Page 12 - Banking Finance July 2022

ROUNDUP

year," the Central Board of Direct In its first brand protection report, re- istrator has received a report from the
Taxes (CBDT) said. leased in May 2021 Amazon had said transaction auditor about certain fraud
it detected more than two million fake transactions in FY20 and FY21, bearing
EV prices to be on par with products sent to its logistics centres in a monetary impact of over Rs 3,025
2020. crore on the Srei group.
petrol vehicles within a
More than 700,000 brands participated The Reserve Bank had, in early Octo-
year in the programme in 2021, compared ber last year, superseded the boards of
The prices of all electric vehicles (EVs) to more than 500,000 in 2020, Ama- Srei Infrastructure Finance Limited
will be equal to the cost of petrol ve- zon said. (SIFL) and its wholly-owned subsidiary
hicles in the country within one year, Srei Equipment Finance Limited (SEFL).
The brands reported around a quarter
Road Transport and Highways Minister
fewer infringements on average, which It then appointed a three-member
Nitin Gadkari said.
Amazon attributed to the success of its Advisory Committee to assist the ad-
Gadkari further said the government is proactive measures. ministrator of the two crisis-ridden
promoting ethanol produced from crop firms. Rajneesh Sharma, ex-chief gen-
residue instead of petrol and diesel. eral manager, Bank of Baroda, was
Govt's IT spend to grow
appointed as the administrator to look
"I am trying...within one year, the cost
12% to $9.5 billion in 2022:
of electric vehicles will be equivalent to into the affairs of the Srei group com-
Gartner panies.
the cost of petrol vehicles in the country
and we will save money spent on fossil The government's spending on infor- The Srei group companies, which are
fuels," he said while addressing 'TV9 mation and technology will grow 12.1 undergoing corporate insolvency reso-
What India Think Today Global Summit'. per cent to USD 9.5 billion in 2022, an lution process, came under duress dur-
analyst firm estimated. ing the Coronavirus-induced lockdown,
The minister said the government is al-
as non-payment from its customers led
ready promoting green fuels in a big The growth estimate is less than a 15
to asset-liability mismatches.
way. per cent jump in the government's IT
(Information and Technology) spending
Gadkari noted that waterways us a
in 2021, and higher than the 5 per cent India 7th top FDI recipient
cheaper mode of transportation than
growth estimated at the global level
road and it is going to come up in a big in '21
for 2022, a report by research firm
way.
India jumped one position to 7th
Gartner said.
among the top recipients of foreign
Amazon seized over 3m Its principal analyst Apeksha Kaushik direct investment (FDI) in the last cal-
said contrary to the global trends, all endar year (2021) despite FDI inflows
fake products in 2021: Re-
segments will experience growth in
into the country declining, according to
port India in 2022. the United Nations Conference on
U.S. retail and tech giant Amazon iden- The firm estimated software vertical Trade and Development (UNCTAD).
tified and seized more than three mil- to witness the highest growth at 27.9
In its latest World Investment Report
lion counterfeit products in 2021, ac- per cent in 2022 to USD 2.195 billion,
released, UNCTAD said FDI inflows into
cording to the company's second brand while the IT services vertical to grow
India declined to $45 billion in 2021
protection report, released recently. 13.4 per cent to USD 2.40 billion.
from $64 billion in the preceding year.
Amazon said this included products While the United States ($367 billion)
sent to its fulfilment centres and situ- Srei group auditor reports remained the top recipient of FDI,
ations where the company worked China ($181 billion) and Hong Kong
Rs. 3K-crore fraud in FY20,
with brands and law enforcement to ($141 billion) also retained second and
FY21
find and shut down counterfeiters' third position respectively. Among the
warehouses and facilities. Srei Equipment Finance said its admin- top 10 host economies, only India saw

12 | 2022 | JULY | BANKING FINANCE