As the Indian economy recovers from COVID-19 pandemic and subsequent lockdown, it is larger companies that have managed to stage a 'smart' recovery even as small companies continue to face tough times, said the Centre for Monitoring Indian Economy. Tata Sons Chairman N Chandrasekaran has denied speculations on talks between Elon Musk's Tesla and Tata Motors for a possible tie-up in India and said products from both Tata Motors and its British company Jaguar and Land Rover are working well and that there's no need for any "outside partner". Read for more top stories from the world of business and economy:
The largest companies by size saw their sales shrink by 1.5 per cent in the December 2020 quarter, which was the lowest decline, CMIE said.
Biden administration aims to buy 600 million vaccines for its 300 million population, which has put stress on American raw material companies given demand from all across world.
Chandrasekaran says products from both Tata Motors and its British Company Jaguar and Land Rover are working well and that there's no need for any "outside partner".
As per the initial probe, a layer of "genuine-looking fictitious" intermediatory companies was created to pass on "bogus ITC" from non-existent and fake firms to the Essel Group companies without actual supply of any goods or services.
"Vaccines will create an India brand that will go beyond vaccines and pharmaceuticals. We have to capitalise on this goodwill. This should help all sectors. PLI scheme's success will support this," the Prime Minister said.