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January

News Delivery in INDIA made easy

Keynotes on most recent business, finance, and market news from India, compiled in one place.

JAN 19	Maruti Suzuki's Grand Vitara exports began

Maruti Suzuki's Grand Vitara exports began, with the first cargo bound for Latin America

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• Maruti Suzuki India said on Thursday that it has begun exporting its Grand Vitara SUV, with the first consignment its route to Latin America from the Kamarajar port.
• Maruti intends to sell the Grand Vitara in over 60 nations in Latin America, Africa, the Middle East, ASEAN, and neighbouring areas.
• Maruti now exports 17 different models.
• The company ships vehicles to around 100 countries at present.
• Maruti Suzuki exported over 2.6 lakh automobiles in 2022.
• The inclusion of the Grand Vitara intends to further reinforce the company's position as India's biggest passenger car exporter, according to the automaker.
• Maruti Suzuki has taken several measures to expand its foreign footprint, in support of the government's ambitions to enhance Indian exports.

JAN 19	India assure the IMF to back Sri Lanka by financing

India assure the IMF to back Sri Lanka by financing...

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• India sent financial assurances to the International Monetary Fund (IMF) on Monday, becoming the first creditor to officially support Sri Lanka's debt restructuring programme.
• The development comes as External Affairs Minister S. Jaishankar prepares to visit Colombo on January 19 and 20, and as Sri Lankan leaders wrap up talks with a high-level delegation from the Communist Party of China.
• Sri Lanka needs the support of China and India, its two largest bilateral lenders, to reach a final agreement with the IMF on the $2.9 billion loan needed to restore its battered economy.

JAN 19	Government of India planning rate changes in new income tax structure

Government of India planning rate changes in new income tax structure...

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• The Finance Minister of India, Nirmala Sitharaman, will deliver the Union Budget for 2023–24 to the Lok Sabha.
• Expectations that the government will raise the income tax threshold and provide relief to middle-class taxpayers, among other things.
• In the upcoming budget, which is due on February 1, India may introduce revised slabs and lower rates under its voluntary income tax framework, according to two government sources who spoke to Reuters on Tuesday.
• A final decision would be taken by the Prime Minister's Office (PMO).
• "Allowing exemptions and tax deductions in the new income tax regime would make it complex, and this wasn't the intention when introducing the scheme," said one of the government sources.

South Asia's Top Priority Is To Control Inflation: RBI Governor

South Asia's top priority, according to RBI Governor Shaktikanta Das, is to control inflation...

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• Speaking at an International Monetary Fund (IMF) event, he stated that rising debt levels, combined with persistent price pressures, pose risks to the region's economic growth.
• Inflation control is a top priority for South Asian countries like India, as unchecked price rises threaten growth and investment prospects, according to Reserve Bank of India (RBI) Governor Shaktikanta Das on Friday.
• According to India's central bank chief, if price pressures remain high, the risks to growth and the investment outlook will increase.
• "Credible monetary policy actions accompanied by targeted supply side interventions, fiscal, trade policy, and administrative measures have become the key instruments for successful disinflation," he added.
• Das stated that the Indian government and the RBI are in talks with South Asian countries about cross- border Rupee trade. He also stated that the Central Bank Digital Currency (CBDC) is currently in the trial phase and that the RBI is proceeding with caution.
• In addition to inflation, Mr. Das stated that reducing external debt vulnerabilities, shifting focus to high- productivity sectors, strengthening energy security, cooperating on a greener economy, and increasing tourism are key areas of focus for the region.

India and Austria signed a treaty to prevent illegal migration

India and Austria signed a treaty to prevent illegal migration...

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• India has signed an agreement with Austria to facilitate the migration and mobility of Indian students and professionals, as well as to combat illegal immigration into the European country.
• According to Austria's foreign minister, a 'exploding' number of Indians have migrated 'illegally' to Austria via Serbia, with approximately 18,000 Indians seeking asylum in Austria by 2022.
• During his visit to Vienna, Jaishankar will discuss the situation in Ukraine as well as nuclear issues.

Full Report...

McDonald's may lay off workers; 'key announcements' are expected by April 3.

McDonald's may lay off workers; 'key announcements' are expected by April 3.

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• On Friday, Kempczinski presented the plan to the company's global employees in Chicago.
• The move is part of the company's larger, updated business strategy of expanding its restaurant portfolio.
• According to CEO Chris Kempczinski, McDonald's may lay off employees in some departments in April as part of a larger, updated business strategy to build more restaurants.
• McDonald's last reported nearly 200,000 corporate employees and restaurant workers. Kempczinski stated in an employee memo, as reported by CNN, that they "will evaluate roles and staffing levels in parts of the organisation, and there will be difficult discussions and decisions ahead."
• If the layoffs go ahead, McDonald's will join a growing list of companies, mostly tech and e-commerce behemoths, that have recently terminated or plan to terminate employees. Among these are Meta, Twitter, Amazon, Apple, and Vimeo.

IMF chief Kristalina Georgieva on global economy.

IMF Chief Kristalina Georgieva On Global Economy.

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• “The year 2023 will be tougher than last year because the economies of the U.S., the EU and China will slow down,” Kristalina Georgieva said.
• A third of the global economy will be in recession this year, the head of the International Monetary Fund (IMF) has warned.
• IMF is expecting one-third of the global economy to be in recession.

Full Report...

China’s Property Crisis Hasn’t Gone Away: It Is Getting Worse

According to the Centre, FDI in FY23 is on track to exceed $100 billion.

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