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Apple commits to investing across India as Tim Cook opens second store

Apple CEO Tim Cook met with Indian Prime Minister Narendra Modi on Wednesday, pledging to invest further in the fast-growing economy as his company ramps up retail and manufacturing activities. The visit underscores how the world’s most valuable company is continuing to pivot to India, eyeing its potential as both a consumer market and production hub. India is set to surpass China as the world’s most populous nation by the middle of this year, according to data released by the United Nations.

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CNN

Gautam Adani Overtakes Bill Gates To Become 4th Richest Person In The World

New Delhi: Indian businessman Gautam Adani has left behind Microsoft co-founder Bill Gates to become the worlds fourth richest person, according to Forbes Real-Time Billionaires List. The 60-year-old business tycoons net worth reached $115.5 billion on Thursday eclipsing Mr Gates whose fortunes are at $104.6 billion.

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NDTV

India's May trade deficit widens to $6.28 billion as imports rise 73%: Govt

India's exports rose by 69.35 per cent to $32.27 billion in May, driven by healthy growth in sectors such as engineering, petroleum products and gems and jewellery, even as trade deficit widened to $6.28 billion, according to government data released on Tuesday.

Exports in May last year stood at $19 billion, and in May 2019 it was at $29.85 billion, the data showed.

Imports too grew in May 2021 by 73.64 per cent to $38.55 billion, from $222 billion in the same month a year ago -- leaving a trade deficit for the month being reviewed at $6.28 billion.

In May 2019, imports stood at $46.68 billion. Trade deficit in May 2020 stood at $3.15 billion.Exports during April-May this year jumped to $62.89 billion, as against $29.41 billion in the same period last year.

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BUSINESS STANDARD

Explained: India and Pakistan’s battle over basmati

Why are India and Pakistan fighting over basmati?

India, the world’s largest exporter of basmati rice, has applied for protected geographical indication (PGI) status from the European Union’s Council on Quality Schemes for Agricultural Products and Foodstuffs. This would give it sole ownership of the basmati title in the EU. Pakistan, which is the only other basmati rice exporter in the world, has opposed this move as it would adversely impact its own exports, especially as the EU is a major market for its basmati.

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THE INDIAN EXPRESS

Amara Raja to foray into green energy business, to rejig board

HYDERABAD: Tirupati-based battery maker, on Monday said it will be expanding its lead acid batteries business and setting up a new energy strategic business unit ( ) encompassing lithium cell and battery pack, EV chargers, energy storage systems, advanced home energy solutions and related products and services.

According to the company’s board, the role played by lead acid technology across a variety of applications provide growth opportunities in domestic and international markets. Besides, the emergence of lithium as an alternative energy storage technology also opens up new growth opportunities. Apart from investing in latest technologies, the company also expects to pursue inorganic opportunities, the board added.

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THE TIMES OF INDIA

Adani Group clarifies on FPI account development; stocks see some recovery

Shares of Adani Group companies rebounded from their respective intra-day lows on Monday after the company clarified that the demat accounts of three foreign funds-Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in group Companies 'are not frozen'.

The stocks of all six listed Adani Group companies -- Adani Enterprises, Adani Ports and Special Economic Zone, Adani Power, Adani Transmission, Adani Green Energy and Adani Total Gas -- were under pressure on Monday as they fell up to 25 per cent in intra-day trade on report that National Securities Depository Ltd (NSDL) has frozen accounts of three foreign funds that own stake in four of these group companies.

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BUSINESS STANDARD

Why Amazon Is Confronting the Richest Man in Indi

Amazon and one of the world’s richest men are engaged in a multibillion-dollar, politically fraught clash over Rani Pillai’s favorite place to buy groceries.

Ms. Pillai, a 47-year-old retired nurse, is a regular shopper at Big Bazaar, a low-slung supermarket nestled beneath a metro station in a middle-class neighborhood in east Delhi. She tried online shopping last year, during India’s coronavirus lockdown. It didn’t compare to Big Bazaar, where jars of mango pickle jostle for space with pasta sauce, while family packs of instant noodles are stacked near giant sacks of basmati rice.

“I like to see things first,” said Ms. Pillai, whose shopping trip that day netted her a T-shirt and several bags of cookies. “Here I can look at the products before I buy them.”

Big Bazaar is owned by an Indian company, the Future Group, which owns 1,500 supermarkets, snack shops and fashion outlets in 400 cities in India. That bricks-and-mortar footprint makes it a prize for companies that, paradoxically, want a piece of India’s fast-growing technology and e-commerce market.

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NEW YORK TIMES

Commonwealth health ministers seek equal access to Covid-19 vaccines

Commonwealth health ministers, led by India, have called for swift and equal access to Covid-19 vaccines for everyone around the world.

In a joint statement on Friday on behalf of the 54 Commonwealth member countries, they expressed deep concern over the stark gaps in access and delivery of doses, especially in poor countries, and called for "fair and transparent" pricing for the vaccine. Only 0.3 per cent of the life-saving vaccine doses have been administered in 29 poor countries. About 84 per cent of shots have been given in high and upper-middle-income countries.

Speaking at the meeting, Commonwealth Secretary-General Patricia Scotland said: "The science is clear: vaccination works and is the clear and only sustainable route out of this pandemic for the whole world.

"The rise of new variants shows that until everyone is safe no one is safe. No plan to tackle this virus will work until everyone agrees to work together.

"We must talk with each other to move away from some stockpiling vaccines, while many low-middle income countries still do not have access to the much-needed vaccines supplies for the vulnerable populations in their countries. So, cooperation to develop a global immunisation plan to deliver equal access to vaccines must be a top priority."

Health ministers appreciated the global vaccine equity initiative 'COVAX' and encouraged all partners to support government efforts on boosting vaccine confidence and immunisation drives.

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BUSINESS STANDARD

Consumption hit from India’s virus wave seen denting economy

India’s second wave of virus cases will hit the economy by prompting consumers to save rather than spend, unlike last year’s contraction that was driven mainly by supply disruptions, according to a research report.

The economic drag from the pandemic in the current quarter will be dominated by demand destruction or deferment of expenditures, said QuantEco Research economist Yuvika Singhal, who downgraded her full-year growth forecast for this year by 150 basis points to 10%. “Expectation of consumption snag looks more palpable now than last year,” Singhal said. “In contrast to a V-shaped recovery, consumption redux could look more U-shaped this year.”

Apart from a switch to precautionary savings as consumers become more risk averse, Singhal also sees pent-up demand from last year’s lockdown fading and spending in rural areas slowing as the new wave spreads from urban.

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ECONOMIC TIMES INDIA

Jio says deploying submarine cable systems to Singapore; Middle East & Europe to address data demand

Reliance Jio Infocomm (Jio) Monday said it is constructing submarine cable systems connecting India eastbound to Singapore and beyond, dubbed as the India-Asia-Xpress (IAX) and India westbound to the Middle East and Europe, via India-Europe-Xpress (IEX).

The telco is executing the projects in association with several key global partners and submarine cable supplier SubCom, with an aim to support the “extraordinary growth” in data demand across the region.

The submarine cable systems are said to interconnect, as well as, connect to the leading interexchange points and content hubs for extension of service globally.

“IAX and IEX will enhance the ability for consumer and enterprise users to access content and cloud services in and out of India,” it said.

These high capacity and high-speed systems will provide more than 200Tbps of capacity spanning over 16,000 kilometers, and will employ open system technology, as well as, wavelength switched RoADM/branching units.

“To meet the demands of Streaming Video, Remote Workforce, 5G, IoT, and beyond, Jio is taking a leadership role in the construction of the first of its kind, India-centric IAX, and IEX subsea systems,” said Mathew Oommen, President, Reliance Jio.

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ECONOMIC TIMES INDIA

Economic recovery to begin again in next quarter: S&P

S&P Global Ratings has said it expects India’s economic recovery to begin to take hold once again in the next quarter after a dip during April-June as the country would be past the peak of the resurgence in Covid-19 cases.

The upward trend in the shape of India’s recovery seen over the last two quarters from October to March would be punctuated by a dip in the first quarter of the current fiscal year “where economic activity has a decent chance of contracting,” Vishrut Rana, Asia Pacific economist at the global rating agency, said in a virtual conference on Friday.

The shape of India’s economic recovery is likely to see a double dip as disruptions caused by the second wave of Covid-19 could result in a contraction in the April-June quarter, he said. “Indeed, this is going to lead to a double dip.”

S&P maintained its baseline forecast of 11% growth this fiscal though it came out with two downside scenarios even as Fitch Solutions and SBI Research on Friday said the country’s growth may slip to single digit in FY22. According to S&P, however, even in the event of lower growth rates this fiscal, the Indian economy would see a faster pace of growth in the coming two years, protecting its fiscal and credit metrics.

The government had earlier said India was witnessing a V-shaped recovery.

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ECONOMIC TIMES INDIA

The new rules of the “creator economy”

ook at you down there, trying to run for your life,” jeers Summer Solesis, peering down at the camera. “You don’t stand a chance against my giant, size 11 feet!” Standing over her phone, she pretends to stamp on the viewer, who gets the effect—sort of—that Ms Solesis is a “giantess with dirty feet getting rid of the tiny men infesting my house”, as one video is captioned. The production quality is low-fi, but viewers seem not to mind. “Unforgettable sweet crushing,” swoons one fan, Sven, in the comments below.

The pseudonymous Ms Solesis, a personable 26-year-old Floridian, reinvented herself as an online “foot goddess” last March after covid-19 did for her restaurant job. “My mom’s just always told me I had pretty feet,” she says. So “I was just like, well, let’s see if the internet thinks I have pretty feet.” It did. On Instagram she gained 20,000 followers. Some offered money for personalised photos and videos. A few months later she joined OnlyFans, a London-based subscription platform. About 50 people around the world pay $10 a month for Ms Solesis’s newsfeed, adding up to around $5,000 a year after OnlyFans takes its 20% cut. She roughly doubles that with tips and merchandise, including unwashed socks ($10 per day work).

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ECONOMIC TIMES INDIA

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Prime Minister

HE Narendra Modi

President

HE Ram Nath Kovind

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