- Thursday, December 26, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Thursday, November 23, 2023:
Walt Disney has reported a record-breaking viewership for both its Indian TV channels and digital-streaming platform during the recent men’s 50-over cricket World Cup. In India, a staggering 518 million viewers tuned in to the matches on TV over the 48-day event, while Disney’s streaming app reached a peak concurrent viewership of 59 million during the finals. This announcement coincides with Disney’s fierce competition against Mukesh Ambani’s JioCinema in the streaming sector. On Thursday, Disney said 300 million users watched the World Cup finals alone on TV, citing data from broadcast industry body Broadcast Audience Research Council.
Indian shipping minister Sarbananda Sonowal on Thursday inspected the progress of the International Container Transhipment Port project on the Great Nicobar Island. The first phase is slated for commissioning in 2028 at Galathea Bay, with a total estimated cost of approximately Rs 44,000 crore (£4.2 billion). This strategic initiative, vital for national interests and regional development, has achieved significant milestones and secured approvals from government bodies, said an official statement. The Indian ministry of environment and forests and climate change granted environmental clearance on November 11, 2022. Sonowal personally visited the site to oversee developments.
An upcoming mega apparel and textile park in the western Indian state of Gujarat will propel the key sector to new heights and generate large-scale employment opportunities, Indian minister of state for textiles Darshana Jardosh said on Thursday. The Pradhan Mantri Mega Integrated Textile Region and Apparel, or PM MITRA Park, is coming up in Navsari district of south Gujarat. Jardosh was speaking at a seminar on the textiles and apparel sector in the city of Surat, her parliamentary constituency in Gujarat, as part of the 10th edition of the Vibrant Gujarat Global Summit 2024, which will be held in Gandhinagar, the state capital, between January 10 and 12.
The Indian government on Thursday rolled out an initiative under which steel manufacturers will add ‘Made in India’ labels to their products to promote locally made goods at the global level. The move is aimed at implementing prime minister Narendra Modi’s ‘Make in India’ vision, Indian steel minister Jyotiraditya Scindia said. In a statement, the steel ministry said all integrated steel players have been included under the initiative in the first phase to introduce branding and labelling of ‘Made-in-India’ steel products in the global market. It added that the secondary steel industries will join the initiative in the second phase.
In a significant effort to empower micro, small, and medium enterprises (MSMEs) and boost e-commerce exports, the Directorate General of Foreign Trade (DGFT), operating under India’s commerce and industry ministry, has initiated partnerships with major e-commerce entities. As per a press release issued by the industry, the collaboration aims to capitalise on the “Districts as Export Hubs” initiative, enhancing e-commerce exports. The initial memorandum of understanding between DGFT and Amazon India outlines a comprehensive strategy, including capacity-building sessions, training, and workshops for MSMEs in districts identified under the “Districts as Export Hubs” initiative as per the Foreign Trade Policy 2023.
The PHD Chamber of Commerce and Industry’s research report has positioned India’s exports as the most resilient among the top 20 global exporters. The report underscores the impressive growth of exports, with rates reaching 20 per cent and 9.7 per cent in 2021 and 2022, respectively, marking the highest growth among leading exporting nations. Sanjeev Agrawal, president of the chamber, credited the dynamic policy environment provided by the government and exporters’ concerted efforts to integrate with global value chains for this remarkable feat. He expressed optimism about the trajectory of export growth, even as October 2023 witnessed a notable nine per cent uptick after a brief slowdown.
(With agencies)
