The CBI has alleged that Gorantla's role in the formulation and implementation of the now-scrapped Delhi Excise Policy 2021-22 caused 'wrongful gain' to Hyderabad-based wholesale and retail licensees and their beneficial owners.
A government panel on Tuesday proposed raising foreign investment limits in sectors like defence, multi-brand retail and telecommunications, to spur investment in the country and tide over the Current Account Deficit woes.
Mall owners have incurred a loss of around Rs 3,000 crore during the ongoing second wave of the COVID-19 pandemic over the last eight weeks due to lockdowns and restrictions imposed by various states across the country. In the wake of the second pandemic wave, around 25 per cent of the business of the retail side across categories has been lost and this is going to impact the mall owners as well, according to Shopping Centres Association of India (SCAI) Chairman Mukesh Kumar. However, mall owners would go ahead and complete their under-construction projects as they anticipate demands for commercial and office space once the pandemic recedes, the SCAI said.
The Enforcement Directorate (ED) may initiate a money laundering investigation over the framing and execution of the Aam Aadmi Party government's excise policy, official sources said on Friday after the Central Bureau of Investigation raided Delhi Deputy Chief Minister Manish Sisodia and others in the matter.
The central probe agency has got an alleged 'close associate' of Sisodia -- Dinesh Arora -- to spill beans by turning approver in the case, they said.
Infosys chairman and Aadhaar architect Nandan Nilekani will join a panel set up by the central government, along with eight other members, to advise the government on designing and accelerating adoption of Open Network for Digital Commerce (ONDC), aimed at curbing digital monopolies. The larger idea is to give 'free and fair' choice to consumers to buy products on an online platform, a senior government official said.
Sisodia said the growing enthusiasm among the people of Gujarat in supporting the AAP in Gujarat was the reason behind the CBI action against him.
The Enforcement Directorate (ED) has arrested Aam Aadmi Party communication in-charge Vijay Nair and businessman Abhishek Boinpally in connection with its ongoing money laundering probe into the Delhi Excise policy that was scraped following corruption allegations, official sources said Monday.
A Delhi court on Friday sent former Delhi deputy chief minister Manish Sisodia, arrested in a money laundering case related to the excise policy, to the Enforcement Directorate's custody till March 17.
The statement of Sunny Marwah, an accused in the Delhi excise policy case, has been recorded and he has given important information about the modus operandi of those named in the first information report (FIR) in connection with the liquor 'scam', Central Bureau of Investigation (CBI) officials said on Monday.
True Blue, a menswear label that Arvind has created with cricketer Sachin Tendulkar, is being extended into an exclusive traditional apparel brand for men called True Blue Handcrafted.
Addressing a press conference a day after the CBI raid against him, Sisodia expressed apprehension that the agency or the Enforcement Directorate (ED) may arrest him in the next 3-4 days, while Chief Minister Kejriwal, who has been aggressively taking on the Bharatiya Janata Party in Modi's home state, announced on Twitter that he will be touring Gujarat with Sisodia from Monday.
The ED will probe if there were alleged irregularities in the formulation and execution of the Delhi Excise Policy unveiled in November last year.
India's wholesale price-based inflation is at a 30-year high, leading to a "very alarming" situation for the country, former World Bank chief economist Kaushik Basu said on Thursday. He, however, doesn't see any risk of hyperinflation, but cautioned that if retail inflation follows wholesale prices, it might lead to "inflationary crisis". Participating in a virtual event organised by the Asia Society, India, Basu said the inflationary situation in India is at a "very risky bend".
The Central Bureau of Investigation (CBI) on Friday raided the home of Delhi Deputy Chief Minister Manish Sisodia and 30 other locations in connection with alleged corruption in the implementation of the Delhi Excise Policy.
Chinese handset maker Xiaomi has begun covering its retail store branding with white 'Made in India' logo amid fears of vandalism at outlets against the backdrop of Sino-India border tension, the All India Mobile Retailers Association said. The association had written to Chinese mobile brands to highlight the threat of vandalism at offline stores by people amid calls for boycotting Chinese products in certain sections.
The Centre should privatise all public sector banks (PSBs), except the State Bank of India (SBI). This is because private banks have emerged as a credible alternative to PSBs with substantial market share. Also, government ownership hinders the ability of the Reserve Bank of India (RBI) to regulate the sector, according to a report by the National Council of Applied Economic Research (NCAER).
To cater to the antiviral fabrics and antimicrobial segment, almost all the Indian big textiles brands, including Reliance, Arvind, Aditya Birla, Donear Group, Raymond, and Siyaram have entered the market. Companies started their journey with reusable masks and PPE kits, and today, they are offering a range of PPE clothing along with fashion and casualwear.
Organised players have been the biggest beneficiaries after the lockdowns were lifted. Given real estate is not as expensive now, players want to take advantage of the trend.
As regards India, FIIs have pumped in over Rs 34,400 crore in the Indian stocks in calendar year 2021.
Online play is a priority now -- so far unthinkable in a business that's all about a meaningful interface with kirana stores.
Former CEA Arvind Subramanian called for research in the area and urged the NSE Centre for Behavioural Science in Finance, Economics and Marketing to explain why as the economy has been going down, the stock market has been going up.
While Nifty 50 reflects changes in 40 years, it also shows what is missing: Low-cost manufacturers at one end, and deep-value players at the other. Also missing are technology players, observes T N Ninan.
It's hard to say because of the winner-take-all nature of new platform and network businesses, but Reliance has not been an efficient user of capital, and Adani numbers are varied, observes T N Ninan.
The Indian economy has recovered 'handsomely' from the pandemic-induced disruptions, former Niti Aayog vice chairman Arvind Panagariya said on Tuesday, while expressing hope that the recovery will be sustained and the growth rate of 7 to 8 per cent will be restored. Panagariya suggested that the government must now signal its intention to wind down fiscal deficit by cutting it by half-to-one percentage point in 2022-23. "The Indian economy has recovered handsomely, returning to its pre-COVID GDP... "Only private consumption is still below its pre-COVID-19 level," the eminent economist told PTI in an interview.
Despite the failure of most e-commerce players to meet orders through the first week of the lockdown, there has been no serious crisis, thanks to supplies from 11 million small kirana and mom-and-pop stores across the country with the support of over 300,000 distributors and wholesalers.
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
"Everything we consume, we have to consume responsibly," the textile minister said at Lakme Fashion Week.
As part of this strategy, the e-commerce major has launched a programme to manage the entire business-to-business inventory supply and management for kirana stores in three cities in Karnataka.
The brand plans to open about 40 franchise-operated Gap stores in India, the company said in a statement.
Kataria, 49, an IIT-XLRI alumnus, was quick to implement a number of initiatives during the Covid-19 crisis including launching D2C initiatives such as mobile stores, WhatsApp messaging, video calling and home deliveries. Kataria was also swift to recognise that stay-at-home consumers were keen to buy informal rather than formal footwear, launching new collections quickly to take advantage of this trend, says Viveat Susan Pinto.
As many as seven retail shops on Lanka Road in Varanasi are owned and run by the extended family of the Kejriwals in the holy town.
The group proposes to invest Rs 10,500 crore in single-brand retail trading in India through a 100 per cent subsidiary.
In a break from the recent trend, retailers, led by Kishore Biyani's Pantaloon Retail (India) Ltd, Raheja-owned Shoppers Stop Ltd and the Lalbhai Group's Arvind Ltd, are experiencing strong growth in the fashion segment, thanks to positive consumer sentiments during the current festive season.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
With bird flu being confirmed in 10 states so far, the Centre on Monday urged state governments, including Delhi, not to shut poultry markets and restrict sales based on 'public perception', asserting that there are no scientific reports of transmission of bird flu to humans.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Flipkart will need $2 bn annual profit to make Walmart investment viable, which will mean yearly revenue of $100 bn
E-commerce buyouts: Mahindra, Godrej to leverage on physical stores.
The weekend curfew, aimed at breaking the chain of spiralling coronavirus infections, was clamped at 10 pm on Friday and will continue till 5 am on Monday.
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