- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, May 11, 2023:
India’s bankrupt domestic airline Go First is expecting to restart operations in the next two weeks, after the New Delhi bench of the National Company Law Tribunal (NCLT) on Wednesday (10) granted it bankruptcy protection, Moneycontrol reported. “The expectations are that none of Go First’s aircraft will be taken away by lessors which will let the airline return to the skies in around two weeks at the earliest,” an informed source was quoted as saying by the news outlet. The source also said that Go First is hoping interim resolution professional Abhilash Lal of Alvarez & Marsal appointed by the NCLT the same day will help negotiate a treaty between the lessors and the airline that will help in resuming operations. Another official told Moneycontrol that the airline could restart operations with around 20 aircraft to operate around 1,200 flights in a week.
Indian finance minister Nirmala Sitharaman on Wednesday (local time) arrived at Haneda Airport at Tokyo in Japan where she was received and welcomed by Indian ambassador to Japan and Marshall Islands, Sibi George, ANI reported. The minister is on an official two-day visit to Niigata, Japan, for a ‘Dialogue with partner countries’ at the G7 Finance Ministers and Central Bank Governors meeting on Friday (12), according to a tweet from the finance ministry. During her visit, Sitharaman will also have multilateral and bilateral engagements with her counterparts, besides a roundtable meeting with business leaders and investors, the finance ministry said in a tweet.
The income-tax department on Thursday conducted searches on the premises of Mankind Pharma over allegations of tax evasion, official sources said, PTI reported. Searches are being on the company premises in Delhi and nearby locations, documents are being checked and people are being questioned as part of the action launched early morning, they said. Email and queries sent by PTI to the company remained unanswered. The company made its debut on the stock exchanges on Tuesday. It also launched its IPO this year.
Indian economic growth cannot be built on Chinese efficiency and there is a need for businesses to stop looking for a “China fix”, external affairs minister Subrahmanyam Jaishankar said on Wednesday while strongly calling for boosting the domestic manufacturing sector, PTI reported. In an address at a book release event, Jaishankar said no major country in the world has sustained or enhanced its global position without building up on manufacturing and India too needs to focus on this. Jaishankar was speaking at the launch of ‘Made In India: 75 Years Of Business and Enterprise’ authored by G20 Sherpa Amitabh Kant.
As much as 34 lakh (3.4 million) home loans totalling Rs nine lakh crore (£87.6 billion) were disbursed during the year 2022, registering an annual growth of 18 per cent, revealed a study on retail loans by data analytics firm Equifax and loan distributor Andromeda, ANI reported. Of the total loans, less than Rs 25 lakh (£24,333) ticket size category accounted for the maximum number of disbursals, the study found. The number of loans given too was up by 17 per cent during the calendar year 2022. It further revealed that the personal loan segment registered an impressive growth of 57 per cent during 2022. The market size of the retail industry reached Rs 100 lakh crore (£973.3 million) by December 2022.
Indian banking system is better positioned to tackle rising interest rates and the impact of the ongoing US banking turmoil on Indian lending conditions is expected to be limited, according to Indian analytical company Crisil, ANI reported. One of the most prominent lenders in the world of technology startups, Silicon Valley Bank, which was struggling, first collapsed on March 10, after a run on the bank by the depositors. Its closure led to a contagion effect and the subsequent shutting down of other banks, including Signature Bank and First Republic Bank.
