Top 10 business news today: Infosys’ Narayan Murthy flays brand IIT dilution, Foxconn India ups China fears, Bharti Airtel cuts rates, Air India offer, more
Top 10 business news today: Infosys’ Narayan Murthy flays brand IIT dilution, Foxconn India ups China fears, Bharti Airtel cuts rates, Air India offer, more: Infosys co-founder NR Narayana Murthy said coaching classes are hurting the prestige of brand IIT as these flourishing money-spinners are helping students only crack the entrance tests and rued that genuine freethinkers are being left out. “Why the IITs have become less exciting for our young today and in some cases even outside, is because of the coaching classes…it is the coaching classes, which in my opinion, have brought down the prestige of IITs in some way,” Murthy said while addressing the St Xavier’s College students. Murthy, who did his Masters in Technology from IIT Kanpur, said in olden times, the IITs earned respect because they attracted talented freethinking students.
Narayana Murthy affirmed his faith in non-executive Chairman of the board, saying that R Seshasayee has the “highest integrity”.
Foxconn shift to India causes concern in China</br><br> Taiwanese firm Foxconn's decision to invest a whopping USD five billion in India has caused unease in China as it marks the first top international firm opting for India amid a slowdown in the Chinese economy. "Foxconn chooses India over China for new plant," read the headline in state-run china.org.cn while carrying the news of the Taiwanese electronic giant signing up to set up a big plant in Maharashtra. "Foxconn's latest India investment represents the leading electronic product maker's intention to profit from the world's fastest expanding market of smartphones. Foxconn, famous for making parts for Apple, will reportedly produce Xiaomi phones in the new factory, a rumour that Foxconn authorities did not clarify or comment," it said. (Reuters)
Bharti Airtel broadband rates: Free upgrade for some, 30% cut for others</br><br> Bharti Airtel said it has reduced rates of its home broadband plans by up to 30 per cent for all new activations as it won't be charging any premium for higher speed. Earlier, customers had to pay a premium for getting higher speed on their broadband plans. Bharti Airtel said it will now offer the fastest possible speed available in the area on most of its broadband plans without charging customers any premium. Airtel said all its broadband customers will get a minimum speed of 2 Mbps while the upper limit is 16 Mbps. "Under 'Airtel Surprises' existing customers get higher speed or additional data completely free whereas for new customers, there is a reduction of up to 30 per cent on Airtel home broadband plans," Airtel said. (Reuters)
Air India unveils additional baggage scheme for students </br><br> Air India said it has rolled out an additional baggage scheme for students travelling to the US, UK, Europe and Canada for higher studies for a limited period. Under the scheme, 'Maharaja Scholars' such student travellers would be allowed to carry an extra piece of luggage weighing up to 23 kg, in addition to the current check-in baggage allowance of one piece of luggage for the UK and Europe, or two pieces of luggage for destinations in the US and Canada, Air India said in a release. Maharaja Scholars offer is available for students travelling from India to international destinations on a valid student/student exchange visa, it said. (Reuters)
Maggi noodles row: For first time, govt to use 30-year-old rule</br><br> The Department of Consumer Affairs is all set to file a complaint against Nestle over Maggi noodles issue in the National Consumer Disputes Redressal Commission (NCDRC) using a provision for the first time from the nearly three-decade-old Consumer Protection Act. According to sources, the complaint is to be filed on the basis of unfair trade practices and misleading advertisements and the government may seek financial penalties among other actions. On behalf of consumers across the country, the department will file a complaint and it has been approved by the minister, a source said. (Reuters)
New notification set to spark yet another LG-AAP govt face-off</br><br> In a move that may lead to another round of confrontation between the Lt Governor and the Aam Aadmi Party (AAP) government in Delhi, the former has stayed a notification issued by the latter on enhancement of circle rates of agricultural land. Earlier this month, the Arvind Kejriwal government had issued the notification to enhance circle rates of agricultural land in the national capital, without the LG's nod. Sources said that LG office has asked the revenue department that the file pertaining to new circle rates is now being scrutinised and to avoid legal complications, the implementation of the notification should be immediately stayed. (Reuters)
Domestic car sales up 17.47% in July </br><br> In a sharp uptick, cars sales rose by 17.47 per cent in July – highest in three months – to 1.62 lakh units helped by Maruti and Honda, but rural-market dependent motorcycles and LCVs continued to skid. This marks the ninth consecutive month of domestic sales growth for passenger cars and a strong rebound from a modest rise of just 1.5 per cent in June. This is also the best-ever show for the month of July for car sales in the domestic market. Sales of motorcycles and light commercial vehicles (LCVs), which primarily depend on rural markets, fell by 6.36 per cent and 4.11 per cent respectively. Domestic passenger car sales in July stood at 1,62,022 units, as against 1,37,922 in the same month of last year. This is the highest growth after 18.14 per cent recorded in April. (Reuters)
Maharashtra to develop 21 airports: minister</br><br> The Maharashtra government plans to develop at least 21 small airports in a phased manner as part of its 'Make In Maharashtra' campaign within four years so that commercial air services can be started, Maharashtra Finance Minister Sudhir Mungantiwar said here today. Speaking to reporters, he said that a meeting to take stock of the functioning of all 28 airports in the state, including the biggest commercially operated airport in Mumbai, besides the ones in Pune, Nagpur and Aurangabad, was held at the Mantralaya, adding, Chandrapur would also get a greenfield airport in the coming years. (Reuters)
814 Marathwada dams left with only 7 per cent water </br><br> The drought situation in eight districts in Marathwada region is taking a turn for worse with the water table dropping to seven per cent in all the 814 dams in the region. The average rainfall in Marathwada is alarming with just 39.3 mm rainfall being recorded in Aurangabad district since June this year, while the lowest average rainfall of 17.5 mm being registered in Beed district. The situation in the region is so grave that of the total 1,578 water tankers deployed across the state, 719 are being used in eight districts of Aurangabad Division alone. Talking to reporters here today, Maharashtra Agriculture Minister Eknath Khadse said the August 6 experiment in cloud seeding in Ahmednagar and Beed districts has resulted in 5 mm excess rainfall (than the average). (Reuters)
Infosys co-founder NR Narayana Murthy says nuclear power worth it, pooh-poohs risk</br><br> Batting strongly for nuclear energy, Infosys co-founder Narayan Murthy today said policymakers should pay greater attention to its trade-offs and described the arguments forwarded by critics as ineffective. "As long as we're diligent and strive for excellence, there is nothing wrong in using nuclear technology for peaceful energy," Narayana Murthy said. Citing detractors who quote disasters like Fukushima and Chernobyl, Narayana Murthy said the number of people affected in these tragedies are far less than those who die in car accidents. There is nothing which is risk-free and hence, it is important to look at the trade-offs which are on the table, he said.(Reuters)