business news

Prime Minister Narendra Modi has reiterated India's stance on indigenous production, emphasizing the importance of local manufacturing in light of global investment interests, including those of Elon Musk's Tesla. In an interview with ANI, PM Modi underscored the need for investments to align with India's ethos and contribute to the nation's employment opportunities, particularly for its youth.

In a significant development, the founder of edtech giant Think and Learn, Byju Raveendran, is set to step into the role of handling the company's day-to-day operations following the resignation of CEO Arjun Mohan. This leadership transition marks a pivotal moment for Byju's as it embarks on a strategic overhaul aimed at consolidating its business into three key divisions.

The Society of Indian Automobile Manufacturers (SIAM) has reported that while the Indian auto industry showed overall growth in the financial year 2023-24, two-wheeler sales have yet to reach pre-COVID levels, indicating ongoing challenges in the sector.

BJP leader Sudhanshu Mittal recently expressed disappointment and frustration over his experience on an Air India flight from Delhi to Dubai. Mittal had booked business-class tickets for himself and his wife, expecting a comfortable journey. However, upon boarding the flight, he discovered what he described as the "most pathetic business class ever."

The District Consumer Disputes Redressal Commission has imposed a hefty fine of ₹28,027 on cab aggregator Uber for overcharging a passenger by ₹27 during a ride in Chandigarh. The complainant, Ritvik Garg, filed a complaint against Uber India Systems Pvt Ltd (UISPL) after being charged ₹80 instead of the ₹53 fare displayed at the time of booking.

Tata Consultancy Services (TCS), a prominent player in the information technology sector, recently announced a notable decrease in its headcount alongside a significant growth in net profit. According to reports, TCS witnessed a drop in its total employee base by over 13,000 during the previous fiscal year, marking the third consecutive quarter of decline, a trend unprecedented in the company's history spanning 19 years. As of now, TCS's employee count stands at 6,01,546.

In a significant move aimed at benefitting health insurance policyholders, the Insurance Regulatory and Development Authority of India (IRDAI) has slashed the maximum waiting period for pre-existing diseases (PEDs) from 48 months to 36 months. This change, effective from April 1, 2024, brings relief to customers purchasing health insurance policies during the current fiscal year.

In a positive economic outlook, the Asian Development Bank (ADB) has revised India's GDP growth forecast for the current fiscal year to 7%, up from the previous estimate of 6.7%. This upward revision reflects ADB's confidence in India's robust growth trajectory, driven by investments and improved consumer demand.

India's retail inflation has hit a 10-month low, standing at 4.85% for the month of March 2024, compared to 5.09% in the previous month. This decline, below earlier predictions, marks a significant easing in inflationary pressures.

Tesla CEO Elon Musk's upcoming visit to India is poised to be a whirlwind of activity, with significant announcements and high-profile meetings on the agenda. Scheduled to last around 48 hours, Musk's visit is set for April 21 and 22, during which he will engage with Prime Minister Narendra Modi, government officials, industry representatives, and unveil ambitious plans for the Indian market.