Category: Business & Economics

Congress leader P Chidambaram said that the introduction of ₹2,000 note and its subsequent withdrawal has cast “doubt on the stability” of the Indian currency.  BJP leader says the withdrawal of denomination is RBI’s decision.  Sitharaman tried to highlight the ‘achievements and successes’ of their government, whereas Chidambaram strove to put forth the ‘failures’ of the Centre.  The Indian economy is growing modestly at a much-reduced pace facing serious issues of unemployment, inflation, widening inequalities and stumbling welfare programmes,” said Chidambaram.  We are continuously monitoring inflation and the prices of…

Reliance Consumer Products (RCPL) has completed the acquisition of a 51-percent controlling stake in Lotus Chocolate Company, for an aggregate consideration of Rs 74 crore.  Isha Ambani, Executive Director of RRVL, said that the investment underscores Reliance’s commitment to further boost indigenously developed daily use high-quality products.  Reliance Retail Ventures operates an integrated omnichannel network of 18,040 stores and digital commerce platforms across grocery, consumer electronics, fashion and lifestyle, and pharma consumption baskets.  Lotus Chocolate Company manufactures chocolates, cocoa products, and cocoa derivatives. This BSE-listed company has a fully integrated…

Germany, World’s Fourth Largest Economy, Enters Recession.  Germany’s economy contracted slightly in the first quarter and thereby was in recession after negative growth in the fourth quarter of 2022.  Escalating signs of economic malaise in Europe sent the euro to multi-month lows against the dollar. The latest sign of weakness out of Europe came from Germany, where the economy contracted.  The U.S. dollar index, which measures the currency against six major peers and is heavily weighted towards the euro.  The Chinese yuan renewed a six-month low, dropping to 7.0903 per…

Shri Hardeep S Puri, Minister of Petroleum & Natural Gas, and Housing & Urban Affairs, stated that India has successfully been able to modulate the effective price to consumer, thus insulating the common man from price rise and volatility in international prices. He said that while nations in our neighborhood and perhaps even developed countries might have struggled with energy rationing, pump dry-outs and spiraling fuel prices, among other concerns, India’s policy successfully ensured a sustained availability of fuel. This has led to the lowest price inflation in the world.…

This is not demonetization. This is a statutory exercise. None of the points claimed by the petitioner impinge or deal with constitutional issues,”-RBI  The petition has highlighted that cash transaction in high-value currency is the main source of corruption and is used for illegal activities.  The petition has clarified that he was not challenging the decision to withdraw ₹ 2000 banknote but assailed the exchange of the currency without any slip or identity proof.  RBI and SBI should ensure that ₹ 2000 banknotes are deposited in respective bank accounts only…

Reliance JioMart is an online grocery delivery service housed under Reliance Retail, targeted to the kirana network by operationalising 21 smart hubs and 34 staples hubs across India .The business model is to partnering with a number of kirana stores in the selected states to offer online grocery delivery. JioMart is also offering a number of discounts and promotions to attract customers. The company is targeting to leverage the unorganised local Kirana stores in the country, whose income is from the daily selling. The company is also leveraging its vast network of…

Mr. Pranit Parekar, a well-known name in the EV industry is considered to be an entrepreneur with a disruptive force led by his deep passion for consumer insight led innovation. He has a passion for solving complex algorithms and creating efficient solutions and believes that the core idea for product innovation should seed from the intent to improve or enhance the life of the customer. To do so, one needs to go deep into consumer insights and explore possible solutions to build products that disrupt. Riding on this mantra, Pranit…

India will make tests mandatory for cough syrups before they are exported, a government notice showed.  This came after Indian-made cough syrups were linked to the deaths of dozens of children in Gambia and Uzbekistan.  India’s $41 billion pharmaceutical industry is one of the biggest in the world but its reputation was shaken after the World Health Organization (WHO) found toxins in cough syrups made by three Indian companies.  “Cough syrup shall be permitted to be exported subject to the export sample being tested and production of a certificate of…

India will withdraw its highest denomination 2000-rupee note from circulation.  Introduced into circulation in 2016, The 2000-rupee note will remain legal tender but citizens have been asked to deposit or exchange these notes by Sept. 30, 2023.  When it was introduced in 2016 they were intended to replenish the Indian economy’s currency in circulation quickly after demonetization.  The value of 2000-rupee notes in circulation is 3.62 trillion Indian rupees ($44.27 billion). This is about 10.8% of the currency in circulation, as per the annual report of RBI.  This time, however,…

The Union government tweaked the imposition of 20 percent Tax Collection at Source (TCS) on transactions through international credit cards and debit cards under the Liberalised Remittance Scheme (LRS) from July 1 by clarifying that the applicability will only be after a limit of Rs 7 lakh has been breached in a financial year. Faced with massive social outrage, the Finance Ministry admitted that concerns have been raised about the applicability of TCS to small transactions under the Liberalized Remittance Scheme (LRS). “To avoid any procedural ambiguity, it has been…