- Wednesday, February 26, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Monday, October 16, 2023:
India’s high-quality labour-intensive goods, including apparel, carpets, footwear and cars will benefit from the removal of import duties by the UK, under the proposed free-trade agreement (FTA) between the two nations, India’s Global Trade Research Initiative (GTRI) said. However, the think tank also cautioned that the overall gains for New Delhi will be limited since mist of the goods from the South Asian nation are already entering the European country at a low or zero tariffs (imports or customs duties). “The FTA is expected to have a limited impact on increasing these exports because over half of India products already entering the UK with low or no tariffs,” GTRI co-founder Ajay Srivastava was quoted as saying by the Press Trust of India.
Y S Jagan Mohan Reddy, chief minister of the southern Indian state of Andhra Pradesh, on Monday inaugurated Infosys software development centre in the coastal city of Visakhapatnam. Spread across 83,750 square feet and built at a cost of Rs 35 crore (£3.4 million), the software centre is expected to house 1,000 employees. “Vizag (Visakhapatnam) has always had that potential to be become a tier-1 city. It is one particular city wherein it has the potential to become something like Hyderabad, Bengaluru or Chennai,” said Reddy, addressing the company’s employees and executives after inaugurating the centre. The chief minister observed that the southern state was left with no tier-1 city after the bifurcation of united Andhra Pradesh. Vizag, the largest city in the state, has the capacity to become a tier-1 city, he said.
Prime minister Narendra Modi will inaugurate on October 20 a section of RAPIDX, India’s first Regional Rapid Transport System (RRTS). The section, a priroty one, will be opened between Duhai and Sahibabad in the northern state of Uttar Pradesh and will cover 17 kilometres. The RRTS between Delhi and Meerut in Uttar Pradesh will cover 82 kilometres in just an hour’s time once the work is completed in 2025. The RRTS project is being executed by the National Capital Region Transport Corporation which said the RAPIDX services will be India’s “first railway system” with a maximum operational speed of 160 kilometres per hour along its entire duration.
Global body worldsteel on Monday said it has elected Leon Topalian as its chairman and India’s T V Narendran as one of its vice-chairman. Topalian is the president & CEO of Nucor Corporation and Narendran is the MD & CEO of domestic steel giant Tata Steel. Jeong-Woo Choi, the CEO of POSCO Holdings, was also elected as a vice chairman, according to the World Steel Association’s (worldsteel) list of newly elected officers and members. The association also appointed Narendran to the executive committee along with JSW Steel CMD Sajjan Jindal and ArcelorMittal executive chairman L N Mittal.
Passenger vehicle wholesales in India increased by 1.87 per cent year-on-year to 3,61,717 units last month, industry body Society of Indian Automobile Manufacturers (SIAM) said on Monday. The passenger vehicle dispatches to dealers stood at 3,55,043 units in September last year. Similarly, two-wheeler sales increased to 17,49,794 units last month from 17,35,199 units in the year-ago period, SIAM said. Total three-wheeler wholesales rose to 74,418 units last month from 50,626 units in September 2022. Passenger vehicle dispatches rose marginally to 10,74,189 units in the second quarter from 10,26,309 units in July-September period of last fiscal.
(With agencies inputs)
