Skip to content 
Search

Latest Stories

Indian industrialist Rahul Bajaj dies at 83

Indian industrialist Rahul Bajaj dies at 83

VETERAN industrialist Rahul Bajaj, whose name was synonymous with road transport in India, died Saturday (12) aged 83, his company said.

He "had not been keeping well", the Bajaj Group said in a statement, adding he would be cremated on Sunday in Pune, western India.

Bajaj was born into the Indian elite - his grandfather was one of Mahatma Gandhi's closest aides.

He led the eponymous family-owned conglomerate for more than 40 years and was best known for overseeing the stratospheric success of the Bajaj Chetak scooter in the 1970s and '80s.

The sturdy and affordable vehicle - based on a design by Italy's Vespa and named after the legendary horse ridden into battle by a Hindu Rajput king in the 1500s - became wildly popular with the Indian middle class following its 1972 launch.

But in the heavily regulated economy of the time, the firm was only allowed to make 6,000 units a year, leading at one point to a 10-year waiting list.

Bajaj was considered relatively clean in a country where corruption is widespread.

After stepping down as head of the firm in 2005, he served a term in the upper house of the Indian parliament, for the Congress party.

He was unusually outspoken for an Indian billionaire, many of whom seek to avoid conflict with the authorities.

After prime minister Narendra Modi's Bharatiya Janata Party came to power in 2014, Bajaj said industrialists feared criticising the government despite a plunging growth rate and a weak economy.

"If we criticise you there is no confidence that you will appreciate that," Bajaj had reportedly said at a private event in 2019 in the presence of home minister Amit Shah.

Last year, he expressed concerns over the impact of strict lockdowns imposed by the government to curb the spread of the coronavirus.

But Modi tweeted that he was "pained" by Bajaj's demise, adding that he would be remembered for his "noteworthy contributions to the world of commerce and industry" and was a "great conversationalist".

Fellow industrialists paid tribute, with Harsh Goenka, chairman of conglomerate RPG Group, tweeting: "The 'spine' of Indian business cracks."

Bajaj, he added, "was a visionary, straight-talking and very respected for his value systems. An era ends!"

Kiran Mazumdar-Shaw, the billionaire founder of Indian biotechnology company Biocon, said the country had "lost a great son & nation builder".

"I am devastated - he was a dear dear friend and will miss him dearly," she tweeted.

Bajaj was born on June 10, 1938, in the eastern Indian city of Kolkata.

After studying economics in New Delhi and law in Mumbai, he took an MBA from Harvard Business School in 1964 before joining the family business in Pune a year later.

The conglomerate was split into separate units in the 2000s following a family dispute.

But Bajaj Auto is now among the world's top 10 motorcycle-makers, and number one in three-wheelers, with a 72 per cent market share according to Autocarpro.

"Rahul Bajaj's passing is a big loss to India," tweeted Rahul Gandhi, the de facto head of Congress, now the main opposition party.

"We have lost a visionary whose courage made us proud."

(AFP)

More For You

Bangladesh seeks US deal to shield garment industry from tariffs

Workers are engaged at their sewing stations in a garment factory in Savar, on the outskirts of Dhaka, on April 9, 2025. (Photo by MUNIR UZ ZAMAN/AFP via Getty Images)

Bangladesh seeks US deal to shield garment industry from tariffs

BANGLADESH, the world's second-biggest garment manufacturer, aims to strike a trade deal with the US before Donald Trump's punishing tariffs kick in next week, said the country's top commerce official.

Dhaka is proposing to buy Boeing planes and boost imports of US wheat, cotton and oil in a bid to reduce the trade deficit, which Trump used as the reason for imposing painful levies in his "Liberation Day" announcement.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Bond yields ease following Starmer’s support for Reeves

THE COST of UK government borrowing fell on Thursday, partially reversing the rise seen after Chancellor Rachel Reeves became emotional during Prime Minister’s Questions.

The yield on 10-year government bonds dropped to 4.55 per cent, down from 4.61 per cent the previous day. The pound also recovered slightly to $1.3668 (around £1.00), though it did not regain all its earlier losses.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)
Getty Images

Indian exporters watch closely as Trump says trade deal with India likely

THE US could reach a trade deal with India that would help American companies compete more easily in the Indian market and reduce tariff rates, President Donald Trump said on Tuesday. However, he cast doubt on a similar deal with Japan.

Speaking to reporters on Air Force One, Trump said he believed India was ready to lower trade barriers, potentially paving the way for an agreement that would avoid the 26 per cent tariff rate he had announced on April 2 and paused until July 9.

Keep ReadingShow less
Kolhapuri sandal sales surge in India post Prada controversy

Customers shop for 'Kolhapuri' sandals, an Indian ethnic footwear, at a store in New Delhi, India, June 27, 2025. REUTERS/Adnan Abidi

Kolhapuri sandal sales surge in India post Prada controversy

INDIAN footwear sellers and artisans are tapping into nationalist pride stoked by the Prada 'sandal scandal' in a bid to boost sales of ethnic slippers with history dating back to the 12th century, raising hopes of reviving a struggling craft.

Sales are surging over the past week for the 'Kolhapuri' sandals that have garnered global attention after Prada sparked a controversy by showcasing similar designs in Milan, without initially crediting the footwear's origins.

Keep ReadingShow less
UK business district
The Canary Wharf business district including global financial institutions in London.
Getty Images

Economy grew 0.7 per cent in Q1 2025, fastest in a year

THE UK economy expanded at its fastest pace in a year during the first quarter of 2025, driven by a rise in home purchases ahead of a tax deadline and higher manufacturing output before the introduction of new US import tariffs.

Gross domestic product rose by 0.7 per cent in the January-to-March period, the Office for National Statistics (ONS) said, confirming its earlier estimate. This was the strongest quarterly growth since the first quarter of 2024.

Keep ReadingShow less