- Monday, May 05, 2025
By: Shubham Ghosh
HERE are some business and economy news in brief from India for Saturday, July 2, 2022:
Chinese automaker abandons India plan: Chinese carmaker Great Wall Motors has dumped its $1-billion plan to make an entry in the Indian market. The move came after the company failed to get the Indian government’s approval to acquire General Motors’s Talegaon plant near Pune after waiting for two-and-a-half years. The company has closed its India office and disbanded its team of 8-10 employees, Times Now reported.
CRISIL sees India’s average retail inflation in FY23 at 6.8%: India’s retail inflation during FY22-23 financial year is likely to average at 6.8 per cent, as compared to 5.5 per cent in the previous year, rating agency CRISIL said in a report. It also said that the impact of this year’s heatwave on domestic food production, along with high international commodity prices and input costs for various sectors will cause a broad-based rise in the inflation rate, Asian News International reported.
Kia India records highest monthly sales: South Korean automaker Kia said it crossed one-lakh (0.1 million) sales mark in India in the first six months of 2022, selling 1,21,808 units in the domestic market. In June, its models Seltos and Carens remained the top contributors to the company’s overall sales with 8,388 and 7,895 units, respectively. Kia India on Friday (1) reported its highest ever monthly wholesales at 24,024 units in June, registering a 60 per cent jump over the year-ago period, the Press Trust of India reported.
India’s forex reserves rise $2.73 billion after three weeks’ fall: India’s foreign exchange reserves rose by $2.734 billion to $593.323 billion during the week that ended on June 24, the weekly data of the country’s central bank, the Reserve Bank of India, showed. The data also showed that India’s foreign currency assets rose $2.334 billion to $529.216 billion during the same week. Gold reserves also rose $342 million to reach $40.926 billion, ANI reported.
Newsahoot launches new website to help kids get access to real-world news: Indian ed-tech start-up Newsahoot has announced the launch of its new website which focuses on writing age-appropriate news for kids, ANI/SRV reported. The start-up aims to attract children to real-world news through engaging articles, published once per day.
Financial inclusion among women gets better: Financial inclusion among women in India has steadily improved over the last two decades with the number of women holding bank accounts growing, thanks to scheme such as the Jan Dhan movement. These women are also opening bank deposit accounts, an SBI Ecowrap report has said, the Hindu BusinessLine reported.
