- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for May 5, 2023:
Garlic in 2022-23 has emerged as the leader in India’s spice export basket, overshadowing other major shipments, thanks to the growing demand and high prices and reduced presence of the Chinese variety in international markets, Moneycontrol reported. While major export items of spices, such as chili, cumin, mint products and spice oleoresins have all declined, garlic shipments have increased 165 per cent in volumes from April 2022 to January 2023, compared to the same period in the previous year, Spices Board data showed.
Cash-strapped airline Go First on Friday said it has cancelled all its flights till May 12, PTI reported. The Wadia group-owned carrier has filed a plea for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT) and the tribunal reserved its order on Thursday. “… due to operational reasons, Go First flights scheduled till 12th May 2023 have been cancelled,” the airline said in a tweet.
The central Bureau of Investigation on Friday conducted searches at seven locations including the premises of Jet Airways and its founder Naresh Goyal in Mumbai in connection with an alleged Rs 538-crore (£52 million) fraud case in Canara Bank, officials said, PTI reported. The CBI searches were spread across residences and offices of Goyal, his wife Anita, and former airline director Gaurang Ananda Shetty. The agency has registered a new case of alleged bank fraud of Rs 538 crore on a complaint from Canara Bank, they said.
India’s gold demand during the January-March quarter declined by 17 per cent to 112.5 tonnes, as record high gold rates and high price volatility affected consumption, according to the World Gold Council (WGC), PTI reported. Overall gold demand during the corresponding quarter in 2022, was at 135.5 tonnes, WGC’s Gold Demand Trends Q1 2023 stated. “India’s gold demand in Q1 2023 fell 17 per cent year-on-year to 112.5 tonnes following record high and volatile gold prices. This impacted sentiment and gold jewellery demand dropped to 78 tonnes from 94.2 tonnes in Q1 2022 with little support from the investment side.
The tourism minister of the western Indian state of Goa, Rohan Khaunte, on Friday said the Arabian travel market is an important platform for the state to showcase Goa’s potential as a tourist destination and to explore opportunities for collaboration with industry leaders, ANI reported. The tourism minister was speaking after proclaiming that the recently-concluded Arabian Travel Market 2023 in Dubai was a success for the Goa Tourism delegation, which was led by the minister himself. The minister said, “Our meetings with the CEOs (chief executive officers) of prominent airlines, tourism authorities, and hospitality groups were productive and focused on investment opportunities, airline connectivity, and knowledge-sharing. We are confident that these discussions will result in increased tourist inflow and greater cooperation between various stakeholders.”
The National Skill Development Corporation, working under the aegis of India’s ministry of skill development and entrepreneurship, has signed a memorandum of understanding with Pernod Ricard India Foundation, a CSR arm of the fast-growing multinational alcohol beverage company to develop a multi-skilling centre in the Gumla district of the eastern Indian state of Jharkhand, ANI/BusinessWire India reported. The partnership is focused on empowering women within the local tribal population. The centre will act as a key hub to understand the latest technology and trends related to all phases of the agriculture business, from the pre-sowing to the post-harvest stage.
