- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news in brief related to Indian economy and business news for Friday, July 22, 2022:
The total number of recognised startups in India rose from 471 in 2016 to 72,993 as on June 30, 2022, helped by proactive government interventions, India’s minister of state for commerce and industry Som Parkash said on Friday. Startups and the entire technology ecosystem are the engines of growth for any country. Recognising this aspect, the the Indian government launched Startup India initiative on January 16, 2016, with an aim to build a stronger ecosystem for nurturing India’s startup culture that would further drive our economic growth, support entrepreneurship, and enable large-scale employment opportunities, the minister said in a written reply to a question in the Rajya Sabha or Upper House of the Indian parliament.
Reliance Retail, a subsidiary of Reliance Industries Limited (RIL), on Friday reported consolidated gross revenue of Rs 58,554 crore (£6 billion) for the quarter ended June 30, 2022, registering a year-on-year growth of 51.9 per cent, Asian News International reported. The company’s net profit during the first quarter of the current financial year surged by 114.2 per cent year-on-year to Rs 2,061 crore (£214 million). Reliance Retail’s EBITDA for the quarter ended June 30, 2022, rose to Rs 3,837 crore (£399 million), registering growth of 97.8 per cent.
Telecom major Vodafone Idea Ltd (VIL) on Friday that Akshaya Moondra will become its next chief executive officer (CEO). His three-year tenure will kick off on August 19, 2022, the company said in a statement, Moneycontrol News reported. Moondra, who is currently VIL’s chief financial officer, would replace Ravinder Takkar as the CEO. The latter’s three-year term at the company’s helm is scheduled to conclude on August 18.
Indian government think tank NITI Aayog on Friday launched two significant initiatives — E-AMRIT (Accelerated e-Mobility Revolution for India’s Transportation) mobile application to raise awareness on electric mobility and, the Report on Advanced Chemistry Cell Battery Reuse and Recycling Market in India, during the visit of COP26 president Alok Sharma to India on July 21-22, 2022, said an official statement.
The Indian economy is relatively better placed amid grim global scenario, said the Reserve Bank of India (RBI) governor Shaktikanta Das on Friday, adding that the domestic currency rupee is holding up well relative to advanced and emerging market (EM) peers. “RBI has been supplying US dollars to the market to ensure adequate supply of liquidity. Also, it is necessary to look at unhedged forex exposures factually, rather than being alarmed by it,” he said while speaking at a banking conference on Friday.
IndiaMART Inter MESH Limited on Friday reported a consolidated net profit of Rs 47 crore (£4.9 million) for the quarter ended June 30, recording a year-on-year decline of 49 per cent, ANI reported. The company reported consolidated total revenue from operations of Rs 225 crore (£23.3 million) in Q1 FY23, a growth of 24 per cent YoY primarily driven by 23 per cent increase in number of paying subscription suppliers and addition of Rs 10.53 crore (£1.09 million) revenue from accounting software services. Consolidated deferred revenue of IndiaMART increased by 34 per cent YoY to Rs 961 crore (£100 million) as on June 30, 2022.
