- Tuesday, April 29, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, November 21, 2022:
India’s department of consumer affairs on Monday launched the framework for safeguarding and protecting consumer interest from fake and deceptive reviews in e-commerce in New Delhi, Asian News International reported. The standards will be applicable to every online platform which publishes consumer reviews. Department of consumer affairs secretary Rohit Kumar Singh, along with senior officers of the department and Bureau of Indian Standards (BIS), launched the framework, Indian Standard (IS) 19000:2022 Online Consumer Reviews — Principles and Requirements for their Collection, Moderation and Publication. The standard will initially be voluntary for compliance by all e-commerce platforms. BIS will also develop a Conformity Assessment Scheme for the standard within 15 days to assess compliance.
Tata Power Company Ltd is eyeing more divestments in the next one to two years after inducting new investors into its renewable energy business, managing director and chief executive officer Praveer has said in an exclusive interview with Moneycontrol. He spoke about the company’s growth plans and his outlook on electricity demand and price at the time of the ongoing global energy crisis. He said India may slip its renewable energy-capacity addition targets, provided the delays in solar power projects, besides sharing his concerns over the health of power distribution companies.
India’s enforcement directorate on Monday said it had attached immovable properties worth Rs 7.50 crore (£777,668), belonging to BRD Group of Companies chairman and his wife, in a money-laundering case, ANI reported. The agency had filed a complaint before the PMLA Special Court Ernakulam against William Verghese, Chairman, BRD Group of Companies, and five other accused on November 11, 2022. Court has taken cognizance of the prosecution complaint filed by the ED on November 18. ED initiated the money-laundering investigation on the basis of first information reports (FIRs) registered by Kerala Police. According to ED, the accused persons, for making quick money, had collected huge amounts from various general public /investors, by way of deposits/investments, by luring them while claiming to provide 18 per cent interest per annum, without obtaining any approval of statutory authorities.
Indian lenders are expanding lending to local corporations at the fastest pace in more than eight years, a sign of a new private investment cycle starting in the world’s fifth-largest economy even as growth in large developed economies and China slows, Reuters reported. That international slowdown will limit the strength of the new Indian cycle, economists say. Private investment in India was constrained for years by heavy indebtedness of companies and banks and by weak demand.
India’s central bank has allowed HDFC Bank Ltd and Canara Bank Ltd to open a special “vostro account” for trade in rupees with Russia, local newspaper Business Standard reported on Monday, citing banking industry sources, Reuters reported. Vostro accounts are held by a bank on behalf of another, often foreign bank, and this forms a key part of correspondent banking. The Reserve Bank of India (RBI), HDFC Bank and Canara Bank did not immediately respond to Reuters requests for comment.
Razorpay , India’s leading full-stack Payments and Banking Platform for Businesses has been awarded as the Startup of the Year at the 6th The Economic Times’ ET Startup Awards 2022, ANI/NewsVoir reported. Razorpay has received the accolade as a startup that has displayed innovation, transformation, and emerged as one of the country’s fastest-growing companies. The award was felicitated by honorable Union Cabinet Ministers Piyush Goyal and Ashwini Vaishnaw along with the Karnataka Chief Minister, Basavaraj S Bommai. In 2016, The Economic Times launched the Startup Awards to further its commitment to encouraging the country’s vision of entrepreneurship and young leadership. The platform celebrates and acknowledges leaders and organizations for their stellar contributions towards shaping the ecosystem while identifying the ambitions and skills of some of India’s top entrepreneurs with a jury, comprising ten members located in India, Silicon Valley, Bellevue (US), and Singapore.
