- Wednesday, March 12, 2025
By: Shubham Ghosh
HERE are some news related to India’s economy and business for Friday, July 29, 2022:
The marathon auction for the 5G spectrum came to an end on Friday with the Indian government receiving bids worth Rs 1,49,855 crore (£15.5 billion/$18.8 billion) after 23 rounds of bidding, Asian News International reported. Seven rounds of bidding were conducted on the final day of the auction which started on Tuesday (26). According to Indian minister of communications Ashwini Vaishnaw, the value of total bids received after the 23rd round of the auction stood at Rs 1,49,855 crore.
India on Friday launched its first international bullion exchange as the world’s second-biggest consumer of the precious metal tries to bring transparency to the market for the precious metal. India International Bullion Exchange (IIBX), based at Gujarat International Finance Tec-City, or GIFT City in western Gujarat state, could lead to standard gold pricing in India and make it easier for small bullion dealers and jewelers to trade. “We would have better price negotiation strength with the launch of this bullion exchange,” Indian finance minister Nirmala Sitharaman said.
The Indian government’s fiscal deficit stood at Rs 3.52 lakh crore (£36.4 billion/ $44.3 billion) in April-June, accounting for 21.2 per cent of the full-year target, data released by the Controller General of Accounts showed, Moneycontrol reported. In the first three months of FY22, the fiscal deficit was Rs 2.74 lakh crore (£28.3 billion/$34.5 billion), it said. The fiscal deficit in the first quarter of the current financial year is 28.3 per cent more on a year-on-year basis, the Moneycontrol report added. The government is targeting a fiscal deficit of Rs 16.61 lakh crore (£172 billion/$209 billion) for FY23, or 6.4 per cent of GDP, it added.
India’s eight core industries that include coal, cement, electricity, refinery products, fertilizers, steel, and natural gas, registered a growth of 12.7 per cent in June against 9.4 per cent recorded in the same month last year, according to official data released on Friday, ANI reported. The combined Index of Eight Core Industries increased by 12.7 per cent (provisional) as compared to the Index of June 2021, data released by the country’s ministry of commerce & industry said. Coal production (weight: 10.33 per cent) increased by 31.1 per cent in June 2022 over June, 2021. Its cumulative index increased by 31.2 per cent during April to June, 2022-23, over the corresponding period of the previous year.
India’s inflow of foreign direct investment (FDI) scaled an all-time high of more than Rs 6.3 lakh crore (£62.5 billion) in fiscal year 2021-22, the country’s ministry of commerce and industry said on Friday. In an official release, the ministry said, “India has received its highest ever FDI inflow of Rs 6,31,050 crores (£65.7 billion) in financial year 2021-22.” FDI equity inflow in manufacturing sectors went up to Rs 1,58,332 crore (£16.5 billion) in FY 2022 from Rs 89,766 crore (£9.35 billion) in FY 21, seeing a rise of 76 per cent.
The Indian government blocked a popular battle-royale format game from Krafton Inc, a South Korean company backed by China’s Tencent, as it was concerned about its data sharing and mining in China, Reuters said citing an Indian government source as saying.
India’s sector lender YES Bank on Friday considered and approved at its board meeting proposals for private equity investment. The lender will sell 10 per cent of its stake to the Carlyle Group and Advent International for ₹8,898 crore, Mint reported. Funds affiliated with Carlyle and Advent, CA Basque and Verventa Holdings, respectively, are likely to acquire up to 10 per cent stake in the bank, the report said. The Mint report also said that the proposed sale of securities to the two entities is subject to regulatory approvals, including from India’s central bank — the Reserve Bank of India and the country’s main national competition regulator — Competition Commission of India.
GMR Infrastructure will seek shareholders’ approval to change its name to GMR Airports Infrastructure Ltd, the Press Trust of India reported. The company will seek the nod of shareholders through a postal ballot, it said in a filing to BSE on Thursday (28). Shareholders’ approval will be sought for the change of name of the company from ‘GMR Infrastructure Limited’ to ‘GMR Airports Infrastructure Ltd’ and consequent alteration in the Memorandum and Articles of Association of the company, the filing said. The voting through the electronic mode would end on August 27.
India’s online food delivery platform Swiggy has decided to start permanent work-from-anywhere for the majority of roles. Under the new policy, the corporate, central business functions and technology teams will continue to work from remote positions and get together once every quarter at their base location for a week for the promotion of personalised bonding.
