roll-out supported sentiment and as focus turns to further stimulus possible in the upcoming Union Budget 2021-22.
Finance minister Nirmala Sitharaman faces a huge challenge this year. The Covid pandemic raged through 2020, roiling economies and ruining many lives. The government’s revenues are down but expenditure commitments are up (think of the free vaccines promised).
Since the first quarter of 2019-20, Infosys has been, once again, the growth leader among the big Indian IT services companies. CEO Salil Parekh, who completed three years at the helm this month, looks to have transformed the company that had been roiled by the controversies under his predecessor, Vishal Sikka.