Top headlines: Modi, Scholz discuss ties; Ant Group to pare stake in Paytm

‘Education, skilling have equal emphasis under new NEP’, says PM Modi

The new National Education Policy (NEP) has reoriented and placed emphasis on both education and skilling according to the aptitude and demands of the youngsters, Prime Minister Narendra Modi said in a post-budget webinar on Saturday.

Addressing the webinar ‘Harnessing Youth Power- Skilling and Education’, the PM Modi lamented on the lack of flexibility in the education system over the years and said that the sector has been “rigid”. Read more

PM Modi, German Chancellor Scholz hold wide-ranging talks to boost ties

Prime Minister Narendra Modi and German Chancellor Olaf Scholz held talks on Saturday.

“The strong ties which India and Germany share are based on shared democratic values, and a deep understanding of each other’s interests. The two countries also share a long history of cultural and economic exchanges between them. Along with being our largest trading partner in Europe, Germany is also an important source of investment in India,” PM Modi said during the joint press meet.

He said “apart from being our largest trading partner in Europe”, Germany is also an important source of investment in India. Read more

Jack Ma-backed Ant Group plans to pare stake in Vijay Shekhar’s Paytm

Ant Group Co. is considering selling some of its shares in the operator of Indian financial technology firm Paytm to keep its holding within a required threshold, according to people familiar with the matter.

The Chinese fintech giant has been discussing options to reduce its stake in One 97 Communications Ltd. after its share percentage increased passively due to share buybacks, the people said, requesting not to be identified because the matter is private.

Talks are preliminary and details could change depending on regulatory and pricing concerns, the people added. Ant didn’t immediately respond to emailed requests for comment. Paytm declined to comment. Read more

Private consumption likely to take a hit on India’s IT sector squeeze

Private consumption in the country is likely to be affected because of a cutback in fresh hiring and lower pay increments given by domestic IT companies, whose salary bill continues to grow faster than that of the rest of Indian Industry.

Any slowdown in their employee expenses is expected to weigh on income growth in the economy. This can adversely affect demand for big-ticket consumer goods such as cars, high-end mobiles, home appliances, and new homes. Read more

Explainer: How lithium reserves can help speed up India’s EV dream

As India gears up to boost electric vehicle (EV) adoption, the massive find of lithium reserves in the country has brightened up the prospects for the country in the field of EV battery cell manufacturing.

According to the Council on Energy, Environment and Water (CEEW), the country will require Rs 33,750 crore of investment to meet its domestic lithium-ion battery manufacturing target of setting up 50 GWh of lithium-ion cell and battery manufacturing plants. India’s lithium cell production is projected to be 70-100 GWh by 2030. Read more