As India turns 74, citizens feel less optimistic about future: Survey


As India turns 74, a survey by LocalCirles reflects the citizens’ growing pessimism about the future of the country.

Expectations of the corruption levels falling and employment opportunities have taken a hit.

Citizens feel economic growth and prosperity in India will benefit only a select few, and that instead of jobs, they may have to rely on self-employment options for livelihood in the years to come.




Covid-19 impact: United Breweries posts Q1 net loss of Rs 114.5 crore


Beer maker Ltd on Friday reported a consolidated net loss of Rs 114.50 crore for the first quarter ended June 30, on account of decline in sales due to the pandemic.

The company had posted a net profit of Rs 164.69 crore during the April-June quarter of the previous fiscal,Ltd (UBL) said in a regulatory filing.

Its revenue from operations slipped 73.17 per cent to Rs 1,262.82 crore during the quarter under review, as against Rs 4,708.42 crore in the corresponding period previous fiscal.

UBL’s total expenses declined 68.21 per cent to Rs 1,416.43 crore in Q1 FY21, compared to Rs 4,456.25 crore a year ago.

According to the company, “its peak season was adversely affected by the pandemic” asthe COVID-19 lockdown led to complete closure of all outlets.

“The primary volumes for the quarter in comparison to the corresponding quarter of the previous year were down 77 per cent,” said UBL.

Its revenue from beer segment fell 73.30 per cent to Rs 1,255.67 crore in the first quarter, as against Rs 4,702.92 crore in the year-ago period.

Turkey Hits Out At France In Mediterranean Gas Crisis


Turkey on Friday accused France of acting like a bully and hit out at Greece as EU foreign ministers confronted an emerging crisis in the energy-rich eastern Mediterranean.

The search for oil and gas in disputed waters not far from Cyprus has pitted Turkey against its uneasy NATO ally Greece and the entire EU bloc.

Turkey’s decision to send a scientific vessel accompanied by a small navy fleet into the volatile region on Monday prompted Greece to dispatch in its own military assets to observe what was going on.

France on Thursday also announced it was “temporarily reinforcing” its presence in the eastern Mediterranean in support of Greece.

That only further hurt France’s relations with Turkey — already damaged by opposing approaches to the Libya conflict and other parts of the Middle East — and saw the diplomatic rhetoric rise another notch.

“France especially should avoid steps that will increase tensions,” Turkish Foreign Minister Mevlut Cavusoglu said on a visit to Switzerland.

“They will not get anywhere by acting like bullies, whether in Libya, the northeast of Syria, in Iraq or the Mediterranean.”

French President Emmanuel Macron retorted that his view on Libya and the Mediterranean were “convergent” to those

Piyush Goyal deliberates on ways to reduce imports in auto sector


Commerce and Industry Minister on Thursday held a meeting with various industry associations to discuss ways to reduce imports in the automobile industry and increase localisation of auto components.

The ministry is working to push local manufacturing in several other sectors, including furniture and ACs, and reduce imports from countries like China.

“Held meetings with representatives from various industry associations and chambers of commerce along with government officials. Discussed ways to reduce imports in the automobile industry and increase localisation of auto components to promote Make in India,” Goyal said in a tweet.

In 2018-19 India imported auto components worth USD 17.6 billion, of which 27 per cent (USD 4.75 billion) were from China.

The major component imports from China include drive transmission and steering parts, electronic and electrical items, cooling systems, suspension and braking parts.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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