- Wednesday, April 23, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Wednesday, July 5, 2023:
Y S Jagan Mohan Reddy, chief minister of the southern Indian state of Andhra Pradesh, met with prime minister Narendra Modi on Wednesday to discuss the state’s pending projects, including the Polavaram irrigation project and a steel plant in YSR Kadapa district. Reddy also raised the issue of the increased construction cost of the Polavaram project. He requested financial assistance for the project and reimbursement of expenses incurred by the state government. Later, Reddy left for Vijayawada after his meetings in Delhi.
The Reserve Bank of India’s Inter-Departmental Group (IDG) on Wednesday released a report with short-term and long-term recommendations for the internationalisation of the Indian rupee. The short-term recommendations include enabling the rupee as a settlement currency, integrating Indian payment systems with other countries, and including government bonds in global indices. Long-term suggestions include reviewing taxes on Masala bonds (rupee-denominated bonds issued outside India by Indian entities), using Real-Time Gross Settlement for cross-border trade, harmonising tax regimes and allowing banking services in rupee outside India.
India’s Bajaj Auto has introduced two Triumph motorcycles produced domestically, following Hero MotoCorp’s launch of a locally-made Harley model, Reuters reported. This intensifies competition in the premium segment, currently dominated by Royal Enfield from Eicher Motors. The launch of the two models, manufactured in partnership with UK’s Triumph Motorcycles, also saw Bajaj Auto shares reaching a record high of Rs 4,900 (£46.82). The Triumph Speed 400 will be priced at Rs 233,000 (£2,226), Bajaj Auto said, but did not reveal the price for the Scrambler 400X. On Monday, India’s top two-wheeler maker Hero launched a locally-made Harley-Davidson model, powered by a 440 CC engine, with prices starting at Rs 229,000 (£2,188).
Sirisha Voruganti has been appointed as the CEO and managing director of Lloyds Technology Centre in Hyderabad, a new establishment by the UK’s Lloyds Banking Group. Voruganti, previously the managing director and Board member of JCPenney in India, will oversee the centfd’s setup and long-term growth strategy. With a background in IT architecture, data engineering and fintech innovation, Voruganti has held senior technology roles in global firms, including being the first woman managing director for JP Morgan Chase in Technology in India and serving as an executive vice president at Mastercard.
Crisil Ratings predicts that the revenue of India’s fast-moving consumer goods (FMCG) sector will grow by 7-9 per cent in the fiscal year 2023-24, slightly slower than the previous two fiscal years. The growth will be driven by higher volume, supported by a gradual recovery in rural demand. Urban demand is expected to remain stable on a higher base. The rural segment experienced a recovery in the last quarter of the previous fiscal year after six consecutive quarters of negative growth. Crisil expects the demand recovery to continue this fiscal year, supported by lower inflation, increased minimum support prices and stable non-agricultural income indicators.
Lord’s Mark Industries has established a subsidiary called Lord’s Mark Microbiotech in Hyderabad, The Hindu businessline reported. The company aims to introduce saliva-based technology for genome testing under its brand MyDNA. This innovative testing method eliminates the need for blood extraction or a phlebotomist. Customers can order genome-testing kits through the company’s website, which will be delivered within 48 hours. Lord’s Mark Industries also possesses a patented algorithm known as SNAPPY, which calculates the Polygenic Risk Score to determine an individual’s genetic predisposition for specific traits or conditions.
(Agencies)
