- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Wednesday, August 30, 2023:
India will buy oil from every source that offers it at the “lowest possible prices”, the country’s oil minister Hardeep Singh Puri on Wednesday told broadcaster ET Now. “We are very clear in our minds that we will buy oil from wherever we can get it as long as it is delivered to our point of importation at our ports at the lowest possible price,” he was quoted as saying. New Delhi has been buying crude oil from Russia, which is now its top oil supplier, at discounted prices since the West imposed import curbs following its military invasion of Ukraine in February 2022.
At least 32 international electronics firms have applied to India’s incentive programme to manufacture laptops, tablets and servers in the country, a top minister on Wednesday said, Reuters reported. The words come weeks after the Narendra Modi government announced restrictions on importing laptops. The Indian government is pushing to encourage domestic manufacturing capacity under its “Make in India” initiative, with many global companies either setting up their own units or entering joint ventures with Indian firms. The applications by the electronics companies were made under India’s $2 billion (£1.57 billion) production-linked incentive programme for information technology hardware, which was announced in May, Information technology minister Ashwini Vaishnaw said.
Volkswagen India on Wednesday announced the inauguration of five new touchpoints in the southern states of Telangana and Andhra Pradesh, underscoring the company’s commitment to providing premium German-engineered & safe products along with exceptional & convenient service offerings to its customers. The inauguration of these facilities is in-line with the brand’s network expansion aimed at bringing its world- class products and services closer to customers. Operated under the adept leadership of Rajiv Sanghvi, managing director, PPS Motors Private Limited, the newly inaugurated touchpoints are present in the high potential regions across the two states.
Titagarh Rail Systems Ltd (TRL) formerly Titagarh Wagons located in the eastern Indian state of West Bengal on Wednesday said it has received a letter of acceptance for a Rs 350-crore (£33.2 million) contract from Gujarat Metro Rail Corporation (GMRC) for the design, manufacture, supply, testing, commissioning and training of 30 standard gauge cars, PTI reported. The standard gauge cars are for Ahmedabad Metro Rail Phase-II project, an official said. “The prototype Metro car has to be built in 70 weeks and the entire contract has to be delivered in 94 weeks. The cars will be manufactured at our Uttarpara plant in Hooghly district,” Titagarh Rail Systems director (marketing & business development) Prithish Chowdhary told PTI.
The Indian government on Wednesday said it has permitted exports of 0.143 million tonnes of non-basmati white rice to Bhutan, Mauritius, and Singapore. The export is permitted through National Cooperative Exports Limited, the Directorate General of Foreign Trade (DGFT) said in a notification. Though exports of non-basmati white rice were banned on July 20 to boost domestic supply, exports are allowed on the basis of permission granted by the government to other countries to meet their food security needs and on request. The DGFT has notified the export of 79,000 tonnes of non-basmati white rice to Bhutan, 14,000 tonnes to Mauritius and 50,000 tonnes to Singapore. “Export of non-basmati white rice to Bhutan, Mauritius and Singapore is notified,” it said.
(With agencies inputs)
