- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news in brief related to Indian economy and business for Wednesday, July 20, 2022:
India’s central bank — the Reserve Bank of India (RBI) is ready to sell a sixth of its foreign exchange reserves to defend the rupee against a rapid depreciation after it plumbed record lows in recent weeks, a senior source aware of the central bank’s thinking told Reuters. The rupee has lost over seven seven per cent of its value in 2022 and weakened past the psychological level of 80 per U.S. dollar on Tuesday, but the source said the fall would have been far bigger if the RBI had not stepped in to stem the decline.
The RBI is working on a phased implementation of the Central Bank Digital Currency (CBDC) in both wholesale and retail segments, Ajay Kumar Choudhary, executive director, RBI, said on Wednesday, Asian News International reported. Addressing an event organised by industry body FICCI (Federation of Indian Chambers of Commerce and Industry), Choudhary said that with the announcement of CBDC in the national budget, necessary amendment to the relevant section of the RBI Act 1934 had been made enabling RBI to conduct pilot and subsequent issuance of CBDC. “RBI is also working on phased implementation of a Central Bank Digital Currency in both wholesale and retail segment,” he added.
India’s largest energy conglomerate NTPC has signed a memorandum of understanding with Moroccan Agency for Sustainable Energy for cooperation in the renewable energy sector, the country’s power ministry said on Wednesday.
The agreement was signed during the 17th CII EXIM conclave on India-Africa growth partnership held recently in New Delhi. The conclave witnessed huge participation from several African countries and deliberations were held to promote investment and collaboration between Indian and African firms in various sectors in Africa.
The Dapper Cheetah Club, India’s first community-driven Non-Fungible Token (NFT), successfully launched the first phase of its collection – the issuance of limited 200 NFTs with amazing utilities, ANI reported. Dapper Cheetah Club has a one-of-its-kind collection of 10,000 Cheetah NFTs on the Metaverse or the digital space. The highly anticipated tokens were launched and were fully indulged by enthusiasts, investors and traders alike.
German luxury auto major Audi has said that rising individual market share in India over the past years was possible only with aggressive pricing but it has stopped focusing on discounts now and eyes sustainable growth with better margins, the Hindu BusinessLine has reported. Alexander von Waldenburg-Dresel, director — Region Overseas, Audi, told the news publication, “The target is a holistic target…we are not chasing or hunting for rankings and sales records. We really look at the complete business case– how the brand performs, how is the customer satisfaction level and what the profitability looks like. That is how we measure success. The numbers will follow automatically.”
