- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, February 16, 2023:
Of the 19,000 memoranda of understanding (MoUs) signed by the government of the northern Indian state of Uttar Pradesh at the recently concluded three-day Global Investors Summit 2023 in state capital Lucknow, about 9,000 belong to the Micro, Small, and Medium Enterprises (MSME) sector, according to an official statement, ANI reported. The investors’ summit which came to a close last Sunday was the flagship investment summit of the state’s Yogi Adityanath government. The mega event is aimed to bring together policymakers, industry leaders, academia, think tanks and leaders from across the world to collectively explore business opportunities and forge partnerships, it said.
Indian steel minister Jyotiraditya Scindia said on Thursday that Rs 10-lakh-crore (£100.7 billion) capital expenditure announced in this year’s budget will usher in new markets that will eventually bring new opportunities for India, ANI reported. In his address at the inaugural session of the two-day 4th Edition of the Global Zinc Summit in New Delhi, Scindia said, “Today, India is one of the fourth largest producers in the world, producing almost six per cent of the world’s capacity. Zinc is an excellent corrosion-resistant material.” He said galvanized steel not only increases the lifespan but it makes the country’s infrastructure much more beautiful and safer.
Hyderabad-based Dhruva Space on Thursday signed a pact with France’s strategic equipment supplier Comat for supply of reaction wheels for satellites and components to optimise onboard solar power generation, PTI reported. As per the Memorandum of Agreement (MoA), both companies will share their technologies — Dhruva Space’s space-grade Solar Arrays for power generation, and Comat’s reaction wheels for attitude determination and Solar Array Drive Assembly for optimisation of onboard power generation — with each other. This would enable access to market and commercial opportunities for each other while jointly offering diverse solutions to third-party customers.
A fake call centre was busted after the elite Central Bureau of Investigation conducted searches at four places in Delhi NCR (National Capital Region) in an ongoing cybercrime case, ANI reported. The agency said it has recovered foreign currencies and Rs 30,964,100 (£311,884); 15 mobile phones; seven laptops containing remote-access application, TextNow app and fake international calling numbers. The sleuths also found incriminating documents pertaining to US nationals, crypto investments, chats containing details of the fraud and scripts for talking to US citizens. The accused have been identified as Harish Kumar; Amit Kumar; Rakesh Kumar Athotra; Raj Kumari and a few others whose names were not known now.
Indian prime minister Narendra Modi will address a global business summit on Friday (17), his office said. The summit, Economic Times Global Business Summit 2023, is hosted annually by The Times Group, the prime minister’s office said in a statement on Thursday, PTI reported. The theme of the summit is “Resilience. Influence. Dominance”. The two-day summit will be held on February 17-18, it said. It will bring together thought leaders, policymakers, academicians and corporate heads on a common platform, seeking to provide solutions to key economic challenges, it said.
Navratna Defence PSU Bharat Electronics Ltd (BEL) has signed a memorandum of understanding (MoU) with the Indian Institute of Science (IISc), Bengaluru, to work together in Artificial Intelligence (AI), Machine Learning (ML) and other emerging technologies, PTI reported. The MoU, inked on the sidelines of the ongoing Aero India 2023 here, aims at leveraging the complementary strengths and capabilities of BEL and IISc, Bengaluru-headquartered BEL said in a statement. The agreement will enable BEL and IISc to develop various products and services wherein AI is embedded and integrated. IISc will provide specialised services in AI and ML for BEL to initiate various projects in terms of development of R&D solutions, Algorithms, and training to BEL engineers, among others.
