- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news in brief about the Indian economy and business for Tuesday, July 12, 2022:
The Indian rupee hit a fresh record low against the US dollar on Tuesday as the American currency strengthened globally amid weakness in the global equities, Asian News International reported. At the interbank foreign exchange market, the partially convertible rupee hit a record low of 79.66 against the US dollar. The rupee closed at 79.60 (provisional) on Tuesday against its previous day’s close at 79.45 against a dollar.
India’s factory output measured by the Index of Industrial Production (IIP) posted a robust growth of 19.6 per cent in May 2022, sharply higher from 7.1 per cent recorded in the previous month, as per the government data released on Tuesday, ANI reported. The manufacturing sector posted a growth of 20.6 per cent in May, while power generation soared by 23.5 per cent year-on-year during the month under review.
The Aam Aadmi Party government of the northern Indian state of Punjab has appointed Rajinder Gupta, chairman of Trident Group, as the vice-chairman of the state’s economic policy and planning board, Punjab, with immediate effect for three years, ANI/SRV reported. Gupta, who is a Padma Shri awardee, served as the vice chairman of the Planning Board under the previous Congress government in the state.
Almond Solutions, one of India’s leading channel engagement and experiences platform companies has been invited (amongst a selected few from Asia) to the Metaverse Summit 22 in Paris, France, to showcase its metaverse capabilities to investors, corporates, and meta-enthusiasts, ANI/SRV reported. The company will discuss and showcase at the event glimpses of its B2B and sales channel-focused metaverse solutions.
Live-streaming and auctions platform CraterClub announced it has joined hands with LEARN project, an Indian blockchain project founded by Rohas Nagpal, to set up India’s first decentralized creator loyalty programme ANI/SRV reported. CraterClub provides solutions for distribution, engagement and monetization of live interactive content for creators and educators.
Indian stocks in the paper and paper products manufacturing business have outperformed the overall broader market indices in 2022 in line with the country’s move to phase out several single-use plastics to reduce plastic pollution, ANI reported. The Narendra Modi government has issued guidelines to states asking them to ban the use of select single-use plastics effective from July 1, 2022, which was widely appreciated by various industries and the international community.
Gautam Adani-led Adani Data Networks, Reliance Jio, Bharti Airtel and Vodafone Idea have applied to participate in the upcoming 5G auction, according to a list issued by the Department of Telecom on Tuesday, the Press Trust of India reported. The spectrum auction, scheduled to start on July 26, may see aggressive bids for some frequency bands, with the entry of Adani Data Networks and established players Reliance Jio and Bharti Airtel looking to strengthen their hold in the industry.
India’s poultry sector is growing at 8-10 per cent a year but is hampered by a shortage of talent, the Hindu BusinessLine reported. There are two main reasons for this — lack of awareness about the available job opportunity in the sector and lack of interest in the sector among those seeking jobs, S Harish, chief human resources officer of Coimbatore-based poultry group Suguna Holdings Pvt Ltd, told the news website.
Bengaluru-based home-furnishing start-up Furlenco expects to more than double its revenue to ₹500 crore by March 2024 with entry into furniture-sale business, a top company official said on Tuesday, PTI reported. “Furlenco is now going to start selling furniture to this new customer segment. Customers can now buy our brand new designer furniture and then, regardless of whether you use it for a short term like one to two years or you want to use it for 4-5-6 years and still sell it back to Furlenco at a predetermined price,” Furlenco founder and CEO Ajith Mohan Karimpana was quoted as saying.
