Connect with us
Monday,11-December-2023
Breaking News

Business

Crack down on OPPO, Vivo, Xiaomi can push them to leave India: Chinese state media

Published

on

 For Chinese processing and manufacturing enterprises that originally tried to make India an overseas product-processing centre, if it is indeed increasingly difficult and unprofitable to operate in the country, then withdrawing from India is also an available option, state-run Global Times has said.

The Indian government is looking into cases of alleged tax evasion by three Chinese mobile companies — OPPO, Vivo India and Xiaomi.

“Frequent investigations by the Indian side into Chinese enterprises not only disrupt those companies’ normal business activities, but also impedes the improvement of business environment in India and chills the confidence and willingness of market entities, especially Chinese enterprises, to invest and operate in India,” read a commentary in the publication.

Since April 2020, out of 382 foreign direct investment (FDI) proposals the central government received from Chinese firms, India approved only 80 as on June 29.

“The number presents the increasingly difficult business environment facing Chinese investment and companies doing business in India,” the report said.

Some manufacturers have turned their eyes to Southeast Asian countries such as Vietnam after withdrawing from India.

“Faced with competition from Vietnam, India should no longer set obstacles for its manufacturing development, and should stop carrying out crackdown on Chinese investment,” the report added.

Despite the Covid-19 pandemic, the China-India trade is on course to cross $100 billion for the second consecutive year as it has gone up to $67.1 billion in the first half of 2022.

“Hopefully India can provide a fair and non-discriminatory business environment for Chinese investors, which will be mutually beneficial to both Chinese enterprises and India’s manufacturing ambitions,” the commentary read.

OPPO India, Xiaomi India and Vivo India were served notices by the Directorate of Revenue Intelligence (DRI) for duty evasion, Finance Minister Nirmala Sitharaman informed the Rajya Sabha this week.

A show-cause notice demanding Rs 4,403.88 crore has been served to OPPO Mobiles India Ltd based on an investigation conducted by the DRI, while five cases of Customs duty evasion have been registered against Xiaomi Technology India, Sitharaman said in a written reply.

The DRI detected customs duty evasion of around Rs 2,217 crore by Vivo Mobile India Private Ltd.

A show-cause notice has been issued to Vivo India demanding customs duty amounting to Rs 2,217 crore, under the provisions of the Customs Act.

Business

Uttarkashi Tunnel Collapse: Adani Group Issues Clarification Amid ‘Nefarious Attempts’ To Link It To The Incident

Published

on

By

The Adani Group issued a clarification on Monday in response to recent claims linking the company to the tragic incident of a tunnel collapse in Uttarakhand. These allegations suggest that the group should be ‘held responsible’ for the Uttarkashi tunnel collapse.

“It has come to our notice that some elements are making nefarious attempts to link us to the unfortunate collapse of a tunnel in Uttarakhand. We strongly condemn these attempts and those behind them,” the company stated in the media release.

“We clarify with utmost emphasis that the Adani Group or any of its subsidiaries has no direct or indirect involvement of any kind in the tunnel’s construction. We also clarify that we do not own or hold any shares in the company involved in the tunnel’s construction. At this time, our thoughts and prayers are with the trapped workers and their families,” it added.

The construction of the Uttarkashi tunnel, a part of the Char Dham project, is being carried out by Navayuga Engineering Company Limited based in Hyderabad. This company, under the Navayuga Group, led by CV Rao, has no apparent link with the Adani Group.

Uttarkashi Tunnel Collapse

In an unfortunate incident, an under-construction tunnel located in Uttarkashi, Uttarakhand, collapsed during the early hours of Sunday, November 12, leaving around 41 laborers trapped inside. This incident unfolded along the Yamunotri National Highway, posing a significant risk to the lives of those who were trapped within. The occurrence transpired late at night, prompting ongoing rescue operations aimed at safely extracting the workers from the tunnel.

Continue Reading

Business

Finance Minister Nirmala Sitharaman Inaugurates SBI Branch In Trincomalee, Sri Lanka

Published

on

By

Union Finance Minister, Nirmala Sitharaman, marked her official visit to Sri Lanka by inaugurating the State Bank of India (SBI) branch in Trincomalee.

Ministry of Finance posted on X, “Union Finance Minister Smt. @nsitharaman inaugurated the State Bank of India @TheOfficialSBI Branch in Trincomalee, today, during her official visit to Sri Lanka. H.E. Mr. @S_Thondaman, Governor of Eastern Province, Sri Lanka; Shri Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman @TheOfficialSBI Shri Dinesh Khara were also present at the inauguration”.

The event was attended by several dignitaries, including H.E. S Thondaman, the Governor of the Eastern Province in Sri Lanka, Gopal Baglay, India’s High Commissioner to Sri Lanka, and Chairman of SBI, Dinesh Khara.

During the inaugural ceremony, Sitharaman acknowledged the remarkable legacy of the State Bank of India, which has been serving Sri Lanka for 159 years.

She commended SBI’s dedication to expanding its operations both domestically and internationally.

The presence of SBI in Sri Lanka has played a crucial role, particularly during the recent Sri Lankan economic crisis.

It facilitated the smooth extension of a Line of Credit worth USD 1 billion from the Government of India to Sri Lanka, further strengthening the bilateral relationship.

Furthermore, SBI Sri Lanka continues to play a vital role in supporting corporates engaged in international trade.

The bank has been actively promoting remittances through a robust digital platform, including the SBI Sri Lanka YONO app and online banking services, in addition to traditional in-branch operations.

Following the inauguration, Sitharaman had the opportunity to interact with the new branch officials and distribute passbooks to new customers. She also left her mark in Trincomalee, Sri Lanka, by filling the visitor’s book.

There are currently five branches of SBI Sri Lanka in operation- the Fort and Foreign Currency Banking Unit (FCBU) branches in the main Fort building, the Colpetty branch, the Wellawatta branch, and the Kandy branch. Every Branch is connected to every other Branch via a network.

Trincomalee, a region in Sri Lanka, hosts several Indian businesses, including oil marketing companies and petrochemical infrastructures, underlining the robust economic ties between the two nations.

This initiative further strengthens the financial and economic cooperation between India and Sri Lanka.

Continue Reading

Business

Wagh Bakri Director Parag Desai, Injured In Attack By Stray Dogs, Dies Due To Brain Haemorrhage At 49

Published

on

By

Parag Desai, executive director at Gujarat Tea Processors and Packers, which is known for its brand Wagh Bakri passed away on October 22, a week after he was injured in an accident.

Desai was admitted to Shelby Hospital on October 15 after he slipped outside his residence trying to fight street dogs that attacked him. He suffered severe head injuries during the fall that led to brain haemorrhage.

A security guard informed the family member of the incident after which he was rushed to the hospital. After a day of observation at Shelby Hospital, Desai was moved to Zydus Hospital for a surgical procedure.

However, he passed away on Sunday due to brain haemorrhage.

Gujarat Congress Chief and Rajya Sabha Member Shaktisinh Gohil offered his condolences through a social media post. He said, “Very sad news coming in. Parag Desai, Director and owner Wagh Bakri Tea passed away. He had a brain haemorrhage following a fall. May his soul rest in peace. My condolences to the entire Wagh Bakri family across India.”

He was the son of Rasesh Desai, the Managing Director of the Wagh Bakri Tea Group. Desai is survived by his wife and daughter Vidisha and Parisha.

Deasi who led the Group’s transformation into Tea lounges and e-commerce has completed his MBA from Long Island University in the US. He was an expert tea taster and evaluator and through his career has spearheaded the sales, marketing and export department for the group.

Continue Reading
Advertisement
Advertisement

Trending