Page 14 - BF Cover February 2019

ROUNDUP

Tata Motors to bid adieu to Nano from April 2020 Mukesh Ambani in top

Tata Motors has no plans to invest and upgrade Nano to Global Thinkers 2019
meet BS-VI standards, a senior company official said in-
Mukesh Ambani has featured in the
dicating that the production and sales of the vehicle
top Global Thinkers 2019 ranking of
would stop from April 2020.
the presti-
"Nano is produced at our Sanad plant (Gujarat)....in Janu- gious Foreign
ary new safety norms came, in April some more new Policy publica-
norms will come and in October new safety norms will come and BS-VI is going tion alongside
the likes of
to happen from April 1 of 2020, so all products may not meet (BS-VI norms) and
Alibaba
we may not invest in upgrading all the products...and Nano is one of them,"
founder Jack
President of Passenger Vehicle Business Unit, Tata Motors, Mayank Pareek told.
Ma, Amazon
CBDT directs taxmen to maximize collection efforts as CEO Jeff Bezos and IMF head Chris-
growth slumps tine Lagarde.
With growth in direct tax collections sluggish, the cen- "With a fortune of $ 44.3 billion,
tral board of direct taxes (CBDT) has directed income Mukesh Ambani displaced Jack Ma in
2018 as Asia's richest man. Ambani's
tax (I-T) department to "maximize" efforts and charge
fortune comes from his holdings in
those who willfully evade taxes. "Most of the regions
the oil, gas, and retail sectors, but
are, in fact, showing negative growth under regular he's likely to make his biggest impact
assessment tax," said CBDT chairman Sushil Chandra. on India through his new telecom
Export of jute products up by 24% venture Jio, " it said.
Foreign direct investment
The export of jute products and its diversified items has gone
up by 24 percent in the last five years, said Union minister grew 18% to Rs.28.25 lakh
for Textile Smriti Zubin Irani. She was addressing a gather- crore in FY18
ing after formally inaugurating the "Artisan Speak and Jute FDI during the previous fiscal grew
Expo" at the recently restored heritage currency building 18% to Rs 28.25 lakh crore, data
in the city. It is an outreach initiative of the Union ministry, from the Reserve Bank of India (RBI)
showed. FDI increased by Rs
which will be held here from January 7-10. "We have seen
4,33,300 crore, including revaluation
a growth of 24 percent in exports of jute products and di- of past investments, during 2017-18
versified products in the last five years. Irani said. to reach Rs 28,24,600 crore in March
First woman chief economist of IMF 2018 at market value, according to
RBI data on 'Census on Foreign Li-
Well Known Indian-American economist Gita Gopinath has joined as the chief abilities and Assets of Indian Direct
economist of the International Monetary Fund, becoming the first woman to Investment Companies, 2017-18'.
occupy the top post at the global lender. Overseas direct investment (ODI) by
Indian companies increased by 5 per
Gopinath, 47, joined at a time, when she believes the
cent to Rs 5.28 lakh crore. "FDI com-
world is experiencing a retreat from globalisation, panies witnessed a substantial in-
posing challenges to multilateral institutions. crease in other investment liabilities,
largely due to the increase in trade
The John Zwaanstra professor of International Studies and Economics at Harvard
credit," the RBI said. The census
University, Gopinath, a US citizen, succeeds Maurice (Maury) Obstfeld as Eco- showed that Mauritius continued to
nomic Counselor and Director of the IMF's Research Department. Obstfeld re- be the largest source of FDI in India
tired December 31. (19.7 per cent) followed by the US,
the UK, Singapore and Japan.

14 | 2019 | FEBRUARY | BANKING FINANCE