- Wednesday, February 26, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Wednesday, November 22, 2023:
Indian external affairs minister Subrahmanyam Jaishankar on Wednesday sought investments from Nordic-Baltic countries in the development of ports, renewable energy, food processing and fisheries, saying India has put in place institutional frameworks for closer business-to-business cooperation. Addressing the India Nordic Baltic Business Conclave in New Delhi, he also said that India has opened embassies in the cities of Tallinn and Vilnius recently and plans to start an embassy in Latvia very soon. He said India has set up an ambitious target to set up renewable energy capacities of 450 gigawatts by 2030, lined up port-led development involving over 600 projects under the SagarMala programme, an initiative by the Indian government to enhance the performance of the country’s logistics sector, while the food processing sector has the potential to attract $33 billion (£26.4 billion) over the next decade.
Prime minister Narendra Modi has suggested establishing a global social impact fund to promote and implement Digital Public Infrastructure (DPI) in Global South nations, Moneycontrol reported. At the opening remarks at the virtual G20 leaders’ summit on Wednesday, he urged collaboration, starting with India’s initial contribution of $25 million (£20 million) to the fund. DPI has been a focal point of India’s year-long G20 presidency which concludes this month, showcasing advancements in digital payments through initiatives such as the Unified Payments Interface and the Reserve Bank of India’s Central Bank Digital Currency.
Coca-Cola India on Wednesday said it is foraying into the ready-to-drink tea beverages segment with the launch of ‘Honest Tea’. The brand is owned by Honest, a subsidiary of the Coca-Cola Company. The organic green tea for the product will be sourced from Kolkata-based Luxmi Tea Co Private Ltd’s Makaibari Tea Estate, company officials said. A memorandum of understanding in this regard was signed between the two companies at the seventh edition of the Bengal Global Business Summit in Kolkata. The idea behind the launch was to provide consumers with wider beverage options, a senior official of Coca-Cola India & Southwest Asia said. The iced green tea will come in Lemon-Tulsi and Mango variants, he added.
A senior official of Directorate General of Civil Aviation (DGCA), India’s civil aviation regulator, has been suspended with immediate effect after being accused of taking training aircraft as bribes from flying schools, the Times of India reported. Captain Anil Gill, who was shifted as the director in the DGCA’s directorate of aerosports from flying training after the allegations came up in October, could face “disciplinary proceedings” next. Indian civil aviation minister Jyotiraditya Scindia said such issues would be dealt with strictest measures as per law. The aviation ministry also said in an order that Gill should not leave the DGCA’s headquarters, New Delhi, without permission.
Amazon has decided to ship customer packages in India by means of inland waterways as it eyes to tap cost-effective and sustainable means of transportation. Towards this goal, the e-commerce major on Wednesday inked a memorandum of understanding with the Inland Waterways Authority of India. Abhinav Singh, vice president, operations at Amazon India told the Times of India that the premise of inland waterways will reduce the cost of transportation and lessen the impact on the environment since it is more sustainable as a solution compared to road or rail. He said it will also be helpful for time-sensitive deliveries saying a developed water network is the cheapest mode of transportation.
The Kolkata-based Merlin Group on Wednesday announced that the company has signed a memorandum of understanding (MoU) with several World Trade Centres (WTCs) in the country to explore opportunities for enhancing trade and investment. The pact was inked during the Bengal Global Business Summit in Kolkata, the capital of the eastern state of West Bengal. “We signed MoUs with WTC Bangalore, WTC Mumbai, and WTC Noida at the investment summit for mutual support in various activities, promoting businesses and members in each other’s states,” Sushil Mohta, chairman of WTC NDITA (Nabadiganta Industrial Township Authority) said. The WTC “will also focus on strengthening global trade, with a particular emphasis on promoting exports from West Bengal, Maharashtra, Karnataka, Delhi, Tamil Nadu, and Kerala”, Mohta added.
(With agencies)
