The South Asian nation's bid to build six conventional diesel-electric subs is now delayed by a year and further delays are expected, according to two senior officials direct aware of the situation who asked not be identified because the information isn't public.
The development is more than a setback to India's efforts to upgrade its military: The project also represents a test of Prime Minister Narendra Modi's new defense acquisition policy. That policy requires foreign manufacturers to partner and provide local firms with technology to build military hardware in India, the world's largest weapons importer.
German defense manufacturer ThyssenKrupp Marine Systems, in partnership with India's state shipyard Mazagon Dock Shipbuilders, and private shipbuilder Larsen & Toubro (L&T), with Spain's Navantia, are competing for the project.
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More Indians looking to fly biz class this holiday season
The number of Indians eyeing to fly business class has seen a sharp uptick this holiday season compared to last year. While the trend is more pronounced in international travel, travel agents and online platforms suggest that it is also emerging on many domestic routes.
Porsche billionaires are in a tight spot, again
PORSCHE AUTOMOBIL HOLDING SE sure knows how to do drama. Last week, the listed holding of the Porsche and Piech families warned it may have to book up to €22 billion ($23 billion) of impairments amid a decline in the market value of its 31.9% stake in Volkswagen AG and 12.5% economic interest in the Porsche AG automaker.
Q2 a blip, growth to pick up again: FM
The economic growth slowdown in the second quarter of the current financial year was a blip due to a slower pace of spending, but the coming quarters will likely see healthy growth, finance minister Nirmala Sitharaman said on Tuesday.
Markets slump over 1%
● Investors' wealth down ₹4.92 lakh cr
EPFO weighs higher equity investments
● Labour ministry panel to look at ways to raise exposure
Indian firms turn to euro, yen swaps to trim borrowing cost
INDIAN FIRMS ARE opting for cross-currency swaps to convert part of their debt into the euro or the Japanese yen in order to trim borrowing costs, said bankers.
IIT-Madras to offer fine arts, culture courses
In a first for Indian Institutes of Technology (IITs), IIT-Madras on Tuesday said it would offer two supernumerary seats in each undergraduate programme to students who have achieved excellence in fine arts and culture, starting from the upcoming academic session.
The world's busiest airline routes in 2024 are largely in Asia
Leisure continues to outshine corporate trips
Not even 2% work-linked higher education courses yet: Report
EDUCATION-INDUSTRY MISMATCH
KYC masking to go live on Jan 20
DEADLINE EXTENDED; BIG RELIEF TO BANKS & FINTECHS
