India-US ties take a leap: India and the United States have signed a strategic military agreement to share each others’ air and naval bases for repair and resupply. Analysts see this as a step towards reinforcing defence ties as the two nations look to counter China’s aggressive maritime activities. This pact may not be good for Sino-India relations, but it certainly is the beginning of a new alliance between India and the US.
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A 2-day Delay: India’s biggest spectrum auction, which is taking place under the cloud of a fierce battle between old and new players, has now been pushed by two days to Oct 1. The reason, according to reports, has nothing to do with the war that has gone all the way to the prime minister’s office, and everything to do with some good old superstition, however hard it may be to believe - Oct 1 is a more auspicious date. Meanwhile, Qualcomm chairman Paul Jacobs has decided to weigh in on the battle between Reliance Jio and the other telcos, cautioning them not to get too caught up in the “overly intense” rivalry which could lead to “paralysis.”
#QOTD
“There are ebbs and flows in any kinds of relationships and that's true here as well. There are degrees of cooperation and competition and depends where in the cycle you are. We have seen that happen in Korea and China, and pretty much everywhere," said. Qualcomm CEO Paul Jacobs.
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Foodpanda to raise fresh funds: Food ordering service Foodpanda is looking to raise fresh funds and is said to be in talks with prospective investors like Mumbai-based mid-market investment bank o3 Capital. The news comes close on the heels of the Rocket Internet-backed firm selling its Indonesian business and recalculating its presence in Southeast Asia. However, Foodpanda India CEO Saurabh Kochar put all speculations to rest by confirming that the firm won’t exit India.
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#SOTD
40 billion rupees: The amount Indian auto companies lost in the eight months since the Delhi state government imposed a ban on diesel vehicles.
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A Bright Spot: Although Raghuram Rajan’s last annual report projects that economic growth is still below potential, it shows that the Indian economy’s prospects for FY17 is better than the previous fiscal. He highlighted economic growth and curbing inflation as key “work in progress” areas. Economists believe the report shows there is little room for a rate cut in the third quarter.
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A bargaining tactic? The government’s plan to smoothly roll out the goods and services tax has hit a roadblock with West Bengal putting on hold the ratification of the bill. Considering West Bengal had earlier agreed to ratify the NDA-led government’s historic bill, analysts believe it is a bargaining tactic by Chief Minister Mamata Banerjee while the BJP have called it “political opportunism.”
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