- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Friday, December 2, 2022:
India will continue buying Russian oil and even seek for term contracts as sanctions allow purchases, given that Western services are not used, a source in the country’s oil ministry said on Friday, Reuters reported. The remark comes a day after European Union governments tentatively agreed on a $60 (£49) a barrel price cap on Russian seaborne oil, which comes into effect on Monday (5). Post that date, western shipping and insurance firms would be barred from handling Russian oil sold above the price cap. “There is a lot of opacity in terms of what the rules of the game are… There are always options to buy Russian oil,” the source said, without elaborating, Reuters added.
The Confederation of All India Traders (CAIT) along with 50 other trade leaders of leading trade associations of Delhi declared their support to Bharatiya Janata Party (BJP) in the upcoming municipal polls, Asian News International reported. The high-stakes polls to the 272-ward Municipal Corporation of Delhi are due on Sunday (4) and the votes will be counted on Wednesday (7). From Friday, the local trade associations through their members will conduct a ‘whispering campaign’ wherein shopkeepers will urge every customer to vote & support BJP in MCD elections. Praveen Khandelwal, secretary general of the Confederation of All India Traders (CAIT) held a press conference the same day to voice their support for the party.
India’s Reliance Industries has emerged as the most valuable listed company followed by Tata Consultancy Services and HDFC Bank, according to a list released on Thursday, PTI reported. In the ‘2022 Burgundy Private Hurun India 500 Top 10’ list, companies, on an average, were worth a total of Rs 226 lakh crore (£2.2 trillion). The Mukesh Ambani-led Reliance Industries is valued at Rs 17.25 lakh crore (£172.6 billion), nearly Rs 6 lakh crore (£60 billion) more than Tata Consultancy Services which is valued at Rs 11.68 lakh crore (£117 billion), according to the second edition of the list of 500 most valuable companies in India. HDFC Bank, ranked at number three, was valued at Rs 8.33 lakh crore (£83.3 billion), it added.
Surat-based leading provider of digital textile printing solutions, Orange O Tec Pvt Ltd. organised a unique Open House in Ahmedabad, ANI/PNN reported. The event provided an opportunity for city-based industries to explore the advantages of digital textile printing and see the latest machines live in action. Across the globe, almost all types of industries are rapidly adopting digital ways of producing things and doing business. Particularly, the textile industry is witnessing high growth with the adoption of digital solutions. Helping India move towards the digital revolution, the Surat-based Orange O Tec Pvt. Ltd. has emerged as a prominent digital solutions provider with digital and auxiliary machinery for a variety of sectors, enhancing global knowledge in the digital era.
Maruti Suzuki India will increase the prices of its vehicles ‘substantially’ from January 2023 as it looks to offset the impact of rising input costs and make provisions to update the model range to conform to stricter emission norms which kick in from April 2023, PTI reported. In a regulatory filing on Friday, the country’s largest carmaker said it continues to witness increased cost pressure driven by overall inflation and recent regulatory requirements. While the automaker makes maximum effort to reduce cost and partially offset the increase, it has become imperative to pass on some of the impact through a price increase, it added. The company has planned the price increase across models, the auto major said without disclosing the exact quantum of the increase.
The Indian banking system’s outstanding credit grew by 16.96% for the fortnight ended November 18, the Reserve Bank of India (RBI) said on Friday, PTI reported. The bank credit grew to Rs 133.29 lakh crore (£1.33 trillion) for the fortnight ended November 18 this year as against Rs 113.96 lakh crore (£1.14 trillion) on November 19, 2021, the RBI said. The deposit growth came at 9.30 per cent, with the overall base Rs 177.15 lakh crore (£177.2 billion) as on November 18 as against Rs 162.06 lakh crore (£162.1 billion) in the year-ago period, it said. Interestingly, amid a war for deposits in the system as banks jostle to raise the liabilities to fund the elevated credit growth, the overall deposits in the system declined marginally during the fortnight as against the Rs 177.88 lakh crore (£1.78 trillion) as on November 4.
