- Tuesday, February 25, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Monday, January 1, 2024:
The Narendra Modi government on Sunday appointed Arvind Panagariya, a former vice president of government’s main policy think tank NITI Aayog, as the chairman of a new finance commission that will recommend how federal taxes will be shared with the country’s states. India forms a commission every five years to come up with the formula for sharing of taxes between the federal and state governments, and make recommendations on public finances. Currently, the country shares 42 per cent of federal taxes with states.
In a momentous New Year announcement, Air India revealed that its brand-new Airbus A350, first of its kind in India, will commence commercial service on January 22. The airline has opened bookings for domestic flights operated by the state-of-the-art A350, offering passengers a chance to experience its unparalleled comfort and cutting-edge technology.
Initially deployed on domestic routes for crew familiarization and regulatory compliance, the Airbus A350 flights will connect major cities including Bengaluru, Chennai, Delhi, Hyderabad, and Mumbai. The schedule for the A350 domestic flights, effective January 22, includes multiple routes, allowing passengers to experience the new aircraft’s features and services.
Indian billionaire businessman Anand Mahindra on Monday said in a post that the global stage is set for India to emerge as a credible competitor to China in the supply-chain sector. The shift will create a key opportunity in 2024, leading to unprecedented volumes of investment in the South Asian economy, feels the chairman of the Anand Mahindra Group. Expressing optimism in his New Year message, Mahindra said all indicators suggest that the Indian economy is set to achieve “the mythical lift-off that we have been awaiting for decades.” He also predicted that in the new year, companies that can develop a portfolio of desirable products, encompassing both features and pricing, will meet the positive challenge of raising their production to meet rising demand.
M Rajeshwar Rao, deputy governor of the Reserve Bank of India, delivered a virtual address last month, at the 106th Annual Conference of the Indian Economic Association in Delhi. The focus of the speech was on innovations in banking, emphasising the evolving role of technology and artificial intelligence (AI) in shaping the financial landscape. Rao commenced his address by acknowledging the pivotal role banks have played in supporting the growth of the Indian economy. “If we were to analyse the evolution of the Indian banking sector over the last five decades, we could classify this evolution into three distinct phases – post nationalisation, liberalisation, and the third and current phase, which we could term democratisation,” he said.
The focus of the western Indian state of Gujarat on animal husbandry has contributed significantly to the prosperity of the state’s people as 3.6 million milk producers collectively receive Rs 200 crore (£18.8 million) daily from the Gujarat Cooperative Milk Marketing Federation (GCMMF), officials said. The dairy sector in the state has grown to Rs 1 lakh crore (£9.4 billion), they said. The upcoming 10th edition of the Vibrant Gujarat Global Summit, to be held in Gandhinagar between January 10 and 12, will provide a platform for the government to showcase the state’s exponential growth in agriculture, horticulture and animal husbandry, the state’s chief minister Bhupendra Patel has said.
(With agencies)
