Guj retains top slot on logistics index chart

Wednesday 18th September 2019 06:43 EDT
 

Gujarat has retained the top slot on the logistics index chart, an indicator of the efficiency of logistical services necessary for promoting exports and economic growth, says a government report. Gujarat occupied the first spot among 22 states, followed by Punjab and Andhra Pradesh. Himachal Pradesh stood last on the chart. Bihar ranked at 20th position. According to the report by the commerce ministry - LEADS (Logistics Ease Across Different States) 2019 - prepared with the help of consultancy firm Deloitte, the findings would help in identifying the problem areas in the sector and prepare policy responses to deal with them. The index aims at enhancing the focus on improving logistics performance across states which is essential for improving the country’s trade and reducing transactions cost. The index was based on the analysis of perception with regard to nine parameters, including infrastructure, quality of logistics, services, timeliness of cargo delivery, regulatory process and safety of cargo.

IMF blames NBFCs, corporate uncertainty for India’s weak growth

Amid reports of shutdowns and layoffs in multiple sectors, International Monetary Fund spokesperson Gerry Rice said India’s economic growth is “much weaker than expected.” In July, IMF had cut its annual growth forecast for India, as it expected weaker domestic demand to limit an economic recovery. India's economic growth slumped to a near seven-year low of 5 per cent in the April-June quarter of 2019-20 due to a sharp deceleration in the manufacturing sector and sluggish agriculture output, according to official data released on 30 August. According to another government data, growth of eight core industries dropped to 2.1 per cent in July mainly due to a contraction in coal, crude oil, natural gas and refinery products.

Daimler will make India an export hub

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Premji sells $1bn shares in Wipro buyback

Azim Premji and other promoter groups have sold shares worth about $1 billion in Wipro’s buyback exercise, the company said. Premji, who stepped down as chairman of the company at the end of July, sold 226 million shares at Rs 325 apiece. He sold some of his personal holdings as also shares in other privately held companies such as Zash Traders, Hasham Traders and Prazim Traders. The founder of India’s fourth-largest software services company has pledged 67% of the shareholding in the company to his foundation, which focuses on education-focused philanthropic activities. It is not clear how Premji intends to use the gains from the buyback.


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