- Wednesday, April 24, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, June 1, 2023:
Automakers led by Maruti Suzuki India, Hyundai, Mahindra & Mahindra, Toyota Kirloskar Motor on Thursday reported robust wholesales of passenger vehicles in the domestic market in May riding on strong demand for sport utility vehicles (SUVs). Other manufacturers such as Tata Motors, Kia and MG Motor India also reported increase in their dispatches to dealers during the month. Market leader Maruti Suzuki India (MSI) reported a 15 per cent rise in total domestic passenger vehicle sales at 143,708 units as compared with 124,474 units in the same month last year.
The Indian National Congress on Thursday demanded that capital markets regulator Securities and Exchange Board of India (SEBI) should ensure complete disclosure of ownership of foreign portfolio Investors from retrospective effect and said that only joint parliamentary committee can investigate to ascertain who diluted and then removed the very rule in this regard to benefit the Adani group, PTI reported. The demands came a day after capital markets regulator Securities and Exchange Board of India (SEBI) proposed mandating additional disclosure around ownership of high-risk Foreign Portfolio Investors (FPIs), to enhance trust in the Indian securities markets.
A rise in investments that offset sluggish consumption to boost India’s growth in 2022-23 is expected to power its economy in the current financial year as the Narendra Modi government pushes ahead with massive capital expenditure plans, economists said, according to Reuters. This could reflect in turn across sectors such as construction, which have a multiplier effect on the economy by creating employment, eventually generating demand in consumption, they said. “The investment demand is the only component that has held fort,” Soumya Kanti Ghosh, chief economist at State Bank of India, wrote in a note, Reuters added.
Global brand consultancy Interbrand released the list of India’s top 50 most valuable brands earlier this week, ANI reported. The latest edition of the report Best Indian Brands showcased remarkable growth, with a total list value of Rs 8,310,057 million (£80.5 million), marking a significant 167 per cent increase over the past decade. Notably, this is the first time the total value of the table has surpassed the $100 billion (£79.7 billion) mark. The report listed 10 brands that it termed as the frontrunners. They are TCS, Reliance Industries, Infosys, HDFC, Jio, Airtel, LIC, Mahindra, State Bank of India, and ICICI Bank.
Civil aviation regulator Directorate General of Civil Aviation (DGCA) has asked all airline operators to lay down detailed procedures for rapid disembarkation as part of their operations, safety and emergency procedures manual, ANI reported. A circular has been issued to all airlines that specifically mentioned that emergency exits and slides are not to be used in rapid disembarkation unless the crew members decide that this has become necessary. The circular said that rapid disembarkation (also referred to as rapid deplaning, precautionary deplaning, or precautionary disembarkation) is a precautionary egress from the aircraft in situations assessed by the crew members as deviating from normal conditions but not being an immediate emergency — not posing an immediate threat to passengers and crew members on board, but which may escalate into an emergency.
