- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Thursday, July 20, 2023:
India’s capital Delhi faces potential losses of Rs 2.75 lakh crore (£26 billion) by 2050 due to climate change impacts, with severe risks to vulnerable populations. The warning comes from the city government’s draft action plan which emphasises rising temperatures, extreme precipitation and related challenges. The plan, which is pending approval, highlights “heat waves/higher temperature and heavy precipitation events over fewer number of days” as major challenges that the city will confront in the upcoming years. Urgent measures, including drainage system improvements and vulnerability assessments, have been proposed. The plan aims to install low-cost sensors, utilise pumps and establish rapid response teams to address urban flooding. Different districts are ranked based on their vulnerability, guiding targeted adaptation strategies.
World’s leading rice exporter India has prohibited exports of non-basmati white rice, drawing comparisons to the impact of the Ukraine war on wheat supplies, Reuters reported. The ban is effective immediately. According to New Delhi, the ban was imposed after retail rice prices went up three per cent in a month as late monsoon rains affected crops adversely. While a late monsoon resulted in a major shortfall of rain up to mid-June, heavy rains have caused significant damage since then. The South Asian nation accounts for more than 40 per cent of the global rice exports but low inventories mean any reduction in shipments will fuel food prices driven up by the war and erratic weather. The move also demonstrates the sensitivity of the Narendra Modi government to food inflation ahead of next year’s general elections.
Air India has confirmed an order for 800 CFM International Leap-series engines to power its incoming fleet of Airbus A320neo/A321neos and Boeing 737 MAX family aircraft. The deal includes a multi-year services agreement for the entire LEAP engine fleet, enhancing operational efficiency and reducing environmental impact. CFM expressed pride in Air India’s trust, committing to provide top-notch reliability, efficiency, and customer support for the airline’s development. The LEAP engine family has accumulated impressive flight hours and cycles, marking a significant milestone for CFM. “We are delighted to celebrate with CFM a major deal that will play a key role in our future development,” said Campbell Wilson, Air India’s CEO and managing director.
PVR Inox, a multiplex chain, has decided to open 150 screens with an investment worth Rs 400-450 crore in FY24, Moneycontrol reported. The company, which set up a 12-screen superplex in the southern city of Bengaluru on Thursday (20), will focus more on south India in days ahead owing to high consumption in the market, the report added. By superplex is meant a property with 10 or more screens offering various formats and experiences under a single roof. Speaking to Moneycontrol, PVR Inox’s executive director Sanjeev Bijli said the company has invested Rs 72 crore for the new theatre in Bengaluru that has been launched in partnership with Prestige Group.
(With agencies inputs)
