Around the Globe

Around the Globe

Adulterated Gujarat cotton leads to Rs 3,600 crore additional imports

Adulteration of ginned cotton by Gujarat firms has forced spinning mills to import Rs 3,600 crore cotton from West Africa and Australia last season.
The spinning mills used to import 5-600,000 bales of cotton, especially the extra long staple one, every year to meet requirements after bu­y­ing from domestic ginners. But in the last cotton season, they had to import 2.3 million bales of cotton from co­u­ntries like West Africa and Australia. The import of 1.7 million more bales incurred Rs 3,600 crore forex outgo, said the South Indian Mills Association (Sima).

2nd Scorpene class submarine Khanderi launched

Khanderi, the second Scorpene class stealth submarine that has superior stealth and the ability to launch a crippling attack with torpedoes as well as tube-launched anti-ship missiles whilst underwater or on surface, was launched at the Mazagon Dock Shipbuilders Limited here today.

The submarine is designed to operate in all theatres, including the tropics. All means and communications are provided to ensure interoperability with other components of a Naval task force.

Rahul's comments against Modi reflect his worry: Irani

Attacking Rahul Gandhi over his remarks against Narendra Modi, Union Minister Smriti Irani today said his comments show that he is "worried" about the Prime Minister's growing popularity and "desperately" looking to save his political legacy.

"Yesterday, Rahulji had said some words about our Prime Minister. Congress's repeated defeat in elections is an indication that people have shown faith in Modi's leadership and their support and blessings are with Narendrabhai Modi," she told reporters on the sidelines of a seminar on textiles at the Vibrant Gujarat Summit here.

PIOs, NRIs feel heat of demonetisation; wait in RBI queues

After residents, NRIs and People of India Origin (PIO) are now braving long queues to exchange the old Rs 500/1000 notes at 5 designated RBI branches across the country but because of stringent conditions several of them have had to return disappointed.

Tempers ran high outside the central bank branches as people coming from long distances were denied entry by guards on the grounds that they were not carrying the requisite documents.

Many NRIs complained that they are not allowed to speak to officials who could at least listen to their grievances.

Recommendations on Internet telephony by Feb: Trai

Telecom regulator Trai plans to finalise recommendations on the Internet telephony framework by February -- a move that may lead to cheaper phone calls and the pave way for making calls from mobile applications like Whatsapp and Skype.

"Provision of Internet telephony has been in telecom licence, but it has not expanded in country. Today, we discussed issues that are holding on to its expansion," Trai Chairman RS Sharma told reporters here on the sidelines of Open House Discussion on Internet telephony.

Mistry moves NCLT, seeks jail for Tata

Two investment firms owned by the family of Cyrus Mistry (in pic) have filed a contempt application at the National Company Law Tribunal (NCLT) against Tata Sons and its directors, alleging violation of the tribunal's order in initiating steps to remove him from the board. The contempt application has sought punishment for Ratan Tata, other directors of Tata Sons and trustees of Sir Ratan Tata Trust and Sir Dorabjee Trust — NA Soonawala, RK Krishnakumar and R Venkatramana — with “simple imprisonment for a term which may extend to six months” or fine of Rs 2,000 or both.

Modi instilling fear in people

Mounting a scathing attack on BJP and RSS, Rahul Gandhi on Wednesday accused them of creating an atmosphere of “fear” among the people, asserting the Congress will defeat their ideology and remove the saffron party from power.

India Inc unsure about responding cyber threats

Despite increasing the investment on cyber security every year, India Inc is not confident of their ability to sense, resist and respond to cyber threats.
Almost 69 per cent of Indian respondents reported an increase in their cyber security budgets over the last 12 months and almost three-fourths expect budgets to increase further in the next year, says a survey by EY, the global professional services organisation. The survey was based on responses from 1,735 global C-suite executives, including 124 CXOs from India.

Trump Tremors in a Tame Quarter

Infosys, the country’s second largest software services exporter, will usher in the quarterly results season for the Indian IT majors on Friday. Even as the company’s board is gearing up for announces the financial results for the December quarter, the market has already arrived at a conclusion that not only Infosys but almost all Indian IT majors will be offering only a muted growth for the September-December quarter, generally considered a weak quarter by the industry.

GST rollout a key focus area for government

Since it formed the government in 2014, the Modi administration has undertaken several reform measures which should be highly beneficial for India’s economy in the longer term. These include reforms in power transmission, bank’s NPL recognition, bankruptcy bill, constituting monetary policy committee, inflation targeting, foodgrain management, direct benefit transfers, deregulating oil prices, some labour reforms in the textile sector, progress on improving ease of doing business and ramping up public investments.

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