BUSINESS
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Jun- 2025 -4 June
TCS, Virgin Atlantic sign 7-year partnership to modernise airline’s core system with AI-led solutions
India’s largest IT services company, TCS, announced a seven-year extended partnership with Virgin Atlantic to modernise the airline’s core systems with AI-led solutions that will amplify personalised, connected, sustainable experiences New Delhi: India’s largest IT services company, Tata Consultancy Services, on Tuesday announced a seven-year extended partnership with Virgin Atlantic to modernise the airline’s core systems with AI-led solutions that will amplify personalised, connected, sustainable experiences. The companies did not divulge the financial details of the deal, which expands a two-decade-long strategic partnership between the two organisations. “Under this renewed seven-year agreement, the two organisations will deepen their collaboration to strengthen the technological foundations of Virgin Atlantic, enable modern airline retailing, deliver greater operational resilience, and enhance customer experience,” according to…
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4 June
There is need for greater certainty on India’s taxation system: IATA
Global airlines’ grouping IATA said there needs to be greater certainty in India’s taxation system, which is very complex New Delhi: Global airlines’ grouping IATA on Tuesday said there needs to be greater certainty in India’s taxation system, which is very complex. India is one of the world’s fastest-growing civil aviation markets and airlines are expanding their fleets and networks to meet the rising demand. IATA Director General Willie Walsh said the rate of growth in the Indian aviation market will be higher than in China. Against the backdrop of foreign airlines getting tax notices in recent times, Walsh said the taxation system in India is complex and there needs to be “greater uncertainty”. The International Air Transport Association (IATA) represents over 350 airlines…
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4 June
OpenAI announces its global ‘AI for Impact Accelerator Programme’ in India
ChatGPT maker OpenAI announced the next phase of its global ‘AI for Impact Accelerator Programme’ in India, highlighting a year of support for mission-driven organisations using artificial intelligence to solve real-world social problems New Delhi: ChatGPT maker OpenAI on Tuesday announced the next phase of its global ‘AI for Impact Accelerator Programme’ in India, highlighting a year of support for mission-driven organisations using artificial intelligence to solve real-world social problems. As part of this initiative, 11 nonprofits will receive new API credits, bringing the total value of technical grants under this initiative to $150,000. OpenAI API credits function as a prepaid payment method which means instead of relying on monthly billing through a credit card, users can purchase credits in advance…
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4 June
ICEA rolls out industry-wide initiative to foster tech and AI innovation
The unique industry-wide initiative to collaboratively foster tech and AI innovation will connect companies with transformative innovations across domains such as advanced manufacturing, AI, IoT, energy efficiency, materials science, and more New Delhi: The India Cellular and Electronics Association (ICEA) on Tuesday announced a unique industry-wide initiative to collaboratively foster tech and AI innovation for the benefit of India’s manufacturing sector. The programme will connect companies with transformative innovations across domains such as advanced manufacturing, AI, IoT, energy efficiency, materials science, and more. The ICEA launched Venture Access Labs — a technology innovation access programme in collaboration with venture capital fund Caret Capital. This initiative aims to empower India’s electronics and appliances manufacturing companies by enabling them to discover, curate,…
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4 June
NITI Aayog suggests ‘dual-track approach’ in India-US trade, amid reciprocal tariff
The Aayog, in a working paper titled ‘Promoting India-US Agricultural Trade Under the New US Trade Regime’, said that India’s agricultural sector needs safeguards to ensure price stability for both producers and consumers against excessive volatility in international markets New Delhi: In the aftermath of ‘reciprocal tariffs’ by the US, India should adopt dual-track approach and selectively reduce high tariffs on non-sensitive agricultural commodities imports from Washington, while also strategically offer concessions where domestic supply gaps exist, a NITI Aayog working paper has said. The Aayog, in a working paper titled ‘Promoting India-US Agricultural Trade Under the New US Trade Regime’, said that India’s agricultural sector needs safeguards to ensure price stability for both producers and consumers against excessive volatility in…
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4 June
India’s approach to AI regulation is pro-innovation: IndiaAI CEO Abhishek Singh
India’s AI strategy is pro-innovation and people-centric, focusing on responsible, ethical, and safe AI applications New Delhi: India’s approach to AI has been pro-innovation with an aim to build applications that are responsible, safe, and that make a difference to the lives of common people, IndiaAI CEO Abhishek Singh said on Tuesday. Singh, who is also the Additional Secretary at the Ministry of Electronics and Information Technology (MeitY), was speaking during the 5th and final Stakeholder Consultation on the AI Readiness Assessment Methodology (RAM) in India. “India’s approach has been pro-innovation. Our approach has been to have light-touch regulation with the objective of preventing harm… preventing user harm. “India’s strategy for AI is to build AI in India, make AI work…
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4 June
Sitharaman urges DRI to boost coordination with state agencies to nab masterminds
FM Nirmala Sitharaman asked the DRI officers to investigate “holistically,” keeping the big picture in focus and not merely chasing “isolated infractions” New Delhi: Finance Minister Nirmala Sitharaman on Tuesday asked revenue intelligence officers to develop better coordination with State and central agencies and expeditiously work on “actionable intelligence” to nab masterminds behind smuggling syndicates. Stressing that narcotics have become the “biggest threat” and schools and colleges are the “first victims” of drug abuse, Sitharaman said it is to be stopped by the DRI and then coordinated with the State police. “We need to have greater coordination and greater understanding of the size as well as scope of the threat,” she added. Sitharaman also asked the DRI officers to investigate “holistically,”…
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3 June
RBI says Rs 2000 notes worth Rs 6,181 crore still in circulation
Rs 2000 banknotes continue to be legal tender. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 denomination banknotes from circulation Mumbai: The high-value Rs 2000 notes worth Rs 6,181 crore are still in circulation after two years of the Reserve Bank withdrawing the currency, according to official data released on Monday. Rs 2000 banknotes continue to be legal tender. On May 19, 2023, the Reserve Bank of India (RBI) announced the withdrawal of Rs 2000 denomination banknotes from circulation. In a statement, the RBI said the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, declined to Rs 6,181…
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3 June
Royal Enfield sales jump 26 per cent to 89,429 units in May
RE reported a 26 per cent jump in total sales at 89,429 units in May, as compared to 71,010 units in the same month last year New Delhi: Mid-size motorcycle maker Royal Enfield on Monday reported a 26 per cent jump in total sales at 89,429 units in May, as compared to 71,010 units in the same month last year. Domestic sales were at 75,820 units last month, as against 63,531 units in May last year, up 19 per cent, Royal Enfield said in a statement. Exports grew by 82 per cent to 13,609 units last month, as compared to 7,479 units in the year-ago month. “This month, we’ve continued to build on our momentum with steady growth in India and international markets,”…
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3 June
Hyundai sales decline 8 per cent in May at 58,701 units
The company’s total sales stood at 63,551 units in May last year, Hyundai Motor India Ltd (HMIL) said in a statement New Delhi: Hyundai Motor India on Monday said its total sales declined 8 per cent year-on-year to 58,701 units in May. The company’s total sales stood at 63,551 units in May last year, Hyundai Motor India Ltd (HMIL) said in a statement. The automaker said its dispatches to dealers in the domestic market declined 11 per cent to 43,861 units in May as compared with 49,151 units in the year-ago period. Exports stood at 14,840 units last month as against 14,400 units in May 2024. “May is a month of our routine week-long biannual maintenance shutdown at our Chennai manufacturing facility, which…
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