- Sunday, March 09, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, October 20, 2022:
India suffered an income loss of $159 billion (£141.3 billion), 5.4 per cent of its gross domestic product, in the service, manufacturing, agriculture, and construction sectors due to extreme heat in 2021, according to a new report, Press Trust of India reported. Heat exposure in the country led to the loss of 167 billion potential labour hours, a 39 per cent increase from 19901999, said the Climate Transparency Report 2022 compiled by an international partnership of organisations. Labour productivity in India is projected to decline by five per cent from the 19862006 reference period if global temperatures increase by 1.5 degrees Celsius, it said. The decline in labour productivity will be 2.1 times more if the global temperatures increase by 2.5 degrees Celsius, and 2.7 times at a three degree Celsius scenario.
Two Indian banks have “joined hands” with Russian lenders months after the Reserve Bank of India (RBI) started a mechanism for the settlement of international trade in rupees, a senior government official told Moneycontrol. UCO Bank and YES Bank have partnered with “a few Russian banks” to facilitate trade settlement in the Indian currency, the official said on condition of anonymity. Last month, reports had said that some of India’s largest banks were avoiding the rupee trade settlement mechanism started by India’s central bank in July fearing that they could face sanctions from western nations should they enter into agreements with Russian entities.
Glenmark Pharmaceuticals on Thursday said it has launched a fixed-dose combination for the treatment of diabetes for patients with comorbidities, PTI reported. The Mumbai-based drug maker said it has become the first company to launch Teneligliptin (20mg) + Dapagliflozin (5mg/10mg) fixed-dose combination for the treatment of adult patients with type 2 diabetes. Marketed under the brand name Zita D, it contains Teneligliptin (20mg) + Dapagliflozin (5 mg/10 mg), and must be taken once daily under prescription to improve glycemic control and prevent complications in adult patients with type 2 diabetes, especially the ones with comorbidities, Glenmark Pharma said in a statement. “Diabetes is growing in India at an alarming rate, and eight out of every 10 diabetic patients suffer from comorbidities,” Glenmark Pharmaceuticals EVP & Business Head India Formulations Alok Malik said.
Market analyst Sunil Shah on Thursday said even though the rupee as a currency has weakened in comparison to the US dollar, it is still “far stronger” than other currencies, Asian News International reported. Shah added that the weakening of the rupee will be stable once the FDI (foreign direct investment) flow increases, which the analyst feels is likely from next month. “Foreign capital will help in stabilising the rupee,” he said. For the record, the Indian rupee has been weakening over the past few weeks to hit fresh new all-time lows as the US dollar strengthened against major global currencies. On Wednesday, the rupee breached the 83 mark for the first time in its history. So far this year, the rupee has depreciated around 11-12 per cent, market data showed.
SPR Group, developer of Chennai’s largest township has won a prestigious award at the India Urban Housing Conclave that was held at Rajkot, ANI/NewsVoir reported. SPR has committed itself to the larger goal of building housing for 60,000 employees of various manufacturing companies based in Sriperumbudur under its new initiative “SAFE” – SPR Accommodation for Factory Employees. SAFE has been recognized as largest and fastest contributor by Government of India for its speedy development of building Infrastructure, an exclusive employee hostel and a, ladies employee hostel and was Awarded for same by Shri Hardeep Singh Puri ji at Global Housing Conclave held Rajkot under the auspices of PM Shri Narendra Bhai Modi. The project is located at Sriperumbudur, and its first phase for 4000 employees will be operational by March 2023 in partnership with Fortune 500 Companies.
