- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, November 9, 2022:
The Indian finance ministry has finalised the framework to issue sovereign green bonds in line with global standards, according to sources, Press Trust of India reported. The government intends to mobilise Rs 16,000 crore (£1.7 billion) from the issuance of green bonds during the second half of the current financial year. It is a part of the borrowing programme for the second half of this fiscal. The framework is ready, and it would be approved soon, the sources said. These rupee-denominated papers will have a long tenure to suit the requirement of green infrastructure projects, they added. The issuance would be in line with the Budget announcement. Finance minister Nirmala Sitharaman in her Budget Speech this year announced that the government proposes to issue sovereign green bonds to mobilise resources for green infrastructure.
The Narendra Modi government has made changes to the foreign trade policy to allow for rupee settlement of international trade for export-promotion schemes, the country’s commerce ministry said on Wednesday, Moneycontrol reported. “Given the rise in interest in internationalisation of Indian rupee, the given policy amendments have been undertaken to facilitate and to bring ease in international trade transactions in Indian Rupees,” the ministry said in a statement. The changes imply that benefits, incentives, and fulfilment of export obligation under the foreign trade policy can be extended to export payments made in rupee, as outlined by the Reserve Bank of India.
“Inflation has brought down the spending power of consumers and consumers are buying fewer goods, but paying more for them. Jobs had not come back since the loss of Covid last year,” Anuj Poddar, managing director and chief executive officer, Bajaj Electricals, has said in a virtual interview to Asian News International. However, he was also hopeful, saying, “According to CMIE (Centre For Monitoring Indian Economy) data, now we’ve seen some growth, almost back to peak levels. If that happens, I am hopeful that another quarter from now that should translate to better demand coming from the middle class.” On Tuesday (8), Bajaj Electricals on Tuesday (8) reported a marginal decline in its consolidated net profit to Rs 62 crore (£6.7 million) for the second quarter ending September 30 (Q2).
Amazon India and TVS Motor Company have joined hands to strengthen electric mobility in India, the companies said in a joint statement on Wednesday, PTI reported. As part of the collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon’s last-mile deliveries. In addition, the two companies will work in tandem to examine EV use cases for various Amazon business groups for its network and logistical requirements, the statement said. In order to test solutions, the two companies will pilot TVS Motor’s electric vehicle solutions through partner base and delivery associates across India.
