- Thursday, April 24, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Thursday, July 6, 2023:
Reliance Jio Infocomm of India is expected to finalise a $1.7 billion deal with Nokia this week to procure 5G network equipment, the Economic Times reported citing sources. The contract could be inked later this week in Nokia’s headquarters in Helsinki in Finland, the report said. The telecom arm of Reliance Industries chose Nokia as a major supplier last October as Jio geared up to expand wireless services throughout India. After acquiring airwaves worth $11 billion in a 5G spectrum auction in 2022 and launching 5G services in various Indian cities, Jio is collaborating with Google to introduce an affordable 5G smartphone.
Japan’s former prime minister Yoshihide Suga on Thursday expressed his intention to discuss the enhancement of the business environment in India for Japanese companies during his meeting with prime minister Narendra Modi in New Delhi. Suga addressed industry events organised by FICCI and CII, saying he would convey the requests received from Japanese business leaders accompanying him to improve the conditions for Japanese companies operating in India. He emphasised his commitment to encouraging increased investment by the Japanese private sector in India.
India, in collaboration with Kenya, will co-host the ‘India-Africa International Millet Conference’ on August 30-31. The conference aims to raise awareness about millets as a smart food with numerous health benefits and as a sustainable crop for smallholder farmers. The official curtain raiser for the ‘India-Africa International Millet Conference’ was held in Nairobi, Kenya on Thursday, giving the audience a glimpse of what to expect from the main event. India, under prime minister Narendra Modi, spearheaded the UN resolution to declare 2023 as the International Year of Millets, supported by 72 countries. The upcoming event will witness participation from government leaders, researchers, farmers, entrepreneurs and industry associations from around the globe, the agriculture ministry said.
Indian finance minister Nirmala Sitharaman on Thursday urged the heads of public sector banks (PSBs) to maintain transparent and fair recognition of bad loans while prioritising robust risk-management practices. The directive aims to sustain the growth and profitability momentum of PSBs. In the fiscal year 2022-23, PSBs collectively achieved a record net profit of approximately Rs 1.05 lakh crore, nearly tripling the net profits earned in 2013-14. During the review meeting, discussions centered on positive macro trends, improved business sentiments, the “Twin balance sheet advantage,” and the performance of state-run banks.
JP Nadda, national president of India’s ruling Bharatiya Janata Party, on Thursday praised prime minister Narendra Modi for his notable contributions in various sectors, citing India’s rise from the 10th largest economy in the world in 2014 to the fifth largest, surpassing Great Britain. Speaking at a book launch event, Nadda attributed the progress to the Modi government’s policies and bold decisions, emphasising advancements in infrastructure, education, healthcare and the economy. He highlighted that the government’s policy interventions and courageous choices propelled India’s growth and surpassed global benchmarks, demonstrating the country’s forward trajectory.
Tata Group is contemplating a buyback of a stake in its entertainment content distribution platform from Temasek Holdings Pte, Bloomberg reported citing informed sources. The Indian conglomerate is also reportedly considering the possibility of delaying the initial public offering (IPO) of Tata Play Ltd. According to the sources, Tata Group is also mulling whether to delay the planned Tata Play listing owing to the market conditions, the report added. Instead, Tata Group has started talks with Temasek around a deal that would enable the Singaporean state investor a long-awaited exit from its investment in the platform, formerly known as Tata Sky, the sources added.
(With agencies inputs)
