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IMF chief has praised India for taking "very decisive" steps to tackle the coronavirus pandemic and the "economic consequences" it brought, hoping the country to do more this year to push forward the economy.&nbsp;

"When I called on everybody to stay tuned for January 26, that applies very much to India. You would see a picture in our update that is less bad. Why? Because the country actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it," IMF Managing Director Kristalina Georgieva was quoted as saying by the news agency PTI.&nbsp;

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/world-business-watch-tesla-marks-india-entry-with-new-office-in-bengaluru-356383/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Sharing her thoughts on Thursday on global media roundtable, Georgieva also predicted a comparatively better outlook for India in the upcoming World Economic Update because of the steps taken.&nbsp;

Also read | <a href="https://www.wionews.com/india-news/potential-to-represent-significant-step-forward-for-agricultural-reforms-imf-praises-indias-farm-bill-356857">Potential to represent significant step forward for agricultural reforms: IMF praises India's farm bill</a>

She also praised India for targeted lockdown and said that the mobility indicators in India are nearly in the country what they were pre-Covid-19, highlighting that the country has seen an economic revival "significantly".&nbsp;

"Then India moved to more targeted restrictions and lockdowns. What we see is that that transition, combined with policy support, seems to have worked well. Why? Because if you look at mobility indicators, we are almost where we were before COVID in India, meaning that economic activities have been revitalised quite significantly," the IMF chief said.

She also lauded the government's support on the monetary policy, saying that it was better than the average of emerging markets and urged the administration to do more if possible.&nbsp;

"What the government has done on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets. Emerging markets on average have provided six per cent of the GDP. In India, this is slightly above that. Good for India is that there is still space to do more….. If you can do more, please do," Georgieva added.&nbsp; 
&nbsp;

IMF chief has praised India for taking "very decisive" steps to tackle the coronavirus pandemic and the "economic consequences" it brought, hoping the country to do more this year to push forward the economy.

IMF chief has praised India for taking "very decisive" steps to tackle the coronavirus pandemic and the "economic consequences" it brought, hoping the country to do more this year to push forward the economy. "When I called on everybody to stay tuned for January 26, that applies very much to India. You would see a picture in our update that is less bad. Why? Because the country actually has taken very decisive action, very decisive steps to deal with the pandemic and to deal with the economic consequences of it," IMF Managing Director Kristalina Georgieva was quoted as saying by the news agency PTI. Watch | Sharing her thoughts on Thursday on global media roundtable, Georgieva also predicted a comparatively better outlook for India in the upcoming World Economic Update because of the steps taken. Also read | Potential to represent significant step forward for agricultural reforms: IMF praises India's farm bill She also praised India for targeted lockdown and said that the mobility indicators in India are nearly in the country what they were pre-Covid-19, highlighting that the country has seen an economic revival "significantly". "Then India moved to more targeted restrictions and lockdowns. What we see is that that transition, combined with policy support, seems to have worked well. Why? Because if you look at mobility indicators, we are almost where we were before COVID in India, meaning that economic activities have been revitalised quite significantly," the IMF chief said. She also lauded the government's support on the monetary policy, saying that it was better than the average of emerging markets and urged the administration to do more if possible. "What the government has done on the monetary policy and the fiscal policy side is commendable. It is actually slightly above the average for emerging markets. Emerging markets on average have provided six per cent of the GDP. In India, this is slightly above that. Good for India is that there is still space to do more….. If you can do more, please do," Georgieva added.

IMF chief praises India for taking 'decisive' steps to tackle Covid-19

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging.

With his fellow Democrats narrowly controlling both houses of Congress, Biden has a shot at passing what would be the United States' third massive pandemic aid package.

Dubbed the American Rescue Plan, the proposal released Thursday includes a host of measures aimed at revitalizing the world's largest economy.

Biden aims to raise the federal minimum wage to $15 an hour, help struggling state and local governments, safely reopen schools, roll out a massive Covid-19 vaccination campaign and raise the size of stimulus checks Congress approved last month.

"The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost," Biden said during a speech in Wilmington, Delaware. "In this moment of crisis... we cannot afford inaction."

Top Senate Democrat Chuck Schumer and House Speaker Nancy Pelosi embraced Biden's plan, vowing to put it before lawmakers.

"We will get right to work to turn President-elect Biden's vision into legislation that will pass both chambers and be signed into law," they said in a joint statement.

But this is just the first step, and the officials said Biden intends to present a second "recovery" plan to lawmakers soon after his inauguration on Wednesday aimed at spurring hiring and fighting climate change.

"We'll use taxpayers' dollars to rebuild America. We'll buy American products, supporting millions of American manufacturing jobs, enhancing our competitive strength in an increasingly competitive world," Biden said.

The government on Thursday reported a spike in new jobless claim filings in the first week of 2021 to nearly a million, its highest level since August, while official data last week showed the economy shed jobs in December.

Biden, 78, will take office after a tumultuous transition that saw a violent mob invade the US Capitol, egged on by outgoing President Donald Trump, as lawmakers were meeting to certify the Democrat's election victory.

His stimulus proposal builds on two massive relief packages Congress approved in 2020, both increasing and extending through September unemployment benefits that have helped tens of millions of people pay their bills after losing their jobs during the pandemic.

It additionally calls for devising a way to maintain those programs if unemployment stays high, and also continues expanded government food assistance as the country struggles with some of its highest hunger levels in modern times.

But controversy could await the plan's provision of $350 billion in funding to state and local governments, which Republican lawmakers blocked throughout last year.&nbsp;

Also potentially challenging is the president-elect's move to increase the size of stimulus checks Americans received in the December package to $2,000, which would fulfill a campaign promise.

But with only the slimmest of majorities in Congress -- including an evenly split Senate where Vice President-elect Kamala Harris could have a tie-breaking vote -- Democrats will have to woo some Republicans if anyone in their party breaks ranks.

One Democratic senator has already expressed hesitation over increasing the payments, but earlier this week Republican Senator Marco Rubio told Biden he would back the additional aid.

The proposal also calls for $160 billion to fight Covid-19, including through a national vaccination campaign, and $170 billion for schools, with the goal of getting most institutions with students in kindergarten through eighth grade open in the first 100 days of his administration.

Prior to the release of the specifics, Michael Feroli of JP Morgan predicted Congress could pare Biden's plan down to the $900 billion range, matching the measure approved last month.

Even the smaller amount would boost GDP growth this year to 5.3 percent and in 2022 to 2.6 percent, he said, a "remarkable expected turnaround" aided also by negligible inflation and the Federal Reserve's maintenance of low borrowing rates.

Other aspects of Biden's plan include expanding tax credits aimed at fighting poverty and helping working parents afford childcare, plus extending a moratorium on evictions.

The plan offers flexible credits and grants for the small businesses that are major employers but have struggled to survive as states imposed restrictions to stop the virus.

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging.

President-elect Joe Biden will propose injecting $1.9 trillion into the US economy when he takes office next week, as evidence mounts that the recovery from the sharp downturn caused by Covid-19 is flagging. With his fellow Democrats narrowly controlling both houses of Congress, Biden has a shot at passing what would be the United States' third massive pandemic aid package. Dubbed the American Rescue Plan, the proposal released Thursday includes a host of measures aimed at revitalizing the world's largest economy. Biden aims to raise the federal minimum wage to $15 an hour, help struggling state and local governments, safely reopen schools, roll out a massive Covid-19 vaccination campaign and raise the size of stimulus checks Congress approved last month. "The return on these investment in jobs, racial equity will prevent long-term economic damage, and the benefits will far surpass the cost," Biden said during a speech in Wilmington, Delaware. "In this moment of crisis... we cannot afford inaction." Top Senate Democrat Chuck Schumer and House Speaker Nancy Pelosi embraced Biden's plan, vowing to put it before lawmakers. "We will get right to work to turn President-elect Biden's vision into legislation that will pass both chambers and be signed into law," they said in a joint statement. But this is just the first step, and the officials said Biden intends to present a second "recovery" plan to lawmakers soon after his inauguration on Wednesday aimed at spurring hiring and fighting climate change. "We'll use taxpayers' dollars to rebuild America. We'll buy American products, supporting millions of American manufacturing jobs, enhancing our competitive strength in an increasingly competitive world," Biden said. The government on Thursday reported a spike in new jobless claim filings in the first week of 2021 to nearly a million, its highest level since August, while official data last week showed the economy shed jobs in December. Biden, 78, will take office after a tumultuous transition that saw a violent mob invade the US Capitol, egged on by outgoing President Donald Trump, as lawmakers were meeting to certify the Democrat's election victory. His stimulus proposal builds on two massive relief packages Congress approved in 2020, both increasing and extending through September unemployment benefits that have helped tens of millions of people pay their bills after losing their jobs during the pandemic. It additionally calls for devising a way to maintain those programs if unemployment stays high, and also continues expanded government food assistance as the country struggles with some of its highest hunger levels in modern times. But controversy could await the plan's provision of $350 billion in funding to state and local governments, which Republican lawmakers blocked throughout last year. Also potentially challenging is the president-elect's move to increase the size of stimulus checks Americans received in the December package to $2,000, which would fulfill a campaign promise. But with only the slimmest of majorities in Congress -- including an evenly split Senate where Vice President-elect Kamala Harris could have a tie-breaking vote -- Democrats will have to woo some Republicans if anyone in their party breaks ranks. One Democratic senator has already expressed hesitation over increasing the payments, but earlier this week Republican Senator Marco Rubio told Biden he would back the additional aid. The proposal also calls for $160 billion to fight Covid-19, including through a national vaccination campaign, and $170 billion for schools, with the goal of getting most institutions with students in kindergarten through eighth grade open in the first 100 days of his administration. Prior to the release of the specifics, Michael Feroli of JP Morgan predicted Congress could pare Biden's plan down to the $900 billion range, matching the measure approved last month. Even the smaller amount would boost GDP growth this year to 5.3 percent and in 2022 to 2.6 percent, he said, a "remarkable expected turnaround" aided also by negligible inflation and the Federal Reserve's maintenance of low borrowing rates. Other aspects of Biden's plan include expanding tax credits aimed at fighting poverty and helping working parents afford childcare, plus extending a moratorium on evictions. The plan offers flexible credits and grants for the small businesses that are major employers but have struggled to survive as states imposed restrictions to stop the virus.

Biden unveils $1.9 trillion economic plan as US recovery buckles

Germany's economy shrank by 5.0% in 2020, less than expected and a smaller contraction than during the global financial crisis, as unprecedented government rescue and stimulus measures helped lessen the shock of the COVID-19 pandemic.

Germany avoids record economic plunge in 2020 despite COVID-19 hit

Toyota Motor Corp settled a lengthy Justice Department civil probe into its delayed filing of emissions-related defect reports for $180 million, the government said on Thursday.

Toyota settles US probe into delayed emissions defect reports for $180 million

Billionaire techie and Zoho founder Sridhar Vembu said half-jokingly that he or his employees did not have to go behind bars for being a competitor of Google. He was drawing a parallel with former Thuglak Editor Cho Ramaswamy who had taken on Prime Minister Indira Gandhi during the Emergency years.&nbsp;

Speaking at the 51st anniversary of the Thuglak magazine in Chennai, Mr Vembu said that he had been a long time reader of the tamil magazine, adding that he had enjoyed and read it more than his textbooks. 'I was barely eight years old when the Emergency was imposed and I remember some of the censoreed cartoons of those times".

Making a mention of Cho Ramaswamy and his Journalism, Vembu said that he admired the former editor's courage, multi-faceted nature. "Cho and Thuglak created a great impression on me" said the billionaire entrepreneur.&nbsp;

He added that he would often urge his employees to not fear japan or china, joking that the maximum challenge that they would have to face is to lose their jobs, unlike the emergency period that India faced between 1975 to 1977.&nbsp;

Sridhar Vembu is known as the tech magnate who brought technology functions such as software &amp; product development to villages. Recently, he has shared a few pictures where he was seen rising a bicycle for his commute, wearing a simple dhoti, while in his native, Tenkasi, Tamil Nadu. &nbsp;

His company has also unveiled an instant messaging app called 'Arattai', that is made in india. The app is expected to be formally launched in a few weeks.

Billionaire techie and Zoho founder Sridhar Vembu said half-jokingly that he or his employees did not have to go behind bars for being a competitor of Google. He was drawing a parallel with former Thuglak Editor Cho Ramaswamy who had taken on Prime Minister Indira Gandhi during the Emergency years.

Billionaire techie and Zoho founder Sridhar Vembu said half-jokingly that he or his employees did not have to go behind bars for being a competitor of Google. He was drawing a parallel with former Thuglak Editor Cho Ramaswamy who had taken on Prime Minister Indira Gandhi during the Emergency years. Speaking at the 51st anniversary of the Thuglak magazine in Chennai, Mr Vembu said that he had been a long time reader of the tamil magazine, adding that he had enjoyed and read it more than his textbooks. 'I was barely eight years old when the Emergency was imposed and I remember some of the censoreed cartoons of those times". Making a mention of Cho Ramaswamy and his Journalism, Vembu said that he admired the former editor's courage, multi-faceted nature. "Cho and Thuglak created a great impression on me" said the billionaire entrepreneur. He added that he would often urge his employees to not fear japan or china, joking that the maximum challenge that they would have to face is to lose their jobs, unlike the emergency period that India faced between 1975 to 1977. Sridhar Vembu is known as the tech magnate who brought technology functions such as software & product development to villages. Recently, he has shared a few pictures where he was seen rising a bicycle for his commute, wearing a simple dhoti, while in his native, Tenkasi, Tamil Nadu. His company has also unveiled an instant messaging app called 'Arattai', that is made in india. The app is expected to be formally launched in a few weeks.

I don't fear Microsoft or Google says billionaire techie Sridhar Vembu of Zoho

Mohammed bin Salman, Crown Prince of Saudi Arabia, said the oil-rich kingdom of Saudi Arabia, which is now battered by falling crude prices is offering investment opportunities worth $6 Trillion over the next decade.

World Business Watch: Saudi Arabia offers investment opportunities

Electric car maker Tesla is finally set to make its entry in India and has registered as a company in Karnataka's Bengaluru.

World Business Watch: Tesla marks India entry with new office in Bengaluru

According to the BDI industry association Europe’s largest economy, Germany is expected to grow 3.5% this year after plunging roughly 5% in 2020

World Business Watch: German GDP expected to grow by 3.5% in 2021

Domestic Stock Markets saw a volatile trading session on Wednesday with Sensex and Nifty setting fresh highs and then erasing them, only to close flat.

At close, the S&amp;P BSE Sensex was at 49,492 levels, down 25 points or 0.05 per cent. Individually, M&amp;M jumped nearly 6 per cent on the BSE today and re-entered the Rs 1-trillion m-cap club. At close, its market cap stood at Rs 1.02 trillion on the BSE.

The Nifty held the 14,550-mark and closed at 14,565 level, up 1.4 points or 0.1 per cent.

Global markets

Asian stocks rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while tight supply expectations pushed oil prices to a one-year high.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.61 per cent, while Japan's Nikkei 225 ended 1.04 per cent higher. South Korea's KOSPI gained 0.7 per cent, and Australia's S&amp;P/ASX 200 reversed losses and added 0.11 per cent at close. China's Shanghai Composite, however, ended 0.27 per cent down.

In Europe, stocks were little changed on Wednesday as a profit warning from Danish wind farm developer Orsted hit utilities, while French grocer Carrefour jumped following merger talks. the pan-European STOXX 600 index rose just 0.1 per cent, as utilities were a drag after Orsted slumped 7.5 per cent on warning a return to more normal wind speeds this year would hit operating earnings.

The German DAX remained muted as Health Minister Jens Spahn said the country will not be able to lift all restrictions imposed to curb the spread of the coronavirus at the beginning of February.

(With inputs from Reuters)

Domestic Stock Markets saw a volatile trading session on Wednesday with Sensex and Nifty setting fresh highs and then erasing them, only to close flat. At close, the S&P BSE Sensex was at 49,492 levels, down 25 points or 0.

Domestic Stock Markets saw a volatile trading session on Wednesday with Sensex and Nifty setting fresh highs and then erasing them, only to close flat. At close, the S&P BSE Sensex was at 49,492 levels, down 25 points or 0.05 per cent. Individually, M&M jumped nearly 6 per cent on the BSE today and re-entered the Rs 1-trillion m-cap club. At close, its market cap stood at Rs 1.02 trillion on the BSE. The Nifty held the 14,550-mark and closed at 14,565 level, up 1.4 points or 0.1 per cent. Global markets Asian stocks rose on Wednesday, tracking modest Wall Street gains, as expectations that a vaccine will eventually win the battle against the coronavirus fuelled recovery hopes, while tight supply expectations pushed oil prices to a one-year high. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.61 per cent, while Japan's Nikkei 225 ended 1.04 per cent higher. South Korea's KOSPI gained 0.7 per cent, and Australia's S&P/ASX 200 reversed losses and added 0.11 per cent at close. China's Shanghai Composite, however, ended 0.27 per cent down. In Europe, stocks were little changed on Wednesday as a profit warning from Danish wind farm developer Orsted hit utilities, while French grocer Carrefour jumped following merger talks. the pan-European STOXX 600 index rose just 0.1 per cent, as utilities were a drag after Orsted slumped 7.5 per cent on warning a return to more normal wind speeds this year would hit operating earnings. The German DAX remained muted as Health Minister Jens Spahn said the country will not be able to lift all restrictions imposed to curb the spread of the coronavirus at the beginning of February. (With inputs from Reuters)

Sensex, Nifty end flat after volatile trading session

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic.

Instead of hard copies, soft copies of the budget will be provided to all members of the parliament.

The Central government has received permission from the upper and lower houses of parliament for the measure.&nbsp;

The Union Budget is printed every year in the finance ministry's house press in the North Block by nearly 100 employees who stay together for nearly a fortnight till it is printed, sealed and delivered.

Although in a bid to go green,&nbsp;the Central Government had tried to cut down had first tried to cut down on printing hard copies of the Union Budget 2016-2017. But this could be the first time when printing is halted altogether.

Breaking conventions

The coronavirus pandemic has forced the government to look for alternatives because it will be challenging to maintain&nbsp;social distancing in a limited space.

The traditional ''halwa ceremony'' which takes place every year before the budget is presented in the parliament will also be 'low-key'' or subdued as it will be held with a limited gathering.&nbsp;

Usually, this ceremony is attended by all people involved in budget-making and marks the beginning of printing.

The Union Budget 2021 will be introduced in two parts by Finance Minister Nirmala Sitharaman on February 1.

President Ramnath Kovind will address the joint sitting of both the houses on January 29 after which the Economic Survey will be presented in&nbsp;the Lok Sabha.

Changing times

This will not be the change in the presentation of the Union Budget. Last year, Sitharaman&nbsp;broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional&nbsp;'Bahi-Khata', which is a kind of a ledger wrapped in a red coloured cloth.

The word 'budget'&nbsp;has its origin in the French word 'Bougette', which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic. Instead of hard copies, soft copies of the budget will be provided to all members of the parliament.

For the first time in independent India, the Union Budget 2021 is going to be completely paperless due to the coronavirus pandemic. Instead of hard copies, soft copies of the budget will be provided to all members of the parliament. The Central government has received permission from the upper and lower houses of parliament for the measure. The Union Budget is printed every year in the finance ministry's house press in the North Block by nearly 100 employees who stay together for nearly a fortnight till it is printed, sealed and delivered. Although in a bid to go green, the Central Government had tried to cut down had first tried to cut down on printing hard copies of the Union Budget 2016-2017. But this could be the first time when printing is halted altogether. Breaking conventions The coronavirus pandemic has forced the government to look for alternatives because it will be challenging to maintain social distancing in a limited space. The traditional ''halwa ceremony'' which takes place every year before the budget is presented in the parliament will also be 'low-key'' or subdued as it will be held with a limited gathering. Usually, this ceremony is attended by all people involved in budget-making and marks the beginning of printing. The Union Budget 2021 will be introduced in two parts by Finance Minister Nirmala Sitharaman on February 1. President Ramnath Kovind will address the joint sitting of both the houses on January 29 after which the Economic Survey will be presented in the Lok Sabha. Changing times This will not be the change in the presentation of the Union Budget. Last year, Sitharaman broke away from long-standing traditions of colonial-era when she ditched the briefcase and opted for traditional 'Bahi-Khata', which is a kind of a ledger wrapped in a red coloured cloth. The word 'budget' has its origin in the French word 'Bougette', which means leather briefcase. Traditionally, budget documents -- which primarily include papers related to revenue receipt and expenditure as well as the speech of finance minister -- were carried in a brown briefcase, a legacy passed on by the British.

Union Budget 2021 goes paperless; hard copies not to be printed for first time in history

Elon Musk-led Tesla has registered a subsidiary company in Bengaluru as it prepares to create a much-awaited manufacturing plant and R&amp;D unit in India. 
 
<a href="https://www.wionews.com/world/elon-musk-asks-people-to-use-signal-app-instead-of-whatsapp-and-facebook-over-privacy-issues-355704">Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues</a> 
 
The company, registered as Tesla Motors India &amp; Energy Pvt Ltd, has named three directors as part of its team in the country, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein.

It is a private unlisted company with an authorized capital of Rs 15,00,000 and a paid-up capital of Rs 1,00,000.

This announcement officially marks Tesla’s India entry in the state of Karnataka. It would be interesting to see if the company would set-up its manufacturing base in Karnataka, or will continue to keep up the suspense and be wooed away by some other state.

Elon Musk, who recently became the wealthiest individual in the world overtaking Amazon founder Jeff Bezos, also enjoys a cult-figure like status in India as he does abroad which has added to the growing demand for Tesla and its products.

India’s transport minister Nitin Gadkari told a local newspaper in December the US electric carmaker would start with sales and then might look at assembly and manufacturing.

Tesla chief executive Elon Musk has tweeted several times in recent years, including as recently as October 2020, about an impending foray into India.

The move comes as Indian Prime Minister Narendra Modi is promoting the production and use of electric vehicles to reduce the country’s oil dependence and cut down on pollution.

(With inputs from agencies)

Elon Musk-led Tesla has registered a subsidiary company in Bengaluru as it prepares to create a much-awaited manufacturing plant and R&D unit in India. Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues The company, registered as Tesla Motors India & Energy Pvt Ltd, has named three directors as part of its team in the country, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein.

Elon Musk-led Tesla has registered a subsidiary company in Bengaluru as it prepares to create a much-awaited manufacturing plant and R&D unit in India. Also read | Elon Musk asks people to use Signal app instead of WhatsApp and Facebook over privacy issues The company, registered as Tesla Motors India & Energy Pvt Ltd, has named three directors as part of its team in the country, Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein. It is a private unlisted company with an authorized capital of Rs 15,00,000 and a paid-up capital of Rs 1,00,000. This announcement officially marks Tesla’s India entry in the state of Karnataka. It would be interesting to see if the company would set-up its manufacturing base in Karnataka, or will continue to keep up the suspense and be wooed away by some other state. Elon Musk, who recently became the wealthiest individual in the world overtaking Amazon founder Jeff Bezos, also enjoys a cult-figure like status in India as he does abroad which has added to the growing demand for Tesla and its products. India’s transport minister Nitin Gadkari told a local newspaper in December the US electric carmaker would start with sales and then might look at assembly and manufacturing. Tesla chief executive Elon Musk has tweeted several times in recent years, including as recently as October 2020, about an impending foray into India. The move comes as Indian Prime Minister Narendra Modi is promoting the production and use of electric vehicles to reduce the country’s oil dependence and cut down on pollution. (With inputs from agencies)

Elon Musk's Tesla registers India office in Bengaluru, to start operations with R&D unit

The threat of a $1 trillion U.S. sanctions hit on the Chinese internet giants that have led emerging market stocks to their first record high since 2007 is overshadowing the rally, just as increased scrutiny from Beijing itself squeezes valuations. 
 
US-Sino tensions ratcheted up in recent days as outgoing President Donald Trump`s administration pushed through a ban on Americans investing in 35 firms it considers to be linked to China`s military. 
 
Sources in Washington last week said Trump was considering adding Alibaba and Tencent, worth a combined $1.3 trillion, the second and third biggest EM stocks in the world and held by almost every major U.S. investment fund, to the list of banned firms. 
 
Targeting China`s two most valuable companies would be the most dramatic step yet against the country`s firms as Trump seeks to cement his hardline policy against Beijing during his final days in office. 
 
Goldman Sachs estimates that U.S. investors hold roughly $1 trillion of Chinese internet and tech stocks, or have U.S. listings known as American Depositary Receipts (ADRs) that Washington has also been clamping down on. 
 
"To unwind 1 trillion of investment (if Alibaba and Tencent were removed) is a lot!" said Vivian Lin Thurston, a portfolio manager and Chinese equity analyst at William Blair Investment Management. 
 
"It would be unprecedented," she added. "It hasn`t happened before in any global market." 
 
Swiss bank UBS calculates that just over a third of Alibaba`s $616 billion market cap is held by U.S. investors, while 12% of Tencent`s $35 billion value is. 
 
The two firms also account for almost 11% of MSCI`s $7 trillion Emerging Market index which they respectively joined in 2015 and 2008. Chinese firms now make up 40% of the index, up from just 17% a decade ago. 
 
THE BIG UNWIND 
 
Global index providers such as MSCI, S&amp;P Dow Jones and FTSE Russell as well as the New York Stock Exchange have been forced to eject high profile firms on Trump`s list like China Mobile, China Telecom and semiconductor giant SMIC from their top benchmarks. 
 
William Blair`s Lin Thurston explained how those removals then trigger a wave of selling by investment funds that passively track the indexes. 
 
"As soon as it is delisted - bang it`s gone," she said referring to the need to shed the stocks. 
 
While incoming President Joe Biden could reverse the ban, analysts at UBS say the new administration may not want to appear "soft" on China. 
 
Neither Biden nor his team have commented on the matter, but a reversal still wouldn`t undo the billions of dollars of disruption already caused. 
 
Chinese investors have swooped in to buy up some of the offloaded shares but may struggle to absorb everything if things snowball. 
 
Goldman Sachs estimates there would be a $28 billion selloff if every international fund tracking MSCI`s main global, emerging market or Asia indexes were to liquidate holdings of the 42 Chinese firms its views as at risk, not including Tencent or Alibaba. 
 
It and fellow Wall Street banks JPMorgan and Morgan Stanley have also said they will withdraw as many as 500 Hong Kong-listed structured products they had issued linked to the Chinese firms. 
 
ANT PROBLEMS 
 
The Trump administration has had both Tencent and Alibaba`s financial technology affiliate Ant Group in its crosshairs for some time. 
 
Just last week, Trump signed an executive order banning U.S. transactions with Alibaba`s Alipay mobile payment app and Tencent`s WeChat and QQ Wallet over concerns they could be used to "track the locations of federal employees" and "build dossiers of personal information". 
 
China`s foreign ministry responded saying the U.S. was abusing its power and unreasonably suppressing foreign firms with the measures. 
 
Tencent and Alibaba have declined to comment. 
 
In early November, it was Beijing itself though that rattled investors after the surprise suspension of Ant Group’s $37 billion public listing, set to be the world’s largest stock market debut, with just days to go. 
 
Alibaba, which owns about a third of Ant, has seen its market value shrink by more than a quarter since the IPO was shelved and regulators zeroed in on its business model, although it is still among the biggest 10 companies globally with a valuation of more than $600 billion. 
 
Some fund managers considered Beijing`s move a sensible one as Ant, a major online lender, lacked adequate capital buffers. But others like Aviva Investors` Head of Global Emerging Market Equities Alistair Way are concerned. 
 
"We have become rather more nervous about the regulatory climate in China and the seeming desire to reduce competitive dominance of big e-commerce players such as Alibaba," he said. 
 
"In aggregate we have been reducing exposure to Chinese internet firms." 
 
Standard Life Aberdeen senior investment director Nick Robinson is also unsure. 
 
"It feels unlikely at the moment that they (Alibaba and Tencent) will be added to the blacklist, but so far it hasn`t been right to bet on a de-escalation." 
 
"So could it happen? Absolutely. And if it does happen it could be quite significant."

The threat of a $1 trillion U.S. sanctions hit on the Chinese internet giants that have led emerging market stocks to their first record high since 2007 is overshadowing the rally, just as increased scrutiny from Beijing itself squeezes valuations.

The threat of a $1 trillion U.S. sanctions hit on the Chinese internet giants that have led emerging market stocks to their first record high since 2007 is overshadowing the rally, just as increased scrutiny from Beijing itself squeezes valuations. US-Sino tensions ratcheted up in recent days as outgoing President Donald Trump`s administration pushed through a ban on Americans investing in 35 firms it considers to be linked to China`s military. Sources in Washington last week said Trump was considering adding Alibaba and Tencent, worth a combined $1.3 trillion, the second and third biggest EM stocks in the world and held by almost every major U.S. investment fund, to the list of banned firms. Targeting China`s two most valuable companies would be the most dramatic step yet against the country`s firms as Trump seeks to cement his hardline policy against Beijing during his final days in office. Goldman Sachs estimates that U.S. investors hold roughly $1 trillion of Chinese internet and tech stocks, or have U.S. listings known as American Depositary Receipts (ADRs) that Washington has also been clamping down on. "To unwind 1 trillion of investment (if Alibaba and Tencent were removed) is a lot!" said Vivian Lin Thurston, a portfolio manager and Chinese equity analyst at William Blair Investment Management. "It would be unprecedented," she added. "It hasn`t happened before in any global market." Swiss bank UBS calculates that just over a third of Alibaba`s $616 billion market cap is held by U.S. investors, while 12% of Tencent`s $35 billion value is. The two firms also account for almost 11% of MSCI`s $7 trillion Emerging Market index which they respectively joined in 2015 and 2008. Chinese firms now make up 40% of the index, up from just 17% a decade ago. THE BIG UNWIND Global index providers such as MSCI, S&P Dow Jones and FTSE Russell as well as the New York Stock Exchange have been forced to eject high profile firms on Trump`s list like China Mobile, China Telecom and semiconductor giant SMIC from their top benchmarks. William Blair`s Lin Thurston explained how those removals then trigger a wave of selling by investment funds that passively track the indexes. "As soon as it is delisted - bang it`s gone," she said referring to the need to shed the stocks. While incoming President Joe Biden could reverse the ban, analysts at UBS say the new administration may not want to appear "soft" on China. Neither Biden nor his team have commented on the matter, but a reversal still wouldn`t undo the billions of dollars of disruption already caused. Chinese investors have swooped in to buy up some of the offloaded shares but may struggle to absorb everything if things snowball. Goldman Sachs estimates there would be a $28 billion selloff if every international fund tracking MSCI`s main global, emerging market or Asia indexes were to liquidate holdings of the 42 Chinese firms its views as at risk, not including Tencent or Alibaba. It and fellow Wall Street banks JPMorgan and Morgan Stanley have also said they will withdraw as many as 500 Hong Kong-listed structured products they had issued linked to the Chinese firms. ANT PROBLEMS The Trump administration has had both Tencent and Alibaba`s financial technology affiliate Ant Group in its crosshairs for some time. Just last week, Trump signed an executive order banning U.S. transactions with Alibaba`s Alipay mobile payment app and Tencent`s WeChat and QQ Wallet over concerns they could be used to "track the locations of federal employees" and "build dossiers of personal information". China`s foreign ministry responded saying the U.S. was abusing its power and unreasonably suppressing foreign firms with the measures. Tencent and Alibaba have declined to comment. In early November, it was Beijing itself though that rattled investors after the surprise suspension of Ant Group’s $37 billion public listing, set to be the world’s largest stock market debut, with just days to go. Alibaba, which owns about a third of Ant, has seen its market value shrink by more than a quarter since the IPO was shelved and regulators zeroed in on its business model, although it is still among the biggest 10 companies globally with a valuation of more than $600 billion. Some fund managers considered Beijing`s move a sensible one as Ant, a major online lender, lacked adequate capital buffers. But others like Aviva Investors` Head of Global Emerging Market Equities Alistair Way are concerned. "We have become rather more nervous about the regulatory climate in China and the seeming desire to reduce competitive dominance of big e-commerce players such as Alibaba," he said. "In aggregate we have been reducing exposure to Chinese internet firms." Standard Life Aberdeen senior investment director Nick Robinson is also unsure. "It feels unlikely at the moment that they (Alibaba and Tencent) will be added to the blacklist, but so far it hasn`t been right to bet on a de-escalation." "So could it happen? Absolutely. And if it does happen it could be quite significant."

The trillion dollar weapon in the U.S.-China tech stock war

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts.

The direct benefit transfer (DBT) scheme should be utilised more to support farmers instead of giving subsidies, they added.

"Food processing industry has played an important role in better price realisation for the farmer and reducing the cost of intermediaries. The budget must provide special incentives to food processing through incentives such as interest subvention, lower taxes, access to technology and so on," DCM Shriram Chairman and Senior MD Ajay Shriram said.

Referring to the successful PM-KISAN scheme under which Rs 6,000 is paid annually directly into farmers bank accounts, he said the DBT mechanism should be fine-tuned and gradually should be utilized to support farmers in lieu of other subsidies.

"Let the farmer decide how to judicially use the money. With the benefit of DBT, farmers can then buy better seed, use new-age fertilizers, optimize water usage and so on," Shriram said.

Stating that many Indian startups have invested in the agri-technology space, he advocated for a policy that encourages growth of these companies and adoption of latest techniques.

He said there has not been any significant breakthrough in recent years from indigenous agricultural research and development (R&amp;D) and this could be partly on account of resource crunch.

"Two areas that need immediate attention are firstly linking agricultural research with industry requirements and secondly avoiding ideological resistance to new-age technologies such GM crops," Shriram said.

Consulting firm Deloitte India suggested that more funds should be allocated for research and development as well as for increasing the domestic production of oilseeds to reduce imports of cooking oils.

Stating that livestock farming is one of the key pillars for augmenting farmers' income, the consulting firm said one of the big impediments for development of this sector is the prevalence of various diseases that affect mortality, productivity, and overall production.

"Supply of vaccines is not adequate to address the increasing demand. Funding for developing vaccines and creating necessary infrastructure would be required in this budget," Deloitte said.

Chirag Arora, Founder, Organisch Overseas, said the government must encourage farmers to adopt organic farming.

"The need of the hour is to encourage the private sector into the space by offering tax incentives to startups venturing into this domain. It also needs to augment investment on creation of cold-chains and increase storage capabilities," Arora said.

Last month, in a virtual pre-budget consultation with the finance ministry, Bharat Krishak Samaj (BKS) had said that the government should incentivise balanced use of fertilisers by increasing urea price and lowering rates of phosphatic and potassic (P&amp;K) nutrients in the upcoming Budget.

BKS Chairman Ajay Vir Jakhar had also sought reduction in taxes on diesel and transport subsidy on fruits and vegetables, but demanded tax on unhealthy foods.

He had pitched for tripling investment for micro-irrigation and solar pumps for individual farmers as well as funding for distribution of soil moisture measuring sensors.

"Prioritize investment in human resources over infrastructure. There are about 50 per cent vacancies in agriculture research institutions across India. Target 2 per cent expenditure on agri R&amp;D of agriculture GDP over the next few years," BKS had said.

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts.

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts. The direct benefit transfer (DBT) scheme should be utilised more to support farmers instead of giving subsidies, they added. "Food processing industry has played an important role in better price realisation for the farmer and reducing the cost of intermediaries. The budget must provide special incentives to food processing through incentives such as interest subvention, lower taxes, access to technology and so on," DCM Shriram Chairman and Senior MD Ajay Shriram said. Referring to the successful PM-KISAN scheme under which Rs 6,000 is paid annually directly into farmers bank accounts, he said the DBT mechanism should be fine-tuned and gradually should be utilized to support farmers in lieu of other subsidies. "Let the farmer decide how to judicially use the money. With the benefit of DBT, farmers can then buy better seed, use new-age fertilizers, optimize water usage and so on," Shriram said. Stating that many Indian startups have invested in the agri-technology space, he advocated for a policy that encourages growth of these companies and adoption of latest techniques. He said there has not been any significant breakthrough in recent years from indigenous agricultural research and development (R&D) and this could be partly on account of resource crunch. "Two areas that need immediate attention are firstly linking agricultural research with industry requirements and secondly avoiding ideological resistance to new-age technologies such GM crops," Shriram said. Consulting firm Deloitte India suggested that more funds should be allocated for research and development as well as for increasing the domestic production of oilseeds to reduce imports of cooking oils. Stating that livestock farming is one of the key pillars for augmenting farmers' income, the consulting firm said one of the big impediments for development of this sector is the prevalence of various diseases that affect mortality, productivity, and overall production. "Supply of vaccines is not adequate to address the increasing demand. Funding for developing vaccines and creating necessary infrastructure would be required in this budget," Deloitte said. Chirag Arora, Founder, Organisch Overseas, said the government must encourage farmers to adopt organic farming. "The need of the hour is to encourage the private sector into the space by offering tax incentives to startups venturing into this domain. It also needs to augment investment on creation of cold-chains and increase storage capabilities," Arora said. Last month, in a virtual pre-budget consultation with the finance ministry, Bharat Krishak Samaj (BKS) had said that the government should incentivise balanced use of fertilisers by increasing urea price and lowering rates of phosphatic and potassic (P&K) nutrients in the upcoming Budget. BKS Chairman Ajay Vir Jakhar had also sought reduction in taxes on diesel and transport subsidy on fruits and vegetables, but demanded tax on unhealthy foods. He had pitched for tripling investment for micro-irrigation and solar pumps for individual farmers as well as funding for distribution of soil moisture measuring sensors. "Prioritize investment in human resources over infrastructure. There are about 50 per cent vacancies in agriculture research institutions across India. Target 2 per cent expenditure on agri R&D of agriculture GDP over the next few years," BKS had said.

Union Budget 2021: Government should provide additional funds, incentives for agri sector, say experts

The government should provide additional funds as well as incentives in the upcoming Budget to promote indigenous farm research, oilseeds production, food processing and organic farming for the overall growth of the agriculture sector, according to industry experts.

The direct benefit transfer (DBT) scheme should be utilised more to support farmers instead of giving subsidies, they added.

"Food processing industry has played an important role in better price realisation for the farmer and reducing the cost of intermediaries. The budget must provide special incentives to food processing through incentives such as interest subvention, lower taxes, access to technology and so on," DCM Shriram Chairman and Senior MD Ajay Shriram said.

Referring to the successful PM-KISAN scheme under which Rs 6,000 is paid annually directly into farmers bank accounts, he said the DBT mechanism should be fine-tuned and gradually should be utilized to support farmers in lieu of other subsidies.

"Let the farmer decide how to judicially use the money. With the benefit of DBT, farmers can then buy better seed, use new-age fertilizers, optimize water usage and so on," Shriram said.

Stating that many Indian startups have invested in the agri-technology space, he advocated for a policy that encourages growth of these companies and adoption of latest techniques.

He said there has not been any significant breakthrough in recent years from indigenous agricultural research and development (R&amp;D) and this could be partly on account of resource crunch.

"Two areas that need immediate attention are firstly linking agricultural research with industry requirements and secondly avoiding ideological resistance to new-age technologies such GM crops," Shriram said.

Consulting firm Deloitte India suggested that more funds should be allocated for research and development as well as for increasing the domestic production of oilseeds to reduce imports of cooking oils.

Stating that livestock farming is one of the key pillars for augmenting farmers' income, the consulting firm said one of the big impediments for development of this sector is the prevalence of various diseases that affect mortality, productivity, and overall production.

"Supply of vaccines is not adequate to address the increasing demand. Funding for developing vaccines and creating necessary infrastructure would be required in this budget," Deloitte said. 
Chirag Arora, Founder, Organisch Overseas, said the government must encourage farmers to adopt organic farming.

"The need of the hour is to encourage the private sector into the space by offering tax incentives to startups venturing into this domain. It also needs to augment investment on creation of cold-chains and increase storage capabilities," Arora said.

Last month, in a virtual pre-budget consultation with the finance ministry, Bharat Krishak Samaj (BKS) had said that the government should incentivise balanced use of fertilisers by increasing urea price and lowering rates of phosphatic and potassic (P&amp;K) nutrients in the upcoming Budget.

BKS Chairman Ajay Vir Jakhar had also sought reduction in taxes on diesel and transport subsidy on fruits and vegetables, but demanded tax on unhealthy foods. He had pitched for tripling investment for micro-irrigation and solar pumps for individual farmers as well as funding for distribution of soil moisture measuring sensors.

"Prioritize investment in human resources over infrastructure. There are about 50 per cent vacancies in agriculture research institutions across India. Target 2 per cent expenditure on agri R&amp;D of agriculture GDP over the next few years," BKS had said.

Union Budget 2021: Govt should provide additional funds, incentives for agriculture sector, say experts

Ford will close its three plants in Brazil this year and take pretax charges of about $4.1 billion as COVID-19 pandemic amplified company's underuse of its manufacturing capacity.

World Business Watch: Ford announces closing of Brazil manufacturing operations

Domestic equity benchmark indices surged to new peaks as sentiment was boosted by a positive start to the quarterly earnings season and the commencement of vaccinations in the nation this week.

Frontline Sensex hit a record peak of 49,304 in the intra-day deals today before settling 486.8 points, or 1 per cent, higher at 49,269.32 levels. On the NSE, the Nifty50 ended at record closing peak of 14,484.75 levels, adding 137.5 points or 0.96 per cent today. Earlier today, the index touched lifetime high of 14,498.&nbsp;

Meanwhile, the rupee depreciated by 16 paise to close at 73.40 (provisional) against the US dollar on Monday, tracking a rebound in the American currency overseas.

At the interbank forex market, the domestic unit opened at 73.47 against the US dollar and witnessed an intra-day high of 73.37 and a low of 73.50.

The local unit finally settled at 73.40, registering a fall of 16 paise over its previous close.

Global markets

European stocks slipped from over 10-month highs on Monday as investors booked profits after a strong week, while surging coronavirus cases across the continent and mainland China dragged down energy and mining stocks.

The pan-European STOXX 600 index fell 0.1 per cent, with Germany's DAX index shedding 0.4 per cent and France's CAC 40 down 0.2 per cent.

(With inputs from Reuters)

Domestic equity benchmark indices surged to new peaks as sentiment was boosted by a positive start to the quarterly earnings season and the commencement of vaccinations in the nation this week.

Domestic equity benchmark indices surged to new peaks as sentiment was boosted by a positive start to the quarterly earnings season and the commencement of vaccinations in the nation this week. Frontline Sensex hit a record peak of 49,304 in the intra-day deals today before settling 486.8 points, or 1 per cent, higher at 49,269.32 levels. On the NSE, the Nifty50 ended at record closing peak of 14,484.75 levels, adding 137.5 points or 0.96 per cent today. Earlier today, the index touched lifetime high of 14,498. Meanwhile, the rupee depreciated by 16 paise to close at 73.40 (provisional) against the US dollar on Monday, tracking a rebound in the American currency overseas. At the interbank forex market, the domestic unit opened at 73.47 against the US dollar and witnessed an intra-day high of 73.37 and a low of 73.50. The local unit finally settled at 73.40, registering a fall of 16 paise over its previous close. Global markets European stocks slipped from over 10-month highs on Monday as investors booked profits after a strong week, while surging coronavirus cases across the continent and mainland China dragged down energy and mining stocks. The pan-European STOXX 600 index fell 0.1 per cent, with Germany's DAX index shedding 0.4 per cent and France's CAC 40 down 0.2 per cent. (With inputs from Reuters)

Sensex gains 486 points, ends above 49,250, Nifty tops 14,450

Domestic rating agency Icra Ratings on Monday said it expects the country's real gross domestic product (GDP) to grow by 10.1 per cent in FY2022.

It, however, said the value of GDP in the next financial year will only mildly surpass the level that had been recorded in FY2020.

"After a 7.8 per cent pandemic-driven shrinkage in the ongoing fiscal (FY2021), India's real GDP is projected to record a growth of 10.1 per cent in FY2022. The seemingly-sharp expansion will be led by the continued normalisation in economic activities as the roll-out of COVID-19 vaccines gathers traction, as well as the low base," the agency principal economist Aditi Nayar said in a report.

The agency's principal economist expects a multi-speed recovery in FY2022, with the contact-intensive sectors, discretionary consumption and investment by the private sector trailing the rest of the economy, in the arduous march back to attaining, and sustaining, pre-COVID levels.

"On a sobering note, we project the aggregate value of the Indian GDP in real terms in FY2022, to be only mildly higher than the level recorded in FY2020," Nayar added.

The agency expects the headline CPI inflation to decline to 4.6 per cent in FY2022 from 6.4 per cent in FY2021, while exceeding the mid-point of the Monetary Policy Committee's (MPC's) medium target of 4 per cent, for the third consecutive year.

A favourable base would moderate the retail food inflation to an average of 4.7 per cent in FY2022 from 8 per cent in FY2021, despite the pressures from edible oils, and protein items such as pulses, it said.

With the CPI inflation expected to remain above the MPC's 4 per cent target during FY2022, the agency expects an extended pause for the repo rate.

It expects the "stance of monetary policy to be changed to neutral from accommodative in the August 2021 policy review or later, only after there is greater certainty on the durability of the awaited economic revival." The report said RBI may initiate steps, in a calibrated manner, to reduce the magnitude of the systemic liquidity surplus.

Nayar said the government security yields will take a cue from the size of the borrowing programme of the central and the state governments for FY2022, as well as the outlook for inflation. The agency expects the twin deficits to display a divergent trend in FY2022.

"As the revenue shock ebbs, we project India's general government (centre + states) fiscal deficit to moderate to 8.5 per cent of GDP in FY2022 from the 12-12.5 per cent of the GDP expected in the current year," Nayar said.

However, with imports expected to revive in tune with the anticipated recovery in domestic demand, the current account balance is forecast to slip back into a modest deficit of USD 15-20 billion (or 0.6 per cent of GDP) in FY2022 from a surplus of USD 35-40 billion in FY2021, she said.

Domestic rating agency Icra Ratings on Monday said it expects the country's real gross domestic product (GDP) to grow by 10.1 per cent in FY2022. It, however, said the value of GDP in the next financial year will only mildly surpass the level that had been recorded in FY2020.

Domestic rating agency Icra Ratings on Monday said it expects the country's real gross domestic product (GDP) to grow by 10.1 per cent in FY2022. It, however, said the value of GDP in the next financial year will only mildly surpass the level that had been recorded in FY2020. "After a 7.8 per cent pandemic-driven shrinkage in the ongoing fiscal (FY2021), India's real GDP is projected to record a growth of 10.1 per cent in FY2022. The seemingly-sharp expansion will be led by the continued normalisation in economic activities as the roll-out of COVID-19 vaccines gathers traction, as well as the low base," the agency principal economist Aditi Nayar said in a report. The agency's principal economist expects a multi-speed recovery in FY2022, with the contact-intensive sectors, discretionary consumption and investment by the private sector trailing the rest of the economy, in the arduous march back to attaining, and sustaining, pre-COVID levels. "On a sobering note, we project the aggregate value of the Indian GDP in real terms in FY2022, to be only mildly higher than the level recorded in FY2020," Nayar added. The agency expects the headline CPI inflation to decline to 4.6 per cent in FY2022 from 6.4 per cent in FY2021, while exceeding the mid-point of the Monetary Policy Committee's (MPC's) medium target of 4 per cent, for the third consecutive year. A favourable base would moderate the retail food inflation to an average of 4.7 per cent in FY2022 from 8 per cent in FY2021, despite the pressures from edible oils, and protein items such as pulses, it said. With the CPI inflation expected to remain above the MPC's 4 per cent target during FY2022, the agency expects an extended pause for the repo rate. It expects the "stance of monetary policy to be changed to neutral from accommodative in the August 2021 policy review or later, only after there is greater certainty on the durability of the awaited economic revival." The report said RBI may initiate steps, in a calibrated manner, to reduce the magnitude of the systemic liquidity surplus. Nayar said the government security yields will take a cue from the size of the borrowing programme of the central and the state governments for FY2022, as well as the outlook for inflation. The agency expects the twin deficits to display a divergent trend in FY2022. "As the revenue shock ebbs, we project India's general government (centre + states) fiscal deficit to moderate to 8.5 per cent of GDP in FY2022 from the 12-12.5 per cent of the GDP expected in the current year," Nayar said. However, with imports expected to revive in tune with the anticipated recovery in domestic demand, the current account balance is forecast to slip back into a modest deficit of USD 15-20 billion (or 0.6 per cent of GDP) in FY2022 from a surplus of USD 35-40 billion in FY2021, she said.

India's real GDP to expand by 10.1 per cent in FY2022: ICRA 

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic.&nbsp;

This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed.

Sources said the government has received permission for the same from both the Houses of Parliament.

The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears.

The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block.

This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering.

This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing.

Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces.

This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string.

(With inputs from agencies)

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic.

The Government of India has decided that the Union Budget 2021, slated to be presented on February 1, is going to be completely paperless in the wake of the ongoing coronavirus pandemic. This is a historic move as it will be for the first time in the history of independent India that the budget papers will not be printed. Sources said the government has received permission for the same from both the Houses of Parliament. The decision has been taken as the printing process would require several people to stay at the press for around a fortnight amid the coronavirus fears. The budget documents are generally printed at the Finance Ministry's in-house printing press in the North Block. This budget for the financial year 2021-22 may see several conventions being broken as the sources said that the traditional 'Halwa' ceremony may also not take place this year or a subdued function may be held with limited gathering. This ceremony, which normally starts around January 20, is attended by all the people involved in budget-making, and marks the beginning of printing. Once printing starts, printing staffers stay inside the press till the presentation of budget. Only a few high-ranked officials are allowed access and that too on the basis of a special identity card. The entire facility, loading-unloading and transportation are manned by the special security forces. This is not the first time that there would be a change in tradition in the presentation of the budget under Finance Minister Nirmala Sitharaman. Last year, she did away with a colonial-era tradition of carrying Budget papers in a briefcase, and introduced the Budget 'Bahi Khata' or a ledger, enclosed in a red cloth folder and tied with a string. (With inputs from agencies)

In a first, Finance Ministry to present paperless Budget 2021

According to reports, Korean carmaker Hyundai and US tech giant Apple have planned to sign a partnership deal on autonomous electric cars by March.

World Business Watch: Report says Apple, Hyundai will sign a deal on electric car by March

As part of efforts to open a full-function studio in Shanghai or Beijing and design electric cars tailored to Chinese consumer tastes, Tesla electric car maker is searching for a design director in China.

World Business Watch: Tesla hunts for design chief to create cars for China

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries.

"Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided," Hyundai, in a statement, said.

Watch |&nbsp;

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/electric-cars-rise-to-record-54-market-share-in-norway-in-2020-355032/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them.&nbsp;

Also read | <a href="https://www.wionews.com/technology/privacy-for-sale-as-apple-and-facebook-fight-for-consumers-354932">Privacy for sale as Apple and Facebook fight for consumers</a>

South Korea's Yonhap news agency quoted a representative from Hyundai as saying that the talks with Apple are "at an initial stage".&nbsp;

Weeks ago, Reuters reported that the iPhone maker was developing self-driving car technology and targetting to manufacture a passenger vehicle as early as 2024 with its own breakthrough battery technology.&nbsp;

Apple's Project Titan is dedicated develop to self-driving technology but the Silicon Valley giant is known to not reveal its projects.

Hyundai has already rolled out fully-electric cars and announced it will come up with ten models of "electrified, eco-focused vehicles" including hybrid and hydrogen-powered models by the end of 2022.

Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close.&nbsp; 
&nbsp;

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries.

Hyundai Motor said on Friday that early talks are going on with Apple after local media reported that the two giants were discussing a tie-up to develop electric cars and batteries. "Apple and Hyundai are in discussion, but as it is early stage, nothing has been decided," Hyundai, in a statement, said. Watch | Korea Economic TV said that Apple had approached South Korean auto giant Hyundai for a potential partnership to manufacture electric cars and batteries for them. Also read | Privacy for sale as Apple and Facebook fight for consumers South Korea's Yonhap news agency quoted a representative from Hyundai as saying that the talks with Apple are "at an initial stage". Weeks ago, Reuters reported that the iPhone maker was developing self-driving car technology and targetting to manufacture a passenger vehicle as early as 2024 with its own breakthrough battery technology. Apple's Project Titan is dedicated develop to self-driving technology but the Silicon Valley giant is known to not reveal its projects. Hyundai has already rolled out fully-electric cars and announced it will come up with ten models of "electrified, eco-focused vehicles" including hybrid and hydrogen-powered models by the end of 2022. Following the news, the shares of Hyundai skyrocketed 19.4 per cent in Seoul, with its affiliate Kia also seeing a rise of 8.4 per cent at the close.

Hyundai in talks with Apple for developing electric cars

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago.

The digital currency has climbed more than 700% from a March 12 closing low.

Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates.

The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on January 2 and $20,000 on December 16.

Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 U.S. cents, respectively. Both currencies often move in tandem with bitcoin.

Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID-19.

Market participants though warned a correction could be in the cards after a scorching rally.

“While further growth is inevitable, investors should not expect this to move in a straight line,” said Gavin Smith, chief executive officer of cryptocurrency consortium, Panxora Group.

“The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits,” he added.

Bitcoins surge happened as the market cap for the entire cryptocurrency sector topped $1 trillion on Thursday, according to data trackers CoinMarketCap and CoinGecko.

Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a “non-zero amount” of the virtual currency reaching an all-time high of more than 33 million.

The information provider also said while interest in bitcoin and news coverage have grown, it is far from being in bubble territory. The number of daily new bitcoins has still not reached 2017 levels, Glassnode said, suggesting the currency is experiencing strong organic growth in adoption, but not the sort of “viral growth typical of a bubble.”

(With inputs from agencies)

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago. The digital currency has climbed more than 700% from a March 12 closing low.

Digital currency Bitcoin extended its record smashing rally on Friday topping more than $40,000, double the value from a little more than three years ago. The digital currency has climbed more than 700% from a March 12 closing low. Increased demand from institutional, corporate, and more recently retail investors has powered bitcoin’s surge this year, attracted by the prospect of quick gains in a world of ultra-low yields and negative interest rates. The world’s most popular cryptocurrency climbed as high as $40,402.46 and was last up 6.1% at $39,100. It crossed $30,000 for the first time on January 2 and $20,000 on December 16. Smaller coins ethereum, the second largest in terms of market capitalization, and XRP, the fourth biggest, gained 1.8% at $1,231 and 31% at 32 U.S. cents, respectively. Both currencies often move in tandem with bitcoin. Some investors viewed bitcoin as a hedge against inflation amid enormous monetary stimulus aimed at battling the economic devastation caused by COVID-19. Market participants though warned a correction could be in the cards after a scorching rally. “While further growth is inevitable, investors should not expect this to move in a straight line,” said Gavin Smith, chief executive officer of cryptocurrency consortium, Panxora Group. “The reality is that bitcoin is far from being a magic money tree, nor is it free from downward price swings. In fact, we can expect dips as sharp as 25% at times as investors periodically withdraw profits,” he added. Bitcoins surge happened as the market cap for the entire cryptocurrency sector topped $1 trillion on Thursday, according to data trackers CoinMarketCap and CoinGecko. Glassnode, which provides insight on blockchain data, noted that retail interest in bitcoin has increased the last few weeks, with the number of bitcoin addresses or wallets holding a “non-zero amount” of the virtual currency reaching an all-time high of more than 33 million. The information provider also said while interest in bitcoin and news coverage have grown, it is far from being in bubble territory. The number of daily new bitcoins has still not reached 2017 levels, Glassnode said, suggesting the currency is experiencing strong organic growth in adoption, but not the sort of “viral growth typical of a bubble.” (With inputs from agencies)

Just five days after passing $30,000, Bitcoin tops $40,000

Domestic stock market indices, Sensex and Nifty rallied more than 1 percent to end at record high levels on Friday.&nbsp;

The Sensex surged 689.19 points or, 1.43 percent, to end at 48,782.51, while the Nifty closed at 14,347.25, up 209.90 points, or 1.48 percent.&nbsp;

In the mid-cap space, S&amp;P BSE MidCap index, though underperformed the frontline index, settled 1 per cent higher at 19,138.7 level after hitting a record peak of 19,161 earlier in the day. The S&amp;P BSE SmallCap index, on the other hand, ended at 18,908.59 levels, up 0.72 per cent.

Global markets

European stocks rose on Friday, with Germany’s DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers.

The pan-European STOXX 600 index rose 0.7% and was on track for a more than 3% weekly gain, with hopes of more US stimulus boosting economically sensitive sectors such as miners, oil &amp; gas and banks. Germany’s DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November.

(With inputs from Reuters)

Domestic stock market indices, Sensex and Nifty rallied more than 1 percent to end at record high levels on Friday. The Sensex surged 689.19 points or, 1.43 percent, to end at 48,782.

Domestic stock market indices, Sensex and Nifty rallied more than 1 percent to end at record high levels on Friday. The Sensex surged 689.19 points or, 1.43 percent, to end at 48,782.51, while the Nifty closed at 14,347.25, up 209.90 points, or 1.48 percent. In the mid-cap space, S&P BSE MidCap index, though underperformed the frontline index, settled 1 per cent higher at 19,138.7 level after hitting a record peak of 19,161 earlier in the day. The S&P BSE SmallCap index, on the other hand, ended at 18,908.59 levels, up 0.72 per cent. Global markets European stocks rose on Friday, with Germany’s DAX hitting a record high on the back of better-than-expected economic data and encouraging earnings updates from chipmakers. The pan-European STOXX 600 index rose 0.7% and was on track for a more than 3% weekly gain, with hopes of more US stimulus boosting economically sensitive sectors such as miners, oil & gas and banks. Germany’s DAX index jumped 0.8% after data showed both industrial output and exports rose more than expected in November. (With inputs from Reuters)

Sensex jumps 689 points, Nifty settles above 14,300

Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time.

Shares in the company led by Elon Musk jumped nearly 8% to end the session at $816, putting its market capitalization at $774 billion and making it Wall Street's fifth-most-valuable company, just behind Google-parent Alphabet and ahead of Facebook.

Facebook's stock market value was $765 billion after its shares rose about 2%, according to Refinitiv data.

Over $39 billion worth of Tesla's shares were bought and sold during the session, a record for Tesla and more than the next three most traded companies combined, which were Apple, Alibaba Group Holding and Amazon.com.

Also read|&nbsp;<a href="https://www.wionews.com/world/elon-musks-strange-reaction-on-becoming-worlds-richest-person-355307">Elon Musk's 'strange' reaction on becoming world's richest person</a>

Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors.

Musk surpassed Amazon's Jeff Bezos to become the world's richest person, Bloomberg News reported on Thursday.

Tesla's latest lift came after RBC raised its rating on the stock to "sector perform" from "underperform."

RBC analyst Joseph Spak said in his research note that he previously underestimated Tesla's ability to use its soaring stock price to raise capital to fund the company's expansion.

"We took a fresh look at the growth opportunity, what we got wrong about TSLA's positioning and the valuation and conclude that the stock price itself is likely to be somewhat self-fulfilling to TSLA's growth and strategy," Spak wrote.

Analysts, on average, expect Tesla to report $1.2 billion in net profits for 2020, compared with $5.8 billion in net profits expected from GM and $27.1 billion in net profits expected from Facebook, according to Refinitiv.

Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time. Shares in the company led by Elon Musk jumped nearly 8% to end the session at $816, putting its market capitalization at $774 billion and making it Wall Street's fifth-most-valuable company, just behind Google-parent Alphabet and ahead of Facebook.

Shares of Tesla surged to a record high in heavy trading on Thursday, with the electric car maker's stock market value exceeding Facebook's for the first time. Shares in the company led by Elon Musk jumped nearly 8% to end the session at $816, putting its market capitalization at $774 billion and making it Wall Street's fifth-most-valuable company, just behind Google-parent Alphabet and ahead of Facebook. Facebook's stock market value was $765 billion after its shares rose about 2%, according to Refinitiv data. Over $39 billion worth of Tesla's shares were bought and sold during the session, a record for Tesla and more than the next three most traded companies combined, which were Apple, Alibaba Group Holding and Amazon.com. Also read| Elon Musk's 'strange' reaction on becoming world's richest person Tesla, up over 700% in the past 12 months, has become the most valuable auto company in the world by far, despite production that is a fraction of rivals such as Toyota Motor, Volkswagen and General Motors. Musk surpassed Amazon's Jeff Bezos to become the world's richest person, Bloomberg News reported on Thursday. Tesla's latest lift came after RBC raised its rating on the stock to "sector perform" from "underperform." RBC analyst Joseph Spak said in his research note that he previously underestimated Tesla's ability to use its soaring stock price to raise capital to fund the company's expansion. "We took a fresh look at the growth opportunity, what we got wrong about TSLA's positioning and the valuation and conclude that the stock price itself is likely to be somewhat self-fulfilling to TSLA's growth and strategy," Spak wrote. Analysts, on average, expect Tesla to report $1.2 billion in net profits for 2020, compared with $5.8 billion in net profits expected from GM and $27.1 billion in net profits expected from Facebook, according to Refinitiv.

Tesla's stock market value tops Facebook's in huge trading

Elon Musk, the outspoken and envelope-pushing founder and CEO of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, US media reported Thursday.

Musk is a major shareholder of the electric car company and has benefited from Tesla's surging share price over the last year. CNBC estimated his wealth at $185 billion.

The distinction is the latest superlative for the South African-born Musk, who also leads the aerospace venture SpaceX.&nbsp;

Tesla is widely seen as a pacesetter for the car industry as conventional automakers try to catch up in electric autos.

Tesla had a strong 2020 as it ramped up production, broke ground on new factories and reported a series of profitable quarters and was added to the prestigious S&amp;P 500 index.&nbsp;

That enabled shares to rise more than 700 per cent during the year, making it more valuable that the world's top carmakers combined.

Overcoming controversy&nbsp;

Musk has hit a stride after stumbling in 2018, when US securities regulators required the Tesla chief to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted.

Musk also was embroiled in a messy public fight over his comments about a British caver, who had mocked the Tesla CEO's offer of a mini-submarine to rescue young soccer players trapped in a cave in Thailand in the summer of 2018.

The caver, Vernon Unsworth, sued Musk after the Tesla chief called him "pedo guy" on social media, but a California jury in December 2019 ruled the remark was not defamation.

Musk put these controversies behind him last year as Tesla significantly boosted output at car factories in California and Shanghai and moved ahead to build new factories in Texas and Germany.

Tesla watchers do not think Musk will be able to match the massive valuation surge in 2021, but expect continued progress as the carmaker adds production capacity and pushes the envelope on new technologies, including autonomous autos.

Still, several analysts consider the stock to be overvalued, even if they praise the company.

"Tesla's performance in 2020 was impressive, but not as impressive as the increase in its shares, which we continue to believe are overvalued," said a note earlier this week from JPMorgan Chase, which has an "underweight" on the equity.

Shares of Tesla surged 6.3 per cent to $803.78 in late morning trading, lifting the company's market capitalization above $750 billion.&nbsp;

Musk holds about 21 per cent of Tesla's shares, according to a securities filing.

Elon Musk, the outspoken and envelope-pushing founder and CEO of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, US media reported Thursday.

Elon Musk, the outspoken and envelope-pushing founder and CEO of Tesla, overtook Amazon boss Jeff Bezos to become the world's wealthiest person, US media reported Thursday. Musk is a major shareholder of the electric car company and has benefited from Tesla's surging share price over the last year. CNBC estimated his wealth at $185 billion. The distinction is the latest superlative for the South African-born Musk, who also leads the aerospace venture SpaceX. Tesla is widely seen as a pacesetter for the car industry as conventional automakers try to catch up in electric autos. Tesla had a strong 2020 as it ramped up production, broke ground on new factories and reported a series of profitable quarters and was added to the prestigious S&P 500 index. That enabled shares to rise more than 700 per cent during the year, making it more valuable that the world's top carmakers combined. Overcoming controversy Musk has hit a stride after stumbling in 2018, when US securities regulators required the Tesla chief to step down as chairman and pay $20 million to settle charges he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly aborted. Musk also was embroiled in a messy public fight over his comments about a British caver, who had mocked the Tesla CEO's offer of a mini-submarine to rescue young soccer players trapped in a cave in Thailand in the summer of 2018. The caver, Vernon Unsworth, sued Musk after the Tesla chief called him "pedo guy" on social media, but a California jury in December 2019 ruled the remark was not defamation. Musk put these controversies behind him last year as Tesla significantly boosted output at car factories in California and Shanghai and moved ahead to build new factories in Texas and Germany. Tesla watchers do not think Musk will be able to match the massive valuation surge in 2021, but expect continued progress as the carmaker adds production capacity and pushes the envelope on new technologies, including autonomous autos. Still, several analysts consider the stock to be overvalued, even if they praise the company. "Tesla's performance in 2020 was impressive, but not as impressive as the increase in its shares, which we continue to believe are overvalued," said a note earlier this week from JPMorgan Chase, which has an "underweight" on the equity. Shares of Tesla surged 6.3 per cent to $803.78 in late morning trading, lifting the company's market capitalization above $750 billion. Musk holds about 21 per cent of Tesla's shares, according to a securities filing.

Elon Musk becomes world's richest person: Reports

The sale of electric cars in Norway overtook those powered by petrol, diesel and hybrid engines last year, with German auto-maker Volkswagen replacing Tesla as the top battery-vehicle producer, new data showed on Tuesday.

Electric cars rise to record 54% market share in Norway in 2020