- Wednesday, February 26, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Thursday, October 26, 2023:
India’s central bank, the Reserve Bank of India (RBI), is likely to meet senior officials from some banks on November 2 and 3 to discuss the prevailing liquidity conditions in the banking system, Reuters reported quoting seven treasury officials on Thursday. “The central bank will meet officials at the executive director and chief general manager levels, and a discussion on the liquidity picture is on the agenda, though a formal invite has not yet come,” a treasury official from a state-run bank was quoted as saying. The proposed meeting with state-run, foreign and private banks will take place less than a month after RBI governor Shaktikanta Das urged banks in his policy statement to not park them at the standing deposit facility but lend in the inter-bank market.
India’s import of lentils from Canada, with which it had a major diplomatic spat of late, are continuing at a steady pace, the country’s consumer affairs secretary Rohit Singh said on Thursday. His remarks came a day after media reports had speculated that amid the ongoing row between New Delhi and Ottawa, importers had been asked by India’s Narendra Modi government to suspend importing pulses. “Flow of trade between India and Canada continues seamlessly. No discrimination is being made against imports from Canada,” the secretary said. According to details shared by the official, the country has already imported 463,000 lakh metric tonnes of lentils in the current fiscal, Moneycontrol reported.
India is poised to emerge as a $5 trillion (£4.12 trillion) economy and the challenge for the country will be to grow at 8-9 per cent over the next three decades, India’s G20 sherpa Amitabh Kant said on Thursday (26). Addressing an event organised by Public Affairs Forum of India (PAFI) in New Delhi, Kant said India’s economy is unable to grow at higher rates without the backing of the private sector. “This is India’s moment. India is poised to become a $5 trillion economy,” he said, adding that the government has pushed the limit on infrastructure. “The challenge (for India) is to grow at 809 per cent for three decades,” the sherpa added. Speaking on India’s chances of catching up with China, the economy of which is five times that of the former, Kant said to catch up with its northern neighbour, India will have to grow at 10 per cent.
Narayana Murthy, co-founder of India’s information technology giant Infosys, has said that if India has to make significant progress, then its youth will have to step up productivity and work hard, to the extent of 70 hours a week. Making an appeal to youngsters in the opening episode of “The Record”, a video series by Bengaluru-based early-stage venture capital firm 3one4 Capital, the veteran said that his request to the country’s youngsters would be to say, “This is my country, I want to work 70 hours a week.” During a conversation that also featured former CEO of Infosys Mohandas Pai, Murthy said that the youngsters need to pick the right habits from the West. Murthy rued that India’s work productivity is one of the lowest in the world and unless its productivity improves, India will not be able to compete with nations that have made tremendous progress.
Tata Group-owned Air India Express has partnered with the Padmarajan Trust, named after renowned filmmaker and writer P Padmarajan, to launch literary awards for Malayalam novels. The unique collaboration, a first in the airline industry, aims to promote Malayalam literature, a statement said on Thursday. The awards, known as the “Air India Express Tales of India Award,” will recognise the debut novel of a promising writer. This initiative is in line with the airline’s commitment to acknowledge and support the first major work of talented authors, it said. The inaugural recipient of this honour is K N Prasanth, for his debut novel ‘Ponam,’ selected by a distinguished jury chaired by writer Sara Joseph.
Japanese auto major Toyota Motor Corporation has initiated the process to enhance manufacturing capacity in India with two plants running at full capacity in the country, a senior company official said on Thursday. Speaking to media on the sidelines of the Japan Mobility Show in Tokyo, Toyota Motor Corporation Board member and executive vice president Yoichi Miyazaki confirmed the development and said the company is reaching full plant capacity utilisation in India. “We have started a discussion (on the matter),” he said when asked if the company is looking to make fresh investment on capacity enhancement in the country. He said the demand for automobiles, especially higher segment cars, has surged in India post Covid pandemic.
(With agencies inputs)
