- Wednesday, February 26, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy & business for Wednesday, November 8, 2023:
IndiGo, India’s largest airline, experienced a 1.5% drop in its stock on Wednesday amid concerns that more aircraft might be grounded due to recent issues with Pratt & Whitney engines, potentially leading to nearly 25 per cent of its fleet being out of service. The airline, listed as Interglobe Aviation, disclosed on Tuesday (7) that they anticipate grounding “mid-thirties” of their Airbus aircraft due to a powder metal problem, shortly after 40 planes were already sidelined for a separate engine issue. These combined issues could affect about a quarter of their total fleet of 334 planes, many of which use Pratt engines. These troubles arise when India’s air travel market is experiencing rapid growth.
Elon Musk’s company Starlink is about to receive approval to provide voice and data communication services from space in India. The Economic Times cited officials as saying that the Indian government is satisfied with Starlink’s responses over data shortage and transfer norms. The company will be given a global mobile personal communication by satellite services licence once the security check is completed. It will enable Musk’s company, a subsidiary of SpaceX, to provide satellite broadband, voice and messaging services to both organisations and individuals.
The sixth session of the India-Ethiopia Joint Trade Committee was conducted in Addis Ababa, Ethiopia, earlier this week, co-chaired by Priya P Nair, economic advisor of the department of commerce in India’s commerce and industry ministry and Tages Mulugeta, lead executive of the International and Regional Trade Integration of Ethiopia’s ministry of trade and regional integration. As per a release issued by the commerce and industry ministry, both sides agreed to expeditiously address all issues impeding bilateral trade and facilitate trade promotion between the two countries. The Indian side invited the Ethiopian side to collaborate on the Unified Payment Interface of India with Ethswitch of the African country.
Technopark, a pioneer information technology hub in the southern state of Kerala, has reported a remarkable surge in software export revenue for the financial year 2022-23. The organisation saw a substantial increase of Rs 1,855 crore (£181.6 million) in export revenue, registering a 19 per cent growth compared to the previous fiscal year, a statement said in state capital Thiruvananthapuram on Wednesday. Also, the Technopark has consistently maintained an A+ stable rating from CRISIL (Credit Rating Information Service of India Limited) for the last three years, underscoring its robust financial performance and seamless transactions.
Samsung and Qualcomm, along with Ericsson and Nokia, are contesting India’s choice of technology to enable live TV broadcasts on smartphones. They argue that the mandated hardware changes to facilitate this will increase a device’s cost by $30, Reuters reported after reviewing documents. India is considering the use of ATSC 3.0 technology, which is popular in North America, for high-quality TV reception without cellular networks. The companies claim their existing smartphones in India are not compatible with ATSC 3.0, necessitating additional components and raising costs. They also express concerns about battery performance and cellular reception. They requested a halt in discussions on the adoption of this technology in a joint letter to India’s communication ministry dated October 17.
(With agencies inputs)
