- Wednesday, April 23, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Friday, July 7, 2023:
India’s Enforcement Directorate (ED) has provisionally attached assets worth Rs 52.24 crore in the Delhi Liquor Scam case, belonging to individuals including former Delhi deouty chief minister Manish Sisodia, Amandeep Singh Dhall, Rajesh Joshi and Gautam Malhotra. The attached assets consist of immovable properties valued at Rs 7.29 crore and movable assets worth Rs 44.29 crore, including bank balances. This is the second provisional attachment order in the case, with the total attachment now amounting to Rs 128.78 crore. The ED has arrested 12 individuals and filed five prosecution complaints in connection with the case. The investigation is ongoing.
Indian civil aviation minister Jyotiraditya Scindia has announced that the frequency of flights between Chennai in Tamil Nadu and Sri Lanka’s Jaffna will be increased from four times a week to daily services starting July 16. This move aims to boost trade and commerce between the two neighbours. Scindia made the announcement in a pre-recorded video message during the 67th annual convention of the Travel Agents Association of India held in Colombo. Scindia emphasised the need for collaboration to achieve success and growth in the aviation industry and mentioned the transformation taking place in India’s aviation sector, including the expansion of airports and increased international flights.
Cipla, an Indian drugmaker, announced on Friday that its US unit was recalling six batches of albuterol sulfate inhalation aerosol due to a defect in the container, Reuters reported. “The company is initiating a recall in the U.S. due to a market complaint for one single inhaler, where leakage was observed through the inhaler valve,” the pharmaceutical company said in a statement. Cipla specified that the six batches, which were produced in November 2021 using the same lot of valves, are the ones being recalled. The company’s “Albuterol Sulfate HFA Inhalation Aerosol” is a generic therapeutic equivalent version of an inhaler from Merck & Co, its website said. It said no adverse events were reported for the inhaler related to the recall.
Federation of Indian Chambers of Commerce & Industry (FICCI) president Subhrakant Panda on Friday said the potential in trade volumes between India and Japan is yet to be fully utilised and called for increased collaboration in various sectors. While bilateral trade between the two Asian economies last year stood at around $21.5 billion, Panda told ANI that he believes there is much more room for growth. Japan’s reputation for technology and quality complements India’s position as a potential global growth engine with a large domestic market, he said. Japan is the fifth-largest investor in India and a vital development partner. Panda highlighted areas such as critical minerals and tourism where the two countries can work together.
Air India chief Campbell Wilson has expressed his approval of the Competition Commission of India (CCI) requesting more information regarding the proposed merger between Air India and Vistara. He said that this request is a “normal and important part of the evaluation process”. While awaiting the outcome, Air India continues to integrate its low-cost airlines, Air India Express and AIX Connect. Wilson also mentioned progress in planning for a future state where Air India has a single full-service carrier and a single low-cost airline. The merger between Air India and Vistara, announced in November 2022, will make Air India the country’s largest international carrier and second-largest domestic airline.
Siddaramaiah, the newly elected chief minister of the southern Indian state of Karnataka who also holds the finance portfolio, on Friday presented the state Budget for 2023-24. The Congress government, which recently came to power in the state defeating Narendra Modi’s Bharatiya Janata Party, has increased the Budget size from Rs 265,720 crore in 2022-23 to Rs 327,747 crore in 2023-24, a Rs 62,027 crore rise with a growth rate of 23 per cent. Of the total expenditure, revenue expenditure is estimated at Rs 2,50,933 crore and capital expenditure at Rs 54,374 crore, an increase of 23 per cent and 16 per cent, respectively. This was Siddaramaiah’s seventh Budget as chief minister, having presented the earlier six during his tenure between 2013 and 2018.
Hospitality technology platform OYO on Friday announced its plans to add 500 new hotels in the host cities of the upcoming men’s cricket world cup in India starting in October. The expansion aims to meet the expected surge in booking demand during the tournament. According to OYO, the strategically located hotels will provide convenient access to cricket fans traveling from around the world to watch their favourite teams in action. The company spokesperson said that travel demand typically increases significantly when the dates for a major cricket tournament are announced. OYO aims to ensure that all travellers have access to comfortable and affordable accommodation during the high-profile tournament.
(With agencies inputs)
