- Tuesday, March 11, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, September 5, 2022:
The Indian banking system is healthy enough to withstand any negative spillovers from external headwinds emanating from the Jackson Hole speech by the US Fed, Reserve Bank of India governor Shaktikanta Das said on Monday, Press Trust of India reported. Addressing the annual gathering of the Fixed Income Money Market and Derivatives Association of India (Fimmda), the governor said, the central bank and government have taken enough measures, such as maintaining high forex reserves ($561 billion or £468 billion as of August 26) and other steps to keep the banking system healthy enough to withstand any external headwinds.
Inflation expectations of Indian businesses went below five per cent in July, according to the Indian Institute of Management-Ahmedabad’s (IIM-A) Business Inflation Expectations Survey (BIES), Moneycontrol reported. As per the survey which was released over the weekend, one-year ahead inflation expectations of Indian companies dropped for the fourth consecutive month in July, coming in at 4.83 per cent as against 5.17 percent in June. In March, the expectations were as high as 6.12 per cent in March. This is the first time in almost a year and half that one-year ahead inflation expectations of Indian companies have gone down below five percent.
There is a need for the traders and merchants to modernise and digitise their business models, Indian women and child development minister Smriti Irani said on Monday, PTI reported. “In the constantly changing business scenario, the merchants of our country need to transform, digitise and modernise their business models,” Irani, who is also the minister of minority affairs, said. Irani made the remarks while launching CAIT India Knowledge Mission in the national capital, the Confederation of All India Traders (CAIT) said in a statement. The initiative will educate and assist the traders across the country to adopt new and modern technologies to their businesses. CAIT will organise both offline and online workshops across the country as part of the programme. CAIT secretary general Praveen Khandelwal said “in the last few years foreign e-commerce companies and big corporate companies are trying to take on the retail business”.
KPI Green Energy is setting up green hybrid capacities totalling 16.10 MW at Bhavnagar, under the Gujarat hybrid power policy 2018, PTI reported. The hybrid power project comprises wind and solar capacity to be developed at its Bhungar site in Mahuva at Bhavnagar, Gujarat, the company said in a regulatory filing on Monday. “The requisite financial closure to the tune of Rs 132 crore (£14.3 million) has already been achieved from State Bank of India. Further, the company has arranged long-term PPAs in advance with various corporate parties for sale of power generated out of the hybrid power project upon commissioning,” the company said. The project is scheduled for commissioning in March 2023, it said. According to industry estimates, to set up every 1 MW of solar capacity, an investment of Rs 4.5 crore (£489,745) is required.
Bengaluru-based Nava Ties Solutions Private Limited, the promoter of www.navaties.com has signed a memorandum of understanding (MoU) with the government of Goa – with ministry of industry to promote exports from the state of Goa and support in its Doubling the Exports campaign, ANI/GPRC reported. As part of the MoU, directorate of industries, trade and commerce (DITC), government of Goa, will identify various industries which are part of their champion sectors that have export potential and Nava Ties will support in finding international markets for industries in these sectors. The currently identified sectors are shipbuilding, pharmaceutical, agriculture, marine, electronics, textile, light engineering, IT & ITES. Nava Ties will handhold businesses to expand into international markets while providing end to end marketing, transactional and other functional activities.
Power producer Sembcorp announced on Monday the sale of Sembcorp Energy India (SEIL), which runs two coal-fired plants of 2.6 gigawatt (GW) capacity, to Oman-based Tanweer Infrastructure for ₹11,700 crore (£1.2 billion), the Hindu BusinessLine reported. It said Sembcorp Utilities, a subsidiary of Singapore-based Sembcorp Industries, is selling its entire stake in its subsidiary SEIL to Tanweer Infrastructure Pte. The latter is indirectly owned by a consortium led by Oman Investment Corporation in partnership with the middle-eastern nation’s ministry of defence pension fund and Dar Investment SPC.
