RBI panel charts path to internationalise rupee, reduce dollar dependency
An inter-departmental group (IDG) of the Reserve Bank of India (RBI), set up to examine internationalising the rupee, has recommended steps for transactions in the domestic currency popular in other countries, thereby reducing dependence on the dollar. Read more…
Data protection bill gets cabinet nod, major provisions likely to be kept
The central government has retained the major provisions of the draft Digital Personal Data Protection Bill, 2022, including penalties for data breaches, parental consent for children’s data, and deemed consent, in the final version to be tabled in Parliament, informed sources. The Union Cabinet on Wednesday approved the draft Bill released for public consultation in November 2022. Read more…
Bombay Dyeing may sell Worli land parcel at Rs 5,000 cr valuation
Wadia group firm Bombay Dyeing is in talks to sell a part of its land parcel in central Mumbai’s Worli at a valuation of Rs 5,000 crore. A Japanese conglomerate is leading the race to acquire the land, which has a development potential of 2 million square feet for commercial purposes, said a source in the real estate industry. Read more…
Tamil Nadu govt considers ‘unlocking’ Ford India for real estate purposes
In its prime, Ford India’s manufacturing unit in Maraimalai Nagar, around 45 kilometres from Chennai, was considered to be an iconic destination for India’s automobile industry. However, about two years ago, on September 9, 2021, its fortune took a sudden turn when the automobile major decided to pull out of India and stop all vehicle manufacturing in the country. Now, the Tamil Nadu government is mulling using the plant land “innovatively” for “real estate purposes”, even as other options are not completely off the table. Read more…
Indian middle class will nearly double to 61% by 2046-47: PRICE Report
The size of India’s middle class will nearly double to 61 per cent of its total population by 2047, from 31 per cent in 2020-21, as continuing political stability and economic reforms with a sustained annual growth rate of between 6 per cent and 7 per cent over the next two and half decades will make the country one of the largest markets in the world. Read more…
Jio ahead of Airtel in 5G rollout, owns 79% base transceiver stations
India’s 5G rollout has been dominated by Reliance Jio, with the company accounting for as much as 79 per cent (over 2 lakh ) of the 2.52 lakh 5G- powered base transceiver stations (BTS) in the country till June 19. Sources aware of the development say that Reliance Jio has hit over 55-60 million 5G customers and extended the network to more than 6000 cities, towns and talukas across the country. Read more…
