- Tuesday, February 25, 2025
By: Shubham Ghosh
HERE are news related to Indian economy and business for Thursday, January 4, 2024:
IndiGo, India’s largest airline, on Thursday announced removal of fuel charges applicable on its domestic and international routes, which will make the tickets a little cheaper, Times of India reported. Tickets booked from Thursday onwards will not include the fuel charge which was introduced in October last year. The carrier said the decision was taken following a rise in prices of Aviation Turbine Fuel that went up from July onwards. IndiGo said it was withdrawing the prices with the recent reduction in ATF prices. It said it would continue to adjust its fares and components since ATF prices are dynamic in order to respond to any change in market conditions or prices.
Indian industrialist Kumar Mangalam Birla on Thursday pitched for higher participation of women in economic activities, saying it has the potential to accelerate growth dramatically. In the comments that come amid concerns about a low share in women’s participation in the labour force, the Aditya Birla Group chairman said India deserves a “double engine” of growth, where women play an important role in the economy. An official data released in October 2023 said that India’s female labour force participation rate increased to 37 per cent in FY23, but there have been some concerns about the rate being lower when compared with other countries.
The progress of the western Indian state of Gujarat has been fuelled by mega projects such as the Mumbai-Ahmedabad bullet train, Dholera Solar Park and the Hybrid Renewable Energy Park in Kutch, symbolising the state’s ambitious vision for the future, officials said. Its efforts to attract development projects and investments are set to get a boost further through the 10th Gujarat Vibrant Global Summit, to be held in Gandhinagar from January 10 to 12. The Mumbai-Ahmedabad bullet train is a 508 kilometre-long high-speed ambitious rail project worth Rs 2 lakh crore spread over Maharashtra, Gujarat and Dadra and Nagar Haveli Union Territory and set for completion in August 2026, as per officials.
India on Thursday signed a long-term agreement with Nepal that will facilitate the import of 10,000 MW of electricity from the Himalayan neighbour in the next decade. The deal was signed during the two-day visit of India’s external affairs minister Subrahmanyam Jaishankar to Kathmandu. The agreement on power export was inked in the presence of Jaishankar and Nepal’s minister for energy, water resources, and irrigation Shakti Bahadur Basnet during a bilateral meeting in Nepal’s capital. Nepal’s energy secretary Gopal Sigdel and his Indian counterpart Pankaj Agrawal inked the bilateral agreement that will facilitate the export. The two countries had reached an understanding on the electricity export during Nepali prime minister Pushpakamal Dahal Prachanda’s visit to India last year.
The Indian toy industry witnessed remarkable growth in FY 2022-23 in comparison to FY 2014-15, with a decline in imports by 52 per cent, a rise in exports by 239 per cent and development of overall quality of the toys available in the domestic market. These observations have been noted in a case study on “Success Story of Made in India Toys” conducted by the Indian Institute of Management Lucknow at the behest of the Department for Promotion of Industry and Internal Trade. The report states that the efforts of the government have enabled the creation of a more conducive manufacturing ecosystem for the country’s toy industry.
India aims to prioritise and accelerate efforts to expand its oil-storage capacity in the face of escalating geopolitical risks and an anticipated surge in refining capacity, according to a parliamentary panel report and industry analysts. According to S&P Global Commodity Insights, the move is prompted by New Delhi’s vulnerability to disruptions in the energy supply chain, especially in critical regions like the Red Sea and the Middle East. A comprehensive strategic plan is recommended to bolster the nation’s energy resilience and reduce risks associated with external dependencies. Highlighting the urgent need, the International Energy Agency standards advocate that member countries maintain oil stocks equivalent to no less than 90 days of net imports.
(With agencies)
