- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, December 12, 2022:
Indian conglomerate Tata Group plans to start 100 stores across the country that will exclusively sell Apple Inc products, the Economic Times newspaper reported on Monday, citing two sources aware of the matter, Reuters said. Tata Group’s Infiniti Retail, which runs consumer electronics store chain Croma, will be an Apple-authorised reseller and open stores at shopping malls, high-street and neighbourhood locations, the report added. The salt-to-software has also begun talks with premium malls and high streets and the lease terms include details of brands and stores that cannot be opened near such outlets, an informed retail consultant told the publication.
The Indian government on Monday ruled out making public the Reserve Bank of India’s report detailing the reasons why the central bank could not keep inflation within the targeted 6 per cent upper limit for the three consecutive quarters, Press Trust of India reported. “Yes sir, RBI has furnished a report to the central government, as mandated under Section 45ZN of the RBI Act, 1934 and Regulation 7 of RBI Monetary Policy Committee and Monetary Policy process Regulations, 2016,” minister of state for finance Pankaj Chaudhary said in a written reply. The said provisions of the RBI Act, 1934, and regulations therein does not provide for making the report public, he said. The average inflation was above the upper tolerance level of the inflation target, that is 6 per cent for 3 consecutive quarters during January-September, 2022.
Top Indian-American business executive Punit Renjen, who recently announced his retirement as Deloitte Global CEO, has said that his future endeavours would include India in particular on nature-based solutions to the climate crisis. “My future endeavours are going to involve India. I’m very passionate about India, and the journey that India is on. I firmly believe that this is India’s century,” Renjen told PTI in a recent interview. Renjen, 61, announced his retirement from Deloitte last month. As Deloitte Global CEO since 2015, Renjen developed and executed a global strategy that resulted in Deloitte revenue growing from USD35 billion to more than $59 billion (£48 billion) in just seven years. Noting that India took on the presidency of the G20, he said this is a great opportunity for India now to lead the rest of the world.
Early-stage investor network FAAD on Monday said it has received the Securities and Exchange Board of India’s (SEBI) approval to launch a Rs 300 crore (29.5 million) alternative investment fund (AIF), PTI reported. The network will build the war chest in the coming months to invest across sectors in early-stage startups with special focus on healthtech, agritech, deep tech, and cleantech space, FAAD said in a statement. “FAAD has received the approval of SEBI for a Category 1 INR 300 cr Alternative Investment Fund ,” the statement said. The angel network by FAAD was launched in 2019 which has invested over Rs 75 crore (£7.3 million) in over 60 startups across a multitude of technology sectors, with a minimum cheque size of $50,000 (£40,746) to $1 million (£814,910).
India’s factory output based on the Index of Industrial Production or (IIP), contracted of four per cent in October 2022, Ministry of Statistics and Programme Implementation data showed on Monday, Asian News International reported. For the April-October period, it, however, grew by 5.3 per cent, data showed. The Quick Estimates of Index of Industrial Production (IIP) are usually released on 12th of every month with a six weeks lag and compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments. Separately, on a positive note, India’s retail inflation rate based on Consumer Price Index declined to 5.88 per cent in November from 6.77 per cent during the previous month, according to data released on Monday by the ministry of statistics.
SpiceJet has won the ‘Safety Performer of the Year’ award at the annual GMR Delhi Airport Awards for being the top performer among the self-handling airlines, besides for “its success in reducing ground safety violations”, ANI reported. SpiceJet said in a release that its ground handling team at Delhi Airport achieved this performance through constant focus on quality improvements, innovation and hard work. Minimizing incidences of ground safety violations plays a key role in ensuring compliance with safety guidelines and regulatory requirements. “To be awarded the ‘Safety Performer of the Year’ by the country’s biggest airport is indeed a proud moment for us. SpiceJet meeting the highest safety standards of our country’s aviation regulators and airports is a great honor and a true reflection of what we truly stand for,” GP Gupta, Chief Strategy Officer of SpiceJet, according to the release.
