- Monday, February 24, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Wednesday, May 29, 2024:
S&P Global Ratings on Wednesday, after a gap of about 10 years, upped India’s outlook to positive from stable on robust growth prospects for next three years and public spending, and raised hopes for an upgrade in two years provided the government continues reforms and policies to keep fiscal deficit under check. While retaining India’s sovereign rating at the lowest investment grade of ‘BBB-‘, S&P said its expects broad continuity in economic reforms and fiscal policies, irrespective of the election outcome. Results of the ongoing general elections will be announced on June 4.
Indian financial services firm Aditya Birla Capital on Wednesday said it has infused Rs 300 crore (£28.3 million) in its housing finance arm Aditya Birla Housing Finance Ltd (ABHFL) to fund business growth. The firm is making the investment in ABHFL to meet its growth, funding requirements and improve its leverage ratio, Aditya Birla Capital said in a regulatory filing. Aditya Birla Capital subscribed equity shares of ABHFL, on rights basis for aggregate cash consideration of Rs 300 crore, it said.
Indian fashion and lifestyle e-commerce platform Myntra on Wednesday said it anticipates 20 million users to visit the platform during its sale which kicks off on Friday (31). Head of Growth and Revenue Neha Wali said the platform expects 1.35 million new customers to shop during the 20th edition of EORS (End of Reason Sale). Through enabling kiranas (traditional stores) and last mile delivery ecosystem, Myntra said kirana partners get an additional source of income, owing to the increased scale of orders during EORS.
The Asian Development Bank (ADB) has once again affirmed its support to India, stating it will continue to focus on “projects and programs that accelerate India’s structural transformation.” The ADB said it will mainly focus on the projects which create jobs, address infrastructure gaps, promote green growth and foster social and economic inclusiveness. The ADB is a regional development bank headquartered in Manila, the Philippines. It had committed $2.6 billion (£2.04 billion) for sovereign projects in the country to support industrial corridor development, build India’s climate resilience, support horticulture, encourage power sector reforms, and improve connectivity.
Indian road transport and highway minister Nitin Gadkari on Wednesday said the government has set a target of eliminating diesel and petrol vehicles within a decade. “I want to eliminate diesel and petrol vehicles from this country within 10 years. Nowadays, electric scooters, cars and buses have come. While you spend Rs 100 (£0.94) on diesel, they consume electricity worth Rs 4 (£0.038),” he said at a public rally in Mandi in the northern Indian state of Himachal Pradesh. India has witnessed a steady rise in the adoption of electric vehicles. India saw a consistent increase in sales of electric vehicles between April 2023 and April 2024, as shown by the Vahan portal, the government’s portal that tracks numbers related to vehicles in the country.
(With agencies)
