- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Friday, May 19, 2023:
India’s defence production went up by more than 12 per cent last fiscal year and crossed the Rs 1 trillion ($12 billion) threshold for the first time, the government on Friday said, as the South Asian nation looks to reduce its reliance on imports from countries such as Russia. As the world’s biggest arms importer in the past decade, India depends on time-tested ally Russia for nearly half of its military supplies. The value of India’s local defence production jumped to Rs 1.07 trillion in the year that ended on March 31 and was expected to go up further once data from some private defence companies came in, the defence ministry said in a statement.
The US’s Tesla Inc is “serious” about its plans to set up a manufacturing base in India, the country’s junior minister for technology Rajeev Chandrasekhar told Reuters in an interview on Friday, a day after he met senior executives of the electric vehicle maker. The Elon-Musk led company had talks with Indian officials this week on various topics, including incentives for vehicle and battery manufacturing, Reuters said in a report on Thursday, as the company looks anew at entering one of the biggest automobile markets in the world. “They are very seriously looking at India as a production and innovation base,” Rajeev Chandrasekhar said in the first public comment by an Indian government official on the talks, Reuters added.
Uncertainty continues over the revival of grounded Jet Airways as the validity of the airline’s air operator’s certificate expires on Friday, PTI reported. There was no word from the Jalan Kalrock Consortium (JKC), which emerged as the winning bidder for the carrier under the insolvency resolution proceedings, on the status of the airline’s flying permit. The Air Operator’s Certificate of the airline, which has not flown since April 18, 2019, was revalidated on May 20 last year for a one-year period and the validity ended on Friday.
Embracing digital transformation in response to the Covid-19 pandemic, media company ZEE is focused on leveraging cutting-edge technologies to deliver personalised content experiences to global audiences, says Kishore A K, chief technology officer (CTO) of Zee Entertainment Enterprises Limited, PTI reported. The pandemic, he said, increased demand for digital channels and streaming services, presenting an opportunity for growth and innovation in the media and entertainment industry. “…we are investing in advanced analytics and machine learning capabilities, leveraging cloud-native technologies and services, exploring new revenue streams through partnerships and collaborations, and investing in new content formats such as short-form and interactive content,” Kishore told PTI.
Industry body PHD Chamber of Commerce and Industry on Friday said India is most successful in curbing inflation among the top 10 economies, ANI reported. Saket Dalmia, president, PHD Chamber of Commerce and Industry, congratulated the government and Reserve Bank of India for an effective and calibrated approach to curb inflation and maintain the growth rate of the Indian economy. The effectiveness of the monetary policy has proven strong as the country reduced the inflation by 310 bps from the peak of 7.8 per cent in April 2022 to 4.7 per cent in April 2023, according to a statement from the industry body.
India’s overall coal production has gone up by 47 per cent to 893.08 million tonnes during the last nine years, the ministry of coal said in a release Friday, ANI reported. Coal production of 893.08 million tonne (MT) in 2022-23 was the highest in the country’s history. As per the recently finalised ‘Action Plan for 2023-24’ by the Ministry of Coal, the coal production target for fiscal 2023-24 is 1,012 million tonnes by enhancing overall production, efficiency, sustainability and adopting new technologies.
