- Wednesday, February 26, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Tuesday, October 10, 2023:
A digital public infrastructure-led approach for the downstream spacetech segment can unlock immense value and contribute to India emerging as a global leader in the sector, a global consultancy firm said in a report on Tuesday. The report titled ‘Exploring opportunities for Indian downstream spacetech’ authored by Deloitte, Nasscom and Indian Space Association said the downstream spacetech sector has the potential to deliver value-added and scalable solutions to domestic and global markets and made a strong pitch for collaboration by the private sector and the government. The report listed out three core satellite applications areas – Remote Sensing/Earth Observation; Positioning, Navigation and Timing; and Satellite Communication and identified more than 200 use cases.
The International Monetary Fund (IMF) has increased its 2023-24 GDP growth forecast for India for the second time in three months, taking it nearer to the 6.5 per cent predicted by Indian authorities, Moneycontrol reported. As per the institute’s latest World Economic Outlook report which was released on Tuesday, India’s GDP is expected to grow by 6.3 per cent in the current year, 20 basis points higher than what it had forecast in the later part of July. The IMF did not make any change to its forecast for the next year and continues to see India’s GDP growing by 6.3 per cent in 2024-25, the report added.
The Supreme Court of India on Tuesday questioned the Central Bureau of Investigation (CBI) over not objecting to repeated extension of the two-week interim bail granted in January this year to former ICICI Bank CEO-cum-MD Chanda Kochhar and her businessman husband Deepak Kochhar in a loan fraud case. A bench of Justices Aniruddha Bose and Bela M Trivedi asked additional solicitor general SV Raju, appearing for the elite probe agency, as to why it did not resist repeated extension of interim bail granted to them by the Bombay High Court on January 9. “You should have moved an objection there (high court),” the bench said. The CBI arrested the Kochhars on December 23, 2022 in connection with the Videocon-ICICI Bank loan fraud case.
The Supreme Court on Tuesday took note of the Indian government’s submissions that the process of setting up the national and regional GST (goods and services tax) tribunals has started and disposed of a PIL on the issue. The top court had, on August 6, 2021, issued notices to the government and the GST Council on the public interest litigation (PIL) matter filed by lawyer-activist Amit Sahni. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra was told by attorney general R Venkataramani that the central finance ministry issued a notification on September 14 and the process of setting up the tribunals has commenced.
Inox Green Energy Services will divest 100 per cent stake in Nani Virani Wind Energy Private Ltd, a regulatory filing said on Monday. Nani Virani is a 50 megawatt operational wind farm in the western state of Gujarat. “Inox Green Energy Services (IGESL) has signed a term sheet for divestment of 100 per cent stake in Nani Virani Wind Energy Private Limited SPV,” IGESL’s parent firm Inox Wind Limited (IWL) said in the filing. The transaction will be complete post customary regulatory and banking approvals, including that of board and shareholders. “This transaction has significant beneficial impact on both Inox Wind and IGESL,” Kailash Tarachandani, CEO of Inox Wind said.
The government of the western Indian state of Maharashtra on Tuesday approved a financial scheme under which girls from families with low income levels will get amounts in different stages after their birth with the total for eligible beneficiaries coming to Rs 1.01 lakh (£989) when they turn 18. State chief Minister Eknath Shinde said girls from families holding yellow and orange ration cards will get Rs 5,000 (£49) at the time of their birth, Rs 6,000 (£59) when they are enrolled in Class I, Rs 7,000 (£69) in Class VII, Rs 8,000 (£78) in Class XII and Rs 75,000 (£734) once they complete 18 years of age (total Rs 1.01 lakh).The decision was announced by Shinde after presiding over a state cabinet meeting in capital Mumbai. The scheme, ‘Lek Ladki’ (beloved daughter), will be applicable for girls born after April 1, 2023.
(With agency inputs)
