- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news in brief related to India’s economy and business for Thursday, July 28, 2022:
India has overtaken the US as far as the number of users engaged in online transactions, including e-commerce, are concerned. According to a report by the Internet and Mobile Association of India (IAMAI), around 346 million Indians are engaged in online transactions such as e-commerce and digital payments and the number is greater than the total US population estimated at 331 million, the Hindu BusinessLine reported.
The auction of 5G spectrum for telephony services will stretch to the fourth day on Friday (29) after 16 rounds of bidding fetched bids worth Rs 1,49,623 crore (£15.48 billion/$18.7 billion), Press Trust of India reported. Ashwini Vaishnaw, the country’s communications minister, on Thursday said 16 rounds of bidding have been completed in the first three days of the auction that started on July 26 and it will continue on Friday.
The Indian government’s spending on advertisements in media — print and electronic — has gone down by 75 percent over the last five years, data submitted by the country’s information and broadcasting minister Anurag Thakur in the Rajya Sabha or Upper House of the Indian parliament on Thursday showed, Moneycontrol News reported. As per the data that the minister gave in response to a question in the parliament, the expenditure incurred by the government on print advertisements through the Central Bureau of Communication in FY18 was Rs 636.09 crore (£65.8 million/$79.8 million), with another Rs 468.92 crore (£48.5 million/$58.8 million) spent on advertisements in electronic media. Together, ad spending in print and electronic media was Rs 1,105.01 crore (£114.3 million/$138.7 million) in FY18.
Indian motorcycle manufacturer TVS Motor Company on Thursday reported operating revenue of Rs 6,009 crore (£621.8 million/$754.3 million) for the quarter ended June 2022 as against Rs 3,934 crore (£407.1 million/$493.8 million) reported in the quarter ended June 2021, ANI reported. The company reported EBITDA of Rs 599 crore (£61.9 million/$75.1 million) for the first quarter of 2022-23 as against EBITDA of Rs 274 crore (£28.3 million/$34.3 million) in the first quarter of 2021-22. The company’s EBITDA margin for the quarter is at 10 per cent as against the EBITDA margin of seven per cent reported in the first quarter of 2021-22.
FMCG major Nestle on Thursday said it will acquire the pet foods business of Purina Petcare India for Rs 123.5 crore (£12.7 million/$15.5 million), providing Nestle an access to the fast-growing business in the country, PTI reported. Both Nestle India and Purina Petcare India are subsidiaries of Swiss major Nestle S.A. According to a regulatory filing, the board of Nestle India on Thursday “approved the acquisition of Pet Foods Business (PFB) from Purina Petcare India through business transfer” with effect from October 1, 2022. Nestle S.A. owns 100 per cent of Purina Petcare India and 62.76 per cent of Nestle India.
Good relations with Uzbekistan is key to India’s vision of an integrated extended neighbourhood, India’s commerce and industry minister Piyush Goyal said on Thursday, Asian News International reported. Addressing the 13th session of the India-Uzbekistan Intergovernmental Commission in New Delhi, Goyal said India and Uzbekistan are celebrating 30 years of diplomatic relations. In his remarks, the minister said India is keen to have a vibrant people-to-people relationship with Uzbekistan.
India’s Exide Industries said its subsidiary has executed a sales agreement in Bengaluru, Karnataka, to set up a lithium ion battery cell manufacturing facility, PTI reported. Exide Energy Solutions Ltd (EESL) has executed the lease-cum-sale agreement with Karnataka Industrial Areas Development Board (KIADB) for procuring land parcels in Bengaluru, the company said in a regulatory filing.
