Musk's Movers and Shakers: Tesla Execs Shake Hands in India

Wednesday, May 16th 2023

Good Morning ☕

Tesla executives are embarking on a daring adventure to India! Rumor has it that they're bringing a top-secret weapon called the "Model I" – an electric car capable of dodging cows on the road and surviving the ultimate test: Mumbai traffic! Will Elon Musk's genius invention win over Prime Minister Modi and bring harmony between India and China? Stay tuned for the electrifying sequel: "Tesla and the Indian Roads & Imports"!

Important News of the Day

1. Tesla Executives to Meet Indian Government Officials, Seeking to Diversify Operations

Tesla executives are meeting with Indian government officials this week to discuss local procurement of parts and other issues as the electric car maker continues to show interest in India. However, the company has expressed concerns about the high levels of import taxes, and the Indian government has stressed local manufacturing as a requirement for lower taxes. Tesla previously recruited a local team and searched for a showroom location, but these plans were discarded. While Tesla is still far from considering India for manufacturing its high-priced cars, the meeting comes as companies seek to diversify their operations beyond China.

2. Shapoorji Pallonji may pledge Tata Sons shares to raise $1.6 billion

The Shapoorji Pallonji Group, led by billionaire Shapoorji Mistry, is in talks to raise $1.6 billion through a private credit facility. The funds will be used to refinance existing loans, and the group may pledge shares in Tata Sons to secure the capital. The group is exploring options to generate cash, including asset sales. In recent transactions, the group sold Eureka Forbes and Sterling and Wilson Renewable Energy. Deutsche Bank and Standard Chartered are organizing the credit deal, with other firms also involved in the discussions.

3. India's Wholesale Inflation Falls To -0.92% At 3-Year Low In April

India's Wholesale Price Index (WPI) inflation dropped to -0.92% in April, its first negative in 33 months, primarily due to a high base effect and falling global commodity prices. This deflation is projected to persist for 2-3 months, with yearly WPI inflation expected to average between 1-2%. Similarly, April's Consumer Price Index (CPI) retail inflation decreased to an 18-month low of 4.7%, marking the second consecutive month within the Reserve Bank of India's medium-term target.

4. Projects worth ₹14,659 crore approved under PMMSY: Rupala

The Pradhan Mantri Matsya Sampada Yojana (PMMSY), India's main fishery program, has approved projects worth ₹14,659.12 crores. It aims to improve the fishery industry by enhancing marketing, introducing new practices, and upgrading infrastructure. The program provides financial support for individuals, groups, infrastructure, and supply chain development in the industry, and has been positively received across the country.

5. PM Modi likely to inaugurate India’s new Parliament building on 28 May: Report

Indian Prime Minister Narendra Modi plans to open the new ₹970 crore Parliament building by May end, with the upcoming Monsoon session likely to take place there in July. Modi will also present a virtual tour of a new museum in the historic North and South Blocks on May 18. The new four-story Parliament, shaped like a triangle, can host 1,224 MPs and includes separate entrances, a Constitution Hall, an MPs' lounge, a library, committee rooms, dining areas, and plenty of parking.

6. Russian companies investing rupee surplus in Indian government bonds: IBA chief

Russian banks and companies are investing their trade surplus rupee funds in Indian government debt due to difficulties in converting rupees into roubles, according to the Indian Banks' Association (IBA) head, Sunil Mehta. This development follows the Reserve Bank of India's (RBI) norms set last year allowing rupee surplus balances to be invested in government bonds and treasury bills. Mehta confirmed that these investments are favored for their liquidity and that investors initially opt for shorter-term investments due to the unpredictability of the current crisis.

7. Amazon lays off 500 employees in India: Reports

Amazon is reportedly letting go of approximately 500 employees in India across various sectors, including Amazon Web Services, human resources, and support functions. This move is part of the company's March 2023 announcement to cut around 9,000 jobs from its cloud services, advertising, and Twitch units due to economic uncertainty.

Breaking News: The Scoop You Can't Miss!

1. Centre appoints Ravneet Kaur as CCI Chairperson

Ravneet Kaur, a 1998 batch IAS officer, has been named as the first female Chairperson of the Competition Commission of India (CCI) by the central government. Her term will last for five years or until she turns 65. The position was vacant since Ashok Kumar Gupta retired in October 2022, with Sangeeta Verma acting as interim Chairperson. The CCI, founded in 2003, promotes the objectives of the Competition Act, 2002, and is led by a Chairperson and six Members.

2. Mumbai-Goa Vande Bharat Express trial runs to begin today, launch expected soon

Trials are beginning for the Mumbai-Goa Vande Bharat semi-high-speed train, after the route was electrified recently. The Vande Bharat trains can go up to 180 km/hour and have modern features like GPS-based info systems, automatic doors, wi-fi, and more. They perform better than Rajdhani and Shatabdi Express trains in terms of acceleration and hill climbing. Despite their top speed, their average speed was around 84 kmph in 2021-22 and 81 kmph in 2022-23, according to a report.

3. IT department conducts searches in Bengal and Assam, uncovers unaccounted income

The Income Tax Department carried out search and seizure operations on a notable business group in North West Bengal, associated with someone with political connections. Findings revealed hidden cash transactions and undeclared income of over ₹40 crores, with proof of undisclosed land acquisition and cash receipts. Cash and jewelry worth ₹1.73 crores and ₹1 crore respectively were seized. Further investigations are ongoing to determine the full scope of the financial misconduct and tax evasion.

4. Maruti Suzuki WagonR Crosses 30 Lakh Sales Milestone

Maruti Suzuki has announced that sales of its WagonR hatchback model, first introduced in 1999, have surpassed 30 lakh units over 24 years. The company also revealed that the WagonR has a high repeat purchase rate, with 24% of its customers choosing to upgrade to a new WagonR. Priced between ₹5.54 lakh and ₹7.42 lakh, it has been among India's best-selling cars for two years.

5. India and EU discuss FTA progress at trade and technology council meeting

India and the European Union (EU) have made strides towards a Free Trade Agreement (FTA) during the India-EU Trade and Technology Council Ministerial Meeting. The talks, involving India's Commerce and Industry Minister Piyush Goyal and the EU's Trade Commissioner Valdis Dombrovskis, aimed to strengthen mutual ties. They believe a balanced FTA could spur economic growth and job creation while addressing market access concerns.

6. ED raids Lyca Productions' office in Chennai today

The Enforcement Directorate (ED) has conducted searches at the premises of Lyca Productions, a film production company in Chennai. This comes after the ED executed search operations at 21 locations in Delhi and Gurugram in connection with Amira Pure Foods Private Limited and others under the Prevention of Money Laundering Act, 2002.

7. Chalet Hotels and IHCL ink franchise agreement for a Taj hotel at New Delhi

Chalet Airport Hotel Private Limited, a subsidiary of Chalet Hotels, has agreed to franchise a new luxury hotel at Delhi's Indira Gandhi International Airport to the Indian Hotels Company Limited (IHCL). The hotel will operate under the Taj brand, offering 400 rooms, dining, and conference facilities, and will be conveniently located near terminals 2 and 3.

World News

• Vodafone to cut 11,000 jobs

• Pakistan cuts fuel prices by up to ₹30 per litre

• Wells Fargo to pay $1 billion in class-action lawsuit: Report

• Former SVB CEO Greg Becker to Apologize for Bank Collapse

• ZestMoney sees founder exits, uncertain future

• Musk tells Tesla staff he must approve all hiring: Report