- Wednesday, April 23, 2025
By: Shubham Ghosh
HERE are news related to Indian economy and business for Tuesday, July 18, 2023:
Prime minister Narendra Modi expressed confidence on Tuesday that the BJP-led National Democratic Alliance (NDA) would secure a third consecutive term in the 2024 elections, adding that India would become the world’s third-largest economy during his next tenure. Speaking at an NDA meeting in Delhi, the prime minister emphasised his unwavering dedication to serving the country and stated that he would not rest until his goals were accomplished. He also highlighted that the people have already decided to bring the NDA back to power. India is currently the world’s fifth largest economy. It was the 10th largest economy before Modi came to power in 2014.
The chairman of India’s Adani Group on Tuesday expressed confidence in the conglomerate’s governance and disclosure standards following a court panel’s finding of no lapses, Reuters reported. He criticised a US short-seller’s report earlier this year as a “malicious attempt” to harm their reputation. The panel “confirmed the quality of our group’s disclosures and found no instance of any breach,” chairman Gautam Adani said in his first comments on the findings. Adani said the Hindenburg short-seller report was a “deliberate and malicious attempt aimed at damaging our reputation and generating profits through a short-term drive-down of our stock prices”.
The two-day third G20 Finance Ministers and Central Bank Governors meeting under India’s G20 presidency concluded in Gujarat’s Gandhinagar on Tuesday. Over 500 delegates, including Finance Ministers and Central Bank Governors from G20 member countries, invitee countries, and Heads of various International Organizations (IOs) participated in the Gandhinagar meeting. The Third G20 FMCBG meeting concluded with a G20 Chair Summary and Outcome Document comprising 26 paragraphs and 2 Annexes. The meeting was jointly chaired by Indian finance minister Nirmala Sitharaman and Reserve Bank of India governor Shaktikanta Das.
Rail Vikas Nigam Limited and Russian rail infra major Transmashholding on Tuesday revealed their decision to form a joint venture to manufacture India’s elite Vande Bharat trains, Moneycontrol reported. A share purchase deal has been inked between RVNL subsidiary Kinet Railway Solutions Limited, RVNL, Joint Stock Company Metrowagonmash and Joint Stock Company Locomotive Electronic Systems, the report added. The agreement said that RVNL holds 25 per cent of the share, Joint Stock Company Metrowagonmash 70 per cent and Joint Stock Company Locomotive Electronic Systems holds five per cent.
Hospitality technology platform OYO on Tuesday announced its foray into premium resorts and hotels category with the launch of its new brand -Palette with plans to have a total of 50 properties by second quarter of FY24. The company has started 10 Palette resorts as a pilot in Jaipur, Hyderabad, Digha, Mumbai, Chennai, Manesar and Bangalore. It will add 40 more Palette resorts to its portfolio by Q2 FY 2024, OYO said in a statement. “The expansion will encompass destinations like Delhi-NCR, Kolkata, Amritsar, Shimla, Goa, Udaipur, Pune, Mussoorie, Srinagar and Kochi,” it added.
(With agencies inputs)
