As bitcoins and other virtual currencies become more popular, prominent banker Uday Kotak says central banks, including RBI, would have to take a hard look at this phenomenon and take a decision on the future of such currencies. "My view is that bitcoin is in very early days and it is an artificial currency. But whether it is creating new money, whether it is sustainable, whether it would survive, I have many questions about it.
"People do not understand it well enough and I believe that for it to be a really widely used currency, it has to be simple," Kotak said in an interview.
Tech Mahindra bullish on hiring, headcount to cross 1 lakh soon
With a bullish outlook on the Indian IT story and its own hiring plans, Mahindra group's technology venture Tech Mahindra said its headcount will cross the 1-lakh level in about a year, from close to 85,000 at present. "I don't think there has been any stagnation in hiring activities in the Indian IT space. Seven years ago, we were six-seven thousand people and today we are 85,000," Tech Mahindra vice chairman Vineet Nayyar said.
Asked when Tech Mahindra ould reach the 1-lakh mark, he said: "Its a matter of a year or so. I don't see it as a very big deal."
Nayyar, who was here for the World Economic Forum (WEF) Annual Meeting, said in an interview that India's IT story is not over, but its nature would evolve depending on the changing needs.
Hinduja group unveils plan to expand base in Africa
NRI business family Hinduja group is looking at huge expansion plans in the African region across diverse sectors including automotive, technology and energy. "Hinduja group is expanding in a major way. We are expanding into Africa and there have been many meetings here with leaders from African countries, including Senegal, Nigeria and South Africa to explore business opportunities in those places," the group's Europe Chairman Prakash Hinduja said. Hinduja said the areas being looked at for expansion include exports of Ashok Leyland vehicles to various African countries in a big way. Part of the Hinduja group, Ashok Leyland is a leading manufacturer of commercial vehicles in India.
Indian economic growth prospects good, says Deutsche Bankís Jain
Expecting economic growth in India to gain momentum by next year, Deutsche Bank's Indian-origin chief Anshu Jain says he is very positive about prospects going forward after the country