- Monday, March 10, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Thursday, September 15, 2022:
India’s Financial Stability and Development Council (FSDC), which is chaired by finance minister Nirmala Sitharaman, Thursday deliberated on various issues including early warning indicators for the economy and those related to the power sector’s financing, Moneycontrol reported. “It was noted that there is a need to monitor the financial sector risks, the financial conditions and market developments on a continuous basis by the government and the regulators so that appropriate and timely action can be taken so as to mitigate any vulnerability and strengthen financial stability,” the government said in a statement after the council’s meeting held in Mumbai ended. The FSDC included, besides some top finance ministry officials, Reserve Bank of India governor Shaktikanta Das; chief economic adviser V Anantha Nageswaran; Securities and Exchange Board of India chairperson Madhabi Puri Buch; heads of the insurance, pension and insolvency bodies and others.
Tata Consumer Products (TCP), the FMCG arm of Tata Group, on Thursday announced the appointment of David Atkinson as senior vice president and head of its UK and Ireland business, Press Trust of India reported. In his new role as country head, Atkinson will be responsible for leading the business and teams in the UK and Ireland, TCP said in a statement. He will be based in London and report to the president of International Business, Gharry Eccles, TCP said, adding that the announcement is in line with its commitment to strengthening business in key international markets. “This includes developing and executing a growth roadmap for the company as well as enhancing operational excellence. Combining its interests in tea and ready-to-drink products, TCP will be focusing on strengthening and growing its three key beverage brands — Tetley, Good Earth and teapigs in international markets,” it added.
German luxury auto major Mercedes Benz on Thursday said the company will roll out its first India-assembled electric vehicle by the end of this month. In an exclusive interview with CNBC-TV18, the company’s managing director and chief executive officer Martin Schwenk said the company would launch around 10 vehicles this year. By end of September, the company will launch the locally produced EQS 580, he said, adding that the current year will be the best ever in India.
State Bank of India, India’s largest public sector lender, on Thursday said that it has not been identified as the nodal bank for handling Russia-related transactions, Moneycontrol reported. The bank, mentioning the Reserve Bank of India (RBI) circular in July on having additional arrangement for invoicing, payment, and settlement of exports and imports in Indian rupee amid the Ukraine war situation, said the central bank has authorised all the Indian banks, including the SBI, to open Special Rupee Vostro account to promote invoicing in the Indian currency. “Accordingly, SBI is making necessary arrangements and processing requests received from various banks, including Russian banks, duly following RBI guidelines and our policies and procedures. SBI, as such, has not been identified as a nodal bank,” it was quoted as saying by the report.
Indian prime minister Narendra Modi on Thursday stressed on the need for automobile industry’s innovation for green alternatives to ensure protection and conservation of environment as well as help in making India self-reliant, PTI reported. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), Modi said, “Amrit Kaal is an opportunity to achieve self-sufficiency in every sector and the automobile sector is no exception.” The automobile sector has contributed to all-round development and growth of the economy through new avenues for employment generation, the prime minister said in his message read out by SIAM president Kenichi Ayukawa. “It is a need of the hour that the automobile industry’s innovation for greener alternatives attains a new momentum, to ensure the protection and conservation of environment, as well as help in making India self-reliant,” he said.
Adani Wilmar Ltd., the kitchen essentials firm owned by Indian tycoon Gautam Adani, is eyeing local and overseas acquisition targets as he doubles down on strengthening his empire’s food operations, weeks after Mukesh Ambani’s Reliance Industries Ltd. announced plans to launch a consumer goods business, Bloomber reported. “We are looking at acquiring brands in staple foods and distribution companies to boost our consumer goods offering and reach,” Angshu Mallick, chief executive officer and managing director at Adani Wilmar, said in an interview on Wednesday, adding,“We are expecting to conclude a couple of acquisitions by March.” The company has earmarked 5 billion rupees ($62.9 million) from its initial public offering for purchases, he added.
The eighth edition of the India Affiliate Summit, organised by Internet and Mobile Association of India (IAMAI) and vCommission, concluded on Thursday at The Leela Ambience in Gurugram, Haryana, with a promise to return next year with even more vibrance, ANI/NewsVoir reported. The country’s biggest affiliate marketing event on its second day was abuzz with top marketing professionals, Adtech firms and exhibitors across the country. Invaluable insights on a host of issues such as social media listening, influencer marketing and creativity were shared by the ecosystem doyens at keynote sessions, panel discussions, fireside chats and masterclasses.
Gujarat-based Sunbuy Renewables Pvt Ltd, a leading player in Solar energy products and projects, EV (electric vehicle) charging station and EV infra and manufacturer of Lithium Battery pack, is looking to build nationwide franchisee network to develop Solar and EV Eco system with their innovative business models and new age offerings, ANI/GPRC reported. The company has announced plans to set up a pan-India dealer network before it goes public in 2023 to offer their products and services to the masses. Sunbuy Group is a pioneer in Lithium Battery and EV Multiband and EV charging stations in Gujarat with agreements with global Giants in South Korea and Netherlands for latest technologies and products.
