The Indian business landscape is no stranger to upheavals and surprises. Every day, the country’s corporate sector witnesses events and developments that impact businesses, industries, and the entire ecosystem. As a business professional or an avid follower of business news, it’s imperative to keep a tab on the latest business news in India. Here are some of the most significant headlines from recent times that you can’t afford to miss.
1. India’s GDP Contracted by 23.9% – A Powerful Blow to India’s Economy
India’s economy suffered a historic contraction of 23.9% in Q1 FY21 as per data released by the National Statistics Office. This is the first time that the country’s GDP has contracted since 1996. The drop can be attributed to a slump in consumer spending, manufacturing, and exports due to the COVID-19 pandemic.
2. Indian Govt Announces Relief Packages for MSMEs
The Government of India has announced multiple relief measures aimed at reviving Micro, Small and Medium-sized Enterprises (MSMEs) that were severely impacted by the pandemic. These measures include loans, tax relief, and credit guarantees worth Rs.3 lakh crore. The move is expected to provide a significant boost to the MSME sector, which contributes over 30% to India’s GDP.
3. Walmart Makes a Strategic Investment in Flipkart
Walmart, one of the largest retailers in the world, has made a strategic investment of $1.2 billion in Flipkart, one of India’s leading e-commerce companies. The move is aimed at strengthening Walmart’s e-commerce presence in India and expanding its reach in the country’s rapidly-growing online retail market. This investment is crucial for Walmart as it looks to compete with Amazon, which is also rapidly expanding in India.
4. Tata Sons to Acquire Majority Stake in BigBasket
Tata Sons, the holding company of the Tata Group, is all set to acquire a majority stake in BigBasket, India’s largest online grocery retailer. The deal is valued at around $1 billion and is yet to be finalised. If successful, it will be a significant move for Tata Sons in the online retail space, which is rapidly growing in India due to the pandemic.
5. Bharti Airtel’s, Reliance Jio’s Tariff Hike
Bharti Airtel and Reliance Jio, two of India’s largest telecom operators, have announced an increase in their prepaid tariff plans by up to 40%. This move is aimed at boosting revenue and strengthening the balance sheets of these telecom giants, which have been under immense pressure due to the pandemic and an ongoing price war to retain customers.
In conclusion, these are some of the top headlines that made waves in the Indian business landscape in recent times. Keeping an eye on such developments can help business professionals, investors, and analysts make informed decisions that can impact the future of businesses and industries. As India continues to navigate through these unprecedented times, it’s crucial to stay updated with the latest business news and make informed decisions that contribute to the country’s rapid growth.
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