News digest: PNB fraud case, electric vehicle, WPI inflation, and more

Rs 114-bn scam: Pay up dues to banks for claims against LoUs, RBI tells PNB

The Reserve Bank of India (RBI) has advised Punjab National Bank (PNB) to pay up dues to banks for claims against letters of undertakings (LoUs) and also sought a detailed report on what happened between 2011 and now. Read More

Govt takes U-turn on ambitious electric vehicle policy, says Nitin Gadkari

In a U-turn on its ambitious electric vehicle (EV) policy, Union Transport Minister Nitin Gadkari on Thursday said an action plan had been put in place for the proposal, which would encourage manufacturing and use of EVs. Read More

Customs duty hikes in Budget to hit demand in 2018, says LG India MD

Korean electronics major LG is present in India for over 20 years, but 2017 was “specially challenging”. While the Customs duty hikes on key components like flat TV panel by 15 per cent since December is intended to encourage local manufacturing, Kim Ki Wan, managing director, LG Electronics India, tells Arnab Dutta that it would increase the cost of TV by 8-10 per cent and hamper sales. Read More

Jan export growth rate dips to 9.07%; trade deficit widens to 56-month high 

Growth in exports reduced in January to 9.07 per cent, from 12.03 per cent in December. With exports of $24.38 billion, the growth rate in January dipped to a single digit for the first time in three months. The rate in December more than halved to 12.4 per cent, from November’s 30.5 per cent.

January WPI inflation falls to 6-month low of 2.84%, in line with CPI data

The Wholesale Price Index (WPI)-based inflation rate fell — in step with the consumer price inflation (CPI) rate — to a six-month low of 2.84 per cent in January, from 3.58 per cent in December, on the back of lower increases in the prices of food and petroleum. Read More