- Sunday, March 02, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy & business for Wednesday, April 5, 2023:
The unemployment rate in the northern Indian Union Territory of Jammu and Kashmir declined from 6.7 per cent in 2019-20 to 5.2 per cent in 2021-22 while the urban unemployment rate dipped by 1.1 percentage points, according to the Economic Survey Report 2022-23, PTI reported. The report, released by Jammu and Kashmir chief secretary Arun Kumar Mehta recently, stated that the labour force participation rate was 61.5 per cent in 2021-22 as against 56.3 per cent in 2019-20, while the worker population ratio has increased to 58.3 per cent in 2021-22 from 52.5 per cent in 2019-20. “Unemployment Rate on usual status in Jammu and Kashmir has declined from 6.7 per cent in 2019-20 to 5.2 per cent in 2021-22,” it said.
The Indian government has recognised 92,683 entities as startups as on February 28, 2023, since the launch of Startup India initiative in 2016, ANI reported. As per eligibility conditions prescribed under notification dated February 19, 2019, entities were recognised as ‘startups’ under Startup India initiative by the Department for Promotion of Industry and Internal Trade under the government of India. The government with an intent to build a strong ecosystem for nurturing innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on January 16, 2016, according to a statement from the ministry of commerce and Industry released on Wednesday.
India’s embattled Adani Group has told investors that several top Japanese and European banks have reaffirmed confidence in it after it was pummeled by an American short seller’s critical report in January, a company document showed. Led by billionaire businessman who was once the richest man in Asia and one of the top three richest in the world, Gautam Adani, the group’s seven listed stocks have lost about $120 billion in market value since the January 24 report by Hindenburg Research accused it of improper use of offshore tax havens and stock manipulation. The group has denied allegations. Adani Group shares and bonds have, however, regained some lost ground over the past month or so after it repaid some debt and succeeded in attracting a $1.9 billion investment from boutique investment firm GQG Partners.
Amazon India and India’s information and broadcasting ministry on Wednesday announced they signed a pact to boost India’s creative economy, PTI reported. As part of the letter of engagement (LoE), Amazon and the ministry will help build pathways to promote creative talent in India, create capacity across eminent film and TV institutes, and globally showcase Made in India creative content. The LoE was signed at The National Media Centre in New Delhi in presence of information & broadcasting minister Anurag Thakur; Chetan Krishnaswamy, vice president, Public Policy at Amazon India; and Gaurav Gandhi, vice president, Asia Pacific, Prime Video.
Adani Ports and Special Economic Zone handled a total of 32 MMT (million metric tonne) of cargo in March, recording a yearly growth of 9.5 per cent, it said on Wednesday. For the first time since July 2022, the volumes crossed the 30 MMT mark. With 339 MMT in just concluded the financial year 2022-23, APSEZ recorded its largest port cargo volumes ever — a 9 per cent growth. Almost 95 per cent of the trade volumes in India are carried through maritime transport. Adani Ports, in a release, said, it has been continuously increasing its market share for the past years, outperforming all of India’s cargo volume growth.
Delhi airport has emerged as the ninth busiest airport in the world in 2022 with passenger traffic of more than 5.94 crore, according to Airports Council International (ACI) list. DIAL is the operator of the Indira Gandhi International Airport (IGIA) in India’s national capital, PTI reported. ACI said the list of top 10 busiest airports in the world for 2022 is topped by Hartsfield-Jackson Atlanta International Airport (ATL, 93.7 million passengers). It is followed by Dallas Fort Worth Airport (DFW, 73.4 million passengers, Denver Airport (DEN, 69.3 million passengers), and Chicago O’Hare Airport (ORD, 68.3 million passengers).
India and Japan on Wednesday agreed to diversify their defence cooperation in new and emerging domains like space and cyber as part of an aim to consolidate the overall strategic engagement, PTI reported. The decision to further expand defence ties was taken at the seventh edition of India-Japan Defence Policy Dialogue that took place in Delhi. In the talks, the Indian side invited Japanese defence industries to look at investment opportunities in India under the ‘Make in India’ initiative. The defence dialogue took place over two weeks after Japanese Prime Minister Fumio Kishida visited India during which he put the country as an “indispensable partner” of Japan to achieve the ambitious goal of peace, prosperity and stability in the Indo-Pacific region.
