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State-owned Mysore Sales International Ltd. (MSIL), an organisation that markets products and services for the Karnataka government, on Saturday said it had set an ambitious growth target for all its businesses, including liquor, chit funds, notebooks, renewable energy, and generic medicines through Jan Aushadhi. MSIL chairman Hartal Halappa told The Hindu that the company was targeting additional sales of around ₹500 crore during the current fiscal, targeting an overall turnover of close to ₹3,400 crore as against last year’s ₹2,901 crore. Focus on chit fund “We are putting all our energy into growing our diverse businesses. We cannot predict sales under beverages operations, however, we hope to grow our chit fund business substantially and also more than double our sales in the renewable energy business,’‘ Mr. Halappa said. According to him, MSIL’s safe chit fund business has been growing and it currently has over 2 lakh subscribers. “We have started this business to … [Read more...] about MSIL plans to ramp up chit fund business in a big way

PETALING JAYA: Malaysia’s total subsidies, which is set to hit a record high of nearly RM80bil this year, will come at a necessary cost as the government strives to curb the rising cost of living. Given the current economic environment, Malaysia University of Science and Technology professor Geoffrey Williams said the need to increase subsidies is justified, but only as a short-term measure. “There is no free lunch. If the government was not paying the subsidy then the rakyat would have to pay higher prices. “It is better for the government to carry these costs than the people, because the government has the resources to do it,” he told StarBiz. Given the current economic environment, Malaysia University of Science and Technology professor Geoffrey Williams said the need to increase subsidies is justified, but only as a short-term measure. For petrol subsidies, Williams explained that the amount is estimated at between RM28bil and RM30bil for this year. “But Petronas, … [Read more...] about Rising cost for stable prices

General Motors (GM) said on Friday it had called off the sale of a shuttered Indian plant to China’s Great Wall Motor after they failed to obtain regulatory approvals, amid a tougher stance by New Delhi towards investments from Beijing. GM struck a deal in January 2020 to sell the plant to Great Wall, with the Chinese SUV-maker expected to pay up to $300 million as part of a broader plan to invest $1 billion to establish a presence in India's growing car market. The agreement, which was extended twice, expired on June 30. “We have been unable to obtain the required approvals within the time frame of the deal,” George Svigos, executive director of communications at GM International, told Reuters . “Our strategy in India remains unchanged and we will now explore further options for the sale of the site,” he said, adding the company “hopes to achieve a price that reflects the value of the asset”. “Great Wall Motor will keep its attention to the Indian market in the future and … [Read more...] about GM calls off plan to sell India car plant to China’s Great Wall