The International Monetary Fund has projected a growth of 11.5% in the GDP of India for the year 2021. The growth will support India firmly in reaching its target of $5 Trillion economy. Moreover, the IMF in its World Economic Outlook expects much better growth in the Indian economy as compared to china (8.1%). Wishing luck for the projections, Commerce and Industry Minister Piyush Goyal termed India as "Bright start in the Global Market".… read-more
Courtesy: The Times of India
TikTok India is planning to retrench its staff citing the Centre’s decision to extend the ban on the app. In the January 27 letter, TikTok interim chief Vanessa Pappas wrote "we simply cannot responsibly stay fully staffed" with no respite from the government. However, the letter did not mention about the number of people TikTok will shed. Meanwhile, reports have suggested that TikTok employees have started to look for possibilities in newly… read-more
Microsoft has reported an increase of 50% in the subscription of its 'Azure' cloud-computing services for the last quarter. The growth was a part of Microsoft's 'Intelligent cloud' segment that jumped 23% to $14.6 billion. Besides, the company generated $5 billion quarterly revenue with 40% growth in gaming subscriptions following launch of double-Xbox consoles in November 2020. Reportedly, Microsoft logged an overall year-on-year revenue of… read-more
Courtesy: Hindustan Times
As per the FICCI's Economic Outlook Survey, India's GDP is expected to shrink by 8% in 2020-21. The survey has predicted that the industry and services sector can expand up to 10% and 9.2% respectively, whereas Agriculture and allied activities stood at 3.5%. Besides, it mentioned sectors like tourism, entertainment, and education are yet to see normalcy. However, the study expects a rise of 0.5% in the fourth quarter of the fiscal year.
According to Oxfam India's 'Inequality Virus' report, the wealth of India's 100 billionaires has increased to Rs 2.98 lakh crore since March 2020. This increase in wealth is enough to give 138 million poor Indians Rs 94,045 each and can also easily sustain the NREGS for the next 10 years. Besides, the report stated unskilled labour would take about 10,000 years to make what Mukesh Ambani made within an hour throughout the pandemic.
Tata Consultancy Services (TCS) on January 25 outdid Reliance Industries Ltd (RIL) to become India's most valuable firm in terms of market capitalization. As per Bombay Stock Exchange (BSE) data, TCS' share price increased by almost 1.26%, thereby tapping an unparalleled Rs 3,345.25. At the day's highest level, TCS' market value attained a record high of Rs 12.55 lakh crore, while RIL descended by 4.84% to Rs 12 lakh crore.
A recent study by Azim Premji University, TISS and FICCI extrapolated that Micro and Small Enterprises can create 10.3 Million jobs in five years. The study suggested to create an Udyog Sahayak Enterprises Network (USENET) that will connect MSEs facilitating ease of doing business. Digitization, formalisation, availing of government loans and subsidies to be done through USENET, the joint proposal expects adding over 2-lakh crore in five… read-more
Mukesh Ambani's Reliance Jio has started the advanced testing of its 5G infrastructure to fulfill the wireless 5G network commitment in 2021. The fidelity was claimed following Jio registering record 15.5% increase in profit for the last quarter compared to its preceding quarter. Moreover, eying to tap about 300 million 2G users in India, Ambani said Jio will make the 5G affordable and available everywhere. However, airwaves for 5G are yet to… read-more
Indian stock market spiraled in the opening trades of January 21 as the benchmark Sensex crossed the historic 50,000-point for the first time. Jumping 230.69 points from its last close, the Dalal Street almost doubled its value from March 2020 (25,638). Nifty also witnessed a bullish trend while trading above 14,700 points. The steeped rise has been caused by optimism linked to US President Joe Biden's economic resolutions and strong FII… read-more
Centre has appointed edu-tech platform Byju’s founder Byju Raveendran, Snapdeal co-founder Kunal Bahl and Ola’s Bhavish Agarwal and others as non-official members of National Startup Advisory Council. The NSAC will recommend steps to encourage innovation in various sectors among citizens across the country. Besides, it will assist in quick start, operation and exit for the startups. The NSAC's non-official panel will have stakeholders,… read-more
Courtesy: The News Minute