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India should see China as inspiration: Rajan

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Bengaluru, June 22 : Outgoing Reserve Bank of India (RBI) Governor Raghuram Rajan on Wednesday said India should see China as an inspiration and not competition.

“We should see China as an inspiration. An inspiration as to what a country could achieve in three decades,” said Rajan at an interactive session organised by industry body Assocham.

According to Rajan, Indian is currently where China was in 1999 or 2000s and should hope to be where it is in the next 10-15 years.

Responding to a question on China, he further said that he often sees people try to put down China, but one should realise that it has achieved seven and a half thousand dollars per capita income in three decades time.

However, he clarified that he would be the last person to suggest “we need to follow what they followed”, as they have already done that and are occupying that place.

India

Special ‘angavastram’ awaits PM Modi in Varanasi

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PM Modi

Varanasi (Uttar Pradesh), Nov 29: A weaver from Varanasi has woven a special silk ‘angavastram’ for Prime Minister Narendra Modi, who is scheduled to visit his constituency on Monday.

The ‘angavastram’ carries the Buddhist mantra “Buddham Sharanam Gachchami, Dhammam Sharanam Gachchami, Sangham Sharanam Gachchami” along with a leaf of the ‘Bodhivriksha’.

The weaver, Bachche Lal Maurya, said that he wants Chief Minister Yogi Adityanath to gift the ‘angavastram’ to the Prime Minister during his visit to Varanasi on November 30.

Maurya said, “There are reports that Prime Minister Modi may go to Sarnath during his proposed visit to Varanasi, I started weaving the ‘angavastram’ with a Buddhist mantra and a leaf of ‘Bodhivriksha’ especially for him.”

Modi is likely to visit the holy site of Sarnath to watch the light and sound show which shows the transformation of prince Siddhartha into Lord Buddha, his first preaching and then chronicles his journey.

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Business

Brent hits highest since March, spurred by coronavirus vaccine hopes

This follows positive trial results from Pfizer/BioNTech and Moderna.

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Brent Crude Oil

SINGAPORE: Brent crude prices hit their highest levels since March as news of a third promising coronavirus vaccine candidate spurred hopes of a quicker recovery in oil demand, while U.S. President-elect Joe Biden received the go-ahead to begin his leadership transition.

Brent crude futures rose 43 cents, or 0.9%, to $46.49 a barrel by 0522 GMT, while U.S. West Texas Intermediate crude added 45 cents, or 1.1%, to $43.51 a barrel.

Brent rose to a session high of $46.56 earlier on Tuesday, the highest level traded since early March before Saudi Arabia initiated a price war with Russia, which sent oil prices crashing. Both oil benchmarks settled up about 2% on Monday after gaining about 5% last week.

“Progress on developing and distributing a vaccine de-risks the path back to normal for oil markets,” said Stephen Innes, chief global markets strategist at financial services firm Axi.

“If mobility data is a measure of oil price sentiment, in the not too distant future, the vaccine will get people back on airplanes and cruise ships.”

AstraZeneca said on Monday its COVID-19 vaccine was 70% effective in pivotal trials and could be up to 90% effective, giving the world’s fight against the global pandemic a third new weapon that can be cheaper to make, easier to distribute and faster to scale-up than rivals.

This follows positive trial results from Pfizer/BioNTech and Moderna.

Also helping to ease uncertainty in financial markets, President Donald Trump on Monday allowed officials to proceed with a transition to Joe Biden’s incoming administration, giving his rival access to briefings and funding even as he vowed to persist with efforts to fight the election results.

U.S. crude oil inventories likely edged lower last week, while distillate stockpiles were seen decreasing for a 10th straight week, a preliminary Reuters poll showed on Monday, ahead of reports from the American Petroleum Institute and the Energy Information Administration (EIA).

Traders also focused on a week of technical meetings by OPEC and its allies to prepare the ground for next week’s ministerial gathering, which is set to discuss extending oil output curbs into next year due to weak demand amid a second wave of COVID-19.

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Auto

All-new i20 receives 20,000 bookings in 20 days: HMIL

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Hyundai auto expo

New Delhi: Automobile major Hyundai Motor India on Friday said its newly launched fourth generation premium compact car ‘the all-new i20’ has garnered 20,000 bookings in 20 days.

The company has made over 4,000 deliveries of the all-new i20 during Diwali season.

“Our customers continue to demonstrate a strong affinity for connected technologies offered by us. Nearly 45 per cent customers have preferred variants enabled with our already established ‘BlueLink’ technology,” said Tarun Garg, Director (Sales, Marketing & Service), Hyundai Motor India.

“Sunroof continues to be a customer favorite with close to 30 per cent bookings made for models with this particular feature. Similarly, in line with the needs of the current environment, 35 per cent customers have opted for models with ‘Industry Unique Oxyboost Air purifier’.”

Besides, Garg pointed out that the vehicles’ new and advanced transmission offerings such as ‘IVT, iMT, DCT’ have received a strong traction from 25 per cent of the customers.

Furthermore, he cited that almost 20 per cent of the customers have opted for ‘Powerful and Efficient 1.5 l U2 CRDi Diesel BS6 Powertrain’.

At present, Hyundai Motor India has 11 car models across segments including ‘SANTRO, GRAND i10, GRAND i10 NIOS, ELITE i20, AURA, VENUE, Spirited New VERNA, All New CRETA, ELANTRA, New 2020 TUCSON and KONA Electric’.

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