- Wednesday, March 05, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, January 4, 2023:
The evolving global macroeconomic headwinds could moderate growth for the Indian IT (information technology) services industry over the medium term, rating agency ICRA said on Wednesday, PTI reported. In its recent research report, ICRA has cited that given the Indian IT services industry generates about 60-65 per cent of revenues from the US market and 20-25 per cent from the European market, it remains susceptible to macroeconomic uncertainties and adverse regulatory changes in these key operating markets. Deepak Jotwani, assistant vice president and sector Head of ICRA, said: “Growth in the BFSI (Banking, Financial Services and Insurance) segment, one of the key segments for IT companies, has tapered more than other segments in recent quarters, and this is partially attributable to lower lending activity”.
The Narendra Modi government on Wednesday approved the National Green Hydrogen Mission, which aims to make India the global hub for green-hydrogen production. The total outlay for the mission is Rs 19,744 crore (£1.9 billion), out of which the government has allocated Rs 17,490 crore (£1.7 billion) for the SIGHT programme, Rs 1,466 crore (£147 million) for the upcoming pilot projects, Rs 400 crore (£40 million) for R&D, and Rs 388 crore (£38.8 million) towards other mission components. “The Union Cabinet, chaired by prime minister Narendra Modi, has approved the National Green Hydrogen Mission,” minister Anurag Thakur said while briefing reporters about the cabinet decisions.
A Memorandum of Understanding (MoU) has been signed between Hindustan Copper Limited (HCL) and the Indian Institute of Technology (Indian School of Mines), Dhanbad in the eastern Indian state of Jharkhand, ANI reported. The pact will address HCL’s need for technical assistance, guidance and consultancy works, among others, a statement from the Union Ministry of Mines said on Wednesday. The MoU was inked in Kolkata in West Bengal in the presence of Arun Kumar Shukla, CMD, HCL and professor Rajiv Shekhar, director, IIT (ISM), Dhanbad. HCL, which is in its expansion phase, will be benefitted from this initiative.
IRB Infrastructure Developers on Wednesday said its board has approved the proposal for alteration in the equity capital by split of existing share with a face value of Rs 10 (£0.10) per share into 10 shares with a face value of Re 1 (£0.010) each, PTI reported. The company in a statement said it will now initiate for shareholders’ approval and regulatory nods to bring the share split into effect for trading on stock exchanges. It has an asset base of over Rs 60,000 crore (£6 billion) in 10 states across the parent company and two Infrastructure Investment Trusts (InvITs), IRB infrastructure said.
Basavaraj Bommai, the chief minister of southern Indian state Karnataka, on Wednesday said the monthly collection of goods and services tax (GST) in the State has crossed Rs 10,000 crore (£1 billion) for three months in a row, PTI reported. He said Karnataka is behind Maharashtra in emerging from the impact of the Covid-19 pandemic. “Karnataka’s monthly GST collection has crossed Rs 10k crore for 3 months in a row, just behind Maharashtra. The positive growth proves we are on the trajectory of good growth & well past the negative impact of the Covid-induced slowdown. Proud to be boosting national economy,” Bommai tweeted.
Employees of three state-owned power companies in Maharashtra called off their strike on Wednesday evening, hours after they stopped work as part of a three-day agitation launched in support of their demands, following an assurance from the government that the utilities will not be privatised, fulfilling a key demand, PTI reported. Maharashtra deputy chief minister Devendra Fadnavis, who also holds the energy portfolio, held a meeting with trade union representatives and later said the government had no intention to privatize state-run power utilities. The decision to call off the stir was announced by Sanjay Thakur, president of the Subordinate Engineers Association, one of the unions participating in the 72-hour-long strike that started on Tuesday (3) midnight over a host of demands, following the meeting with Fadnavis.
