- Monday, February 24, 2025
By: Shubham Ghosh
HERE are news on Indian economy and business for Friday, May 31, 2024:
Adani Group saw a 55 per cent profit surge in the fiscal year ended March 2024 as the apples-to-airport conglomerate is back on an expansion spree and eyeing a $90 billion capex over the next decade. Emerging from a damning report of a US short seller, which hit market value of its listed companies, the conglomerate in 2023-24 fiscal focused on containing debt, reducing founder share pledge and consolidating business in core competencies. This helped net profit surge to Rs 30,767 crore for the group’s listed companies in the fiscal from Rs 19,833 crore a year ago, according to exchange data and analysts.
India’s economic growth slowed to a four-quarter low of 7.8 per cent in the January-March period, but pushed the annual growth rate for FY24 to 8.2 per cent, mainly on account of good manufacturing, official data showed on Friday. The growth propelled the Indian economy to $3.5 trillion and set the stage for achieving the $5-trillion target in the next few years. In the previous 2022-23 fiscal year, the economy grew seven per cent. China has registered an economic growth of 5.3 per cent in the first three months of 2024. The economic expansion was recorded at 7.8 per cent during the January-March 2024, while it was 8.6 per cent in October-December 2023 and 8.1 per cent in July-September 2023.
Nearly half of the advertisements telecast during the last 17 matches of the cricket world cup in 2023 were surrogate promotion of smokeless tobacco brands, according to a study that has called for a complete ban on promoting tobacco products in all sports. According to the study conducted by a group of experts from the Indian Council of Medical Research (ICMR) and Vital Strategies, of the total 41.3 per cent surrogate advertisements of smokeless tobacco (SLT) brands, 39.9 per cent were telecast during India’s matches and 37.8 per cent during matches featuring one or both teams from South Asia (Afghanistan, Bangladesh, Pakistan and Sri Lanka).
Adani Ports and Special Economic Zone on Friday said its wholly owned subsidiary Adani International Ports Holdings Pte Ltd has signed a 30-year concession agreement with the Tanzania Ports Authority to operate and manage Container Terminal 2 at the Dar es Salaam Port in Tanzania. The Dar es Salaam Port is a gateway port with a well-connected network of roadways and railways, Adani Ports and Special Economic Zone said in a statement. East Africa Gateway Ltd has been incorporated as a joint venture of AIPH, AD Ports Group, and East Harbour Terminals Ltd, the statement added.
Steps such as adoption of international standards, using risk-based regulations, and modern infrastructure development will help further improve quality of goods manufactured and exported from India, economic think tank Global Trade Research Initiative (GTRI) said on Friday. It also recommended support to small and medium enterprises, avoiding quality control orders becoming non-tariff barriers, regulatory impact assessment, developing globally acceptable standards and inking mutual recognition pacts with trading partners to strengthen India’s quality systems.
Prime minister Narendra Modi took to X to share the news that India’s GDP growth for the fiscal year 2023-24 has reached 8.2 per cent, highlighting the robust momentum in the Indian economy and expressing optimism for the future. In his post, he said, “The Q4 GDP growth data for 2023-24 shows robust momentum in our economy which is poised to further accelerate. Thanks to the hardworking people of our country, 8.2% growth for the year 2023-24 exemplifies that India continues to be the fastest growing major economy globally. As I’ve said, this is just a trailer of things to come.” The substantial growth rate is indicative of the strong economic policies implemented by the government, coupled with the resilience and industriousness of the Indian populace.
