- Monday, March 10, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, September 8, 2022:
The responsibility of bringing down inflation cannot be left with the central government alone, and the states must play their part too, Indian finance minister Nirmala Sitaraman said on Thursday. “Inflation that prevails in different parts of the country – despite the GST, creation of one market, removal of tolls and taxes, and freeing movement of goods – varies from state to state,” she said at a conference on taming down the inflation, organised by the Indian Council for Research on International Economic Relations in New Delhi. She argued that the central government had cut the excise duty on petrol and diesel in November 2021 and May 2022 to the extent the burden of higher global crude oil prices was diminished on the end-consumer. However, some states did not act in tandem and reduce state-level taxes, the finance minister said and added that she “not doing politics”.
Indian automotive components supplier Samvardhana Motherson International Limited (SAMIL) on Thursday said it has inked a pact to acquire Daimler India Commercial Vehicles’s frame manufacturing and assembly operation assets, Moneycontrol reported. Daimler is a subsidiary of the German Daimler Truck AG. SAMIL said it “has signed a strategic agreement” to acquire the assets of Daimler India operated out of its facilities in Chennai, Tamil Nadu, the report added. SAMIL said the acquisition is expected to be completed during the third quarter of 2022-23 fiscal, subject to customary closing conditions and necessary regulatory approvals.
Indian finance minister Nirmala Sitharaman on Thursday lauded prime minister Narendra Modi’s decision to boost import of crude oil from Russia even when it is facing sanctions following its invasion of Ukraine. “In a situation where global prices were going beyond anyone’s affordability…at that stage to take a very strong political decision I respect the prime minister for his courage on this, to get it (oil) from Russia because they are ready to give it to you at discount,” she said at a conference organised by the Indian Council for Research on International Economic Relations in New Delhi. “And how speedily did we ramp it up? Where otherwise our entire import of Russian crude was 2 percent or probably sometimes even lesser of the total basket, it was ramped up to almost 12-13 percent. All within a couple of months,” Sitharaman said.
Tata Power Renewable Energy Limited, a subsidiary of Tata Power, on Thursday said it has collaborated with stainless steel manufacturer Viraj Profile Private Limited to set up a 100 MW captive solar plant, Asian News International reported. The plant will be developed by Tata Power at Nandgaon at its Nasik site and it will power Viraj Profile Private Limited’s Tarapur plant. With this, Viraj will become one of the first Stainless Steel Long Products manufacturing companies in India to use solar energy to run its manufacturing plant. With the commissioning of this plant, Viraj Profile’s dependability on non-renewable power resources will be reduced by approximately 50 per cent, Tata Power said in a statement. The project will get commissioned by July 2023, it said.
The India government will acquire a stake in debt-ridden Vodafone Idea (VIL) after the stock price of the company stabilises at Rs 10 or above, according to an official source, Press Trust of India reported. VIL board has offered a stake to the government at a par value of Rs 10 (£0.11) per share. “There is a SEBI norm that the acquisition should take place at par value. DoT will clear the acquisition after VIL shares stabilise at Rs 10 or above,” an official source told PTI. VIL shares are trading below Rs 10 since April 19. The stock declined by 1.02 per cent to trade at Rs 9.68 (£0.11) on BSE on Thursday. The finance ministry had cleared the proposal to acquire a stake in VIL in July.
