- Thursday, July 04, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for July 2, 2024:
Capgemini on Tuesday announced a new facility in the southern city of Chennai, as the French IT consulting giant pledged about Rs 1,000 crore (£94.5 million) investment over the next three years to empower local talent and spur innovation and growth in the state of Tamil Nadu. The 5,000-seat facility – slated for completion in April 2027 – is designed with sustainability at its core, according to a release. “The facility, spanning nearly 600,000 square feet, is set to become a prime destination for top-tier talent in southern India,” it said. The company has also pledged an investment of about Rs 1,000 crore over the next three years, “aiming to empower local talent and further strengthen its commitment to innovation, growth, and sustainability in Tamil Nadu”.
The defence ministry has taken a step towards bolstering India’s defence capabilities by signing a memorandum of understanding (MoU) to set up state-of-the-art testing facilities in the southern city of Chennai under the Tamil Nadu Defence Industrial Corridor. According to a press release by the ministry, the MoU, exchanged between senior defence officials and Tamil Nadu Industrial Development Corporation Limited, was formalized in the presence of the defence secretary, Giridhar Aramane in New Delhi on Tuesday. Under the Defence Testing Infrastructure Scheme, initiated with an outlay of Rs 400 crore (£37.8 million) by defence minister Rajnath Singh in May 2020, the ministry aims to establish cutting-edge testing facilities in collaboration with private industry and state governments, read the press release.
The government of the southern state of Karnataka on Tuesday signed two memorandums of understanding (MoUs) worth Rs 1,040 crore (£98.3 million) with DN Solutions and EMNI Company Limited in Seoul, South Korea. The MoUs were signed on the second day of the delegation’s visit, led by M B Patil, Karnataka’s minister for large and medium industries and infrastructure development. He participated in the ‘Roadshow on Investment Opportunities in Karnataka’ in Seoul, South Korea, which was organised by the Karnataka government and the Indian embassy. A statement issued by his office said these strategic partnerships are set to advance the state’s manufacturing, research and development, and battery technology sectors.
Billionaire Indian banker Uday Kotak founded bank and brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short-seller said. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani Group, said it has received a show cause notice from the Indian markets regulator Securities and Exchange Board of India’s over gains made from betting on the conglomerate’s shares. The US short-seller said it had disclosed that it had bets against the group, adding that its gains were only over $4 million.
The Indian commerce ministry is developing a platform for registering non-tariff barriers (NTBs) faced by exporters and taking up with the concerned countries for their resolution, a senior official said. At present, there is an information gap on these barriers particularly for small items. “We are making a portal so that we can prioritise all the NTBs. Traders will register their complaints and the ministry will pursue that,” the official said. Indian economic think tank GTRI in its report has stated that India needs to act in a fast-track manner for the removal of NTBs, being faced by domestic exporters in different countries such as the US, China and Japan, to achieve the export target of $1 trillion (£9.45 billion) for goods by 2030.
(With agencies)
