- Friday, March 07, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Wednesday, November 2, 2022:
The Indian economy is an island of relative calm in a challenging global environment, the country’s finance minister Nirmala Sitharaman said at an event in Bengaluru in the southern state of Karnataka on Wednesday. “Between 2020 and today, we seem to have come out to a situation where the challenges continue, the newer challenges are also building up but India is seen as an island of certain level of calm,” she said at the Invest Karnataka Summit. While India still had its share of challenges, they were not to the size that would threaten it, the minister said. She attributed the South Asian nation’s prospects to the government’s “careful planning, targeted facilitation, fiscal prudence” and understanding of the economy.
Air India on Wednesday announced that it signed agreements to complete the acquisition of 100 per cent shareholding in AirAsia India and to subsidiarise it under Air India, Asian News International reported. An operational review process is underway with a view to ultimately integrating AirAsia India fully with Air India Express. Consolidation of these two airlines, both of which operate as low-cost carriers, will be undertaken as part of the restructuring roadmap that is being envisioned for the Tata Group’s airline business and is expected to bring customer, revenue, cost and operational benefits through broader adoption of each airline’s best practices, systems and routes, and the combined entity’s greater scale, Air India said.
Chennai-based drone manufacturer Garuda Aerospace has signed a memorandum of understanding with the Indian Institute of Science (IISc) to take up joint activities on technical drone and research operations, the company said on Wednesday, Press Trust of India reported. The department of aerospace engineering would support Garuda Aerospace and IISc in future operations with the MoU being signed for a period of two years. Building up cooperation between the parties in areas of recent developments in the surveillance application using drones, unmanned aerial vehicles and a large number of potential applications emerging for the benefit of the geography fieldwork surveys for government and society.
Aaress Iron and Steel Ltd, a subsidiary of the Baldota Group, has agreed to set up a steel plant at an outlay of Rs 18,000 crore (£1.89 billion) in Koppal district, the company said on Wednesday, PTI reported. The company signed a Memorandum of Understanding with the Karnataka government during the Global Investors’ Meet here to establish, construct, operate an integral steel plant of 3.5 MTPA at Halavathi village in Koppal, company’s managing director Rahulkumar Baldota said in a statement. “AISL has already acquired 1,036.09 acres of land and the remaining 933.01 acres acquisition is under process,” Baldota said. He added that his company has secured the environmental clearance and water drawl sanctions. The project will provide about 10,000 direct and indirect jobs to the locals.
Maruti Suzuki India (MSI) on Wednesday said it has crossed 2.5 crore (25 million) cumulative production mark, PTI reported. MSI started production in December 1983 and crossed the 10-lakh production mark in March 1994. It crossed the one-crore (10 million) mark in March 2011 and two-crore (20 million) milestone in July 2018. Its first production facility came up in Gurugram in the northern state of Haryana. The company now has two manufacturing plants in Gurugram and Manesar, also in Haryana, with an installed production capacity of 15 lakh (1.5 million) units per annum.
The JSW Group plans to invest Rs one lakh crore (£10.5 billion) in Karnataka over the next five years, its chairman Sajjan Jindal said on Wednesday. In his address to the inaugural function of “Invest Karnataka 2022″, the State’s Global Investors’ Meet (GIM) here, he also requested the state government to consider mineral auctions. Jindal said the Group has so far invested over Rs one lakh crore in Karnataka. “And over the next five years, we have plans to invest additional Rs one lakh crore in Karnataka”. The investment would head into expansion of its steel plant, and renewable energy and port infrastructure development space.
Drawing inspiration from Arjuna’s prowess in archery during the Swayamvar of Draupadi in the epic Mahabharata, Reserve Bank of India (RBI) governor Shaktikanta Das said the central bank is zeroing in on inflation. He also said, “Our constant endeavour is to keep an eye on inflation, which is our primary target.” While addressing FIBAC 2022 Conference, Das on Wednesday said, “In Mahabharata, great warrior and archer Arjuna was aiming at the eye of the revolving fish. There was a fish and the fish was revolving and he was looking at it through a pool of water which was underneath. I’m quite certain that he would have certainly assessed the speed at which the fish was revolving, the wind conditions prevailing, the intensity of the ripples in the pool of water below, the noise levels in the kings’ court and similar other factors,” adding, “Our constant endeavour is to keep an eye on inflation, which is our primary target.” FIBAC 2022 Conference is jointly organised by FICCI (Federation of Indian Chambers of Commerce & Industry) and Indian Banks Association.
