- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news related to Indian economy and business for Wednesday, July 13, 2022:
Kerala, the southern Indian state with a strong diaspora all over the world, stands to benefit from the continuing fall of the Indian rupee against the dollar and West Asian currencies, as it is expected to bolster remittances to the state and reverse a trend of slowing growth of such deposits, Moneycontrol cited experts as saying. A recent notification allowing non-resident Indians to send up to Rs 10 lakh to relatives in India without informing the government might also support this trend.
Nomura has lowered its India gross domestic product (GDP) growth projection for 2023 by 70 basis points from 5.4 per cent to 4.7 per cent, Moneycontrol reported. “We see rising medium-term growth headwinds from higher inflation, monetary policy tightening, dormant private capex growth and, most importantly, global growth slowdown,” economists Sonal Varma and Aurodeep Nandi said in a note. Nomura expects a GDP growth of 7.2 per cent in 2022 and projects the economy to grow seven per cent in fiscal year 2022-23 and 5.5 per cent in fiscal year 2023-24.
Institutional Investor, a part of global B-2-B information-service provider Euromoney Institutional Investor PLC group, has given a top rank to Gujarat Gas Limited (GGL) in three different categories from the electric, gas and water sectors, the Hindu BusinessLine reported. Gujarat Gas confirmed the company was awarded top rank in ‘Best ESG’ category in the power sector, the report added.
NIIT Institute of Finance, Banking and Insurance (NIIT IFBI) — a subsidiary of NIIT Limited, on Wednesday announced a strategic partnership with HDFC Bank to build new-age Digital Talent for the banking industry, ANI/BusinessWire India reported. The partnership will look to nurture talent in the new-age tech field of data science and empower them to leverage data and deliver useful business insights.
The total operational capacity for Adani Green Energy increased 65 per cent year-on-year in the first quarter of FY23, ANI reported. At the end of June, the operational capacity stood at 5,800 megawatt, as against 3,520 megawatt in the same period the previous year, the company said in a regulatory filing on Wednesday. During the said quarter, the Adani Group commissioned India’s first solar-wind hybrid project of 390 megawatt in Jaisalmer in the western Indian state of Rajasthan.
The Delhi High Court on Wednesday sought response of the Enforcement Directorate (ED) on a plea by Chinese smartphone maker Vivo seeking quashing of an order freezing its various bank accounts in connection with a money laundering probe initiated against it, the Press Trust of India reported. The high court also allowed Vivo to operate its various bank accounts on furnishing of a bank guarantee of ₹950 crore with the ED, which contended that presently the proceeds of crime has been quantified to ₹1,200 crore, within a week.
The Society Of Indian Automobile Manufacturers (SIAM) has released the sales report for June 2022 and the passenger vehicle segment has recorded a growth of more than 19 per cent (selling 2,75,788 units last month as compared to 2,31,633 units sold in the corresponding month a year ago), carandbike reported. Sales of SUVs went up by more than 32 per cent (selling 1,33,076 units as against 1,00,760 units sold in the same month a year ago). In the same period, sales of vans saw an uptick of 9.21 per cent (selling 10,370 units as compared to 9,495 units sold a year ago).
