- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Tuesday, September 26, 2023:
India could be one of the three fastest growing markets for JPMorgan in the Asia Pacific region next year, the other two being Australia and Japan, a top official at the Wall Street bank said, Reuters reported. “People are starting to get excited about the whole China plus one element and while other countries have benefitted, India could be the largest beneficiary,” Filippo Gori, JPMorgan’s CEO for Asia Pacific told the news outlet, referring to a strategy for businesses diversifying supply chains beyond China. Citing the reason, Gori said in an interview that India has the scale to absorb part of the supply chain that several firms globally are seeking to move.
The Narendra Modi government has re-appointed M Rajeshwar Rao as the deputy governor of Reserve Bank of India (RBI) for a year with effect from October 9 till further orders, the central bank on Tuesday said. The re-appointment was approved by the cabinet’s Appointments Committee. A career central banker, Rao was appointed as the deputy governor of the RBI in October 2020 for three years. Currently, he is in charge of the department of regulation, communication, enforcement, legal and risk management in the RBI.
Indian pharmaceutical company Cipla has launched drone-based deliveries of its critical medicines (cardiac, respiratory, and other essential chronic therapies) for hospitals and pharmacies in the Himalayan state of Himachal Pradesh in partnership with Sky Air Mobility. The use of drones will support delivery of Cipla’s drugs to chemists and clinics in remote areas, while minimising risks such as delays, it said in a release on Tuesday. The Mumbai-based firm claimed it is the first among large Indian pharma companies to adopt drone-based deliveries to facilitate expedited supply to stockists in remote areas. In its inaugural phase, the company said it has successfully completed several drone deliveries in Himachal Pradesh covering approximately 50 kilometres distance in under 25 minutes.
India has planned to establish carbon emission reduction goals for key fossil fuel-dependent sectors, aligning with its greenhouse emissions reduction targets. Officials told Reuters on condition of anonymity that petrochemicals, iron and steel, cement, and pulp and paper industries will have carbon intensity benchmarks and three-year reduction targets. Starting April 2025, these sectors are expected to pioneer trading on India’s carbon market, facilitating the buying and selling of carbon credits to achieve their targets. Surpassing set objectives allows companies to earn carbon credits, tradable to firms falling below their targets.
Former Indian defence minister and Nationalist Congress Party president Sharad Pawar on Tuesday extended greetings to former prime minister Manmohan Singh on his 92nd birthday and said India scaled new heights of economic success and reached its highest growth rate under the latter’s leadership. Indian National Congress leader Manmohan Singh, currently a member of the Rajya Sabha, turned 91 on Tuesday. Pawar in a post on X said, “Birthday wishes to former Prime Minister Dr Manmohan Singh. Under his leadership, India scaled new heights of economic success and reached its highest growth rate. May God bless him with a long and healthy life.” Singh was the finance minister in 1991 when India undertook course-changing economic liberalism and the prime minister between 2004 and 2014.
India’s Directorate of Enforcement (ED) has provisionally attached immovable assets valued at Rs 1.09 crore (£107,555) and bank balance amounting to Rs 26.52 lakh (£26,168) belonging to Sunheaven Agro India Ltd and its directors under the Prevention of Money Laundering Act, 2002. The enforcement agency had initiated the investigation on the basis of a first information report registered by the Central Bureau of Investigation under various sections of the Indian Penal Code against Sunheaven Agro India Ltd and its directors. Sunheaven Agro India Ltd, according to the ED, floated a Ponzi scheme that came out with different investment schemes under the garb of “product booking” and fixed deposit and monthly income schemes, with the intention of earning quick and easy money.
Researchers at IIT-Guwahati in the north-eastern Indian state of Assam on Tuesday said they have developed a fabric that can separate oil from water, which will help in tackling marine pollution caused by oil spills. The silica nanoparticles-coated cotton fabric has been developed using rice husk, an agricultural waste, as the primary source material, said Vaibhav Goud, a professor in the IIT-Guwahati’s department of Chemical Engineering. The aim is to convert agricultural waste into a sustainable value-added product to mitigate marine oil pollution, he said. Conventional cleaning techniques such as skimming or in-situ burning are ineffective, costly and cause additional pollution, said Goud, who authored a paper on the research along with Sutapa Das.
(With agencies inputs)
