A look at the headlines in the sector:
- Mahindra signs pact with Ford for electrification and product development: The two companies will collaborate for up to three years to leverage Ford’s ‘global reach and expertise’ and Mahindra’s domestic scale.
- US resumes fast processing of H-1B visa applications: In March, it had suspended the premium service because of a huge rush of petitions.
- Toys ‘R’ Us files for bankruptcy in US, Canada as it struggles against online retailers: However, the toy store chain said that most of its outlets outside North America were profitable, and would not be affected.
- Cyrus Mistry urges six Tata Group companies to vote against making Tata Sons a private firm: In a letter, Cyrus Investments warned that the move would restrict the free transfer of shares and dilute governance standards.
- Hasty implementation of GST had a negative effect on GDP growth, says Manmohan Singh: The former prime minister said the new tax regime and demonetisation both will have an impact on the informal and service sectors, which make up 40% of the GDP.
- Government should make up its mind on automobile policy, says Ashok Leyland MD Vinod Dasari: The former chief of the Society of Indian Automobile Manufacturers said the Centre should make decisions keeping national interest in the industry in mind.
- India will lead the ‘third wave’ of economic growth in Asia, says Deloitte report: However, it warned that the country may face rising unemployment and social unrest without ‘the right institutional set-up’ to sustain development.