 "Piyush Goyal")
Working on private sector access to non-sensitive data: Piyush Goyal
The government is considering ways to give the private sector access to non-sensitive data on the Gati Shakti platform, Commerce and Industry Minister Piyush Goyal said at a Business Standard event late on Monday. In a fireside chat at ‘Gati-Shakti Connect’, organised by the newspaper, Goyal pointed out that there would be checks and balances while letting the private sector use the platform. Stating that the demand from the private sector to use Gati Shakti is overwhelming, Goyal elaborated on the matter at a well-attended event in New Delhi. “The data is sensitive. Right now we are using and testing it for government projects. The test results are so fabulous that we have to think of segregating the sensitive data so that the private sector can enjoy the fruits of the rest of the data,’’ the minister explained. Read more...
India's pharma industry likely to take 5-6% price hikes this year
Notwithstanding the fact that the country’s pharmaceutical (pharma) pricing regulator has allowed a 12 per cent price increase for medicines listed under the National List of Essential Medicines (NLEM) in 2023, analysts and industry insiders predict that the overall domestic pharma industry will only witness a price hike of 5-6 per cent. This is attributed to higher competitive intensity in the market. Krishnakumar V, executive director and chief operating officer (CEO) of Eris Lifesciences, a domestic-focused pharma company, noted that the NLEM segment experienced growth suppression of around 150 basis points due to price reductions during the January to July period this year. Read more...
India's FDI outflow rises 73% to $1.85 billion in July over June: RBI data
Interrupting a two-month streak of decline, outward foreign direct investment (FDI) rose sequentially to $1.85 billion in July over $1.07 billion in June, an increase of 73 per cent. However, it was lower than the $2.18 billion in July last year, according to the Reserve Bank of India data. Outbound FDI, expressed as financial commitment, has three components —equity, loans, and guarantees. The commitments (under outward FDI) stood at $1.29 billion in May. Outward FDI was $2.52 billion in April, the RBI data showed. Read more....
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Reliance Industries gigafactory may power EV industry transformation
The announcement by Reliance Industries that it was setting up a battery gigafactory by 2026 for making battery chemicals, cells and packs with lithium ferrous phosphate (LFP) technology, among others, will give a big push to the electric vehicle (EV) industry to move from the current dominant battery technology of lithium nickel manganese cobalt (LI-NMC) to the emerging LFP battery technology, say experts. Global EVs powered by LFP batteries could account for 40 per cent of the global market by 2030, as opposed to the estimated 17 per cent currently, according to UBS estimates. Companies such as Tesla, Rivian and Ford are betting big on the technology. Read more...
Intermediaries pause finfluencers' dealings as Sebi mulls new norms
Some stock market intermediaries, such as brokers and mutual fund (MF) houses, have paused their associations with finfluencers ahead of the proposed regulatory tightening. Industry sources said leading brokerages and fund houses have discontinued some of their arrangements with popular social media personalities amid a lack of regulatory clarity. Intermediaries have started reviewing their existing contracts with any such financial influencer and increasing their surveillance on any entity using their names. Read more...
