Edtech firm Byju’s said it is inching towards the $1-billion revenue milestone, gaining from students taking up online courses in the coronavirus pandemic. The Supreme Court asked the government to recover spectrum dues from bankrupt telecom companies. The Tata group was said to be searching for a financial partner to join in its bid for Air India. India banned imports of 101 items of defence equipment to boost domestic production. Senator Kamala Harris was named as Democrat Joe Biden's running mate, making her the first Black woman and the first Asian-American on a major-party US presidential ticket
- India's industrial output contracted 16.6 per cent in June from a year earlier, government data showed, as a monthly measure indicated some recovery in the sector affected by lockdowns to curb the spread of coronavirus. Manufacturing, which contributes nearly 17% to the economy, contracted 40.7% in the three months to end-June, indicating a sharp fall in economic activity.
- Edtech firm Byju’s is inching towards the $1-billion revenue milestone, after earning in late June the Decacorn status for start-ups valued at more than $10 billion. Founder and CEO Byju Raveendran said the company hit a revenue run rate of Rs 6,000 crore ($802 million) on the basis of its revenues in July.
- The Tata group is seeking financial partners to join in its bid for Air India. It will offer the financial partner a minority stake in the special purpose vehicle that will bid for the airline, Business Standard reported. The last date for submitting the expression of interest for Air India is August 31.
- The Supreme Court asked telecom operators Reliance Communications, Aircel, and others why they went in for insolvency proceedings when they had more than Rs 40,000-crore dues in adjusted gross revenues (AGR). The court asked the government to prepare a plan for recovering AGR dues from the bankrupt companies..
- India will stop importing 101 items of military equipment in an effort to boost domestic defence production, said defence minister Rajnath Singh. From December, the military will rely on indigenous vendors for 69 categories of defence equipment, including artillery guns, rocket launchers, and several types of warships.
- Stressed companies that have defaulted for more than 30 days, too, should get a chance restructure their loan accounts, said S S Mallikarjuna Rao, the chief of Punjab National Bank. The Reserve Bank of India’s loan-restructuring scheme says that a borrower should not be in default for more than 30 days as of March 1.
- Democratic presidential candidate Joe Biden picked Senator Kamala Harris as his choice for vice president, making her the first Black woman on a major-party US presidential ticket and giving him a partner well prepared to go on the attack against Republican President Donald Trump. Harris, 55 and born to a Jamaican father and Indian mother, is also the first Asian-American on a major presidential ticket.
A few links for further reading
Hard path to growth
The signals for the economy are not positive: overall demand is yet to pick up; the share of total exports in India’s GDP is declining, and industrial output pattern remains worrying.
Small savings scheme
Investors breathed a sigh of relief when the government announced that interest rates on these instruments would not be revised for the fourth quarter of the calendar year.
Invest and emigrate
The great Indian dream of settling abroad is achievable if one has a few crores to invest. Rich nations offer a variety of investment options in a quid pro quo arrangement: immigrants get a better quality of life and revenue from them helps these countries’ finances. Wealthy Indians, troubled by polluted cities and the red tape holding up entrepreneurship, may want a quick ticket out of the country. Sanjay Kumar Singh lists a range of options: from a Canadian province’s investor programme to America’s US EB-5 plan.