Chinese companies now invest nearly half of what they invested 3 years ago in India, reveals FinMin

The outflow to China from India has also decreased in recent years, however, it caught some pace in the last few months.

Investment by Chinese companies into India has nearly halved in the last three years, much before India raged a trade war against China earlier this year. The total FDI inflow from Chinese companies stood at $350.22 million in FY 2017-18, which fell to $229 million in FY 2018-19 and had a freefall to $163.77 million in FY 2019-20, according to the data provided by Anurag Singh Thakur, MoS, Ministry of Finance, in a reply to a question in

After listing 50k kiranas, Flipkart to hire 70k delivery executives, packers, sorters this festive season

The annual online sale by Flipkart usually coincides with Amazon’s Great Indian Festival Sale. Image: Reuters

Walmart-owned Flipkart has said that its biggest annual sale event The Big Billion Days will help create more than “70,000 direct and lakhs of indirect seasonal jobs.” The direct jobs will come up in areas including the company’s supply chain involving delivery executives, pickers, packers and sorters while the indirect jobs will be created at Flipkart’s seller partner locations and kiranas. “This will be further supplemented by job creation in ancillary industries including vendor locations, and freight partners,” Flipkart said in a statement on

Alibaba Is in Talks to Invest $3 Billion in Grab

(Bloomberg) — Alibaba Group Holding Ltd. is in talks to invest $3 billion into Southeast Asian ride-hailing giant Grab Holdings Inc., according to people familiar with the matter.

The Chinese e-commerce giant, a sole investor in the round, will spend a portion of the funds to acquire some of the Grab stock held by Uber Technologies Inc., one of the people said, asking not to be named as the discussions are private. The deal may represent one of Alibaba’s biggest bets on Southeast Asia since its first investment in Lazada in 2016.

China’s largest corporation has previously had limited forays

One in 3 families don’t own houses in Delhi; half don’t have personal vehicles

One in every three families in the national capital do not own houses and are living on rent, while half of the families do not own a vehicle, a survey conducted by the government said. A study of various ownership patterns of 20.05 lakh households in the capital has found that 32.38% families live as tenants while 48.21% do not own vehicles for personal use. The findings of the socio-economic survey report were prepared by the Delhi Directorate of Economics and Statistics (DES), The Indian Express reported, which had also carried several findings of the survey, held between November 2018

Amazon ropes in Amitabh Bachchan to be Alexa’s first Indian celebrity voice

Piku-starrer will be the first Indian celebrity to voice Alexa.

You will soon be able to talk to Amitabh Bachchan, and that too from the comfort of your home. Amazon has roped in Big B, who needs no introduction, to be Alexa’s first Indian celebrity voice. Come 2021 and you will be able to listen to weather updates, poetries, jokes, advice and motivational quotes from Alexa voiced by none other than Amitabh Bachchan. The experience will be paid and will be introduced next year you’re also free to test the feature. Users will have to say “Alexa, say hello

OPEC Bid to Rescue Oil Market Falters as Demand Bounce Fades

(Bloomberg) — It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets.

Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coronavirus has thwarted their best efforts to keep the market afloat.

After reviving crude prices from an unprecedented collapse over the spring, OPEC+ is seeing the recovery stall and fuel demand falter as the deadly pandemic surges once again. Prices slipped below $40 a barrel last week for the first time since June.

Atmanirbhar Bharat report card: Rs 25k cr disbursed to farmers, Rs 1.18 lakh cr credited to MSMEs so far

Prime Minister Narendra Modi had the Rs 20 lakh crore Atmanirbhar Bharat package in May.

The Ministry of Finance on Sunday shared an update on the progress of the multiple schemes under the Rs 20-lakh-crore Atmanirbhar Bharat package announced by Prime Minister Narendra Modi in May. According to the ministry, Rs 25,000 crore has been disbursed to farmers as on August 28, 2020, under the Rs 30,000 crore additional emergency working capital funding through National Bank for Agriculture and Rural Development (NABARD). The remaining Rs 5,000 under the Special Liquidity Facility (SLF) was allocated to NABARD by the Reserve Bank

Coming soon, credit guarantee scheme, seed fund for startups; DPIIT working on solving funding issues

The schemes once formulated by DPIIT would have to be approved by the Ministry of Finance followed by the Union Cabinet for their implementation.

The Department for Promotion of Industry and Internal Trade (DPIIT) is looking at introducing two new schemes to solve credit-related challenges for early-stage startups in India. According to DPIIT Secretary Guruprasad Mohapatra, an inter-ministerial consultation process is underway to frame the contours of a credit guarantee scheme and a seed fund scheme, PTI reported. Under the credit guarantee scheme, the government would provide a corpus to banks through which the credit would be disbursed into startups.

Merkel Scrapping Nord Stream Would Unravel German Gas Strategy

(Bloomberg) — As Angela Merkel weighs up the arguments for scrapping a Russian pipeline project, a cornerstone of the German chancellor’s carefully crafted energy strategy is at stake.

Merkel is coming under increasing pressure to ditch the Nord Stream 2 pipeline after the poisoning of Russian opposition politician Alexey Navalny. Members of her own party have questioned the project and Polish Prime Minister Mateusz Morawiecki said the decision should be a “no brainer.”

But cancellation would mean unwinding years of government strategy to turn Germany into a lucrative gas hub as it boosts supplies of the fossil fuel during the

Converting crisis into opportunity: PM Modi inaugurates 1.75 lakh houses; time for making houses halved

The time for completion of houses under PMAY-G has been cut from 125 days to a mere 45-60 days during the pandemic

Prime Minister Narendra Modi today said that the time for completion of houses under PMAY-G has been cut from 125 days to a mere 45-60 days during the pandemic, which is a classic example of converting the coronavirus crisis into an opportunity. Narendra Modi inaugurated 1.75 lakh houses built under the Pradhan Mantri Awas Yojana on Saturday. The Modi government had promised “Housing for All by 2022”, for which a flagship programme of PMAY-G was launched in November