E-commerce market in India may touch $100 billion by 2020
- As per DIPP Secretary Amitabh Kant E-commerce market is likely to grow ten-fold in next five years to reach $ 100 billion on the back of increasing penetration of Internet, smartphones and spread of digital network in rural areas.
- According to a report titled ‘Direct selling; Mapping the industry across Indian states’, the country’s e-commerce sector, which is around $ 10 billion (Rs 65,000 crore) at present, can even touch $ 250 billion in next ten years as digital network would spread in the rural areas.
- “By end of the decade, by 2020, e-commerce would be $ 100 billion industry.
- Kant further added that this boom will happen because the broadband would take over and digital network will spread into the rural areas.
- According to him, e-commerce market would be driven by the local languages and broadband Internet penetration into rural India.
- By 2017, India will have 350 million smartphones and it will create demand, the report said.
- India will also witness rapid urbanisation and create an economy driven by the middle class.
- “By 2030, we would have 350 million people moving from rural to urban areas and by 2050, 700 million people would move to urban areas. by 2025, India’s middle class would drive India’s 50 per cent economy,” he said.
Yes Bank commits $5 bn for climate action in India
- Yes Bank, India’s fifth largest private sector bank, has announced mobilisation of USD 5 billion towards its commitment to climate finance in India.
- The bank made the declaration to coincide with the Conference of Parties (COP) 21 climate summit underway in Paris this week.
- Yes Bank had committed to target funding 500 MW clean energy annually, which it had overachieved. Proactive corporate intervention is critical to achieving the climate goals and financial institutions have a larger role in driving climate action,” said Rana Kapoor, CEO and Yes Bank managing director.
- “Yes Bank is fully committed to play the role of a catalyst and would work towards unlocking innovative financial mechanisms towards achieving India’s ambitious target of combating climate.
Iran topples Kuwait to become India’s fifth largest oil supplier
- Iran has toppled Kuwait to become India’s fifth largest crude oil supplier in the first half of 2015-16 fiscal year, selling over 6.5 million tons of oil.
- Iran, which was India’s second biggest supplier of crude oil after Saudi Arabia till 2010-11, sold 6.53 million tons of oil to India in April-September as compared to 5.31 million tons crude coming from Kuwait, official sources said.
- Last fiscal, Iran was India’s seventh largest oil supplier, selling 10.95 million tons crude.
- India is 80 per cent dependent on imports to meet its oil needs.
- With prospects of sanctions being eased after a deal with the western powers on curbing its nuclear programme, Iran is now behind only Saudi Arabia (19.56 million tons), Iraq (17.01 million tons), Nigeria (11.59 million tons) and Venezuela (10.89 million tons) in oil supplies to India.
- India spent $ 38.6 billion or Rs 247,341 crore on crude oil imports during the first half. It had spent $ 112.7 billion (Rs 687,416 crore) on import of 189.44 million tons in 2014-15 and $ 143 billion (Rs 864,875 crore) on buying similar quantity in 2013-14.
New IPL teams: Sanjiv Goenka’s New Rising gets Pune, Intex gets Rajkot
- Industrialist Sanjiv Goenka’s New Rising and handset maker Intex have won the bid for the two new IPL teams that will play in 2016 and 2017 editions of the league in the absence of Chennai Super Kings and Rajasthan Royals.
- New Rising got Pune with bid of minus Rs 16 crore while Intex bid minus Rs 10 crore for Rajkot.
- After the decision to suspend CSK and RR for two years, the BCCI had decided to invite bids for the two new teams for 2016 and 2017. Bidders had the option to bid for teams from Chennai, Ahmedabad, Dharamshala, Ranchi, Kanpur, Nagpur, Indore, Cuttack and Visakhapatnam. Interestingly, bidding for the two teams this time was done through a reverse auction where the company that bids the lowest (lowest share of IPL’s central pool revenue) would be the winner.
- BCCI stands to gain Rs 332 crore in 2 years owing to these new franchises.