- Tuesday, November 26, 2024
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Friday, July 21, 2023:
India and Sri Lanka on Friday (21) unveiled a vision document to bolster connectivity and economic ties between them. They agreed to expedite work on connecting their electricity grids, begin talks on an economic and technological cooperation pact, study the feasibility of a petroleum pipeline, and explore the viability of a land bridge for improved connectivity during talks between Indian prime minister Narendra Modi and Sri Lankan president Ranil Wickremesinghe. They also plan to start passenger ferry services between Nagapattinam and Kankesanturai. The two leaders signed agreements on various key pacts, including accepting Unified Payments Interface application in Sri Lanka and cooperating in renewable energy.
Banks from 22 countries have opened special rupee vostro accounts in Indian banks in order to trade in local currency as part of gradual de-dollarisation plans, the Indian parliament was informed on Friday. Simply put, vostro accounts enable domestic banks to provide international banking services to clients who have global banking needs. In a written reply in the Lok Sabha or Lower House of the Parliament, minister of state for external affairs Rajkumar Ranjan Singh listed out the names of the countries. They include Belarus, Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda, Bangladesh, Maldives, Kazakhstan and the United Kingdom. “Government is engaged with Indian trading community including the Small and Medium Enterprises (SMEs) to simplify the administrative procedures to implement this mechanism,” the minister said.
The Directorate General of Civil Aviation (DGCA), India’s aviation regulator, on Friday gave its approval to Go Airlines (India) to restart operations if it is capable of meeting certain conditions, including getting interim funding and approval of its flight schedule, an order which was viewed by Reuters showed. The carrier, which faced a cash crunch, stopped flying operations in May and was given bankruptcy protection after it found itself in a deep financial crisis. “Faulty” Pratt and White engines were blamed by the airline for grounding about half of its 54 Airbus A320neos.
Indian conglomerate Vedanta on Friday reported a nearly 41 per cent plunge in first-quarter profit, as weak commodity prices outweighed a slight rise in production and sales for metals such as aluminium, Reuters reported. In a statement, the firm led by Anil Agarwal said consolidated profit after tax fell to Rs 33.08 billion for the three months that ended on June 30, from Rs 55.92 billion a year ago. Vedanta’s quarterly revenue from operations slumped 12.8 per cent to Rs 333.42 billion, according to the Reuters report. The share of revenue from its mainstay aluminium business also contracted from 38 per cent from a year ago to 35.7 per cent.
Chinese smartphone makers, including Oppo Mobile, Vivo India and Xiaomi Technology, have been found evading taxes worth Rs 9,000 crore in India, Parliament was informed on Friday. Data shared by India’s minister of state for electronics and IT Rajeev Chandrasekhar in Rajya Sabha or Upper House of the Parliament showed tax evasion of around Rs 9,000 crore, comprising customs duty and goods and services tax, has been detected between 2018-19 and 2022-23. The government has recovered Rs 1,629.87 crore from the companies during the period.
(With agencies inputs)
