- Wednesday, March 12, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, August 22, 2022:
Toyota is rebooting its strategy for India, doubling down on a bet that emerging markets will learn to love its hybrids, as long as the price is right, Reuters reported. Renowned for its pioneering Prius, the Japanese carmaker has struggled to sell large numbers of its hybrid Camry sedan since its Indian debut in 2013, partly due to a sticker price of more than eight times the annual income of a middle-class family. This time, Toyota is determined to do it differently with lower-cost hybrids, said four company and industry executives and suppliers who provided previously unreported details about the carmaker’s sourcing, production and pricing strategy.
In a bid to promote ease of doing business, the Indian finance ministry on Monday notified the consolidated rules for overseas investment by Indian entities, Press Trust of India reported. The Foreign Exchange Management (Overseas Investment) Rules, 2022 will subsume extant regulations pertaining to Overseas Investments and Acquisition and Transfer of Immovable Property Outside India Regulations, 2015. “In view of the evolving needs of businesses in India, in an increasingly integrated global market, there is need of Indian corporates to be part of global value chain. The revised regulatory framework for overseas investment provides for simplification of the existing framework for overseas investment and has been aligned with the current business and economic dynamics,” the ministry said in a statement.
The Indian rupee was trading lower versus the dollar on Monday as China’s yuan led a broader decline in Asian currencies on concerns over the Federal Reserve’s rate hike path. The rupee was trading at 79.86 per US dollar by 0542 GMT, down from 79.7750 in the previous session, edging closer to its Jul 19 record low of 80.0650. The dollar index on Monday reached 108.285, the highest since July 15. The offshore Chinese yuan dropped to 6.8518 to the dollar, the lowest in nearly two years, after China cut its benchmark lending rate and lowered the mortgage reference by a bigger margin, adding to last week’s easing measures.
Reliance Industries has filed a plea against the Securities and Exchange Board of India (SEBI) over a two-decade-old stock allotment case. The company said that the regulator was in “wilful disobedience” of the supreme court’s order that asked SEBI to give Reliance access to certain documents. The report also said that SEBI has planned to file a review petition against the August 5 order that gave access to relevant documents to Reliance Industries. The Mukesh Ambani-led company has urged the supreme court registrar seeking an urgent hearing with Chief Justice of India NV Ramana, according to an Economic Times report.
With the 15th edition of the Twenty20 International cricket tournament of Asian countries approaching, the excitement of all cricket fans is palpable in the very air. As cricket fans across the world gear up to celebrate one of the most anticipated tournaments of the year, the global technology hospitality company, OYO, has a special treat in store for everyone. OYO has rolled out a 40 per cent discount on select luxurious OYO Homes in Dubai during India-Pakistan matches, and a 25 per cent discount during the entirety of the tournament, Asian News International/NewsVoir reported. The tournament is slated to begin on August 27 and conclude on September 11, with teams like India, Sri Lanka, Pakistan, Bangladesh, and Afghanistan participating. As always, the most highly anticipated clash of the tournament is the India-Pakistan match which will be played on August 28.
