Inventory levels at car dealerships have risen to 40-45 days despite passenger vehicle sales increasing by 4% in May, Business Standard reported. The corresponding figure in March was 37-39 days and in April 39-41. Maruti Suzuki, India’s largest passenger carmaker, said its inventories rose from 204,000 units as of April 1 to 262,000 units as of June 1 because “wholesale had grown faster than retail.”
On June 4, a train set off on a section of a track in the state of Odisha where, 51 hours earlier, a massive train crash had led to the death of 275 people, Business Today reported. The Indian railway ministry extolled this resumption of services as a sign of the efficiency with which the post-crash situation was managed. Three trains were involved in India’s worst rail accident in 20 years on June 2.
Byju’s has reportedly become the first Indian startup to have defaulted on a US-dollar loan. The company skipped an interest payment of about $40 million on a $1.2 billion loan extended to it by US-based Redwood Ventures, Business Standard reported. Byju’s has also sued Redwood for accelerating the loan and sought its disqualification for the use of “predatory tactics.”
The Pakistan government’s total debt increased 34.1% year-on-year to more than $202 billion by the end of April, the country’s central bank reported. Domestic debt amounted to around 62.3% of this, according to the Press Trust of India. Pakistan’s foreign exchange reserves cover only a month of imports, while domestic interest rates have climbed to unprecedented levels amid record-high inflation.
Prime minister Narendra Modi’s cabinet approved a third revival package for Bharat Sanchar Nigam (BSNL), the state-owned telecom operator, with an outlay of more than $3.1 billion for the allotment of 4G and 5G spectrum. BSNL is now expected to launch 4G, and, eventually, 5G services, the Indian Express reported. The cabinet plans to allot BSNL the 700 MHz band of spectrum, best suited for high-density areas. This makes BSNL the only firm, besides Reliance Jio, to occupy this coveted band.