- Tuesday, April 22, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Friday, September 22, 2023:
The Indian government aims to meet up to 70 per cent of the country’s information technology (IT) hardware through local production over the next three years and decrease dependency on imports from non-trusted sources, the country’s minister of state for electronics and IT Rajeev Chandrasekhar on Friday said. Speaking to reporters in New Delhi, he said the ministry of electronics and IT will share a draft of IT hardware import rules with the industry players on the day as it eyes curbing dependence on supplies from non-trusted sources. “Today, 8-10 per cent of our supply requirement comes from India, we want to make that 65-70 per cent in the next three years,” he said.
Mumbai Trans Harbour Link (MTHL), India’s longest sea bridge, is about to be completed with over 96 per cent of the work being completed, the Times of India reported. Dr Sanjay Mukerjee, commissioner of the Mumbai Metropolitan Region Development Authority, recently undertook a thorough inspection of the massive project which spans nearly 22 kilometres (km) in length with the stretch over the Arabian Sea running for more than 16 km. The MTHL links Mumbai, India’s financial capital, to Navi Mumbai, and commuters would be able to cover the distance between the two points in just 20 minutes. The connectivity will be signal free. Mukherjee was satisfied with the project’s progress and said MTHL is a significant milestone in the region’s development.
Blinkit, a quick delivery firm owned by Indian restaurant aggregator and food delivery platform Zomato has partnered with Apple premium seller Unicorn to reach the new iPhone series to consumers’ doorsteps in cities such as Delhi-NCR, Mumbai, Bengaluru and Pune. Albinder Dhindsa, co-founder and chief executive at Blinkit said in a statement that they were excited to partner with Unicon APR in 2023 as well to deliver iPhone 15 in minutes. Apple iPhone 15 and iPhone 15 Plus officially went on sale in India on Friday, including on the Blinkit platform. Meanwhile, long queues of customers were seen amid tightened security outside Apple’s official stores in India during the day.
Indian Potash’s managing director PS Gahlaut on Friday assured that the India-Canada diplomatic tension won’t disrupt Canadian potash supplies, Reuters reported. The company aims to prolong its contract with Canadian supplier Canpotex beyond this month’s end. India heavily relies on fertilizer imports to sustain its sizable agricultural sector, supporting about half of its 1.4 billion populace and contributing to almost 15 per cent of its $3 trillion (£2.4 trillion) economy. Canada plays a vital role in potash supply to India, with a significant agreement in place between Indian companies and Canpotex, allowing for the purchase of up to 1.5 million metric tons annually for three years, starting in 2023.
India’s chief economic adviser (CEA) V Anantha Nageswaran on Friday delivered insights during a briefing in New Delhi, shedding light on the promising future of India’s bond market and its potential implications for the nation’s economy. He began by highlighting the significance of the Indian government bond market, which stands as the third largest among emerging economies, trailing only China and Brazil. However, he underscored a key issue—foreign ownership of Indian government bonds is currently less than two per cent, which is notably lower compared to other emerging markets. “The Indian government bond market is the third largest among emerging economies after China and Brazil. But we all know that the following ownership is currently less than 2 per cent, one of the lowest compared to other emerging markets,” the CEA said.
(With agencies inputs)
