New Delhi, Dec 27: Condolence messages from economists mourning the death of former Prime Minister Manmohan Singh poured in on Friday, with IMF Deputy Director Gita Gopinath stating that the economic reforms he ushered in as finance minister in 1991 had inspired countless young economists like her.

“Dr. Manmohan Singh’s 1991 budget unshackled India’s economy, significantly enhancing the economic prospects for hundreds of millions of Indians. His visionary reforms inspired countless young economists like me. Rest in peace, Dr. Manmohan Singh,” Gita Gopinath said on X.

Sanjeev Sanyal, member of the Economic Advisory Council to the Prime Minister (EAC-PM), said that his generation of Indians was the creation of the economic reforms introduced by Finance Minister Manmohan Singh and Prime Minister Rao in 1991.

“As I have said before, the two most significant years of the twentieth century for India were 1947 and 1991 — one brought political freedom and the other economic freedom. Manmohan Singh will always be remembered for announcing the Great Liberalisation…” Sanyal said.

Condolence messages also came in from industrialists for the former Prime Minister and former finance minister who had played a key role in opening up the Indian economy and breaking away from the erstwhile licence-permit raj that had shackled industry.

JSW Group chairman and MD, Sajjan Jindal, said; “Saddened by the passing of Dr. Manmohan Singh ji, former Prime Minister of India and the visionary leader behind India’s economic liberalisation. A statesman of humility and wisdom-India owes him a debt of gratitude.”

The US-India Business Council expressed deep condolences following the passing of Dr Singh, highlighting his significant contributions to strengthening the relationship between the United States and India.

USIBC praised Dr Singh for his pivotal role in in the 2008 Civil Nuclear Agreement between the two countries and economic reforms that shaped modern bilateral ties.

Kawasaki KLX 230 has been officially launched in India, priced at Rs 3.30 lakh (ex-showroom). Bookings for the dual-purpose motorcycle, which were opened after its unveiling in October, are now live. Customers who pre-booked the bike can expect deliveries to begin in January 2025. The KLX 230 has generated a lot of excitement, having been spotted several times undergoing tests prior to its India debut.

Kawasaki KLX 230, the brand’s first road-legal dual-sport motorcycle in India, combines rugged off-road capabilities with essential road-legal features. It boasts a slim, tall profile with long-travel suspension and wire-spoke wheels, designed to handle diverse terrains. For urban legality, the bike comes with an LED headlamp, turn indicators, rear-view mirrors, a saree guard, and dual-purpose tyres. Available in two vibrant colour options, Lime Green and Battle Grey, the KLX 230 is built for riders who seek both adventure and practicality.

Kawasaki KLX 230 is designed for versatile riding, featuring a high-tensile steel perimeter frame and robust suspension system with 240mm travel at the front and 250mm at the rear. The motorcycle is equipped with a 37mm telescopic fork in the front and a Uni-Trak-linked mono-shock at the rear, ensuring excellent handling across varied terrains. It comes with wire-spoke wheels sized 21 inches at the front and 18 inches at the rear, fitted with dual-purpose tyres.

The KLX 230 also boasts a dual-channel ABS system with disc brakes at both ends for superior stopping power. With a ground clearance of 265mm, a seat height of 880mm, and a kerb weight of 139kg, it strikes a balance between agility and stability. The 7.6-litre fuel tank ensures that riders can enjoy longer journeys without frequent refuelling.

New Delhi, Dec 25: The revenue of India’s telecom industry increased 8 per cent (quarter-on-quarter) to Rs 674 billion (13 per cent growth year-on-year) in the second quarter of FY25, mainly driven by tariff hikes, according to a new report.

Driven by three rounds of smartphone tariff hikes, India’s quarterly telecom revenue has almost doubled (up 96 per cent) since September 2019, implying 14 per cent five-year industry revenue CAGR, according to the report by Motilal Oswal Financial Services Ltd.

Given the consolidated market structure in the Indian telecom industry, higher data consumption, lower ARPU, and inadequate returns generated by telcos, “we expect tariff hikes to be more frequent. We build in 15 per cent tariff hike in December 2025.”

The telecom industry’s average revenue per unit (ARPU) has almost doubled from Rs 98 in September 2019 to Rs 193 in September 2024, driven by tariff hikes.

However, as a result of sharp tariff hikes, the industry’s subscriber base at 1.15 trillion in September 2024 is lower than September 2019 levels (1.17 trillion).

Among telcos, Bharti Airtel has been the biggest beneficiary of tariff hikes with a 2.2 times increase in implied ARPU, registering a 17 per cent five-year CAGR.

“We believe the significant improvement in the data subs proportion has also been a key driver for Bharti’s industry-leading ARPU,” said the report.

Over the reporting period from 2019-2024, Bharti’s revenue has increased 2.6 times, implying 21 per cent five-year revenue CAGR, with incremental revenue market share significantly higher at 48 per cent.

“With Vi’s (Vodafone Idea) large capex plans, we believe the pace of market share gains may slow down. However, RJio and Bharti are still likely to continue gaining market share at Vi’s expense, in our view,” the report noted.