The CEO of Uber Technologies Inc., Travis Kalanick, has resigned, leaving the Indian sector of the company in uncertainty. Kalanick was a big backer of the money-losing Uber business in India. His departure leaves rival Ola an opportunity to retain the market leadership.
Kalanick's resignation indicates that Uber may be forced to cut it's aggressive spending to gain market share. If Uber is unable to keep prices low for riders in Indian markets, and fails to promote drivers' incentives, it will hit the growth of the company.
RBI Governor Urjit Patel warned that continuous policy of waiver of farm loans could cause wider fiscal deficits and spur inflation. "There has to be some existing fiscal space found in State Government budgets. Unless some space is found, the likelihood of dissipating the important gains made in fiscal rectitude, over the last two to three years, will become a fact," said Governor Urjit Patel.