- Monday, March 10, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Wednesday, September 14, 2022:
A day after the Punjab government announced that BMW has agreed to set up its auto part manufacturing unit in the state, the German carmaker said it has no plans for setting up additional manufacturing operations in the state, Asian News International reported. The Punjab government had said on Tuesday (13) that efforts of chief minister Bhagwant Mann to get investments from Germany bore fruit and BMW “has agreed to set up its auto part manufacturing unit in the state”. The Chief Minister had also remarked about the decision. Bhagwant Mann is on a visit to Germany to boost investments in Punjab. BMW Group said in a statement that with BMW, MINI and Motorrad, it has its “sights set firmly on the premium sector of the Indian automobile market”.
India’s merchandise exports rose by 1.62 per cent to $33.92 billion (£29.3 billion) in August 2022 as compared to $33.38 billion (£28.8 billion) recorded in the same month last year while imports surged by 37.28 per cent year-on-year leading to widening in the trade deficit, as per the government data released on Wednesday. India’s overall exports (Merchandise and Services combined) in August 2022 are estimated to be $57.47 billion (£49.6 billion), exhibiting a positive growth of 6.75 per cent over the same period last year, according to data released by the ministry of commerce and industry. Overall imports in August 2022 are estimated to be $75.84 billion (£65.5 billion), exhibiting a positive growth of 33.15 per cent over the same period last year.
Tata Power Solar Systems Ltd (TPSSL) has received a letter of award (LoA) worth Rs 596 crore (£64.8 million) from NHDC (Narmada Hydroelectric Development Corporation) to set up a 125MWp floating solar project in Madhya Pradesh, Press Trust of India reported. NHDC is a joint venture of state-owned hydro power giant NHPC (National Hydroelectric Power Corporation) and the Madhya Pradesh government, a statement by Tata Power Company Ltd said on Wednesday. NHDC had invited bids early this year for this project to be set up at the Omkareshwar reservoir in Khandwa district of Madhya Pradesh. The LoA was awarded through tariff-based competitive bidding. The project will be commissioned within 13 months from the date of issuance of the LoA and will provide sustainable power to MP Power Management Company.
Mumbai-based DAA Consulting , a consulting organization in the areas of valuation, transaction advisory, M&A structuring, corporate secretarial practice, corporate and international taxation, has roped in Jagdish Chandra Laddha, an industry veteran with 40 years of experience, as its managing director with immediate effect, ANI/NewsVoir reported. He will lead the management consulting practice, offer strategic and business consulting services, ESG consulting, business turnaround, transaction advisory, start-up mentoring and much more. Laddha has over 40 years of strategic and business leadership experience across several industries. Prior to joining DAA Consulting, he was the managing director of Century Textiles.
Chennai-based Billionaire Venture Incubation and DBS Bank signed a memorandum of understanding on Wednesday to facilitate investment in the fast-growing startups in India through a special purpose vehicle (SPV) formed by this joint venture in the form of equity, ANI/NewsVoir reported. Dr Subhash Sukumar, board member, Billionaire Venture Incubation said, “The newly formed joint venture will earmark about $200 million (£172.7 million) in collaboration with DBS Bank to extend capital for about 150+ startups in Tamil Nadu, Karnataka and Maharashtra initially. Plans are also underway to expand to the northern part of the country at a later date.” Besides creating thousands of jobs through this initial initiative, the JV will fulfil the dream of many young entrepreneurs to promote more such startups in the country and create millions of jobs in the years to come.
Green mobility is going to play a major role in decarbonisation of India’s transport sector, Indian government think tank NITI Aayog CEO Parameswaran Iyer said on Wednesday, PTI reported. Iyer, while addressing an event organised by the ‘Shoonya Forum’, noted that the role of financing is critical for scaling of electric mobility in India. He also stressed on the need of finding ways to reduce risks associated with financing of electric vehicles. Pointing out that rural India is urbanising rapidly, the NITI Aayog CEO said there is a need to push electric vehicles in smaller cities also.
