Team Bharat x India
Air India CEO At Skift India Summit 2024
During the Skift India Summit 2024 on March 20, Air India CEO, Campbell Wilson, expressed optimism about India’s burgeoning airline industry. He highlighted the country’s potential to accommodate additional international hubs beyond Mumbai and Delhi, suggesting the capacity for at least three hubs and numerous point-to-point services. Wilson emphasized India’s unique market dynamics, noting the advantageous east-west flow in northern India and the potential for Asia to Africa or Australia-Europe connections from southern India. This insight underscores India’s strategic significance in global aviation, hinting at further growth opportunities in the nation’s expanding air travel sector.
India’s business activity surged in March
India’s business activity surged in March, marking the fastest expansion in eight months and reinforcing its status as the fastest-growing major economy. According to HSBC’s flash India Composite Purchasing Managers’ Index (PMI), compiled by S&P Global, the index climbed to 61.3 from February’s 60.6, extending the streak of growth to 32 months. Led by robust manufacturing output, the composite output index soared, with factory activity hitting a record high of 59.2, its strongest since February 2008. New orders, both domestic and export, showed notable vigor, with the latter recording the fastest expansion in over three years, indicating sustained economic momentum.
Global PE Firms Eye Indian IT & Software Services
Global private equity (PE) firms and PE-backed entities exhibit a surging interest in acquiring Indian information technology (IT) and software services companies. Avendus Capital data reveals a doubling in the number of PE firms holding majority stakes in Indian IT services companies between 2019 and 2022, surpassing 50. GrowthPal data indicates a 35% rise in inbound deals from global investors in 2023. Indian IT firms, trading at a premium to global counterparts, attract PE interest amid a risky startup landscape. Notable acquisitions include HIG Capital-backed 3Pillar Global’s purchase of Chenoa and Tailwind Capital-funded Onix’s acquisition of Datamatica. PE firm EQT highlights India’s structural advantage in producing STEM graduates.
A 24X7 Control Room And A Toll-free Mobile Number For Fair Elections
The Directorate of Income Tax (Investigation), Delhi, has unveiled a robust strategy to ensure transparent and fair elections for the Lok Sabha 2024 on March 20. Initiating a 24X7 Control Room and a toll-free mobile number, the authority aims to thwart the impact of black money on elections. This proactive step seeks to monitor and deter suspicious transactions, including cash, bullion, and valuables, within the National Capital Territory (NCT) of Delhi during the Model Code of Conduct period. This move underscores the commitment to uphold electoral integrity and reinforces efforts to maintain a level playing field for all candidates.
Sports Minister Reaffirms India’s Readiness To Host 2036 Summer Olympics
Union Minister of Sports and Youth Affairs reaffirms Prime Minister Narendra Modi’s commitment to India hosting global sporting events, stating readiness for the 2030 Youth Olympics and the 2036 Summer Olympics. Minister Anurag Thakur highlights India’s economic stature and youth potential, underscoring its suitability as a sports hub. Following the 2026 Summer Youth Olympics in Dakar, Senegal, Paris, Los Angeles, and Brisbane are set to host the 2024, 2028, and 2032 editions, respectively. Thakur’s remarks echo PM Modi’s pledge made during the IOC Session in India last year. Notable sporting achievements, including a historic medal haul, bolster India’s bid for future Olympic hosting rights.
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Disclaimer: Educational purpose blog with no commercial use intended.
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