1:45 pm Interview
: Amitabh Kant, CEO, Niti Aayog, said that in order for manufacturing in India to improve and add more jobs, the economy needs to oopen up. “You can’t have growth without jobs. Only manufacturing can give jobs.”
Speaking at a panel meet, Kant said that while many auto companies have relocated their gobal innovation centres to India, we need to push the limit from auto into vast areas of manufacturing.
He also said how it was important for Indian manufacturers to penetrate global markets.
Sanjeev Sharma, CEO & MD, ABB India, said that India is becoming a demand-driven suppy chain. “Despite all the constraints, the service quality is improving day by day.”
1:30 pm IMF on India: Asserting that India has shown that progress on reforms could “ignite” business investment, the IMF said the adoption of goods and services tax is poised to boost the country’s medium-term growth. “India’s strong reform push in 2016 is welcome and should continue apace. Adoption of the goods and services tax is poised to boost India’s medium-term growth,” the IMF said in its latest Asia Pacific regional economic update. Greater labour market flexibility and product market competition remain essential to create jobs and raise growth.
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The market continues to struggle with the Sensex down 102.79 points or 0.4 percent at 28003.42. The Nifty is down 32.90 points or 0.4 percent at 8676.65. About 1220 shares have advanced, 1372 shares declined, and 217 shares are unchanged.
Tata Steel, Tata Motors, Lupin, GAIL and Axis Bank are top gainers while Cipla, Asian Paints, HDFC, Bharti Airtel and HUL are losers in the Sensex.
Auto component maker Endurance Technologies’ initial public offering was
oversubscribed 1.44 times till afternoon trade on the last day of the bidding today. The company’s IPO received bids for 2,48,36,460 shares against the total issue size of 1,72,29,118, NSE data available till 1215 hours showed.
Endurance Technologies has raised over Rs 348 crore by allotting shares to anchor investors.