- Tuesday, February 25, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Friday, January 5, 2024:
German luxury carmaker Audi expects 50 per cent of its sales in India to come from electric vehicles (EVs) by 2030, according to a top company executive. The auto giant, which sells four electric models in the country, plans to expand the product range to achieve its ambitious sales target. “By 2030, we believe that close to 50 per cent of our sales here should come from EVs. That’s the trajectory that we are moving towards,” Audi India head Balbir Singh Dhillon told Press Trust of India in an interaction. He noted that the company currently gets three per cent per cent of its total sales from EVs.
India will flag issues such as proposed social security agreement, visas, and promoting agri trade in the meeting of India-US Trade Policy Forum (TPF) during January 13-14, a top government official said. US trade representative Katherine Tai will be here for a meeting with commerce and industry minister Piyush Goyal. It will be the 14th ministerial-level meeting of the India-US TPF. “There are issues pertaining to table grapes. The US also has certain issues. Social security agreement and mobility are our main focus areas,” the official said. Under the agreement, an expatriate in either country need not contribute to the social security schemes of the host country.
Indian markets regulator SEBI (Securities & Exchange Board of India) on Friday said it has lined up 16 properties of eight companies, including Vibgyor Group of Companies, Pailan Group of Companies, on January 30 to recover money illegally collected from investors. The other firms whose properties will also be auctioned are Kolkata Weir Industries, Tower Infotech group, GBC Industrial Corp group, Teachers’ Welfare Credit and Holding group, Hahnemann Herbal group and Annex Infrastructure India Ltd. The regulator has initiated the process for sale of assets of the companies as per orders by the Calcutta High Court.
The National Investment and Infrastructure Fund Ltd (NIIFL) on Friday appointed Sanjiv Aggarwal as its chief executive officer (CEO) and managing director (MD). Aggarwal’s appointment will be effective from February. He will succeed Rajiv Dhar, who has been serving as the interim CEO and MD since May 2023, according to a statement on Friday. NIIFL is a collaborative investment platform for international and domestic investors anchored by the Centre and effectively acts as a sovereign wealth fund. Aggarwal has experience in the infrastructure and energy sectors. He will join from Actis, a global investor in sustainable infrastructure, where he became its partner in 2010. Before joining Actis, he worked with Citigroup and ANZ Investment Bank in the energy and infrastructure sectors, the statement said.
The western Indian state of Gujarat has not only emerged as the growth engine of a New India but has also gained global recognition, becoming the most preferred destination for investors, the state’s industries minister Balvantsinh Rajput said on Friday. Highlighting the state’s achievements through various programmes, including the upcoming Vibrant Gujarat Global Summit next week, the minister said despite its small geographical size, Gujarat boasts a remarkable 33 per cent share in exports. Further, the state contributes 18 per cent to the total production of the country and holds the top position in the logistics ranking.
Officials from India’s federal government have met representatives from shipping companies and exporters to understand the impact of the evolving situation in the Red Sea. Sources in the government said that they were closely watching the unfolding situation in the Red Sea amid growing global concerns over attacks on several commercial ships in the region by suspected Houthi rebels. Sources told Asian News International that the cost of freight and insurance has risen due to ships being compelled to avoid the region and take a longer route which has increased the turnaround time of 14 more days.
A Delhi court on Friday convicted a company based in the western Indian state of Maharashtra and three of its former office bearers for cheating, forgery and criminal conspiracy while seeking allocation of three state-based coal blocks in 2005. Special Judge Sanjay Bansal held Topworth Urja & Metals Ltd, earlier known as Shree Virangana Steels Ltd, and its former officer bearers – Anil Kumar Saxena, Manoj Maheshwari and Anand Nand Kishore Sarda – guilty in the case. The case relates to alleged irregularities in allocation of Marki Mangli-II, III and IV coal blocks in Umred district of the state to the company. “All the accused are convicted,” the judge said.
(With agencies)
