Connect with us

Business

“Make in India” project is a Failure: L&T AM Naik

Published

on

"Make in India" project is a Failure: L&T AM Naik

Larsen and Toubro Chairman AM Naik said the government’s ambitious Make in India campaign is a failure since it failed to create the desired number of Jobs as most companies prefer importing goods instead of manufacturing it locally.

According to the reports of Business daily and Live Mint said that there is a lot to be achieved under the government’s Make in India initiative.

He also explained that more jobs are currently being exposed out of India since there focus on local manufacturing is low.

AM Naik who heads the National Skill Development Corporation a public-private partnership expressed concern over the fact that Indian companies are importing more goods compared to the ones which are locally manufactured.

He further explained why Indian companies are going for more imports he said Indian companies who do not have many options for financing but imports come with credit facilities.

He added that India is burdened with creating employment opportunities for 10 million people every year, it has failed to do so due to a slowdown in consumer demand.

Naik told the publication that job creation in sectors like manufacturing has failed to match the supply of skilled labor. He said there is a “mismatch” between the right skills and jobs.

He went on to say that the ongoing trade war between the US and China was an “emerging opportunity” for several countries including India. However, only countries like Vietnam and Thailand have taken advantage of the situation.

Business

Mukesh Ambani to launch RIL retail into online to offline ventures

Published

on

Mukesh Ambani to launch RIL retail into online to offline ventures

At Reliance Industries’ 42nd annual general meeting earlier this month, Chairman Mukesh Ambani talked about the New Commerce venture that aims to “completely transform the unorganized retail market, which accounts for 90 percent of India’s retail industry”.

This offline-to-online (O2O) initiative, which has previously been touted as the world’s largest such platform in the works, may be launched in October.

“Reliance Retail is planning to launch its e-commerce venture in two phases – a soft launch around Diwali, and then a full-fledged launch by December-January,” an industry official aware of the company’s plans told Mint, adding that a Diwali Dhamaka launch plan could entail discounts as rolled out by other online retailers.

“This user-friendly digital platform is designed for inventory management, customer relationship management, financial services, and other services. This will modernize even the smallest neighborhood Kirana shop to become a future-ready digitized store,” he had said, adding that the company is deploying blockchain, IoT, AI and other new technologies on a pan-India basis for this initiative.

RIL’s retail arm has been working on this New Commerce plan for nearly two years, and according to the Chairman, the beta trials have been successful, showing a significant increase in sales and improvement in margins for the participating merchants. Under the O2O model, pioneered by Chinese e-commerce giant Alibaba Group Holding Ltd, a consumer searches for the product or service online but buys it from a physical store.

This allows Reliance Retail to not only cater to the local demand but also save logistics costs and enter areas currently outside the purview of online retailers. According to sources, RIL is initially looking at the consumption basket, which includes daily staples, soaps, shampoos, and other household items.

Continue Reading

Business

Forensic Reports proves Cafe Coffee day VG Siddhartha committed Suicide

Published

on

Forensic Reports proves Cafe Coffee day VG Siddhartha committed Suicide

On Monday the Forensic report on the death of Café Coffee day owner V G Siddhartha corroborates the Suicide theory said the Mangaluru Police Commissioner PS Harsha.

According to Police sources water was found in Siddhartha’s lungs and his death was due to drowning.

As per the PTI reports Commissioner said that “We have received the FSL report. It corroborates the suicide theory,”

Siddhartha had gone missing from the Netravati river bridge near Ullal in Mangaluru on July 29 evening and two days later, his body was found floating in the river.

He had left home on July 29 telling his family members that he was heading towards Sakaleshpura, where he had his coffee estate.

However, he directed his driver to go to Mangaluru.

At the beginning of the Ullal bridge on the swollen Netravati river, Siddhartha got down from the car and asked his driver to wait for him as he walked on the bridge alone on a rainy evening without an umbrella. Two days later his body was found.

Meanwhile, Siddhartha’s father 95-year old Gangaiah Hegde, who was suffering from old age-related illness and was undergoing treatment at the Gopala Gowda Shanthaveri Hospital, passed away on Sunday, hospital authorities confirmed.

A few days before his death, Siddhartha had visited his father, who was in coma, in the hospital

Continue Reading

Business

RIL contributed Rs.1.11 crore to Tirumala Shrine

Published

on

On Sunday Reliance Industries limited made an offering of Rs1.11 crore to the famous hill shrine of Lord Venkateshwara nearby Tirumala.

According to the reports of PTI, A representative of Reliance Industries Limited handed over a demand draft for the amount to AV Dharma Reddy a special officer of  Tirumala Tirupati Devasthanams (TTD), that governs the cash-rich shrine.

RIL has requested TTD to Utilise the fund for temple run pilgrimage free meal trust.

 He added that The meal scheme, which benefits about one lakh devotees daily on the Tirumala Hills and at select places in Tirupati, is run by the TTD utilizing the interest accrued on the over Rs 1,000-crore corpus contributed by devotees since 1985.

Continue Reading

Top News