India's Manushi Chillar won the coveted Miss World 2017 pageant here, 16 years after Priyanka Chopra won the title in 2000.
Chillar competed against 108 contestants from various countries at a glittering event held at Sanya City Arena here.
Miss World 2016 winner Puerto Rico's Stephanie Del Valle gave away the coveted crown to the winner.
Chillar, who is from Haryana, had earlier this year won the Femina Miss India 2017.
India, England, France, Kenya and Mexico grabbed the top five spots at the peagant.
Manushi, born to doctor parents, studied in St. Thomas School in New Delhi and Bhagat Phool Singh Government Medical College for Women in Sonepat.
Her entire family including brother and sister were present and they looked excited watching Manushi grabbing top five spot.
In question and answer round post getting the top five spot, Manushi was asked: "Which profession deserves the highest salary and why?" She replied: "I think a mother is of highest respect. I don't think its just about cash but love and respect she gives to someone. She is the biggest inspiration in my life. Mother should get highest respect."
As many as 108 beauty queens from different parts of the world participated in the prestigious pageant.
Source: Business Standard
Maruti parent SuzukiBSE 0.02 % has inked a pact with Toyota Motor and, if things go as planned, India would see the first electric vehicle (EV) from the Maruti stable in less than two years!
That would prove to be a game-changer for the domestic auto industry.
How the EV segment would perform in the initial years would majorly depend on the price points of these vehicles.
The average cost of a small car in India today stands at $6,00-8,000 (ex-showroom), while the median cost of a car comes to $10,000. A long-range EV (380km) is expected to cost about $21,500 while a moderate-range one (190km) could cost $16,000 by 2025, UBS said in a forecast this past August.
That takes the battery cost at $130/Kwh. At Friday’s rupee-dollar exchange rate, $16,000 equals roughly Rs 10.40 lakh, the price point at which entry-level SUVs are selling in the domestic market currently.
UBS analysts argued that even though battery costs are falling, a long-range electric vehicle (EV) could still remain too expensive for mainstream adoption, without major government subsidies.
India needs local battery cell manufacturing and electronics value chain and charging infrastructure. For that, the government would need to invest significantly to drive industry growth, said the UBS report.
The government’s fiscal space is limited currently. The disruption from EVs is not priced in India so far, the analysts said.
Bank of America-Merrill Lynch (BofA-ML) in a report forecasts electric vehicles to have a 12 per cent market share in the light vehicles segment globally by 2025. It expects the penetration to rise to 34 per cent by 2030 and 90 per cent by 2050.
Globally, China is likely to maintain 50 per cent of EV sales by 2030. Renault-Nissan has been an early EV adopter in Europe, while Toyota and Honda have entered the space recently.
Among US OEMs, GM’s ability to integrate autonomous EVs into a ridehailing/shared fleet looks differentiated. Ford is focused on using existing platforms for EVs, while FCA lags behind in terms of EV offerings. Tesla’s auto focus is solely on pure EVs (new Model 3 launch in 2017), it said.
India aims to achieve a target of all-electric vehicles by 2030.
Regulatory actions against fossil fuel vehicles are likely to support EVs over the next few years, Nomura India said, noting that the Suzuki-Toyota pact should give a headstart to Suzuki over other OEMs in India.
The two companies together are likely to have enough volumes in India and for exports for high utilisation, which will bring down the overall cost per vehicle. Other OEMs dependent on imported components may find it difficult to compete on costs, it said.
Suzuki intends to build the entire value chain in India, which would require a lot of investment. It is likely to pay off in the medium term, Nomura India said.
The company earlier this year announced setting up of a lithium-ion battery manufacturing JV with Toshiba (40 per cent share) and DensoBSE 0.32 % (10 per cent share). The JV is expected to supply batteries for hybrid and all-electric cars by 2020.
Mahindra & Mahindra (M&M) is also gearing up for manufacturing all key components for electric vehicles on its own, media reports suggest.
M&M was an early entrant in this segment after the automobiles-to-financial services conglomerate acquired a majority stake in REVA Electric Car in 2010. Mahindra later rebranded the company as Mahindra REVA Electric Vehicle.
For M&M, building on the first mover advantage and cab aggregator tie-ups is a must. The company expects battery cell prices to drop to $130/Kwh in the next 2-3 years from $230/Kwh at present.
Mahindra Electric is forging necessary technology tie-ups to facilitate the development and introduction of electric vehicles across segments, JM FinancialBSE -1.26 % said in a note.
Bajaj AutoBSE 1.43 % has plans to launch e-rickshaws to 2018 from 2020. Hero MotoCorpBSE 0.88 %, on the other hand, has invested up to Rs 205 crore in electric automotive startup Ather Energy with a 26-30 per cent stake.
Analysts believe original equipment makers (OEM) such as Maruti SuzukiBSE 0.05 %, M&M, Ashok LeylandBSE 0.04 % and Bajaj Auto may gain in the long term as they develop EV platforms. Battery makers Exide IndustriesBSE 1.14 % and Amara RajaBSE 0.09 % are also expected to gain as they look deeper into lead-acid and lithium ion batteries.
Souce: Economic Times
Washington D.C. [USA], Oct. 13 : Union Finance Minister Arun Jaitley has stated that the Foreign Direct Investment (FDI) flows to India have increased in 2016-17, over that in 2015-16, indicating improve in the global confidence of the economy.
Jaitley, who participated in an Interactive Seminar organised by FICCI on "India Opportunity", opined that the Indian economy is poised for strong, sustainable and balanced growth, backed by the Government of India's focus on implementing structural reforms.
"There is clear evidence now that slowdown effect of demonetisation and the Goods and Services Tax (GST) has now more or less played it out. The implementation of the GST from July 1, 2017 and its gradual complete transition, follow-up to demonetisation, and enacting other structural reforms by the Government of India would take the economy towards higher growth trajectory," he said.
Talking about infrastructural reforms, the minister highlighted the bold reforms introduced in India, which now have created impressive opportunities in infrastructure assets resolution under the Insolvency and Bankruptcy Code (IBC) process and in financial sector.
He also spoke about the interface between the global and the Indian economy; national investments and the Infrastructure Fund; and reform initiatives of the Government of India, especially to improve Ease of Doing Business.
Defending the case of reforms in the H1B/L1 visa processes and social security contribution during his bilateral meetings, Jaitley highlighted the contribution of skilled Indian professionals towards the US economy, adding that the same must be suitably appreciated by the receiving end.
"High calibre Indian professionals serving American interest won't be unfairly deprived of their well-earned money," he argued.
Jaitley also discussed Indo-US Economic Cooperation, with specific focus on how bilateral trade and investment can be improved between the two countries. For the same, he also held bilateral meetings with his US counterpart and Treasury Secretary; and US Commerce Secretary here.
"It is important to understand global spillovers of domestic policy actions of individual member countries. Subsequent versions of IMF's strong, sustainable and balanced Growth Report can examine analytical tools for policy spillovers," he said.
Furthermore, Jaitley, who participated in the G-20 Finance Ministers and Central Bank Governors (CBGs) Meeting called for formulating the G-20 response by the member countries to address the challenges being faced by the global economy.
Arun Jaitley is currently on a one week official tour to Washington D.C. to attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank and other associated meetings. He is accompanied by Dr. Urjit Patel, Governor, RBI; Secretary, Department of Economic Affairs, Subhash Chandra Garg and other officials.
The upgrade, Moody’s first of India since January 2004, moves the rating to the second-lowest investment grade, one notch higher than Standard & Poor’s and Fitch, which have kept India just above “junk” status for a decade and more.The decision by Moody’s is a plaudit for Prime Minister Narendra Modi’s government and the reforms it has pushed through, and comes just weeks after the World Bank moved India up 30 places in its annual ease of doing business rankings. This author decodes what the rating upgrade means for the Indian economy.
International rating agency, Moody’s, upgraded India’s government debt rating from Baa3 to Baa2 on November 16 with a stable outlook. The last upgrade had happened way back in 2004 when Moody’s had upgraded the rating of India’s government debt from speculative grade to Baa3. The irony was that for a full 14 years the Indian government debt had been classified as just one notch above speculative grade. That did little justice to an economy that boasted of a GDP of $2.2 trillion and a market cap of $2.6 trillion. Indian economy is growing at a rate of above 7% which is on par or slightly better than China. The fact that India could sustain high growth at a time when the entire world was struggling is a testimony to the economy’s resilience. Remember, all this was done without letting the fiscal deficit out of control and adhering to the strictest standards of fiscal responsibility. To be fair, the one redeemable feature of this upgrade was that it was better late than never.
Why did Moody’s upgrade India from Baa3 to Baa2?
According to the note put out by Moody’s there were 4 key triggers for the upgrade from Baa3 to Baa2
• Moody’s believes that the reforms consisting of fairly significant moves like GST implementation, digitization via demonetization and the frontal attack on bank NPAs will not only strengthen India’s institutional framework but also increase productivity and help sustainable growth.
• Moody’s also believes that the government debt at 68% of GDP will remain stable once reforms are undertaken in a big way and growth comes back to the economy. This is critical because Baa median debt/GDP ratio is 44%.
• Thirdly, some changes in the macro institutional framework are also likely to be positive for India. The commitment of the FRBM, institutionalization of monetary policy through the MPC and the GST Council will promote transparency and fairness.
• The big trigger for Moody’s was the massive boost to resolving banking NPAs via the deployment of Recapitalization Bonds. This is likely to help banks grow their loan books, at the same time preparing for the post Basel-IV scenario.
But there are some words of caution too from Moody’s
Moody’s has also cautioned about some real risks to this upgrade. Factors like a low level of per-capita Nominal GDP, a threat of inflation, exposure to oil imports, current account deficit and the social inequalities could make the Indian economy vulnerable. That is something to be cautious about.
What does this rating upgrade mean for India?
In terms of the implications of these ratings, there are 5 key takeaways for now
• India is already the largest recipient of foreign direct investment (FDI) at over $60 billion per annum and this upgrade could expedite the flows of FDI into India.
• Foreign portfolio Investors are likely to increase their allocation to India as Indian becomes more attractive in risk-adjusted terms.
• External commercial borrowings (ECBs) could get cheaper as the rate of interest is calculated as a spread over the LIBOR and this spread is inversely related to the risk perception.
• If the reaction of the Nifty and the Sensex was any indication, equities have received this announcement positively. That is hardly surprising because a rating upgrade results in lower risk perception leading to lower cost of capital and therefore higher valuations for equities.
• Bond yields are likely to come down further as the spread with other country yields will now narrow due to the upgrade
Above all, this upgrade is a stamp of trust in India’s reforms process. That could be the key takeaway!
Mumbai, Oct 12: Maharashtra Chief Minister Devendra Fadnavis, who is on Sweden tour, today said the state will become a trillion dollar economy by 2030
Fadnavis, on a three-day visit to Sweden along with Union Commerce and Industry Minister Suresh Prabhu and Maharashtra Industry Minister Subhash Desai, addressed a gathering in Stockholm, after releasing a 'Make in India' magazine
"Our Prime Minister Narendra Modi ji says that India will lead the world because of its demography, democracy and demand. Maharashtra leads in this advantage too," a release from the Chief Minister's Office (CMO) quoted him as saying
"China was a factory for the world for the last 20 years, but after this decade it will be India," he said while exhorting Swedish firms to invest in Maharashtra
The CM further said Maharashtra will be a trillion dollar economy by 2030
Stating that Maharashtra leads in infrastructure projects and ports, Fadnavis said the proposed 'Samruddhi' corridor project between Mumbai and Nagpur will be the longest "smart road" in the nation
"Our state has a population of 10 per cent, but we contribute 15 per cent to the national GDP. Almost all global businesses have their footprints in Maharashtra, including over 100 Swedish companies," he said while appealing to Swedish companies to invest in the state
Stating that Maharashtra offers enormous opportunities and benefits, he pointed out that Mumbai is the financial capital of the nation, Pune is the IT capital and Nagpur is the logistics hub
Fadnavis met Alrik Danielson, President and CEO of SKF group, a leading bearing and seal manufacturing company, the statement said
"SKF group already has a manufacturing facility in Pune and its officials informed the CM on their expansion plans and that they would soon finalise the next phase for Maharashtra and also that they are keen to work closely with the state government," it said
The Chief Minister also met Atul Tandon, Director Strategy and Commercial Excellence, of AstraZeneca
The company appreciated Maharashtra's initiatives for screening of non-communicable diseases like diabetes, the statement said
"The global biopharmaceutical company agreed and assured the CM to work closely with the state and that they are keen to work for a pilot project in a civil hospital to improve healthcare facilities," it said
Fadnavis also met P r Stenmark, Chief Regulatory Officer, of IKEA and appealed to the company to join hands with the state for use and branding of bamboo/bamboo products to increase the income and employment of tribals and locals
"The state government has already set up a Bamboo Development Board and is also providing skilling support to the locals. The CM urged IKEA to start a skill centre for Bamboo," the statement said
IKEA also informed the CM that the work for Navi Mumbai IKEA store has already started and will be completed by 2019
The 'bhumipujan' (ground-breaking) of the store was performed by Fadnavis on May 18 this year
Fadnavis also met Swedish Minister for EU Affairs and Trade Ms Ann Linde and discussed important bilateral issues, the statement said.