- Tuesday, February 25, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Wednesday, December 20, 2023:
The Indian defence ministry on Wednesday inked a Rs 1,614 crore (£153.2 million) contract with Mazagon Dockyard Shipbuilders Ltd for procurement of six next generation offshore patrol vessels for the Indian Coast Guard. The acquisition of the platforms is aimed at boosting the Coast Guard’s capability towards maritime security, the ministry said. “The ministry of defence signed a contract with Mazagon Dockyard Shipbuilders Ltd on December 20 for the procurement of six next generation offshore patrol vessels for the Indian Coast Guard,” it said. Out of the six vessels being procured, four would replace the existing aging offshore patrol vessels and the other two would augment the Coast Guard’s fleet.
Companies spanning various sectors signed on Wednesday preliminary investment agreements totalling $18.75 billion (£14.8 billion) for projects in India’s western state of Gujarat, as per a government statement. Among these deals, a subsidiary of Welspun Enterprises plans a $5.11 billion (£4.03 billion) investment, earmarked for constructing green hydrogen and green ammonia facilities, according to documents seen by Reuters. These agreements precede prime minister Narendra Modi’s launch of Gujarat’s biennial investment forum next month, aimed at enhancing the state’s manufacturing capabilities. Additional pacts involve loans from state-backed Housing and Urban Development Corp and financing from the National Bank of Agriculture and Rural Development.
The proposed procurement of 114 multi-role fighter aircraft (MRFA) is being “progressed” under the “Make in India” framework, the government has told a parliamentary standing committee. In its report, the Parliamentary Standing Committee on Defence has recommended that the government should consider buying fifth-generation fighter aircraft “over the counter” without “losing time” if the MRFA project gets delayed. The report of the panel was tabled in Parliament on Wednesday. In April 2019, the Indian Air Force issued an RFI (request for information) or initial tender to acquire 114 MRFA at a cost of around $18 billion (£14.2 billion). It was billed as one of the world’s biggest military procurement programmes in recent years.
In a significant development, France has submitted its response to India’s tender for buying 26 Rafale Marine jets for the Indian Navy’s aircraft carriers – INS Vikrant and INS Vikramaditya. The response to India’s Letter of Acceptance has been submitted by France in New Delhi, defence sources told Asian News International. A team of French government officials dealing with military sales to foreign countries has flown over from Paris to submit the response to Indian tender, they said. The Indian side will carry out a detailed study of the French bid for the Indian deal including the commercial offer or price for the aircraft, along with other details of the contract, they said.
India’s manufacturing sector is poised to scale up to $1 trillion (£789.4 billion) by 2025-26 and the western state of Gujarat is expected to play a significant role in achieving this milestone. As the state gears up for the 10th Vibrant Gujarat Global Summit in January, the study done by Colliers India found that the western state achieved the highest investment in the manufacturing sector in the year 2023. The states of Maharashtra and Tamil Nadu follow Gujarat, according to the study conducted by the professional services and investment management company. Discussing Gujarat’s role in becoming India’s manufacturing hub, Swapnil Anil, executive director and head of advisory services at Colliers India, noted that Gujarat’s prowess in the sector is attributable to its pro-industry policies.
Agricultural land, bank balances, and fixed deposits exceeding Rs 2 crore (£189,939) belonging to Neeharika Singh, an Indian Foreign Service (IFS) officer, have been provisionally attached by the country’s Enforcement Directorate (ED) under anti-money laundering laws. This is part of an investigation into alleged investment fraud linked to her husband, Ajeet Kumar Gupta, identified by the ED as the “mastermind” of the Anee Bullion Industries scam. Singh, a 2006-batch IFS officer currently serving in the ministry of external affairs in Delhi, had her statement recorded earlier under the Prevention of Money Laundering Act during questioning at the ED’s Lucknow office. The money-laundering probe, initiated in 2019, stems from first information reports filed by the Uttar Pradesh Police against Gupta and others for a Rs 110 crore (£10.44 million) “cheating and fraud” scheme, according to the ED.
(With agencies)
