- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news related to Indian economy & business for Friday, May 26, 2023:
The Gujarat Pollution Control Board has ordered the Oil and Natural Gas Corporation (ONGC) to pay Rs 50 lakh (£49,027) in damages for the spillage of crude oil from its pipeline in Bharuch district of the western state, an official said on Friday, PTI reported. It has been alleged that 25 camels died after drinking water contaminated with the spillage on Sunday (21), though the central government-controlled oil major has denied it. An agricultural field near Kachhipura village was found covered in crude oil leaked from a pipeline belonging to ONGC on Sunday, said Bharuch-based GPCB regional officer Margi Patel.
India’s economy will grow about six per cent in the current fiscal with a little increase in private investment, a Reuters poll of economists said. According to them, lower growth and high inflation were the biggest risks to the outlook. While that was expected to be faster than other major economies, the South Asian economy needs higher growth and investment to create enough employment for millions joining the workforce every year, the Reuters report added. Gross domestic product (GDP) was forecast to have grown at an annual five per cent in January-March, up from 4.4 per cent in the preceding quarter, the May 16-25 poll of 56 economists showed.
European Union’s climate policy chief Frans Timmermans on Friday said the bloc’s proposed carbon tax will not have any negative effect on its trade relationship with India and that it would do nothing that is in violation of World Trade Organisation (WTO) rules, PTI reported. The 27-nation EU plans to implement a carbon import tax of 25 to 30 per cent on high carbon goods such as steel, cement, aluminum, iron, fertilisers, electricity and hydrogen. This has led to concerns about the impact on developing nations heavily reliant on carbon-intensive industries.
Indian auto major Mahindra and Mahindra Ltd on Friday warned that shortage of chips were still restricting its efforts to ramp up production of sports utility vehicles (SUVs) after reporting a 22 per cent rise in quarterly profit, Reuters reported. The maker of vehicles such as Scorpio, Thar and XUV range of SUVs benefited from high demand for larger and pricier vehicles that constituted over half of India’s record passenger vehicle sales in fiscal 2023. Shortage of chips prevented the maker from meeting its monthly SUV production target of 39,000 units, Rajesh Jejurikar, chief executive at Mahindra’s auto and farm sector, said in a press conference.
Reliance Consumer Products Limited (RCPL) has announced its foray into the western snacks category with the launch of Alan’s Bugles in India, ANI reported. Reliance Consumer Products Limited is the FMCG arm and a wholly-owned subsidiary of Reliance Retail Ventures Limited (RRVL). With this, consumers in India will be able to purchase Bugles products. The international corn chips snacks brand with more than 50 years of experience, owned by General Mills, is available across major global markets including the UK, the US, and the Middle East.
JPMorgan Chase informed about 1,000 First Republic Bank employees on Thursday that they will no longer have jobs, according to CNN Business, ANI reported. JPMorgan acquired most of First Republic’s assets earlier this month after the San Francisco-based regional bank was seized by the government, according to CNN Business. It marked the second-biggest bank failure in US history. A JPMorgan spokesperson told CNN that the bank updated all First Republic employees on Thursday about their future employment status and the vast majority — or nearly 85 per cent — have been offered a transitional or full-time role.
