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23Jul By Press Trust of IndiaNo Comments

INDIA

Flipkart acquires Walmart India, to launch Flipkart Wholesale for B2B segment in August

Bengaluru, 23rd July 2020: Flipkart announced the acquisition of Walmart India for an undisclosed amount, and said it will launch ‘Flipkart Wholesale’ next month, as the homegrown e-commerce major looks to tap into the USD 650 billion B2B retail markets in India. Walmart India runs 28 Best Price wholesale stores in the country. The announcement comes a week after Flipkart had said it had raised USD 1.2 billion in funding from a Walmart-led investor group. In 2018, Walmart Inc had invested USD 16 billion for acquiring 77 percent stake in the group. Flipkart Wholesale is a new digital marketplace focusing on addressing the business-to-business (B2B) segment in India. “This marketplace is going to effectively link sellers and manufacturers on one end and kiranas and micro, small ...

20Jul By PriyankaNo Comments

INDIA

Indian MSMEs on Amazon crossed $2 billion in Global Selling

American E-commerce giant Amazon's Indian subsidiary said Indian micro, small and medium enterprises (MSMEs) and brands that are part of its Global Selling Programme (GSP) have crossed $2 billion in cumulative exports. The company, which had started GSP in 2015, allows Indian companies to export to other countries through 15 Amazon websites globally. The program had started with a few hundred sellers and now has over 60,000 exporters. In January this year, Amazon had pledged to enable $10 billion in cumulative exports by 2025. Amit Agarwal, senior VP and country head Amazon India, said, micro, small and medium enterprises (MSMEs) are the backbone of the Indian economy and by digitizing them, the company is contributing towards boosting exports and job creation that will empower i...

15Jul By PriyankaNo Comments

INDIA

End of Huawei’s 5G Journey in India? Reliance Jio Launch Made in India 5G solution

New Delhi, Jul 15, 2020: India's leading company Reliance Industries said that its telecom unit Jio has built a Made-in-India 5G solution that can be ready for field deployment next year and has teamed up with Google for developing affordable smartphones. Asserting Jio's move to make India free of 2G, RIL Chairman Mukesh Ambani emphasized on the need to accelerate the migration of 350 million Indians 2G phone users to an affordable smartphone, at a time when India stands at the doorsteps of the 5G era. At Reliance 43rd AGM, Mukesh Ambani said, "There are many feature phone users who are waiting to upgrade to a conventional smartphone, if only it was somehow more affordable. So, we have decided to address this challenge head-on. We believe we can design entry-level 4G or even 5G smar...

13Jul By AdityaNo Comments

INDIA

Google to Invest $10 billion in India: Sundar Pichai

New Delhi, Jul 13, 2020: Google CEO Sundar Pichai said that they plan to invest $10 billion (Rs 75,000 crore) in India over the next five to seven years to help accelerate the adoption of digital technologies in the country. Pichai, who held a virtual meeting with Prime Minister of India Mr. Narendra Modi on Monday morning, made the announcement at the annual ''Google for India'' event via video conference. Announcing the $10 billion investment in India over the next 5-7 years through ''Google for India Digitization Fund'', Pichai asserted that the move is a reflection of the company's confidence in the future of the country and its digital economy. Pichai said a whole new generation of technologies are happening in India first, and that people in the country no longer have to wa...

9Jul By PriyankaNo Comments

INDIA

Samsung starts all Smartwatches Manufacturing in India

New Delhi, July 9, 2020: Tech company Samsung has said that they started manufacturing smartwatches in India at its Noida facility as part of its ''Make in India'' efforts. The South Korean company, which has its largest smartphone manufacturing facility in Noida, has also launched a new 4G-enabled smartwatch priced at $379 (Rs 28,490) that will be manufactured locally. "The Aluminium edition of Galaxy Watch Active2 4G is our most affordable 4G watch now. It's also the first smartwatch to be made in India. With Galaxy Watch Active2 4G, we have also started manufacturing our entire range of 18 smartwatches in India as part of the ''Make for India'' program," Samsung India Senior Vice President, Mobile Business, Mohandeep Singh said in a statement. The company, however, did not pro...

6Jul By Press Trust of IndiaNo Comments

INDIA

India’s trade deficit with China dips to $48.66 billion in FY20

India’s trade deficit with China fell to $48.66 billion in 2019-20 on account of the decline in imports from the neighbouring country, according to government data. Exports to China in the last financial year stood at $16.6 billion, while imports aggregated at $65.26 billion, the data showed. The trade deficit stood at $53.56 billion in 2018-19 and $63 billion in 2017-18. The main imports from China include clocks and watches, musical instruments, toys, sports goods, furniture, mattresses, plastics, electrical machinery, electronic equipment, chemicals, iron and steel items, fertilisers, mineral fuel and metals. India has time and again raised concerns over the widening trade deficit with China. The government is framing technical regulations and quality norms for several product...

PM Narendra Modi Deletes His Weibo Account

2Jul By AdityaNo Comments

INDIA

PM Narendra Modi Deletes His Weibo Account

New Delhi, 2nd July, 2020: Prime Minister of India Narendra Modi deleted his account on Chinese social media app Weibo, after India banned 59 Chinese apps over national security concerns. PM Modi had nearly 2.44 lakh followers and 100 posts in his social media account. For VIP accounts, Weibo has a more complex procedure to quit which is why the official process was initiated, according to sources who added that for reasons best known to the Chinese, there was great delay in granting this basic permission. All posts, images, and comments on the Prime Minister's Weibo account have been deleted, including two posts where he had photos with Chinese President Xi Jinping. Notably, Modi revealed the birth dates of both Chinese President Xi Jinping and Premier Li Keqiang by wishing t...

30Jun By NitishNo Comments

INDIA

Indian government ban 59 Chinese Apps, Tiktok replied

New Delhi, 30th June 2020: India government banned 59 Chinese apps including hugely popular TikTok, Shareit, etc. stating that they were prejudicial to sovereignty, integrity, and security of the country. Amid current stand-off along with the Line of Actual Control (LAC) with China, the move by the Indian government sends a clear message to the world about India's stand over Chinese incursion. The Information Technology Ministry in a statement said it has received many complaints from various sources, including several reports about misuse of some mobile apps available on Android and iOS platforms for "stealing and surreptitiously transmitting users' data in an unauthorised manner to servers which have locations outside India". "The compilation of these data, its mining and prof...

22Jun By Press Trust of IndiaNo Comments

INDIA

India China standoff: Indian Ministry proposes restrictions on Neighbors Countries Investment

New Delhi, Jun 22nd, 2020: Amid growing tensions between India and China, the finance ministry has proposed putting restrictions on pension fund investments from any of India's bordering countries. Foreign investment in pension funds regulated by the Pension Fund Regulatory and Development Authority (PFRDA) is capped at 49 per cent under the automatic route. According to a draft notification circulated for comments on Friday, "A government approval would be required for the investing entity or individual from any of the bordering countries including China. The relevant provisions of FDI policy issued from time to time would apply in all such cases." Any foreign investment from these countries will be subject to approval from the government. The restriction would be applicable ...

22Jun By Press Trust of IndiaNo Comments

INDIA

Reliance Industries becomes first Indian firm to hit $150 bn market cap

Mumbai, 22nd June 2020: India based oil company Reliance Industries became the first Indian firm to hit a market valuation of $150 billion, helped by a continuous rally in its share price. In the morning trade, the company's market valuation jumped Rs 28,248.97 crore to Rs 11,43,667 crore ($150 billion) on the BSE. The heavyweight stock surged 2.53 percent to a record high of Rs 1,804.10 on the BSE. On the NSE, it rose by 2.54 per cent to an all-time high of Rs 1,804.20. Reliance Industries on Friday became the first Indian company to cross the Rs 11 trillion market valuation mark. Its market valuation crossed Rs 11 trillion in the previous session as its share price rallying over 6 per cent after chairman Mukesh Ambani announced that his oil-to-telecom conglomerate had be...

Chinese smartphone companies change marketing strategy after Galwan Valley Clash

19Jun By NitishNo Comments

INDIA

Chinese smartphone companies change marketing strategy after Galwan Valley Clash

Kolkata, June 18, 2020: Chinese handset makers change their Indian marketing strategy after the Indian & Chinese army clash in Galwan valley. Chinese smartphone makers who command around 70 percent of the market share in India are projecting themselves as Indian brands and selling made-in- India products to ward off any possible backlash on their sales. While on the other side, South Korean brand Samsung, which is a major competitor, stands to gain if Indian consumers switch their choice on nationalistic grounds. There have been protests by the Indian people in various parts of the country after the face-off at Galwan valley in eastern Ladakh in which Indian Army personnel was killed by the PLA of China on June 15. The strategy is likely to be replicated by many handset m...

8Jun By Press Trust of IndiaNo Comments

INDIA

No better time to bet on India than now, says Gautam Adani

NEW DELHI, 8th June 2020: The recent slump in economic growth notwithstanding, India will be one of the world's top consumption centers and a manufacturing and services hub for the next several decades, billionaire Gautam Adani has said, stressing there is no better time to bet on India than now. India's economic growth slipped to 4.2% in 2019-20 fiscal (April 2019 to March 2020) its slowest pace in more than a decade. International rating agencies as well as the Reserve Bank of India (RBI) have forecast a contraction in GDP in the financial year that began in April 2020 on account of the coronavirus-induced slowdown. "What we must realize is that there are no absolute right or wrong ideas. What is required during an unprecedented, hard to model, a crisis like COVID-19, is a Governm...