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Is Ambani’s cutting debt a bad omen for India?

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Mumbai: Mukesh Ambani conducts a general meeting on Monday regarding the annual sales with the stakeholders planning for future endorsements. Ambani plans to cut off the debt taken from banks and take the company to zero debt. But his actions reveal more than in the story.

He endorsed Modi’s vision of bumping up annual GDP by 80% in five years to $5 trillion; he even forecast a $10 trillion Indian economy by 2030. It’s not only possible but “inevitable,” he said. Ambani tackles the situation by bringing in the South Armaco and selling 20%share of reliance refineries which would clear off its debt. However it looks a good step to take $75 trillion from Armaco and making Indian Giant debt free which would also add up money on the Indian banks but only if it’s for the benefit of the nation.

Now that Jio has reached 340 million subscribers, though, the endgame is probably not more than a few quarters away. And that can be problematic for the country’s economy. The rest of India Inc. is paralyzed by debt and self-doubt; consumers are overstretched; and so is the government. A holiday for Reliance would remove from play the only domestic balance sheet with unspent firepower.

A $22 billion reduction in net debt (to reach zero) will require more than Aramco’s cash. Reliance has shoved some borrowings into an infrastructure trust together with telecom tower and fiber assets. As for shareholders, Ambani is telling them that hitting zero net debt will come with higher dividends, bonus issues and other goodies “at a more accelerated pace than any time in our history.” But investors will struggle to reinvest the cash returned by Reliance. For one thing, India’s slowdown is deepening. For another, the company’s digitization blitz is causing unpredictable disruption.

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Amazon Great Indian Festival sale starts from september 29th

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India’s favourite e-commerce portal, Amazon India, has just announced the biggest retail event of the year Amazon Great Indian Sale. The dates of this 6-day shopping extravaganza have been announced. The sale will go live on 29th September 2019 and end on 4th October 2019. Prime members will get a 12-hour early access to the sale. For them, Amazon Great Indian Festival Sale 2019 will commence on 28th September at 12 PM. Amazon has unveiled a few of the best offers that will be up for grabs. During the course of this five-day shopping extravaganza, Amazon India will provide jaw-dropping Amazon Great Indian Sale offers, deals, and discounts on purchases made from Amazon India’s e-commerce platform.

The company is offering a plethora of discounts such as up to 40% off on “latest and best smartphones of 2019” which include 15 new smartphones and accessories; up to 90% off on fashion with over 1200 top brands; up to 80% off on more than 50,000 home and kitchen products; and up to 75% off on home appliances.

In addition to discounts, Amazon will also be offering festive cashback offers on Amazon Fashion, combo offers on books, gaming and toys and the opportunity to save more using Amazon coupons on daily essentials. Kitchen and home products will be listed at the “lowest ever prices” with free installation. Moreover, more than 11,000 products by Amazon brands will be listed on sale.

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