- Tuesday, April 22, 2025
By: Shubham Ghosh
HERE are news related to Indian economy and business for Wednesday, September 6, 2023:
Fintech players should form a self-regulatory organisation for an orderly growth of the industry that is projected to have revenues of $200 billion (£160 billion) by 2030, Shaktikanta Das, governor of India’s Reserve Bank of India (RBI) said on Wednesday. Addressing the industry at the Global Fintech Fest in Mumbai, Das said fintech players need to evolve industry best practices to avoid mis-selling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns. “I would like to use this opportunity to urge and encourage the fintechs to establish a self-regulatory organisation themselves,” he said and assured all help from the RBI for the process.
India’s Tata Consultancy Services (TCS) and Britain’s Jaguar Land Rover (JLR) have expanded their partnership, valued at more than £800 million over five years, the two Tata Group companies said on Wednesday, Reuters reported. Under the partnership, India’s top information-technology services exporter would deliver a range of services for the automobile manufacturer including application development and maintenance to cloud migration, cybersecurity and data services, the report added. JLR and TCS are longstanding partners, collaborating on various fronts over the last 11 years.
The domestic demographic structure and the strong prospects for India’s long-term economic growth present plenty of room for Indian and Scotch whiskies to prosper in the world’s biggest whisky market, an industry association said on Wednesday. Scotch Whisky Association also said that the proposed reduction in import duty by India under a free trade agreement between New Delhi and London would not only help boost exports of Scotch whiskey from the UK, but consumers here will also get more choice as smaller producers enter the market. India and the UK are negotiating a free trade agreement, and it will also benefit India-Made Foreign Liquor brands by reducing import costs.
The National Payments Corporation of India (NPCI) on Wednesday launched a slew of new payment options on popular payments platform UPI, including conversational transactions. Reserve Bank of India (RBI) governor Shaktikanta Das announced the launch of the products by the NPCI at the ongoing Global Fintech Festival in Mumbai. One of the products is Hello! UPI that will enable users to make voice-enabled UPI payments via apps, telecom calls, and IoT devices in Hindi and English. It will soon be available in several other regional languages also. NPCI said the credit line on the UPI facility will enable customers to access pre-sanctioned credit from banks via UPI.
Top Indian business leaders, including Mukesh Ambani and Gautam Adani, will join G20 leaders at a dinner in New Delhi on Saturday (9), as India showcases its position as the planet’s fastest growing economy. Several world leaders including US president Joe Biden, British prime minister Rishi Sunak, Saudi crown prince and prime minister Mohammed Bin Salman, Canadian prime minister Justin Trudeau, French president Emmanuel Macron and Japanese prime minister Fumio Kishida are expected to be part of the gathering in New Delhi. Among the 500 businessmen invited are Tata Sons chairman N Chandrasekaran, billionaire Kumar Mangalam Birla, Bharti Airtel founder-chairman Sunil Mittal, a few sources told Reuters.
Establishing its ‘Partnership of Progress’ with the northeastern Indian state of Assam, PepsiCo India announced its first food-manufacturing plant in the state’s Nalbari with an investment of Rs 778 crore (£74.7 million). Spread over 44.2 acres, the state-of-the-art plant is proposed to be operational in 2025 and aims to provide direct and indirect employment opportunities to 500 people. To mark the step in its commitment to India, a bhumi pujan (offering prayers to Mother Earth) ceremony was organised by PepsiCo India where Assam’s chief minister Dr Himanta Biswa Sarma, Eugene Willemsen, CEO – Africa, Middle East & South Asia, PepsiCo, and Ahmed ElSheikh, president, PepsiCo India were also present.
(With agencies inputs)
