- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, April 17, 2023:
Indian Railways on Monday posted a 25 per cent growth in its revenues to Rs 2.40 lakh crore (£23.6 billion) for the financial year 2022-23 (FY23), ANI reported. The jump in revenues is nearly Rs 49,000 crore (£4.8 billion) more than the previous year, according to a statement from the ministry of railways. During the financial year 2022-23, freight revenue, too, leapfrogged to Rs 1.62 lakh crore (£15.9 billion), which showed nearly 15 per cent growth over the previous year. According to the statement, Indian Railways’ passenger revenues have registered an all-time high growth of 61 per cent to reach Rs 63,300 crore (£6.2 billion).
The dispute panel of the Geneva-based World Trade Organisation (WTO) on Monday said the import duties imposed by India on certain informational and technology products violates global trading norms, PTI reported. The ruling followed a dispute filed by the European Union, Japan and Taiwan against these duties in the WTO. “We recommend that India bring such measures into conformity with its obligations under the GATT 199,” the WTO panel’s report said. The WTO has circulated three panel reports in the cases brought by the European Union, Japan and Chinese Taipei in India — Tariff Treatment on Certain Goods in the Information and Communications Technology sector.
Fabindia Limited, India’s largest consumer lifestyle platform for handcrafted products made by artisans from across India, has announced the appointment of Rajeshwari Srinivasan as its chief executive officer (CEO), effective April 2023, ANI/PRNewswire reported. Rajeshwari succeeds Viney Singh, who after seven successful years as managing director and CEO, has decided to retire. He will continue to be on the Fabindia board as non-executive director. Rajeshwari brings more than thirty years of rich experience in FMCG, Retail, Luxury & Hospitality sectors.
A subsidiary of the world’s largest maker of branded sports footwear Pou Chen is set to invest Rs 23.02 billion (£226.9 million) to establish a manufacturing facility in the southern state of Tamil Nadu, the Indian state government said on Monday, Reuters reported. The Taiwanese footwear maker for brands such as Nike, Adidas, New Balance, and Timberland manufactured and shipped over 272 million pairs of shoes in the financial year 2022 globally, up nearly 14 per cent from a year earlier. It already has plants in countries such as Bangladesh, Cambodia, Myanmar, and Vietnam. “We hope this would be the first of many investments to come (in India),” Pou Chen vice president George Liu said in a meeting streamed online with MK Stalin, the chief minister of Tamil Nadu.
Russia’s Gazprombank has expanded its links with Indian banks to expedite trade between the two nations in national currencies, Reuters reported on Monday citing a key executive, as Russia this year has emerged as India’s biggest supplier of oil. Trade between the two old allies has surged since the west imposed sanctions against Russia after it attacked Ukraine last year, affecting flows of oil and other goods. “We worked hard to establish our level of partnership with Indian banks and our representatives here worked hard,” Elena Borisenko, deputy chairman of the board of management of Gazprombank, was quoted as saying by Reuters on the sidelines of an India-Russia business dialogue event in New Delhi on Monday.
Former Softbank India head Manoj Kohli has joined as chairperson of Gurugram-based business school Masters’ Union, the management institute said on Monday, PTI reported. Kohli left Softbank in January. When contacted, Kohli told PTI: “I have completed 44 years of full-time professional experience and left SoftBank assignment in January. I have now taken up a new mission for the next decade of coaching young founders and being a business advisor to CEOs to support business transformation as well as global scale-up”.
