50% US tariffs on India is 'foreign policy disaster', says Congress
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Economic Times
3 hours ago
- Economic Times
More stringent rules needed to make lifts safer in India: Otis CEO
Tired of too many ads? Remove Ads New Delhi: Elevator maker Otis Worldwide Corporation is increasing manufacturing capacity in India, its fastest-growing market, according to its chairperson, CEO and president, Judy Marks , who said more stringent regulation on elevators will make them safer in the country. In India, Otis has been operating for more than 70 years with presence in 800 cities. It installed its first elevator in the country in 1892 in Raj Bhavan in Kolkata. Marks told ET that although India is heading on the right trajectory, the challenge for the company is market cost."India has gotten us to focus far more on affordability of elevators . While the Middle East may be growing at a similar rate, they are not as focused on affordability. India cares about energy efficiency, it cares about safety, and it cares about affordability," said top executive said Otis is open to work not just with the regulators but with the rest of industry to help develop the more stringent regulation. "We would like a national code here in India that would benefit everyone in terms of affordability. It would benefit everyone in terms of access, especially as people are thinking now and they are adding elevators to their homes, especially for the aging populations," Marks is the fastest-growing market for Otis in terms of units, followed by Southeast Asia. With improvements in standard of living, investment in infrastructure and rise of the middle class, there is a demand for more buildings, for more features. "Indian products are probably the most affordable in the world. But because of that, they don't generate the same revenue as some other markets," the executive said. Refurbishing and modernisation of elevators is the largest growth area for the company globally, Marks said, adding that some 8 million of the 22 million elevators in the world are 20 years or older.
Time of India
4 hours ago
- Time of India
More stringent rules needed to make lifts safer in India: Otis CEO
New Delhi: Elevator maker Otis Worldwide Corporation is increasing manufacturing capacity in India, its fastest-growing market, according to its chairperson, CEO and president, Judy Marks , who said more stringent regulation on elevators will make them safer in the country. In India, Otis has been operating for more than 70 years with presence in 800 cities. It installed its first elevator in the country in 1892 in Raj Bhavan in Kolkata. Marks told ET that although India is heading on the right trajectory, the challenge for the company is market cost. "India has gotten us to focus far more on affordability of elevators . While the Middle East may be growing at a similar rate, they are not as focused on affordability. India cares about energy efficiency, it cares about safety, and it cares about affordability," said Marks. The top executive said Otis is open to work not just with the regulators but with the rest of industry to help develop the more stringent regulation. "We would like a national code here in India that would benefit everyone in terms of affordability. It would benefit everyone in terms of access, especially as people are thinking now and they are adding elevators to their homes, especially for the aging populations," Marks said. India is the fastest-growing market for Otis in terms of units, followed by Southeast Asia. With improvements in standard of living, investment in infrastructure and rise of the middle class, there is a demand for more buildings, for more features. "Indian products are probably the most affordable in the world. But because of that, they don't generate the same revenue as some other markets," the executive said. Refurbishing and modernisation of elevators is the largest growth area for the company globally, Marks said, adding that some 8 million of the 22 million elevators in the world are 20 years or older.
Time of India
4 hours ago
- Time of India
Trumputin talks! India pins hopes on Alaska assembly
The much-anticipated August 15 meeting between US President Donald Trump and his Russian counterpart Vladimir Putin in Alaska has raised hopes in New Delhi of a probable deal and subsequent easing of tensions and lifting of certain sanctions from Moscow. India is hoping that a deal between the US and Russia and subsequently a ceasefire between Russia and Ukraine could provide sanctions relief to Russia, easing transactions between New Delhi and Moscow and subsequently lifting of the 25% extra tariff imposed on India that, according to Trump, is "funding" Russian war efforts, according to diplomatic observers. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The developments could also have a positive spin-off on the India-US ties and Indian traders may be spared of the 25% extra tariff imposed on account of India's imports of Russian oil. On Saturday night, the ministry of external affairs issued a statement endorsing the Trump-Putin summit and suggested that it is ready to support these efforts. "This meeting holds the promise of bringing to an end the ongoing conflict in Ukraine and opening up the prospects for peace. As Prime Minister Narendra Modi has said on several occasions, 'This is not an era of war'," a ministry of external affairs spokesperson said in a statement. Pankaj Saran , currently member of the National Security Advisory Board (NSAB) and former Deputy NSA, told ET, "It is a defining and potentially transformative summit for the world, specially for India. Our ties with both countries are integral to the success of our national development and security goals. India should extend its full support to the summit." Live Events DB Venkatesh Varma , India's former envoy to Russia and currently member of NSAB, told ET, "The Alaska summit could prove to be a turning point at the global level and India has a vital interest in its success." Observers are of the opinion that India's statement has been able to bring out Europe from New Delhi's equation in matters pertaining to Russia-Ukraine war and India-USA ties. The EU has been critical of India's oil purchases from Russia even before the US started criticising India's oil imports. This may have played a part in influencing Washington to impose an additional 25% tariff on India, according to a diplomatic observer. It may be recalled that the NATO chief, who is the former PM of the Netherlands, also threatened tariffs against India for purchasing Russian oil after his meeting with Trump. Critics allege some European powers are trying to sabotage or play spoiler ahead of the summit and Ukraine may be encouraged to launch a strike against Russia over the next five days. Economic Times WhatsApp channel )
