India’s most awaited financial event of the year failed to create more than a whimper.
Finance minister Pranab Mukherjee’s Budget for 2012-13 failed to inject much excitement among domestic and foreign investors alike.
Foreign investors are keeping a keen eye on India’s annual Budget this week over tax changes that are likely to be announced. Experts are expecting some changes in how foreign company related transactions are taxed in the country and some bold decisions in terms of opening up certain key sectors.
Tata Motors has announced plans to add 1,000 workers at its Jaguar Land Rover (JLR) plant in the United Kingdom. The decision marks a significant turnaround in the fortunes of the iconic luxury car brands since the Indian automotive giant took over the reins back in 2008.
Soon after being crowned Asia’s richest man, Reliance Industries Limited (RIL) chief Mukesh Ambani emerged as the world’s 19th richest man in the latest Forbes list of billionaires net worth of around $22.3 billion.
The debt crisis of Indian private airline, Kingfisher, was spiralling out of control this week.
The International Air Transport Association (IATA) suspended the carrier from its clearing house due to non-payment of fees.
Indian automotive major, Tata Motors, has tied up with US-based A123 Systems for the supply of lithium ion battery packs for its hybrid commercial vehicles.
A123 will deliver complete systems that include robust battery management electronics.
