- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Friday, April 21, 2023:
An Indian court has turned down Chinese phone-maker Xiaomi Corp’s petition against the seizure of Rs 55.51 billion (£544.4 million), two informed sources told Reuters on Friday. Xiaomi’s assets in the South Asian nation were frozen in 2022 by the federal financial crime agency which said the company had made illegal remittances to foreign entities by passing them off as royalty payments. “We are studying the matter and waiting for the written order,” a Xiaomi spokesperson was quoted as saying by Reuters regarding the ruling by a court in India’s southern state of Karnataka, adding the company’s operations in India are compliant with local laws.
The Indian government on Friday launched the fifth round of the regional air connectivity scheme to further enhance the connectivity to remote and regional areas, PTI reported. Under UDAN 5.0, viability gap funding (VGF) will be capped at 600 kilometres stage length for both priority and non-priority areas, which was earlier capped at 500 km. Besides, no pre-determined routes would be offered. Only network and individual route proposals by airlines will be considered, the civil aviation ministry said in a release.
SKF India, the country’s leading technology and solutions provider of bearings and services, has been recognized as the ‘Top 25 Best Companies to Work for in India’ for 2023 in the Business Today – Taggd rankings which captures the perceptions and aspirations of the larger working population of India, ANI/NewsVoir reported. In addition, SKF India has been named as the second-best company in the manufacturing sector, signifying the company’s strong employer brand, and affirming its position as an employer of choice amongst top talent within the country.
India’s central bank, the Reserve Bank of India, has warned lenders at meetings held over at least the past three months about the growing risk of delinquencies on unsecured loans as interest rates and inflation go up, a number of banking sources said, Reuters reported. Unsecured loans that mostly include personal loans and credit cards do not carry any collateral and pose higher risk. Indian banks have been growing their unsecured lending portfolio after the Covid-19 pandemic-induced stress started easing. “Risks in unsecured lending has been on the RBI’s radar,” a senior official at a private bank was quoted as saying by Reuters. “The RBI has privately been cautioning banks regarding such risks, asking them to tighten underwriting practices,” the official added.
