India economy & business news in brief for June 20: Reliance most valuable Indian company in Hurun 500 list

• Shubham
• 20 June, 2023

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By: Shubham Ghosh

Here are news in brief related to Indian economy and business for Tuesday, June 20, 2023:

According to the ‘2022 Burgundy Private Hurun India 500’ list, Reliance Industries is India’s most valuable company and also the highest taxpayer and most profitable. The list, released by Burgundy Private, Axis Bank’s Private Banking Business, and Hurun India, ranks the 500 most valuable companies in India based on their market capitalisation and valuations. The cut-off date for the list was October 30, 2022, and companies needed a minimum value of Rs 6,000 crore (£573.6 million) to qualify. Reliance Industries topped the list with a value of Rs 1,725,058 crore (£164.9 billion), followed by TCS, HDFC Bank, Infosys, and ICICI Bank. The list also highlighted the most valuable unlisted company as Serum Institute of India, followed by BYJU’S and the National Stock Exchange of India. The geographical distribution of the companies included Maharashtra, Karnataka, Tamil Nadu, Delhi, and Haryana.

Swaminathan Janakiraman, the managing director of State Bank of India (SBI), has been chosen as the new deputy governor of the Reserve Bank of India (RBI) for a three-year term. He will take over from MK Jain, who is retiring on Wednesday (21). The Indian government conducted interviews on June 1 to select the deputy governor. The candidates interviewed included Srinivasan Varadarajan, AS Rajeev, Soma Sankara Prasad, S L Jain, and Swaminathan Janakiraman. Janakiraman is expected to oversee departments such as supervision and financial inclusion and development, which are currently under the responsibility of Jain. The selection panel comprised RBI governor Shaktikanta Das, the cabinet secretary, the financial services secretary, and the chief economic advisor.

Google is reportedly in discussions with contract manufacturers to shift some production of its Pixel smartphones to India. Potential candidates for assembling the Pixel phones in India include Foxconn (BharatFIH), Lava, and Dixon Technologies. Google’s move to diversify production away from China began during the pandemic, with Vietnam initially chosen as the destination. However, Google now aims to leverage India’s favorable policies for smartphone manufacturing, following in the footsteps of Apple. Multiple sources have confirmed with Hindu businessline Google’s talks with suppliers in India, and if successful, Google would join Apple and Samsung in using India as an export-oriented manufacturing hub.

According to a survey, the Indian industry is urging for the next phase of reforms in GST (Goods and Services Tax) administration to improve ease of doing business. The survey conducted by Deloitte revealed that there has been significant progress in GST administration since its introduction in 2017. The survey indicated that 88 per cent of micro, small and medium enterprises reported reduced costs and optimized supply chains under the simplified tax regime. The majority of business leaders (80 per cent) expressed the need for reforms to enhance ease of doing business and sectoral growth. Additionally, the survey highlighted the importance of introducing an amnesty scheme to resolve existing tax disputes that have affected business capital and government revenue.