- Monday, April 28, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, December 29, 2022:
Tata Sons chairman N Chandrasekaran will head the new Economic Advisory Council of Maharashtra, the state government said on Thursday, PTI reported. Deputy chief minister Devendra Fadnavis made the announcement in the Legislative Council in Nagpur. “To make Maharashtra a trillion dollar economy, the state government is setting up an Economic Advisory Council, to be headed by Tata Sons chairman N Chandrasekaran,” he said. It will function as a private research organization with focus on issues related to agriculture, banking, engineering and education, among others, Fadnavis added.
India’s current account balance recorded a deficit of $36.4 billion (4.4 per cent of GDP) in Q2 of 2022-23 (July-September), up from $18.2 billion or £15 billion (2.2 per cent of GDP)1 in Q1 (April-June), Reserve Bank of India’s (RBI) balance of payments (BoP) data showed on Thursday, ANI reported. The deficit was $9.7 billion or £8.03 billion (1.3 per cent of GDP) a year ago in the July-September quarter. A current account deficit is when the total value of imports a country makes exceeds the total value of exports. “Underlying the current account deficit in Q2:2022-23 was the widening of the merchandise trade deficit to $83.5 billion (£69.2 billion) from $63 billion (£52.2 billion) in Q1:2022-23 and an increase in net outgo under investment income,” the RBI said.
Amid global shocks and challenges, the Indian economy presents a picture of resilience and the regulators are ready to take appropriate actions to preserve financial stability, Reserve Bank of India governor Shaktikanta Das said on Thursday, PTI reported. In his foreword to the 26th Financial Stability Report (FSR), Das said the international economic order stands challenged and financial markets are in turmoil due to monetary tightening in most parts of the world. Food and energy supplies and prices are under strain, debt distress is staring at many emerging markets and developing economies, and every economy is grappling with multiple challenges, he said.
IRB Infrastructure Developers on Thursday said its special purpose vehicle — Udaipur Tollway Limited — has raised Rs 700 crore through issuance of redeemable non-convertible debentures on a private placement basis, PTI reported. According to a statement, the Special Purpose Vehicle (SPV) will use proceeds to refinance the existing project debts. “The NCD (Non-Convertible Debenture) proceeds from refinancing would be utilised for part takeout financing of the existing project loans obtained and provide significant saving of over Rs 100 million (£1 million) annually at revised interest cost of nearly 8.9 per cent,” it said in a statement.
Bake-N-Shake, a premium bakery and coffee pub in the central Indian state of Madhya Pradesh has become one of the most loved food eateries in the country. With its outlets present only in MP, the bakery had limited reach only in the state, ANI/ATK reported. However, your favourite bakery will expand its reach by giving franchise opportunities in other parts of the country. It has been in discussion for a long time, but things took time to get materialized. Bake-N-Shake has been in the food industry for almost two decades. Founded in 2004, the bakery has outlets in Indore, Gwalior and Bhopal. Bake-N-Shake serves a myriad of theme cakes, personalised and customized patisseries to fulfil the demand of their customers.
With a legacy of over 25 years, leading bath brand ‘Essel’ recently launched its unique range of bathroom vanities & faucets in varied colours at Hotel Park Plaza in Chandigarh, ANI/SRV reported. The exclusive event hosted over 150 dealers and distributors across Haryana, Punjab, Uttarakhand & Jammu. Founded in 1998 by three highly ambitious people, Udey Kumar, Sameer Malhotra and Vinod Kumar, Essel aims to expand its horizons further and will host similar networking meets in Rajasthan, Uttar Pradesh, Jammu & Kashmir, and Himachal Pradesh before the end of this financial year. With a vision to create a robust network of channel partners across the country & grow as the most trusted brand, Essel has roped in Mrigendra Singh Kushan as the Vice President of the business.
India’s Eicher Motors Ltd is set to buy a nearly 10.35 per cent stake in Spanish electric motorcycle maker Stark Future SL for 50 million euros (£44.2 million), it said on Thursday, the latest such investment by an Indian company amid rising demand for electric vehicles, Reuters reported. The parent of Royal Enfield will nominate a director to the board of Stark, which currently does not have a facility in India. “This investment will pave the way for a long term partnership in collaborative research and development in electric motorcycles, technology sharing, technical licensing, and manufacturing,” Eicher said in a stock exchange filing. Rival bikemaker Hero MotoCorp said in September it would invest in California-based Zero Motorcycles to jointly develop electric motorcycles.
