Read daily news briefs on the economic issues collected from different sources.
EVs market is all set to hit top gear in FY23, Electric 2-wheelers likely to rise 117% followed by 3-Wheelers at 12%. Two major players in this market are Tata motors and MG motors. [ET]
India’s exports fall to 1.2%, the lowest since November 2020 because of the slowdown in the developed world. However, Imports kept on growing causing trade deficits to widen to 28.7 billion dollars from 11.7 billion dollars. Despite this, the government said the 450 billion dollar target for FY 23 will be achieved. [ET]
Chinese Loan App Case: Under the Prevention of Money Laundering Act (PMLA), ED Searches Bengaluru offices of Paytm, Razor pay and Cash fire. ED said that it has come to light during the inquiry that these entities are controlled/operated by Chinese individuals. The agency has seized 17 crore rupees in merchant IDs and bank accounts of these cos. [ET]
Russian foreign minister Sergey Lavrov hinted that PM Narendra Modi and Russian President Vladimir Putin are expected to meet at SCO Summit on September 15-16 in Samarkand, Uzbekistan to review the entire gamut of strategic partnerships. [ET]
Web like a cobweb: a global survey by McAfee reveals that 45% of children in India have cyberbullied a stranger against only 17% worldwide and 48% of them have done so against a known person against 21% of children globally. Reasons for having a higher rate of cyberbullying are considered to be early adoption of digital services by kids, particularly during the Pandemic, lack of dialogue with parents and low priority for law enforcement agencies. [ET]
Editors:
Alok Aditya (Junior Research Fellow at ISEC)
Anuradha (Research Assistant at ADRI)
Note: BL – Business Line, BS – Business Standard, FE – Financial Express, ET – Economic Times