- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Tuesday, November 8, 2022:
India will “benefit” from the proposed price cap on oil, US treasury secretary Janet Yellen has said, arguing that the US does not want Russia to “profit unduly” from the war by enjoying prices that are essentially very high due to its Ukrainian invasion, Press Trust of India reported. Developing countries like India and China have been increasingly buying discounted Russian oil as global energy prices remain high and Western nations seek to scale down their reliance on Russian energy. “We want Russian oil to continue to supply global markets; stay on the market. But we want to make sure that Russia doesn’t profit unduly from the war by enjoying prices that are essentially very high due to the war,” Janet Yellen told PTI in an exclusive interview on Monday ahead of her trip to India later this week.
Model Economic Township (MET City), a wholly-owned subsidiary of Reliance Industries (RIL), on Tuesday said it was developing a world-class greenfield smart city near Gurugram, Haryana. In this industrial township, manufacturer of medical devices Nihon Kohden will build its largest facility of India, ANI reported. MET City is a Japanese Industrial Township (JIT) and houses four leading Japanese companies in its integrated industrial township. Nihon Kohden, one of the four Japanese companies and manufacturer of medical devices, said it recently did a ground-breaking ceremony on their plot at MET City. This facility of Nihon Kohden will be their largest manufacturing facility in India, and it will further enhance the position of MET City as a leading location for setting up companies in Haryana and North India, according to a statement from MET City.
The department of electronics, IT, Bt, S&T, government of the southern Indian state of Karnataka, along with Software Technology Parks of India is organising the 25th edition of Asia’s largest Tech Event – Bengaluru Tech Summit, ANI reported. The flagship event will be held physically between November 16-18, 2022, at the iconic Bangalore Palace. The central theme of BTS 2022 is ‘Tech4NexGen’ and will focus on Electronics, IT, Deep Tech, Biotech, and Startups, an official statement said on Tuesday. As part of the landmark 25th-year celebrations, BTS 2022 will witness the unveiling of the Silver Jubilee Commemoration Plaque of BengaluruTechSummit2022 by the state’s chief minister Basavaraj Bommai, along with the felicitation of 35 companies from ITE and Biotech who have completed over 25 years of service in Bengaluru.
India’s ministry of coal on Tuesday said the supply of coal to the power sector is regularly being supervised by it in close coordination with the ministries of power and railways, ANI reported. As a result of this coordinated efforts, the closing stock of coal at the domestic coal-based power plants, as on October 31 this year was 25.6 million tonne (mt) which is the highest ever in the month of October except for the Covid year of 2020-21.The domestic coal supply to the power sector is 12 per cent more than the same period of last year which is the highest-ever supply to power sector in the first seven months of any financial year, according to the ministry. The statement noted that the total domestic coal production is 18 per cent higher than the same period of previous year with Coal India, achieving a growth of 17.5 per cent.
Experts from across the spectrum will deliberate on promoting a ‘Circular Economy’ for a sustainable planet in Mumbai in the western Indian state of Maharashtra on Friday (11) that has the potential to reduce India’s trade deficit in bulk minerals and ores by $5 billion, ANI reported. The interactive session is organized by MVIRDC World Trade Center Mumbai – an international trade promotion organization in Mumbai along with the All India Association of Industries. Experts include eminent professionals from corporate houses, start-up enterprises, IIT Bombay and consultancy organizations to discuss the roadmap for India’s transition to a circular economy from a linear economic development model, an official statement said on Tuesday.
