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Economic slowdown 'Very Worrisome', new set of reforms needed: Raghuram Rajan

Former RBI Governor Raghuram Rajan has called slowdown in the economy "very worrisome" and said the government needs to come out with a new set of reforms to revitalise the sectors performing poor. He said government’s top priority should be fixing the problems in power and non-banking financial sectors. The economy is fast losing its growth momentum as a result of a dip in consumption demand and fall in investment activity.  He also called for a new way to calculate GDP of the country. Src:https://bit.ly/2Z5yyIJ

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Amazon might acquire Ola’s ‘FoodPanda’ to start food delivery in India

Amazon is planning to foray into the food delivery business in India through its Prime Now service and also held talks with Ola's food delivery unit Foodpanda. Siddharth Nambiar, head of Prime Now in India said Amazon is aiming to launch the service sometime next year. Prime Now will focus on both food and grocery delivery, as Amazon looks to capture a bigger share of consumers wallet. Last month the company also held talks with Uber Eats. Src:https://bit.ly/31OJ5Vt

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Tesla shows interest in setting up a battery plant in India

As the government of India is planning to make India a global manufacturing hub for electric vehicles and their components. Tesla, China’s Contemporary Amperex Technology Co. Ltd (CATL) and BYD Co. Ltd are a few firms that have shown an interest in setting up battery manufacturing plants in India. According to officials, companies have shown interest in setting up factories to make lithium-ion batteries at an investment of about Rs 50,000 crore. Src:https://bit.ly/30h326Q

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To suit market conditions, Hyundai India announces 'no production days' at Tamil Nadu plant

India's second largest carmaker, Hyundai Motor India Ltd (HMIL) has declared "no production days" this month at its Tamil Nadu plant due to tough market conditions for the automobile sector. There was no production on August 10 and 12 at the body shop, paint shop, assembly shop, operating in all the three shifts. A worker from HMIL said the company indicated that if the situation worsened there will be more no production days in the coming days. Several other vehicle and component makers have cut down production by closing down plants to match production to the demand. Src: https://bit.ly/31RzqO1

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