Discover the top business headlines that are trending across the world today!
According to the National Bank for Agriculture and Rural Development's (NABARD) second All India Rural Financial Inclusion Survey (2021-22), the average monthly income of rural households rose by 58% over five years, increasing from Rs 8,059 in 2016-17 to Rs 12,698 in 2021-22. Agricultural households earned slightly more at Rs 13,661, compared to Rs 11,438 for non-agricultural ones. Salaried employment was the largest income source for all households, while cultivation accounted for one-third of agricultural household income, followed by services, wage labor, and other enterprises.
Air India has firmed up its option to purchase 85 Airbus aircraft, including 75 single-aisle A320 models and 10 twin-aisle A350s. This follows the Tata Group's major order in February, where they secured 470 aircraft and options for 370 more from Airbus and Boeing, set to be acquired over the next decade. Sources confirm this latest order for 85 planes, while Boeing is also expected to see orders for additional aircraft from Air India. However, uncertainty surrounds Boeing's ability to resume deliveries of the B737 MAX models.
TCS shares dipped by 2.09% to Rs 4,140 after the company reported modest Q2FY25 earnings. While analysts considered the results satisfactory, with growth across most verticals, the healthcare and telecom sectors underperformed, particularly in North America, due to client-specific issues. Analysts at Motilal Oswal noted that growth was mainly driven by the BSNL ramp-up, but overall recovery for TCS and the sector is expected in Q4FY25. On a positive note, BFSI showed signs of improvement, and energy and utilities saw 4% quarter-on-quarter growth. The mixed performance led to reduced earnings estimates.
At the "We, Robot" event in California, Tesla, led by Elon Musk, introduced the Cybercab, a robotaxi without steering wheels or pedals, and the Robovan, a self-driving vehicle that can transport up to 20 passengers. Musk emphasized that Tesla is transitioning into an AI robotics company. Production for these vehicles is expected to start in 2026, with the robotaxi priced under $30,000. Both vehicles aim to reduce transportation costs, with Musk stating the Robovan could solve high-density travel needs, lowering operational costs to as little as 5-10 cents per mile.
