- Tuesday, March 11, 2025
By: Shubham Ghosh
Jere are news in brief related to Indian economy and business for Wednesday, August 24, 2022:
The Reserve Bank of India (RBI) on Wednesday lifted business restrictions imposed on American Express Banking Corp, citing satisfactory compliance demonstrated by the entity to RBI rules, Moneycontrol reported. The firm has complied with the central bank’s circular dated April 6, 2018, on Storage of Payment System Data, and the restrictions that were imposed based on an order dated April 23, 2021, on onboarding of new domestic customers have been withdrawn with immediate effect, the RBI said. American Express Banking Corp. is a Payment System Operators which operates Card Networks in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).
Indian road transport and highway minister Nitin Gadkari has said the government is formulating a new model through which small investors (retail) will be allowed to invest in infrastructure projects, Asian News International reported. Speaking at the third edition of Roads and Highways Summit, organised by industry body FICCI (Federation of Indian Chambers of Commerce & Industry) on Tuesday, minister Gadkari said: “(The government) will soon list infrastructure investment trusts (InvITs) on the stock market so that retail investors can trade units (of InvITs), offering an opportunity to common citizens to invest in the infrastructure projects”. The minister said the InvITs assure a seven to eight per cent return annually. InvITs are instruments on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.
The Reserve Bank of India (RBI) on Wednesday lifted business restrictions imposed on American Express Banking Corp, citing satisfactory compliance demonstrated by the entity to RBI rules, Moneycontrol reported. The firm has complied with the central bank’s circular dated April 6, 2018, on Storage of Payment System Data, and the restrictions that were imposed based on an order dated April 23, 2021, on onboarding of new domestic customers have been withdrawn with immediate effect, the RBI said. American Express Banking Corp. is a Payment System Operators which operates Card Networks in the country under the Payment and Settlement Systems Act, 2007 (PSS Act).
India’s external affairs minister Subrahmanyam S Jaishankar has emphasised the importance of making Latin America a major business hub for India through more engagements, contacts and meetings with the stakeholders in the vast region. Jaishankar is on a six-day official visit to Brazil, Paraguay and Argentina. India and Brazil are not only partners but can share best practices for their mutual growth and progress, Jaishankar has said as he interacted with prominent businessmen in Sao Paolo on Tuesday. “Visited Federation of Industries of the State of Sao Paulo, the largest Industry association of Brazil. Presentations from WEG, @embraer and UNICA reaffirmed the significant opportunities exist for greater business cooperation,” he tweeted.
GMR Sports, the co-owner of Indian Premier League franchise Delhi Capitals, is betting on indigenous sports like kabaddi and kho kho, Moneycontrol reported. After buying a franchise in Pro Kabaddi League (PKL), the company has invested in a new league called Ultimate Kho Kho (UKK), which made its debut this year. GMR Sports, which was incorporated in 2008, is a division of the GMR Group. The company said that it wants to keep growing in sports other than cricket. “Apart from cricket, we have our focus on indigenous sports. There are three indigenous sports (in India) and we are in two of them. If we get the opportunity we will invest in that (wrestling) as well,” Sujoy Ganguly, marketing head, GMR Sports, told the website.
Planemaker Boeing plans to build on its existing investments in India in areas such as defence supply chains and manufacturing, the company said on Wednesday, Reuters reported. The world’s second-largest planemaker is offering its F/A-18 fighter jet for sale to India’s armed forces and said the selection of the jet would help boost investments in the country’s defence industry. “Boeing anticipates $3.6 billion in economic impact to the Indian aerospace and defence industry over the next 10 years, with the F/A-18 Super Hornet as India’s next carrier-based fighter,” the company said in a statement. The company is yet to secure an order for the jet from the Indian navy.
To expedite the implementation of infrastructure projects across the country, the Infrastructure Finance Secretariat (IFS), established under the department of economic affairs, Ministry of Finance, organised an outreach workshop with representation from state governments of Maharashtra, Gujarat, Karnataka and Andhra Pradesh. The workshop was organised in Mumbai on 22nd August 2022. This is the first workshop in a series of workshops planned with State Government and Union Territories with key infrastructure ministries, aimed to understand ground issues faced by project authorities in undertaking large infrastructure projects, the Ministry of Finance said in a statement on Wednesday.
EONMED Company launched its products on August 21 at India Habitat Center, New Delhi, ANI/GPRC reported. EONMED is a healthcare technology company that easily connects doctors with the patient in a unique way. The product launch was hosted by the company’s co-founder and chief marketing officer, Rama Raman Mishra. Guests of honor present at the product launch of EONMED were His Excellency Ashish Saraf (Consulate of the Bahamas), Dr VS Chauhan (Chairman, Prakash Hospital), Anand Chauhan (Director, Amity Group), Dhiraj Khandelwal (Chairman MSME and Startup Committee of ICAI),K K Mishra (Addl Director, Parliament of India) and Pandit Shivakant Shastri, who is the Raj Purohit of the Government of Uttar Pradesh. EONMED showcased its 3 products at the product launch ceremony.
