- Monday, March 10, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, September 7, 2022:
Indian billionaire Gautam Adani sees the combined gross domestic product (GDP) of India and the US touching $70 trillion (£61 trillion) by 2050 and believes that the existing bilateral trade between the two countries worth $150 billion (£131 billion) is “no more than a speck in the ocean”, Moneycontrol reported. Speaking at a US-India Business Council (USIBC) award function in New Delhi on Wednesday, Adani said the two countries need to resolve issues pertaining to trade and tariffs to cooperate, especially in some strategic areas. Adani was presented with the USIBC Global Leadership Award for 2022. “While negotiators from both our countries have struggled to reach a deal on a trade package and tariffs, I believe we are closer than ever before to address the open matters. I am confident we will resolve this and mutually accept some compromises. What we cannot afford is to remain stuck in the belief that all aspects of trade and relations are being hampered as a result of tariffs,” the billionaire said.
The Reserve Bank of India on Wednesday issued a list of 34 entities that are neither authorised to deal in foreign exchange nor can operate electronic trading platforms (ETP) for forex transactions, Moneycontrol reported. The so-called ‘Alert list’ includes entities such as Alpari, AnyFx, Ava Trade, Binomo, e Toro, among others, according to a release. Other entities also include Exness, Expert Option, FBS and FinFxPro. The central bank has been alerting the public against undertaking forex transactions on unauthorised ETPs or remit/deposit money for unauthorised forex transactions.
India’s overall foreign exchange reserves will deplete further this year due to a ballooning current account deficit and interventions by the central bank to support the rupee, Deutsche Bank said on Wednesday, Reuters reported. The country’s trade deficit could rise to as much as $300 billion in 2022-23 fiscal year, pushing the current account deficit to about $140 billion (£122 billion), or 3.9 per cent of the GDP, the bank estimated in a research note. “If the current account deficit indeed rises to $140 billion, the overall BOP (balance of payment) deficit could be as large as $80 billion (£70 billion) for FY23, as we are forecasting a capital account surplus of about $60 billion (£52 billion),” said Kaushik Das, chief economist, India and South Asia, Deutsche Bank.
Indian business tycoon Gautam Adani on Wednesday said his ports-to-power conglomerate will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers as part of a $70 billion (£61 billion) investment in clean energy by 2030, Press Trust of India reported. The Adani group is stepping up investments across the green energy value chain as it aims to become the world’s top renewable energy producer by 2030. “The Adani Group has already committed $70 billion (for climate change and green energy). This will see us building three giga factories in India leading to one of the world’s most integrated green-energy value chains,” he said after receiving the USIBC Global Leadership Award in New Delhi.
Textile service company Lindstrom India, subsidiary of Lindstrom Oy, Finland, has ramped up its operations in the workwear service unit in Chennai in the southern state of Tamil Nadu as it aims to serve the growing demand in the southern parts of the country, a company official said on Wednesday, PTI reported. With the expansion in operations, the Chennai unit is expected to employ about 100 people, Lindstrom Group, president and CEO Juha Laurio said. “Chennai has been a strategic choice for us. In accordance with our strategy, we want to be located close to our customers and serve them in the markets where they operate. The state-of-the-art business unit in Chennai not only increases capacity by 100 per cent but it is designed to support Lindstrom’s sustainability goals to be carbon neutral by 2035…,” Laurio said.
Smartphone maker Vivo India said that it plans to increase exclusive store in India to over 650 by end of this year, PTI reported. The company at present has over 600 exclusive stores and more than 20 experience centres in the country. “The mainline retail channel has always been an essential part of our go-to-market strategy and we would continue to invest in this channel. By the end of this year, we aim to take the total number of Vivo exclusive stores to more than 650 in the country,” Vivo India Brand Strategy Head Yogendra Sriramula said in a statement. Vivo has opened its first experience centre in Gurgaon which was inaugurated by Haryana’s home minister Anil Vij, the company said.
Sattvik Certification South Africa (Pty) Ltd (Licensee of Sattvik Council of India) in collaboration with DNV Business Assurance South Africa (Pty) Ltd, inaugurated the “Sattvik Certification Scheme” for the African Market at the Constitution Club of India in New Delhi, ANI/PNN reported. The Sattvik Council of India officially released the Sattvik Maritime Management Manuals, which contain “Vegetarian logistics & supply chain management I” and “Vegetarian cruise kitchen & hospitality management II.” The Sattvik Maritime Management Manuals have been developed keeping in mind the current need for standards in the supply chain for vegetarian or vegan food safety and hygiene combined with traceability and accounting and considering the expectations of the stakeholders. Both DNV and Sattvik Certification SA try to get the word out about this certification programme around the world.
Flight operations at Bengaluru’s Kempegowda International Airport, which were affected due to the heavy rainfall, have returned to complete normalcy since Monday, a spokesperson said on Tuesday. Torrential overnight rains on Sunday severely impacted the normal life in the city, with overflowing lakes and stormwater drains inundating several low-lying areas. “But from yesterday (Monday morning), it is all back to normal at the airport. There has been no disruption, no delays or diversion, whatsoever since Monday,” the spokesperson told PTI. As many as six flights were diverted to Chennai airport because of low visibility, while another nine services were delayed for less than 20 minutes, as per the Bangalore International Airport Ltd.
