- Sunday, February 23, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Tuesday, June 11, 2024:
Telangana aims to leverage its booming information technology (IT) sector’s strengths to help India achieve its goal of becoming a $10 trillion economy, the southern Indian state’s information technology minister Duddilla Sridhar Babu has said. “Over some time, our industrial and information technology expertise has grown. We are not only for coding but we are also for product development. We also have the talent to build great products from our base stations. So, the time has come to take the leverage,” Babu, who is also Telangana’s industries and commerce and legislative affairs minister told Press Trust of India in Washington in an interview. The senior minister is currently on a trip to the US to engage with industry leaders and attract investments from the United States.
Indian IT major Tata Consultancy Services has launched a new Internet of Things engineering lab in Cincinnati in Ohio, US, to support the rapid prototyping, experimentation, and large-scale implementation of AI, GenAI, and IoT engineering solutions, the company said on Tuesday. The lab will also support the local community to embrace sustainability with TCS Grow+, a smart gardening technology that has helped harvest over 3,500 pounds of fruits and vegetables. “TCS has launched the Bringing Life to Things Lab in Cincinnati, Ohio. The lab is designed to support the rapid prototyping, experimentation, and large-scale implementation of AI, GenAI, and IoT engineering solutions,” the company said in a statement.
Interglobe Aviation’s promoter entity InterGlobe Enterprises on Tuesday pared a two per cent stake in the airline for Rs 3,367 crore (£316.2 million) through an open market transaction. InterGlobe Aviation is the parent of no-frills carrier IndiGo, while InterGlobe Enterprises is the holding company of Rahul Bhatia’s family. According to the bulk deal data available with the BSE, Interglobe Enterprises Pvt Ltd sold 77.19 lakh (£72,510) equity shares, amounting to a 1.99 per cent stake in Interglobe Aviation, which operates the IndiGo brand airline. The shares were offloaded at an average price of Rs 4,362.04 (£41) per piece, taking the transaction value to Rs 3,367.31 crore.
India will remain the fastest-growing major economy recording a steady growth of 6.7 per cent in the next three years including the current financial year, said a world bank report released on Tuesday. In India, growth is estimated to have picked up to 8.2 per cent in fiscal year (FY) 2023/24 (April 2023 to March 2024) — 1.9 percentage points higher than estimated in January, according to the World Bank’s latest Global Economic Prospects report. It further said global growth is projected to hold steady at 2.6 per cent in 2024 before edging up to an average of 2.7 per cent in 2025-26. That is well below the 3.1 per cent average in the decade before COVID-19.
Exports from special economic zones (SEZs) rose by over four per cent to $163.69 billion in 2023-24 even though the country’s total shipments dipped by more than three per cent in the last fiscal. According to the data of the commerce ministry, exports from these zones stood at $157.24 billion (£123.4 billion) in 2022-23 and $133 billion (£104.4 billion) in 2021-22. SEZs are key export hubs which contributed over one-third of the country’s total outbound shipments in the last fiscal. SEZs are enclosures that are treated as foreign territories for trade and customs duties, with restrictions on duty-free sales outside these zones in the domestic market. As many as 423 such zones have been approved by the government, out of which 280 are operational as of March 31 this year.
(With PTI inputs)
