- Tuesday, April 01, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Monday, July 31, 2023:
Korean electronics major Samsung aims to capture 50 per cent share of India’s super premium smartphone segment, currently dominated by iPhone-maker Apple, with its Galaxy Fold 5 and Galaxy Flip 5. The company’s president, T M Roh, stated that they intend to increase their market share from the current 35 per cent to 50 per cent in the segment of devices priced above $1,000 (£778). According to Counterpoint Research, Samsung led the overall India market with 20 per cent market share in the first quarter of 2023 and its share in the ultra premium category, which is devices above Rs 45,000 (£426) apiece, increased by 247 per cent on a year-over-year basis.
Air India and Interglobe Aviation, which operates Indigo, have received approval from the Directorate General of Civil Aviation to import aircraft, India’s ministry of civil aviation announced in a statement on Monday. According to the press release, Air India and Interglobe Aviation have been granted in-principle approval for import of 470 and 500 aircraft, respectively. The statement also said that the cost of acquiring the planes, which is a commercial transaction between the airline and the Original Equipment Manufacturers, is not available with it. The aircraft are proposed to be imported during 2023-2035, as per the induction plan of the carriers.
Walmart has reportedly taken more control of Indian e-commerce company Flipkart by buying out hedge fund Tiger Global and venture capital firm Accel’s remaining stakes, media reports on Monday said. It paid $1.4 billion (£1.08 billion) to buy the remaining Flipkart shares owned by Tiger Global recently, valuing the Indian company at about $35 billion (£27.2 billion), the Wall Street Journal reported, citing a letter that the fund sent to investors. This is down from the near-$38 billion (£29.5 billion) valuation that Flipkart attained two years ago. A Walmart spokesperson told Reuters on Monday that the company bought additional Flipkart shares from some investors, including Tiger Global, but did not share any financial details.
Maharashtra chief minister Eknath Shinde has approached the World Bank for support in enhancing state infrastructure and capacity building. During a meeting with the World Bank’s executive directors, Shinde emphasised the institution’s significance as a knowledge source for developing nations beyond just a funding body. The partnership aims to uplift the standard of living in Maharashtra, benefiting from a skilled workforce and modern infrastructure. The state’s focus includes green technology, disaster management, health services, and port facilities. Deputy chief minister Devendra Fadnavis also attended and discussed plans for drought mitigation by river interlinking and sought assistance for traffic, green energy, district services, and economic growth.
Prime minister Narendra Modi will on Tuesday (1) visit Pune in the western state of Maharashtra where he will lay the foundation stone of various development projects and also receive the Lokmanya Tilak National Award, as per a statement issued by the Press Information Bureau. After his arrival, Modi will perform ‘darshan and pooja’ at Dagdusheth Mandir. The prime minister will flag off Metro trains and inaugurate the Waste to Energy Plant under Pimpri Chinchwad Municipal Corporation (PCMC). He will also hand over more than 1,280 houses constructed under the Pradhan Mantri Awas Yojana (PMAY) by PCMC. He will also hand over more than 2,650 PMAY houses constructed by the Pune Municipal Corporation.
(With agencies inputs)
