Headlines: Vedanta plans $ 5 billion in investment, Wistron exceeds PLI investment
High Headlines by now: Second wave of Covid-19 infections has lowered demand for consumer credit, India said Central bank. Taiwan’s Wistron exceeds its PLI investment obligation in India in eight months
Second wave of Covid-19 hit consumer credit demand hard: RBI FSR
The second wave of the pandemic had a negative impact on the demand for consumer credit, with consumer credit applications falling sharply across all product categories after a rebound during the holiday season in the third quarter of the year. fiscal year 21, the Reserve Bank of India (RBI) semi-annual financial stability report said.
The FSR report pointed out that aggregate consumer credit demand, as reflected in application volumes, stabilized in Q4FY21 after a sharp rebound during the holiday season in Q3FY21 after the first wave of Covid declined. . Read more
Vedanta Limited plans $ 5 billion in investments over 3 years
Vedanta Limited, headed by Anil Agarwal, has planned an investment of $ 5 billion (approximately Rs 37,500 crore) over a three-year period.
Much of this capital expenditure would be devoted to oil and gas activities. Vedanta’s investments for three years through FY20 amounted to Rs 20,000 crore, according to the company’s annual report for the year. In FY21, it spent Rs 7,286 crore, an increase of 14% from the investments of Rs 6,385 crore the previous year. Read more
Taiwanese giant Wistron exceeds PLI investment requirement in just 8 months
Taiwanese giant Wistron exceeded its obligation to invest in India in just eight months, although the government’s Production Linked Investment (PLI) program allowed it to complete the investment in four years.
Between August 2020 and the end of March 2021, Wistron made an investment of Rs.1255 crore, which is 25% more than the total investment he had committed to the government. As part of the PLI for mobile devices program, the government had stipulated that each of the five participating global companies should invest Rs 250 crore each year for the first four years, for a total of Rs 1,000 crore. Read more
Government should compensate PSU buyers for past claims
The government, in pre-tender consultations, advised potential buyers of public sector companies (PSUs) that they will not be held responsible for claims that arise prior to the sale of public entities.
This will be done through the representation and warranty clause in the share purchase agreement, which is a change from the government’s previous position of selling assets on an “as is where is” basis. . It comes in the context of Devas Multimedia and Cairn Energy moving a New York court seeking to seize the assets of Air India, linked to the divestiture. Read more
Novavax has denied the lawsuits against the children; no nods needed for Sputnik Light
The vaccine expert group on Thursday denied permission to the Serum Institute of India (SII) to conduct clinical trials in children for Novavax. He also felt that there was no need for a separate Indian clinical trial of Sputnik Light, as adequate safety and immunogenicity data are already available.
The Subject Matter Expert Committee (SEC) ruling means that DRL does not require separate Indian safety and immunogenicity testing to gain approval for Sputnik Light. As for SII, authorization was refused because the adult vaccine has not been approved in either the United States or India. Read more