India firms fear lingering economic aftershocks from cash crackdown

Struggling with customers unable to pay on time and plummeting sales, Indian small-business owner Ravi Jain fears the government’s crackdown on cash will have a much larger impact than predicted by top policymakers. Jain’s bath taps manufacturing firm Supreme, along with many other Indian businesses, has been shaken by New Delhi’s shock decision last November […]

Peugeot buys India’s Ambassador car for $12 million

India’s Hindustan Motors has sold its Ambassador car to France’s Peugeot for just $12 million (£9.6 million), capping a spectacular downfall for a vehicle once emblematic of the country’s political class. The CK Birla group, the owners of Hindustan Motors, have sold the car brand to the French auto makers, a company spokesman confirmed on […]

India to remove cash withdrawal limits

Limits on cash withdrawals will be removed entirely from March 13, India’s central bank said on Wednesday (8), as it left interest rates on hold for the second time since a ban on high-value rupee notes. The Reserve Bank of India capped cash withdrawals after prime minister Narendra Modi’s shock decision in November to take […]

Modi says cash crackdown is a fight for the poor

India prime minister Narendra Modi on Tuesday (7 )defended his decision to abolish high denomination bank notes that has left the economy reeling, calling it a “fight” for the poor. Modi’s comments came days before the start of a regional assembly election in Uttar Pradesh, a battleground state that is home to one in six […]

Vodafone says in Indian merger talks with Idea Cellular

Vodafone said on Monday it was in talks to merge its Indian operations with rival Idea Cellular in an all-share deal that would create a new market leader better able to cope with the brutal price war convulsing the industry. India’s three leading mobile operators, Bharti Airtel , Vodafone and Idea, have all been hammered […]

Vodafone trims outlook on India woes

British telecoms giant Vodafone said on Thursday that annual earnings would be at the low end of forecasts due to difficulties in India, but was bullish over its performance in Europe and Africa. Vodafone said in a statement that underlying profit—as measured by earnings before interest, taxes, depreciation and amortization (EBITDA)—would be toward the bottom […]