- Tuesday, February 25, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Tuesday, January 9, 2024:
Tata Starbucks, a collaboration between Starbucks and Tata Consumer Products, unveiled on Tuesday its ambition to expand its cafe count in India to 1,000 by 2028, up from the current 390, amidst heightened competition from local chains, Reuters reported. The coffee venture aims to penetrate Tier-2 and Tier-3 cities in India, known for its tea culture, and enhance services with more drive-thru, airport-based, and 24-hour cafes. Additionally, Tata Starbucks intends to double its workforce to 8,600, facing challenges from emerging local competitors such as Third Wave and Blue Tokai.
French multinational automobile maker Renault has urged India to align with its regulatory roadmaps, citing unnecessary engineering expenses incurred due to New Delhi’s decision not to enforce a proposal mandating six airbags in cars, according to the company’s country head Venkatram Mamillapalle, Reuters reported. With less than a two per cent share in India’s auto market, Renault is recalibrating its approach to regulatory changes, opting to wait for finalised regulations before implementation. The shift follows India’s postponement of the six-airbag mandate proposed in 2022 after Renault had already invested in re-engineering. The company emphasizes the importance of government adherence to regulatory paths to avoid substantial costs. The automaker’s concerns come a day ahead of one of the country’s largest gatherings of investors in prime minister Narendra Modi’s home state of Gujarat beginning Wednesday (10).
Bhupendra Patel, chief minister of the western Indian state of Gujarat, has expressed satisfaction that 48 per cent of his state’s total electricity-generation capacity comes from renewable energy. “Gujarat is emerging as a powerhouse in renewable energy and green hydrogen. With a substantial contribution of 16.5 per cent (approximately 22.7 GW) to India’s total renewable energy capacity, the state is poised to add 30 GW through the world’s largest hybrid solar and wind park in Kachchh by 2025,” he told the Press Trust of India in an interview. Patel also said that the Gujarat Semiconductor Policy (2022-27) has made it the first state in India with a dedicated policy for the semiconductor sector. He was speaking ahead of the Vibrant Gujarat Global Summit starting in Gujarat’s capital Gandhinagar on Wednesday (10).
India’s elite Central Bureau of Investigation (CBI) has filed a charge sheet against three persons and a company for allegedly cheating customers of e-commerce giant Amazon in the US and Mexico by not supplying products bought through the online marketplace, officials said Tuesday. The agency invoked legal sections related to criminal conspiracy, cheating and forgery among others against Ayush Kumar Gupta, Piyush Gupta, Om Prakash Gupta and Gupta Trading Co, they said. The agency had started the investigation by registering an FIR against them on September 27, 2022, on a complaint from the Corporate Counsel of Amazon Seller Services Pvt Ltd. on behalf of Amazon.com.Inc and Amazon Seller Services Pvt Ltd, the officials in the know of the developments said.
Six months after it was announced by the prime ministers of both countries, India has discussed the early launch of the UPI (Unified Payments Interface) payment system with Sri Lanka and reiterated its support in the cash-strapped island nation’s debt restructuring process. In July 2023, prime minister Narendra Modi and Sri Lankan president Ranil Wickremesinghe signed an agreement on UPI acceptance during the latter’s two-day visit to India. The latest discussion took place on Monday (8) during a meeting between Indian high commissioner Santosh Jha and the governor of the Central Bank of Sri Lanka, Dr Nandalal Weerasinghe.
India’s JSW Steel on Tuesday reported a 12 per cent year-on-year rise in its consolidated crude steel production to 6.87 million tonnes (MT) in October-December period of ongoing fiscal. Its consolidated crude steel production was at 6.14 MT in the same period last financial year, according to a statement. From its India operations, the company produced 6.63 MT of steel in October-December, up 9 per cent over 6.06 MT in the year-ago period. In India, the capacity utilisation level stood at 94 per cent in the third quarter. JSW Steel USA – Ohio produced 0.24 MT steel, up three-fold from 0.8 MT produced in October-December 2022-23. JSW Steel is the flagship business of the diversified $23 billion (£18 billion) JSW Group.
(With agencies)
