Business news india

It is not easy to do business in India, a top executive at US footwear brand Skechers Inc said, hinting that regulatory changes and steep taxation favour local production. "The ease of (doing) business has improved, but it's not easy. It is an economy that wants to protect its place in the world from anything outside and try to build it inside, which is very, very difficult,” David Weinberg, global chief operating officer at Skechers told ET. “Some of the rules, because they change so quickly in terms of political environment and tariffs and taxes, can make it difficult." The government, in a push to encourage domestic manufacturing, has reportedly identified over 350 “non-essential” imports — ranging from toys and textile products to footwear and electronic goods — where it may hike customs duty and do a quality control on orders to reduce shipments. The California-based brand sells sports, casual as well as formal shoes and is the third-largest … [Read more...] about It’s still not easy to do business in India: David Weinberg, COO Skechers

While the Aircross will be a CKD, the company is setting up a production capacity of 100,000 units a year, in the first phase at its Thiruvallur plant, which is a JV between PSA Groupe and the CK Birla Group, reports T E Narasimhan. Image: The premium SUV, C5 Aircross. European auto major Groupe PSA, which is going to kick-start its journey next year with a premium SUV, said it is working on a new platform and India will be the first market to have products emanating from it. The company is planning to launch at least one car every year on this platform. Roland Bouchara, senior vice president–sales and marketing, India, PCA Automobiles India Pvt Ltd, said the company plans to launch its flagship premium SUV C5 Aircross in the Indian market by the second half of next year.The product will help push the brand in India and will be pave way for future launches as well. While this product will be a CKD, the company is setting up a production capacity of 100,000 units a year, in the … [Read more...] about PSA’s Citroen announces grand India plans with premium SUV Aircross

NEW DELHI: India is likely to make its payments for Russian arms in euros to a Russia-nominated bank to bypass the threat of US sanctions for purchase of military hardware including the S-400 air defence missile system, people familiar with the details told ET. While certain payments for existing defence transactions have been processed through the rupee-rouble route, the people said that a solution was firmed up this month with Russia’s VTB Bank agreeing to receive money in euros. Over $4 billion worth of payments to Russia have bunched up for this financial year, with the biggest contract being the S-400 system, followed by the Chakra III submarine lease and the procurement of four frigates for the Indian Navy. Besides, two additional Russian contracts are expected this year for the supply of AK 203 rifles to the armed forces that will be manufactured in Amethi and the inking of an Army contract to procure Ka-226 helicopters that will be produced by a HAL-Russian Helicopters … [Read more...] about India likely to pay for Russian arms in euros to beat US sanctions

Mumbai: Distressed asset funds may make a beeline for India following a recent Supreme Court order upholding the primacy of secured creditors in the Essar Steel case. While Lone Star, Cerberus, Brookfield and Varde Partners may ramp its India investments, New-York based Blue-Mountain Capital is thinking of investing in Indian assets, experts said. India’s apex court recently paved the way for global steel giant ArcelorMittal to take over Essar Steel after it upheld the primacy of financial creditors in the distribution of funds received under a corporate insolvency scheme. The judgment gave clarity to the implementation of the insolvency law. It also raised expectations that deal activity by global sponsors specialising in stressed assets may rise. Several specialised players may either look for an India entry or set up their own platforms in India. “Certainly, IBC is becoming a mature law and clarity is being provided to distressed asset investors through landmark … [Read more...] about More distressed asset funds may enter India now

The interface allows you to add multiple banks and transfer money, even between payment wallets, for a fraction of existing costsWant to check whether your friend or colleague wants to return the money you had loaned him? Send an SMS to his bank with a request for payment. The SMS will be forwarded to the friend or colleague and if he approves, the bank will pay. The Unified Payment Interface (UPI), launched last week in association with 21 banks, is expected to make some cutting-edge changes, such as the one mentioned above. Today, there are a number of options as far as transferring money goes; these are some new changes that will simplify life to a great extent. Now, there is the Immediate Payment Service (IMPS) that helps transfer a particular amount immediately, and of course, payment wallets that let you pay at a merchant store by scanning a Quick Response (QR) Code by using a smartphone. Banking has already shifted to your smartphone with feature-rich apps."Digital payments have … [Read more...] about UPI: It’s not only about transferring money