- Monday, June 17, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Monday, September 25, 2023:
The boom in the subscriptions economy is causing ‘subscription fatigue’ in India, a new survey has said. Nine in 10 (89 per cent) Indian subscribers believe there are now “too many” subscription services available. As a result, 92 per cent now demand a unified platform to administer all of their subscriptions. Despite many feeling overwhelmed, 83 per cent say they would sign up for more subscriptions if they were consolidated through a centralised content hub. Results of a new research from Bango, based on a survey of over 6,000 consumers currently paying for subscription services across India, Indonesia, Malaysia, Philippines, Thailand, and Vietnam, have shown this.
Apple supplier Pegatron has asked its factory workers not to report for work on Tuesday (26), stopping the assembly of iPhones for a second straight day at its factory in the southern Indian state of Tamil Nadu where a fire started on Sunday (24), Reuters reported citing three sources. They also said that the workers were not given any reason for the directive. The Taiwanese firm had cancelled all shifts on Monday at the factory near the state’s capital city of Chennai after the fire incident, two sources added. Pegatron had told Reuters in a statement on Monday that “there was a spark incident” at the facility and is currently under control.
Global companies such as Walmart and Alphabet’s Google asked their employees in the Indian information technology capital of Bengaluru to work from home on Tuesday due to calls for protests over a longstanding dispute over sharing water of the southern river of Kaveri between the two neighbouring states of Karnataka and Tamil Nadu, Reuters reported. Farmers and activists called for a strike in Bengaluru, the capital of Karnataka, asking state authorities to refrain from releasing more water from the river to Tamil Nadu. The dispute has been a source of rift between the two states for over a century.
India’s economic crime-fighting agency Enforcement Directorate (ED) has provisionally attached land worth Rs 125.06 crore (£12.3 million) belonging to Unitech Infopark Limited in connection with its probe into money-laundering allegations arising out of complaints from home buyers of the Unitech group, officials said Monday. The ED has provisionally attached 39.83 per cent share of 4.79 acres that forms part of the Uniworld City township at Nallambakkam in Chennai in the southern state of Tamil Nadu. “The value of the land attached is Rs 125.06 crore. The said land is owned by Unitech Infopark Limited in which 39.83 per cent shares are held by Narnil Infosolutions Private Limited (a benami company of the Chandras, the promoters of Unitech Group),” the ED said in a statement.
The Central Bureau of Investigation (CBI) has registered a fresh first information report against IL&FS Transportation Network Ltd and its step-down subsidiary Spain-based Elsamex SA for allegedly misappropriating credit facilities to the tune of Rs 239 crore (£23.5 million) by cheating and diverting funds, officials said on Monday. India Exim Bank had sanctioned a credit limit of Euro 35 million (£30.3 million) to Elsamex which is also a wholly owned subsidiary of Singapore-based ITNL International Pte Ltd in 2015 for securing and executing overseas contracts. IL&FS Transportation is already facing a CBI probe for causing a loss of over Rs 6,524 crore (£642 million) to a Canara Bank-led consortium.
(With agencies inputs)
