Alcatel's Comeback: Merging French Innovation with Indian Vision to Redefine Smartphones
'This is just the beginning,' hints Mr. Vivek. 'We also plan to expand beyond smartphones into other consumer tech categories—always with a focus on innovation, sustainability, and value.'
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Business Standard
27 minutes ago
- Business Standard
India should weigh benefits of Russian oil after US tariff hike: Banerjee
India should consider whether the cheap oil imports from Russia are 'worth it' after the Trump administration announced an additional 25 per cent tariff on Indian goods, Nobel laureate Abhijit Banerjee has said. Last week, US President Donald Trump signed an executive order, slapping an additional 25 per cent levy on India for New Delhi's purchases of Russian oil, bringing the total duties to 50 per cent -- among the highest imposed by the US on any country in the world. The additional 25 per cent duty will come into effect on August 27. "We need to think hard about whether Russian oil imports are worth it and then go back to the US to say that, you know, will they take it (tariff) off, if we stop importing Russian oil," Banerjee told PTI on the sidelines of an event organised by BML Munjal University. Since the steep tariffs are likely to hit the USD 27 billion of non-exempt exports that India does to the US, there has been chatter around stopping or curtailing oil imports from Russia. "It is not crazy to think about it. At a 25 per cent tariff, some of our exports are already not competitive, so maybe 50 per cent (tariff) does not matter," the eminent economist said. India is the largest importer of Russian crude, purchasing 1.6 million barrels per day in July. However, it has not placed any orders for August and September, mainly because the discounts that initially encouraged Indian refiners to import oil from the Black Sea have decreased to about USD 2 per barrel. In terms of volume, India imported 88 million tonnes from Russia in FY25, out of the total shipment of 245 million tonnes. With such a minimal price advantage compared to other internationally available oil, Indian refiners did not place any orders for August and September. Oil companies typically secure import contracts about two months in advance, meaning the supplies for August and September were arranged before Trump's August 7 announcement of higher tariffs. The bilateral trade deal between the US and India has been stuck over the US demand for greater access to India's agricultural and dairy market. Asked if India should lift curbs on investments from China, Banerjee said, "Maybe we should combine that with trade negotiations with China". "I think it is a good moment to do it. The Chinese also need to think of how they will deal with the US, and what leverage points they have," Banerjee added. Following the Galwan clash in 2020, India took a hard stance on China and its companies operating in the country. Under Press Note 3 of 2020, the government has made its prior approval mandatory for foreign investments from countries that share land borders with India. These countries are China, Bangladesh, Pakistan, Bhutan, Nepal and Afghanistan. Following the decision, FDI proposals from these countries need government approval for investments in any sector in India. Asked whether India should join the ASEAN trading block, he said, "Maybe, I think we need to. I think China is much more important than ASEAN". Responding to a question on how he sees the Indian economy doing this year amid geopolitical tensions and trade uncertainties, Banerjee said, "Not as good as we expected". He pointed out that the middle class is actually hurting, and for the past few years, private investments have also not picked up. "Companies like TCS are not hiring, the salary of IT employees is not increasing... These are all issues we have not dealt with, and we are sitting on them, so we need to kind of embrace the fact," he said.
Time of India
41 minutes ago
- Time of India
'India like Mercedes, Pakistan dump truck': Asim Munir makes odd analogy; inadvertently admits vast gap
TOI Correspondent from Washington: Between expansive threats against India from US soil and bragging about Pakistan's oil and mineral wealth that would lift the country from a morass, Pakistan's military chief embarrassed himself and his country by inadvertently admitting where it currently stands vis-a-vis India -- in the pits. "India is shining a Mercedes coming on a highway like Ferrari, but we are a dump truck full of gravel. If the truck hits the car, who is going to be the loser?" Munir reportedly said at a Pakistani community event in Tampa, Florida. Munir's "crude analogy" as he himself put it, drew peals of laughter on social media for its description of Pakistan, with jokes about the dump truck breaking down or overturning even before it got the Merc. Munir also talked up the Pakistani diaspora -- sections of which allied to incarcerated PTI leader Imran Khan are protesting his visit -- borrowing freely from former Indian prime minister Vajpayee quote that immigrating to US is not a "brain drain but a brain gain." With strong partnerships growing with the US, Saudi Arabia, UAE, and China, and with 64% of its population being dynamic youth, Pakistan's future is bright, he said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Best Method for a Flat Stomach After 50 (It's Genius!) Lulutox Undo Impoverished by decades of military spending on borrowed money and with little to offer to the world in terms of trade, Pakistan is banking on its purported oil discoveries and mineral wealth, which foreign grifters are eyeing with the promise of economic manna for the country. Pakistan's bilateral trade with US currently stands at around $ 10 billion compared to India's $ 135 billion, but Munir is pitching the country's purported oil and mineral wealth, first promised by prime minister Z.A. Bhutto 50 years ago and never realized, to win back US interest. While Munir was speaking at the ballroom of the Hyatt in Tampa, dissidents allied to Pakistan's incarcerated PTI leader protested outside. They have called for similar protests in Brussels, Belgium, where Munir is headed to on Sunday.
Time of India
an hour ago
- Time of India
‘Talent pool, location drew us to Tuticorin'
Vietnamese electric vehicle (EV) major VinFast explored 15 sites in six states before finalizing its plant at Tuticorin in south Tamil Nadu. The facility, its first overseas factory, will initially assemble the VF 6 and VF 7 electric SUVs with an initial capacity of 50,000 units annually, scalable up to 1.5 lakh units a year. It is expected to create up to 3,500 direct jobs, wherein 80%-90% of the total workforce will be absorbed from Tuticorin and its neighbouring district. Pham Sanh Chau, CEO, VinFast Asia, who oversees the expansion across key Asian markets including India, Indonesia and Philippines, spoke about the way forward. Excerpts: Why did VinFast choose Tuticorin, and how significant is this project for the region? We chose Tuticorin because the city is close to the seaport and airport. Moreover, the TN government is very supportive. This is the best location for automobile and EV manufacturing because the available talent pool is very good. We feel proud because this is our first plant outside VinFast's manufacturing facility in Vietnam. It carries a lot of sentiment for us. Tuticorin will produce advanced mobility solutions and smart transportation, not just for India, but for the whole world. Customers had flown in from Sri Lanka and Nepal, and soon, we'll see them coming in from Bangladesh. The whole world, particularly the automobile industry, and even NASDAQ is watching us keenly. It's a matter of pride for Tuticorin. You Can Also Check: Chennai AQI | Weather in Chennai | Bank Holidays in Chennai | Public Holidays in Chennai How long did it take to establish your first plant in Vietnam and the one in Tuticorin? The first facility (in Vietnam) was established in 21 months with a capacity of 3,00,000 cars. The factory at Tuticorin has come up in 15 months. How are you handling component manufacturing? Currently, we are importing all components from Vietnam. We are planning to develop the supplier park here in such a manner that many vendors will move closer to us to create a supply chain ecosystem. What are the plans to upgrade the Tuticorin plant? If we want to bring down the cost, and be one of the leaders in the Indian market, we must shift to a full-fledged manufacturing facility. So, at this stage it is still a completely knocked down model (CKD) as we need to test the market (CKD refers to products shipped in a disassembled state, with all parts separate, ready for assembly at the factory). We need to operate our network and bring in local partners. We will be moving to a full fledged manufacturing facility. However, we don't have a time frame for that. We have the target to be one of the leaders in the Indian EV industry. How does the plant meet its water requirements? Firstly, we need to store water. The Tamil Nadu govt has made a commitment to provide the necessary support. Even rainwater can be harvested. So, this will not be an issue for us. How was the response for the pre-bookings of the premium electric SUVs, the VF 6 and VF 7 and when will deliveries begin? Where will EVs from Tuticorin be exported? At the moment, online pre-booking looks encouraging. The momentum will surge the day we launch the car, announce the features and price. That will be a moment of truth and it will determine the ratio of domestic consumption to export consumption. We will start delivery of EVs this month onward. For exports, we are looking at markets in India's neighbouring countries, the Middle East and Africa. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
