- Tuesday, February 25, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Thursday, February 15, 2024:
Indian exports could have seen increased growth in January if not for the Red Sea crisis, which disrupted trade by forcing freight companies to take longer routes around Africa or wait at nearby ports for safe passage through the Suez Canal, a senior government official stated. “However, despite the Red Sea crisis we have been able to sustain a growth in exports,” the official said. India’s merchandise trade deficit narrowed to $17.49 billion in January, with exports rising by 3.1 percent year-on-year, indicating resilience amidst the Red Sea situation.
S&P Global Ratings on Thursday noted that funding conditions in India may significantly limit loan growth for numerous banks in the country and credit expansion is expected to decrease by 200 basis points in the next fiscal year, Reuters reported. The credit rating agency anticipates system-level credit growth to moderate to 14 per cent in FY25, beginning April 1, down from approximately 16 per cent annual growth in the first three quarters of FY24, with margins also projected to decline. Despite this, the agency highlighted strong credit demand, favourable economic conditions, and improving asset quality supported by structural and cyclical factors.
The Tata Group is reportedly contemplating spinning off its battery business, according to informed insiders, as the conglomerate expands into India’s renewable energy and electric vehicle sectors. Agratas Energy Storage Solutions Pvt, currently under discussion for potential independence, could eventually go public in Mumbai, the sources said on the condition of anonymity. They also suggest a listing could value Agratas at $5 billion to $10 billion, contingent on its growth and market sentiment. Tata declined to comment on the matter.
Supplier of automotive systems for automobiles ZF inaugurated this week its manufacturing facility near Chennai in the southern state of Tamil Nadu to produce auto-components and systems for electric vehicles. The Berlin-headquartered ZF Group has been expanding its manufacturing base in India. The new facility is its 19th production unit in the country and its 10th in Tamil Nadu. The factory is spread across 44.08 acres in Oragadam about 45 kilometres from the capital city. The state’s minister for industries, T R B Rajaa, said the inauguration of the new facility and the other memorandums of understanding signed by the state government with various multinationals were creating job opportunities in the state.
In February 2024, SI-UK India will host four UK University Application Days in the Indian cities of Vijayawada, Hyderabad, Ludhiana, and Chandigarh at SI-UK offices. The application days are a starting point for Indian students wishing to study in the UK from September 2024 onwards, and each event offers a unique opportunity to meet leading universities across the UK in a private, one-to-one setting. Lakshmi Iyer, SI-UK India managing director, is looking forward to the prospect of welcoming so many students to the events, “We’re thrilled to welcome prospective students to each event as we kick off our series of UK University Application days ahead of September 2024 entry.”
(With agencies)
