- Sunday, March 30, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and news for Wednesday, April 26, 2023:
India improves in the logistics ranking of the World Bank by jumping six places to rank 38 among 139 countries in the seventh edition of Logistics Performance Index (LPI 2023), ANI reported. India has been taking numerous initiatives since 2015 under the visionary leadership of prime minister Narendra Modi to improve its logistics efficiency. The World Bank has acknowledged India’s efforts towards increasing logistics efficiency. On four out of six LPI indicators, India has seen remarkable improvement on the back of various initiatives being implemented over the past few years, according to the ministry of commerce and industry release on Wednesday.
Fly91, which plans to operate a regional carrier, has received the no objection certificate from the Indian ministry of Civil Aviation (MoCA), according to officials, PTI reported. The venture Just Udo Aviation Pvt Ltd, which will operate flights under the brand ‘Fly91’, is promoted by former Kingfisher Airline’s senior executive Manoj Chacko and former Fairfax India head Harsha Raghavan, among others. Chacko told PTI that the regional airline will be headquartered in Goa and will operate a fleet of ATR 72-600 aircraft.
Indian finance minister Nirmala Sitharaman on Wednesday said seasonal supply side problems add to inflation and that they are being monitored continuously with efforts being made to bring down prices of essential commodities, PTI reported. Highlighting that efforts have also been made to bring down fuel and natural gas prices, she said these are imports coming into the country and the prices are high in the global market, due to the impact of Covid and Russia-Ukraine war. “On prices, since November 2021, when the prime minister himself has instructed us to reduce the excise duty on fuel, as a result before Deepavali one announcement was made. Then sometime in June 2022, again we reduced the excise duty further. As a result, the price of fuel came down somewhat,” Sitharaman said at a press conference in Kalaburagi in the poll-bound southern state of Karnataka.
Shanghai Cooperation Organisation Interbank Consortium (SCO IBC) is an important instrument in improving economic cooperation between the member countries, Kazakhstan said on Wednesday after taking over the rotational presidency of the SCO IBC for 2023-24, PTI reported. India on Wednesday handed over the presidency of SCO IBC to the Development Bank of Kazakhstan. “We have decided to deepen the cooperation and ties between the member countries and continue doing the work which has been done in the past,” Nurlan Baibazarov, chairman, Development Bank of Kazakhstan told reporters after taking over the presidency.
MG Motor India has introduced the cheapest electric vehicle in the country, ANI reported. On Wednesday, the carmaker launched Comet, its latest model, at a price of Rs 7.98 lakh (ex-showroom) (£7,830.5) in Mumbai. This would be the most affordable electric vehicle in the country to date. Comet is the second electric car from MG Motor, but compared to the earlier ZS, or even any of the other electric cars in the Indian market right now, will have the lowest price, at an introductory price of Rs 7.98 lakh, ex-showroom. Bookings start from May 15. Rajeev Chaba, president and managing director, MG Motors said, “The Comet is more than just a car; it represents our determination to change the way we commute in our cities.”
