- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, May 1, 2023:
India’s activities of manufacturing accelerated to a four-month high in April, from new orders and favourable operating conditions, ANI reported. Factory orders and production rose at the strongest rates in 2023 so far, more jobs were created and companies stepped up input purchasing owing to stock-replenishment efforts, according to S&P India Manufacturing PMI. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index grew to 57.2 in April from 56.4 in March. It indicated the fastest improvement in the health of the sector in the year-to-date (calendar).
About half of Indians surveyed said that they are unable to differentiate between the real and cloned voice of a person while 83 per cent of the victims of voice scams have faced the loss of money, online security firm McAfee said in a report, PTI report. The survey of 7,054 people was conducted in seven countries, including 1,010 respondents from India, around artificial intelligence-enabled voice scams by imposters. The report suggests using a verbal codeword among family members and trusted close friends as one of the protective measures from voice scams.
Byju Raveendran, chief executive officer of Indian education platform BYJU’S, is confident that the country’s financial crime probe agency will find the company compliant after carrying raids on its premises over suspected breaches of foreign exchange laws, Reuters reported citing an internal memo. BYJU’S is one of India’s biggest startups, once valued at $22 billion and has attracted global investors such as General Atlantic, BlackRock and Sequoia Capital. “As we are funded by 70+ impact investors who have satisfactorily done due diligence on our operations, including all FEMA (Foreign Exchange Management Act) compliance, we are confident that the authorities will also come to the same conclusion”, Raveendran said in the memo which was seen by Reuters.
Tikku Condiments , India’s leading manufacturer of seasonings, flavoured coffee, and masalas, inaugurated its new manufacturing factory in Vapi on Monday, ANI/PNN reported. The inauguration ceremony was graced by Kanubhai Desai, Gujarat’s finance, energy and petrochemicals Minister, former minister of forest and tribal development minister Ramanlal Patkar, and Tikku’s MD and CEO Karan Panchal. The new factory is a significant milestone for the company as it expands its production capabilities and strengthens its position in the industry.
Indian finance minister Nirmala Sitharaman will be on a four-day visit to South Korea starting Tuesday (2) to attend Asian Development Bank’s (ADB) annual meeting. Besides attending the 56th annual general meeting of the Board of Governors of the ADB in Incheon in the east Asian nation, she will address investors and hold bilateral meetings. Her packed schedule includes interactions with global economists, governors/finance ministers of the ADB member countries, and bilateral engagements.
Honda Cars India on Monday reported a 33 per cent year-on-year decline in domestic sales at 5,313 units for April, PTI reported. The company dispatched 7,874 units to dealers in the domestic market in April 2022, the automaker said in a statement. Exports stood at 2,363 units last month, it added. The company shipped 2,042 units in April last year.
