- Saturday, March 01, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Tuesday, May 2, 2023:
India, with the support of China, is trying to build a consensus within the G20 grouping to help nations choose a roadmap to slash carbon emissions instead of setting a deadline to put an end to the use of fossil fuels, three Indian government officials said on the condition of anonymity, Reuters reported. India, which currently holds the G20 presidency, is eager to introduce the phrase ‘multiple energy pathways’ in a communique to be released at a group summit in September and has been supported by countries such as China and South Africa, according to one of the officials.
Indian finance minister Nirmala Sitharaman on Tuesday met Asian Development Bank (ADB) president Masatsugu Asakawa and urged the multilateral funding agency to support India with more concessional climate finance, as the country’s economic progress can have huge positive impact regionally and globally, PTI reported. During the bilateral meeting with the president here, Sitharaman said India continues to be the most significant country for ADB’s sovereign and non-sovereign operations. She also expressed support to ADB for innovative financing mechanisms to enhance the lending capacity of the bank.
India must include women in global trade as it seeks to bridge the widening gender gap and boost economic growth, Nikita Singla, associate director at Bureau of Research on Industry and Economic Fundamentals (BRIEF) in New Delhi has said. In an interview with Moneycontrol, she said, “Including women in trade will be an important part of achieving women’s economic inclusion.” Over the last decade, Singla has focused on issues such as regional cooperation, international trade, logistics, and women empowerment. She has also worked with the World Bank and other multilateral agencies.
India’s Central Bureau of Investigation (CBI) has seized more than Rs 20 crore (£1.9 million) in cash during searches at the premises of Rajinder Kumar Gupta, former chairman and managing director (CMD) of public sector undertaking WAPCOS Limited, officials said Tuesday, PTI reported. Gupta was booked recently for amassing assets disproportionate to his known sources of income. After registering a first information report against Gupta and his family members, CBI teams conducted searches at his premises where Rs 20 crore in cash was seized in addition to documents related to properties and other valuables, they said.
Finance Minister Nirmala Sitharaman on Tuesday said it is essential for emerging economies to become growth engines and help in resolving challenges facing the world, PTI reported. Addressing the Indian diaspora in Seoul, she said the G20 presidency has come at a crucial stage for the emerging economies, stressing that three years are critical for the global economy, which is going through a reset. India currently holds the presidency of G20, which is a grouping of developing and developed countries. India has taken over the presidency from Indonesia and will hand it over to Brazil later in the year.
Subhrakant Panda, president of Federation of Indian Chambers of Commerce and Industry (FICCI) on Tuesday said that India is the next engine of global growth, ANI reported. He also said that the Goods and Service Tax (GST) numbers for the month of April 2023, which was released on Monday (1) are a real big bang start to the new financial year. Speaking to ANI, Panda said, “Rs 1.87 lakh crore (£18.3 billion) GST collection in the month of April speaks volumes of India’s potential and this is thanks to sustained reforms, which have improved the ease of doing business as well as improved data analytics which has plugged leakages”.
