- Thursday, April 24, 2025
By: Shubham Ghosh
HERE are news related to Indian economy and business for Monday, July 3, 2023:
Anil Ambani, chairman of Reliance ADA Group, appeared before the Enforcement Directorate (ED) in Mumbai on Monday to provide his statement regarding an investigation related to the alleged violation of foreign exchange laws. The 64-year-old industrialist was questioned at the federal agency’s office in south Mumbai. The statement was recorded as part of a new case filed under various sections of the Foreign Exchange Management Act (FEMA). In 2020, Ambani, brother of richest Indian Mukesh Ambani, had also appeared before the ED in a money laundering case involving Yes Bank promoter Rana Kapoor. Additionally, Ambani had faced an income tax notice for alleged tax evasion on undisclosed funds held in Swiss bank accounts, but the Bombay High Court had issued an interim stay on the notice and penalty demand in March.
According to a report by the World Bank and World Trade Organisation (WTO), India has doubled its share of global commercial services exports from two per cent in 2005 to 4.4 per cent in 2022. The report also highlights that China and India both saw their share of global commercial services exports double during this period. It further states that in India, South Africa, and Türkiye, more than 10 per cent of total services sector jobs are directly linked to cross-border services exports. The report identifies China, Hong Kong, Singapore and India as leading services exporters and importers. It suggests that India and the Philippines need to invest in upskilling and reskilling their workforces and developing their domestic services sectors to remain competitive in the rapidly changing technological landscape. The report also notes that India has become a popular destination for medical travel, attracting foreign patients seeking cost-effective, high-quality treatment.
India’s defence secretary Giridhar Aramane on Monday said the government is committed to ensuring quality assurance in military aviation and is taking steps to overcome obstacles in the indigenous defence manufacturing industry. He made these remarks as the chief guest at a workshop titled ‘QA Reforms in Military Aviation for Promoting Indigenous R&D and Manufacturing’. Aramane emphasised that the country is making progress towards achieving self-reliance in defence, in line with the vision of prime minister Narendra Modi. He also urged the private sector to invest more in aeronautical quality assurance research and testing.
India’s Oil and Natural Gas Corporation Ltd (ONGC), has written to the steel ministry citing concerns over possible “idling of its rig” in the Cauvery off-shore in the absence of required casing pipes for drilling two ultra deep wells, the Hindu businessline reported. The value of these items are said to be near to Rs 400 crore (£38.4 million). The country’s exploration and production giant has sought exemption from existing domestic sourcing norms and wants to import them. In its letter addressed to one of the senior officials in the steel ministry, which businessline saw, ONGC said there is no Indian player who makes such specialised steel items for its exploration activities. It sought for “exemption from the provisions of revised steel policy” which prefers domestically manufactured iron and steel products in government procurement.
Tata Motors has announced that it will raise the prices of its passenger vehicles, including electric vehicles (EVs), starting from July 17. The price hike will average around 0.6 per cent across various models and variants, aiming to offset the residual impact of previous input costs, the company added. It has also assured price protection for bookings made until July 16, 2023, and deliveries scheduled until July 31. Tata Motors offers a diverse range of passenger vehicles, including popular models such as Punch, Nexon and Harrier.
KONE Elevators India, a subsidiary of KONE Corporation, has opened a new sales and service office in South Delhi, marking a significant step in its growth strategy. The facility includes a customer experience centre featuring the innovative KONE DX class elevator with built-in digital connectivity. The location was strategically chosen to better serve customers in South Delhi, Faridabad, and Palwal. The expanded office space aims to enhance collaboration, productivity, and customer service. Amit Gossain, Managing Director of KONE Elevators India, expressed excitement about the expanded presence and commitment to providing exceptional service and strengthening relationships with customers. The expansion reflects KONE’s customer-centric approach and focus on sustainability, enabling them to better understand local needs and collaborate with customers and partners in co-creation. [Source: NewsVoir]
(With agency inputs)
