- Monday, November 25, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Friday, November 3, 2023:
India’s largest airline IndiGo is addressing issues with Pratt & Whitney engines by leasing new planes and extending agreements on older ones. Pratt & Whitney’s parent company, RTX, identified a rare powder metal defect that could impact engine components in the twin-engined Airbus A320neo aircraft, necessitating inspections and potential groundings between 2023 and 2026. IndiGo is taking proactive steps to sustain its growth in India’s thriving aviation market. The airline has retained 14 older Airbus A320ceo planes, extended leases on 36 aircraft, and leased 11 more starting in November. Additionally, they will lease 12 A320ceos from the secondary market beginning in January.
India’s food processing sector has emerged as a “sunrise” industry and has attracted Rs 50,000 crore (£4.85 billion) in foreign direct investment (FDI) over the past nine years, prime minister Narendra Modi said on Friday. He was addressing the second edition of World Food India at Bharat Mandapam in Delhi. The three-day event will conclude on Sunday (5). “In the last nine years, FDI worth Rs 50,000 crore has come into the food processing sector. It is a result of the government’s pro-industry and pro-farmer policies,” the prime minister said. Modi added that processed food export has also increased by 150 per cent during this period and the domestic processing capacity has increased greatly too.
Vietnamese honey manufacturer Tieng Thu Cam Company Ltd is eyeing the Indian market for export of honey and actively looking for local distributors. Tieng Thu Cam, which has put up a stall at the ongoing three-day World Food India in New Delhi, is already exporting honey to Cambodia, Malaysia, Laos and the Middle East. “We want to export to India. We are looking for a local distributor,” the company’s managing director Ai Linh told PTI. India, which is also promoting honey in a big way, has a huge consumer base and the company’s honey brand ‘Harper’ will find a place as it is known for purity, she said. Established in 2011, the company currently sells ‘ginseng’ (herb) honey, saffron honey and natural pure honey, she added. Linh said the company is undertaking honey-bee cultivation in 30 hectares of coffee and tea farms in Lam Dong province of Vietnam.
Sephora, the world’s leading omnichannel prestige beauty retailer, announced a partnership with Reliance Beauty and Personal Care Limited, a wholly owned subsidiary of Reliance Retail Ventures Limited (RRVL) to advance their shared ambition to develop and define the future of prestige beauty retail in India. According to a joint release issued on Friday, the partnership gives RRVL exclusive rights to build and enhance Sephora’s presence in India across channels. Since its first foray into India in 2012, Sephora has leveraged its unique brand and product curation capabilities and strong point of view on beauty and experiential retail to cater to the beauty needs of India’s vast consumer base.
India has allocated a “landmark” grant of $15 million (£12.1 million) to Sri Lanka to bolster the long-standing Buddhist connections between the two nations, officials in Colombo said on Friday. The bilateral agreement on the grant was signed on Thursday at the President’s House in Colombo in the presence of Sri Lankan president Ranil Wickremesinghe and Indian finance minister Nirmala Sitharaman during her three-day visit to the island-nation. The first project to be initiated under the $15 million grant is the solar electrification of religious sites across Sri Lanka, with an allocation of $10 million (£8.07 million), the president’s media division of Sri Lanka said in a statement. A memorandum of understanding or the project was jointly finalised by the governments of India and Sri Lanka, it said. The “landmark USD 15 million grant” strengthened Buddhist ties between India and Sri Lanka, the statement said.
India’s Enforcement Directorate (ED) on Friday alleged that Delhi minister and Aam Aadmi Party leader Raaj Kumar Anand has been accused by the directorate of revenue intelligence (DRI) of making hawala payments to China and evading customs duty of Rs 7 crore (£679,966) on imports. The federal probe agency raided the premises of the 57-year-old minister in connection with a money laundering probe. The raid was launched around 7.30 am local time Thursday (2) morning and ended around 5 am on Friday. The agency said it initiated investigation against Anand and persons and entities linked to him “on the basis of a prosecution complaint filed by the Directorate of Revenue Intelligence” for the commission of offence under various sections of the Customs Act, 1962.
(With agencies inputs)
