Top headlines: Govt may go easy on capex in FY24, India-US trade dispute

Business Standard brings you the top headlines at this hour

Trade dispute: India likely to propose out-of-court settlement to US

India may propose an out-of-court settlement to the United States (US) in a case relating to the provision of export subsidies, which the World Trade Organization’s (WTO’s) dispute panel said violated its rules.

India may take up the matter on the sidelines of the India-US Trade Policy Forum (TPF) in Washington on January 11, a person aware of the matter told Business Standard. Read more...

Budget 2023-24: Govt may go easy on capital expenditure growth in FY24

The Central government may not expand its capital expenditure (capex) for the next fiscal year (FY24) to as large a degree as the increase in the previous two Budgets in the belief that private-sector capex is recovering strongly.

For this fiscal year (FY23), the 2022 Union Budget had targeted a capex outlay of Rs 7.5 trillion, which is 35.4 per cent higher than the FY22 Budget Estimate (BE) of Rs 5.54 trillion. And that, in turn, is higher than the FY21 BE of Rs 4.12 trillion by 34.5 per cent. Read more...

TCS pushes the pedal to get self-driving cars on road with new algorithms

Tata Consultancy Services has trained and tested its clo­ud-based self-driving vehicle platform using over 300,000 kilo­metres of real-time vehicle data across different geographies to help OEMs power their next-generation vehicles onto roads.  

The geographies included the US, Japan, and Europe, and India. The Tata group has numerous companies working in the technology space in electric vehicles as well as in the autonomous space. These include Tata Technologies (which works closely with Tata Motors) and Tata Elxsi, apart from TCS. TCS  has been working with leading global OEMs in Japan, Europe and the US on autonomous and electric vehicles. In India, it is helping OEMs to launch their electric cars with autonomous features in the domestic market. Read more... 

Sebi nod to reclassify govt holding in IDBI Bank as 'public' after sale

In a major dispensation, capital markets regulator Securities and Exchange Board of India (Sebi) acceded to the central government’s request to reclassify its shareholding in IDBI Bank after its disinvestment as “public holding”, the lender told the stock exchanges on Thursday.

This is subject to the condition that the government’s voting rights in the bank will not exceed 15 per cent of the total voting rights after the sale. Also, the government must specify its intention to reclassify its shareholding in the bank as “public holding” in the letter of offer dispatched to the shareholders of the bank in connection with the open offer made by the acquirer. Read more...

'Unprofessional': Aviation regulator slams Air India for urination incident

Air India was “unprofessional” and “devoid of empathy” in dealing with the female passenger who was allegedly urinated upon by a male co-traveller on a New York-Delhi flight on November 26, the aviation regulator said on Thursday.

The airline, said the Directorate General of Civil Aviation (DGCA), had violated rules related to the handling of an unruly passenger onboard, and its conduct led to a “systemic failure”.

The DGCA, therefore, has issued show-cause notices to Air India’s accountable manager, director (in-flight services), pilots, and cabin crew members of the flight on “why enforcement action should not be taken against them for dereliction of their regulatory obligations”. Read more...