- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Thursday, July 27, 2023:
AirAsia India has got approval from the Directorate General of Civil Aviation (DGCA), India’s civil aviation regulator, to fly its aircraft under the Air India Express brand, Mint reported citing the carrier on Thursday. In an exclusive report earlier this week, Mint said that AirAsia India has sought the DGCA’s nod to expedite the integration of the two carriers, including a rebranding from AirAsia India to Air India Express. According to the airline, the approval from the regulator allows both Air India Express Ltd. and AIX Connect flights to be operated under ‘Air India Express’, prior to the subsequent scheduled legal merger of the two entities.
Air India, owned by the Tata Group, is considering expanding its flight operations to more US cities, including Los Angeles and Boston, PTI reported citing sources. Currently serving five American cities with non-stop flights, the airline is assessing various metrics for potential new destinations. Air India’s codeshare partnership with United Airlines adds to its plans for expanding its base in the US, according to the sources. “We are planning to expand (our base) in the US and various cities are being assessed for potential new destinations. So, Boston is one of them, and Los Angeles too is among the cities that are being assessed,” one of the sources said. “We are weighing other metrics as well,” the source added.
Adani Enterprises on Thursday revealed that its new renewable energy-focused unit, Adani New Industries Limited (ANIL), secured a working capital loan of $394 million (£307.8 million) from Barclays and Deutsche Bank AG for its integrated solar module manufacturing facility, Reuters reported. ANIL is also developing an integrated green hydrogen venture, encompassing solar modules and wind-turbine production. The loan comes as the Adani Group reevaluates its expansion plans, which were halted following a negative report from US-based short seller Hindenburg Research in January, leading to a substantial decline in the market value of Adani companies.
A report by PHD Chamber of Commerce and Industry (PHDCCI) has predicted in a report that India-US trade will likely reach $300 billion (£234.3 billion) by 2026-27, surging 60 per cent from $188 billion (£146.8 billion) in 2022-23. The report titled “The India-US Bilateral Relations: Steady Strides into the Future” was produced by the Research Bureau of PHDCCI. The volume of India’s exports to the US increased from $82 billion (£64 billion) in 2018-19 to $111 billion (£86.7 billion) in 2022-23, while imports rose from $58 billion (£45.3 billion) to $76 billion (£59.3 billion) during the same period. Both countries are collaborating closely in trade and share common interests in promoting global economic prosperity through forums such as G20, Quad, and Indo-Pacific Economic Framework for Prosperity. Prime minister Narendra Modi’s recent visit to the US resulted in significant takeaways, including co-production of jet engines and collaboration in emerging artificial intelligence technology.
India’s Central Bureau of Investigation (CBI) has arrested a resident of Delhi who allegedly posed as a Canadian government official and coerced his targets into transferring their assets to crypto wallets before siphoning them off with his accomplices, officials said Thursday. The CBI had recovered Rs 1 crore (£95,003) cash from the premises of prime accused Sahil Pal, a resident of Mukherjee Nagar in North Delhi, during a search on Tuesday (25). On May 11, he was booked along with a person named Ashish Bhambani by the agency on inputs from the Canadian authorities, the officials said. Pal was produced before a special CBI court which sent him to the CBI custody till Saturday (29) for further interrogation, they said.
(With agencies inputs)
