- Friday, February 28, 2025
By: Shubham Ghosh
Here are Indian economy and business news for Tuesday, June 13, 2023:
India’s telecom regulator, TRAI, has mandated all telecommunications companies to utilise artificial intelligence and machine learning systems to detect and take action against unregistered senders of commercial communications. These entities, known as Unregistered Telemarketers (UTMs), use ten-digit mobile numbers to send unsolicited messages or calls. TRAI has been working to curb pesky messages and calls, which cause inconvenience and potential financial loss to the public. Existing systems have proven insufficient in detecting evolving techniques used by UTMs. To ensure uniformity and effectiveness, TRAI has directed access providers to deploy AI and ML-based UCC_Detect systems capable of adapting to new signatures, patterns, and techniques. Additionally, access providers are urged to share intelligence using Distributed Ledger Technology platforms.
According to Reserve Bank of India governor Shaktikanta Das, India’s economic growth has been driven by strong domestic demand, particularly in private consumption and investment. He said India will continue to be one of the fastest-growing large economies in 2023. Speaking at the Summer Meetings organised by Central Banking in London on Tuesday, Das highlighted the country’s integration with the global economy and its rapid progress. The National Statistical Office reported a higher real GDP growth of 7.2 per cent for 2022-23, surpassing the projected seven per cent. Despite global challenges and domestic monetary policy adjustments, India is expected to sustain robust growth supported by strong private consumption and investment. Additionally, Das noted that banks in India meet the necessary prudential requirements and are capable of withstanding severe stress conditions.
India and the UAE have eyed doubling non-oil bilateral trade to $100 billion (£79.4 billion) by 2030 from the current $48 billion (£38.1 billion), India’s commerce and industry minister Piyush Goyal has said, the Hindu businessline reported. Goyal, along with the UAE’s minister of state for foreign trade, Thani bin Ahmed Al Zeyoudi, on Monday took the decision to revise the target from an overall bilateral trade of $100 billion by 2030 at the first meeting of the joint committee of the India-UAE Comprehensive Economic Partnership Agreement (CEPA). “Next year we will probably be in a position to raise the bilateral trade target further,” the minister said, according to the news outlet, adding that the CEPA’s smooth implementation on May 1 last year was helping in facilitating trade.
The commercial vehicle (CV) industry is projected to achieve moderate volume growth of 8-10 per cent in the current fiscal year, as per a Care Edge Ratings report. The growth will occur despite uncertain global conditions and subdued exports. The industry’s upward trend continues, driven by robust demand and increased infrastructure spending by the government. Medium and heavy commercial vehicles are expected to grow by 10-12 per cent in FY24, while light commercial vehicles will likely see a 6-8% growth due to last-mile connectivity demands and the growth of e-commerce. The report also mentions the impact of price hikes and highlights the sustained demand due to replacement needs, rising freight movement, and government spending.
Officials from the Maharashtra agriculture department have imposed a ban on the sale of pesticides and fertilisers valued at Rs 18.82 crore (£1.8 million) in the state’s Akola district. The ban was implemented after an inspection revealed that the products failed to meet the required quality standards. In preparation for the Kharif season, the department collected samples from 63 warehouses to ensure the provision of high-quality inputs to farmers. Out of these, samples from 36 companies exhibited various deficiencies. Consequently, the department has prohibited the sale of these companies’ stocks, which amount to approximately Rs 18.82 crore and are stored in the warehouses.
The Indian government has launched an innovative initiative called ONDC (Open Network for Digital Commerce) to empower small and medium businesses (SMEs) nationwide. ONDC operates on an open protocol and aims to promote local commerce in sectors like mobility, grocery, food delivery, hotel booking, and travel. It provides a level playing field for SMEs by enabling any application with network capabilities to access and engage with these segments. This initiative seeks to minimize the dominance of e-commerce monopolies like Amazon and Flipkart. By leveraging open-source protocols, ONDC aims to counteract potential monopolies and empower Kirana stores, the backbone of Indian retail, by granting them access to advanced processes and technologies. Standardising key operations like inventory and order management, ONDC further supports small business owners.
(With PTI, ANI inputs)
