- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news in brief related to Indian economy and business for Tuesday, July 19, 2022:
India attracted $343.64 million (£286 million) foreign direct investment (FDI) equity inflow in the research and development (R&D) sector during the calendar year 2021, which is 516 per cent more when compared to the previous year, as per the government data released on Tuesday, Asian News International reported. FDI is permitted under 100 per cent automatic route in R&D sector subject to applicable laws/regulations, security and other conditionalities. The southern Indian state of Karnataka is the top FDI Equity recipient state in R&D during 2021 followed by Telangana and Haryana.
The Indian rupee fell to more than 80 per US dollar for the first time on record Tuesday (19), as the greenback extended its rally and foreign capital outflows intensified. The rupee hit 80.0600 against the greenback soon after trading started, compared with the previous close of 79.9775, Bloomberg data showed, AFP reported.
India has a total of 13.34 lakh (1.33 million) electric vehicles while the number of non-electric vehicles stood at 27.81 crore (278 million), India’s minister of state for heavy industries Krishan Pal Gurjar said on Tuesday, ANI reported. In a written reply to a question in the Lok Sabha or Lower House of the Indian parliament, Gurjar said the Narendra Modi government is taking a number of steps to promote use of electric vehicles in India. The government introduced the Faster Adoption and Manufacturing of (Hybrid and Electric Vehicles in India (FAME India) scheme in 2015 with an aim to reduce dependency on fossil fuels and address issues of vehicular emissions.
MGM Muthoot Hospitals, partnering with Khans Media City, Dubai, the UAE, extended its wings globally by organising the launch of its International Health Care Programme and health check-up packages on July 1, 2022, at MGM Hospital, Kozhencherry, Kerala, India, ANI/PNN reported. Dr Mohammed Khan, founder, president, and CEO of Khans Media City, Dubai, inaugurated the programme. Muthoot International Patient Care Program is conceived to provide the most proficient and superlative treatment which not only benefits Keralites and their family members across the world but is also well equipped to facilitate any International Clientele worldwide.
Gujarat-based Maximus International Limited (MIL) has drawn up an over Rs 25-crore (£2.6 million) expansion plan for East African operations, over the next 2-3 years, ANI/PNN reported. This plan is designed to augment its manufacturing capacity by setting up a new state-of-the-art manufacturing facility. It will also enable MIL’s expansion into high-potential markets in Africa. The company aims to expand its top-line by over 20 per cent CAGR in the same period and also expand its manufacturing capacity from the present 20,000 kilolitres per annum to 60,000 kilolitres per annum over the next 2-3-years.
Solar energy, infrastructure, military cooperation and startup ecosystem are four critical areas where India can be a valuable partner to African nations, India’s commerce and industry minister Piyush Goyal said on Tuesday, Press Trust of India reported. The trade between India and African countries has been pretty balanced with exports of trade and services of about $40 billion (£33.3 billion) and imports of $49 billion (£40.7 billion), Goyal said while speaking at the inauguration of 17th CII-Exim Bank conclave in New Delhi.
