Top headlines: World Bank cuts economic growth forecast, DESH Bill deadlock

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World Bank cuts 2023 economic growth forecasts, warns of global recession

The World Bank slashed its growth forecasts for most countries and regions, and warned that new adverse shocks could tip the global economy into a recession.

Global gross domestic product will probably increase 1.7% this year, about half the pace forecast in June, the Washington-based lender said Tuesday. That would be the third-worst performance in the last three decades or so, after the contractions of 2009 and 2020. Read more...

Luxury carmakers likely to see faster electric vehicle transition

Adopting electric vehicles (EVs) is likely to be faster in the luxury vehicles segment because buyers are less price-sensitive and market leaders like Mercedes-Benz India and BMW India expect double-digit growth in this category. Read more...

Big Tech's new reality in India: Stricter regulation, face-off with telcos

Global Big Tech in India is being subjected to increasing scrutiny -- from the government, the Competition Commission of India (CCI), parliamentary committees and business lobbies, especially the telecom companies (telcos). And just like in Europe, the focus in India is similar -- to rein in their growing domination in the country’s digital sweepstakes. Read more...

DESH Bill deadlock likely to force Cabinet secretary to step in

Amid continued differences between the commerce and the revenue departments over the proposed revamped special economic zone (SEZ) law or the Development of Enterprises and Services Hub (DESH) Bill, the Cabinet secretary may step in to clear the deadlock over vexed issues. Read more...

Companies protest WHO guidelines to increase taxes on soft drinks

Draft guidelines released by the World Health Organization (WHO) a few weeks ago, asking governments for a tax-induced price increase on a range of beverages to reduce their consumption and promote a “healthy diet”, have raised serious concerns among companies in the business. Read more...