- Sunday, May 04, 2025
By: Shubham Ghosh
HERE are some news in brief related to Indian economy and business for Thursday, July 14, 2022:
India’s merchandise exports in June grew by 23.52 per cent to $40.13 billion (£34 billion), while the trade deficit ballooned to a record of $26.18 billion, according to the government data released on Thursday, the Press Trust of India reported. Imports expanded by 57.55 per cent to $66.31 billion (£56.22 billion) in June compared to the year-ago month, the data showed. The trade deficit stood at $9.60 billion (£8.14 billion) in June 2021.
The Indian rupee tumbled by nine paise to settle at a new record low of 79.90 against the US currency on Thursday due to a firm US dollar in overseas markets and capital outflows, PTI reported. A decline in crude oil prices in the international markets, however, restricted the rupee losses, forex dealers said.
Honda Motorcycle and Scooter India on Thursday said it has entered into an exclusive collaboration with US-based IT infrastructure services provider Kyndryl, PTI reported. Under the collaboration, Kyndryl will help Honda Motorcycle and Scooter India (HMSI) elevate its IT and security transformation journey across its manufacturing plants, the company said in a statement.
India’s Central Consumer Protection Authority (CCPA) has issued an advisory to e-commerce platforms warning that Ayurveda, Siddha or Unani drugs should not be sold online through their platforms without a valid prescription, ANI reported. E-commerce platforms have been told that the sale or facilitating the sale of such drugs shall be done only after a valid prescription of a registered Ayurveda, Siddha or Unani practitioner, respectively, is uploaded by the user on the platform.
India’s Narendra Modi government has expressed concern over the country’s states securing loans by mortgaging state assets such as municipal parks, collector’s office, taluk office, courts and hospitals, ThePrint reported. According to the central government, such loans, if secured, should be disclosed to it under the states’ net borrowing ceiling (NBC) as defined by the government at the beginning of the current fiscal.
India’s gem and jewellery exports to UAE have started showing positive results after the implementation of the Comprehensive Economic Partnership Agreement CEPA) with the western Asian country, ANI reported. Post the implementation of the India-UAE economic partnership agreement on May 1, exports of plain gold jewellery to the UAE witnessed a growth of 72 per cent to Rs 1,048.40 crore (£111 million) in May 2022 and 68.65 per cent to Rs 1,451.58 crore (£154 million) in June 2022 as compared to the same month in 2021, respectively, according to the Gem and Jewellery Export Promotion Council.
Maharashtra chief minister Eknath Shinde has announced a reduction in value added tax (VAT) of Rs 5 (£0.05) per litre on petrol and of Rs 3 (£0.03) per litre for diesel. The slashing of the price was announced by the CM himself after a state Cabinet meeting on Thursday, ANI reported. The move was welcomed by the Bharatiya Janata Party, which supports Shinde.
The Insolvency and Bankruptcy Board of India (IBBI) recently organised a three-day training programme (July 11-13) for Indian Corporate Law Service (ICLS) trainee officers, the Indian ministry of corporate affairs said on Thursday, Asian News International reported. The training sessions covered an overview of the Insolvency and Bankruptcy Code, 2016 (Code), a broad overview of professionalisation of insolvency services, and the role of the regulator.
