- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, March 2, 2023:
US boutique investment company GQG Partners has bought shares in four Adani Group firms worth $1.87 billion (£1.56 billion), marking the first major investment in the Indian conglomerate after short-seller Hindenburg Research’s critical report in January sparked a stock rout, Reuters reported. Seven listed Adani companies have lost some $135 billion (£113.1 billion) in market value since January 24, when the US-based short seller accused it of improper use of offshore tax havens and stock manipulation —allegations the billionaire Gautam Adani-led group has denied but which led it to call off a $2.5 billion (£2 billion) share sale.
Indian commerce and industry minister Piyush Goyal on Thursday said that PM GatiShakti National Master Plan and National Logistics Policy (NLP) together would greatly help both businesses and people, improve competitiveness, improve investment into India and give the world confidence that the country is on the rise, ANI reported. Goyal was addressing the gathering at the Indian Chamber of Commerce’s (ICC) National Conference on GatiShakti in New Delhi. He expressed his appreciation for ICC, which is based in eastern India, for coming to Delhi to engage with an initiative as crucial as GatiShakti.
Apple supplier Foxconn is set to invest an undisclosed sum in India’s southern state of Telangana towards an electronics manufacturing facility, the state’s chief minister K Chandrasekhar Rao said on Thursday, Reuters reported. The investment will create 100,000 jobs in the state, Telangana’s IT minister KT Rama Rao, the chief minister’s son, said. The announcement followed a meeting between the senior Rao and the chairman of Foxconn earlier in the day. Taiwan-based Foxconn already has operations in two other southern Indian states of Andhra Pradesh and Tamil Nadu, where it manufactures products for companies such as Apple Inc and Amazon.com Inc.
MP Natural Resources Pvt Ltd bagged a coal mine in the central Indian state Madhya Pradesh on the fourth day of commercial coal mines auction on Thursday, PTI reported. Two coal mines were put up for e-auction. The auction of the other mine in Madhya Pradesh was underway. In a statement, the coal ministry said both the mines are fully explored and have total geological reserves of 779 million tonnes.
Pramerica Life Insurance Limited on Thursday announced the appointment of Pankaj Gupta as its managing director and chief executive officer, PTI reported. The appointment has been approved by the Insurance Regulatory and Development Authority of India (IRDAI) and the board of Pramerica Life Insurance, according to a statement. Gupta joins Pramerica Life Insurance from HDFC Life, where he was Group Head – Distribution Strategy and Alliances and was part of HDFC Life’s top leadership team.
The impact of delayed payments to MSMEs (ministry of micro, small and medium enterprises) and lack of formal financing have adversely impacted the country’s potential to create jobs, according to a report released on Thursday, PTI reported. While struggling with payment delays, business owners are also pressured by non-representative and exclusive evaluation criteria limiting their access to loans, it said. The Delayed Payments Report 2.0 titled ‘Imagining Solutions to Unlock Working Capital for MSMEs’ by Global Alliance for Mass Entrepreneurship (GAME) was released by the chief economic advisor V Anantha Nageswaran.
