WHOLESALE PV SALES DROP MOST IN NEARLY EIGHT YEARS
NEW DELHI: Wholesale sales of passenger vehicles in India fell 17% year-on-year in April, their steepest decline since October 2011, data from the country’s auto industry body showed on Monday, as weak consumer confidence and a liquidity crunch hit demand. Sales of passenger vehicles to car dealers dived to 247,541 in April from 298,504 a year earlier, data released by the Society of Indian Automobile Manufacturers (Siam) showed. Sales of motorbikes and scooters dropped 16.4% to about 1.6 million. Retail sales of passenger vehicles fell 1.28% in April, according to Siam. “The sentiment in the market has not been good,” said Vishnu Mathur, director general at Siam, adding a recent funding crisis at shadow—or alternative—banks had lowered liquidity for dealers and car buyers, and a rise in car insurance costs had also hurt sales. Maruti’s wholesale sales of passenger vehicles fell 20% in April.
India’s retail inflation hits six-month high in April
NEW DELHI: Retail inflation rate hit a six-month high in April, due to bigger increases in food prices, but remained below the central bank’s target for a ninth month, keeping hopes alive for a June cut in the key interest rate. Annual retail inflation in April was 2.92%, up from the provisional 2.86% in the previous month, but slightly below analyst forecasts, government data showed on Monday. A Reuters poll had predicted an April retail inflation rate of 2.97%. While low inflation is helping the economy, declining farm incomes and record high unemployment have hit consumer demand and economic growth. The economy likely grew an annual 6.5% in January-march, according to government estimates.
India bats for a strong WTO appellate body
NEW DELHI: India has made the appointment of new members to the World Trade Organization’s (WTO) appellate body a pre-condition for discussing reforms to the multilateral trading system. The seven-member appellate panel is the highest adjudicating body of disputes among member countries. It has only three members, the minimum required for giving a judgement. However, two are set to retire in December, making the body defunct. Despite this, the US has been blocking new appointments. Countries need to explore ways to address substantive issues and concerns regarding the functioning of the appellate body while preserving its independence and impartiality, India’s trade minister Suresh Prabhu told representatives of 22 developing countries at an informal WTO meeting of trade ministers on Monday.
Deepika Padukone invests in maker of Epigamia yogurt
NEW DELHI: Bollywood actress Deepika Padukone has invested in Drum Foods International Pvt.
Ltd, the maker of flavoured yogurt brand Epigamia, as part of a strategic partnership that will also see her endorse the brand. The investment has been made through KA Enterprises Llp, Padukone’s strategic investment arm. The investment is part of the Series C round raised by the company earlier this year, which also saw Danone Manifesto Ventures and Verlinvest, a Belgium-based consumer-focused investment firm, back the Mumbai-based packaged foods startup.
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