- Tuesday, April 29, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Thursday, November 24, 2022:
India’s inflation is likely to ease in the coming months, partly due to fall in commodity prices, India’s finance ministry said in a monthly economic report, Reuters reported. India’s annual retail inflation has remained above the central bank’s tolerance limit of 2% to 6% since January, even as it eased to 6.77% in October helped by slower rise in food prices and base effect. “Easing international commodity prices and new Kharif arrival are also set to dampen inflationary pressures in the coming months,” the report said.
The fear of a global recession has gone up and it is likely to impact India’s global export outlook, a report from the country’s finance ministry said on Thursday, the Hindu BusinessLine reported. However, India’s overall growth will receive impetus from other developments. India’s exports contracted 16.6 per cent last month to $29.78 billion (£24.55 billion) for the first time this fiscal, the report said. “A rapid deterioration in global growth prospects, coupled with high inflation and worsening financial conditions, has increased fears of an impending global recession. Global slowdown may dampen India’s exports businesses outlook; however, resilient domestic demand, a re-invigorated investment cycle along with strengthened financial system and structural reforms will provide impetus to economic growth going forward,” the report prepared by the finance ministry’s economic affairs department said.
Fiat parent Stellantis has concluded it can’t currently make affordable electric vehicles in Europe and is looking at lower-cost manufacturing in markets such as India, its chief executive told reporters, Reuters reported. If India, with its low-cost supplier base, is able to meet the company’s quality and cost targets by the end of 2023, it could open the door to exporting EVs to other markets, said Carlos Tavares, CEO of the group whose brands also include Peugeot and Chrysler.
With more startups getting onboard, private sector participation in India’s space sector will get further momentum this weekend with the launch of ISRO’s (Indian Space Research Organisation) PSLV-C54. In addition to ISRO’s Earth Observation Satellite – 06 (Oceansat-3), the rocket will carry eight nano-satellites, Press Trust of India reported. These nano satellites include Bengaluru-headquartered spacetech startup Pixxel’s third hyperspectral satellite ‘Anand’ “More than two years in the making and made with a lot of dedication and effort, the team can’t wait for the satellite to finally go to space and beam down some amazing #hyperspectral data”, Pixxel said. Two Thybolt spacecraft of private spacetech company Dhruva Space will also be co-passengers on board PSLV-C54 which is slated to be launched from the first launch pad of Sriharikota spaceport at 11.56 am local time on Saturday (26).
India’s Directorate of Enforcement (ED) on Thursday said it has provisionally attached various immovable properties in the form of 41.63-hectare land in the name of Shinecity firm companies, Asian News International reported. The agency said the quantum of total attachment so far in the case is about Rs 49 crore (£4.9 million). The value of the 41.63-hectare land stands at Rs 31.24 crore (£3.1 million). One residential plot in the name of Amitabh Kumar Srivastava at Lucknow, with a value of Rs 23.70 lakh (£23,933) has also been attached provisionally. These group companies are Shinecity Infraprojects, Shinecity Proxima Developers, Shinecity Shapers, Shinecity Construction in Sultanpur, Jhansi, Pratapgarh, Pindra (Varanasi), Bara (Allahabad) and Bakshi Ka Talaab (Lucknow), with their land measuring 41.63 hectare in total.
The Indo-French Chamber of Commerce and Industry (IFCCI) launched its CSR Initiative at the fourth edition of the IFCCI CSR Conclave and Awards in the presence of HE Emmanuel Lenain, Ambassador of France to India and PK Sinha, IAS (Retd.), former cabinet secretary to the Government of India and member advisory board, European Business Technology Centre (EBTC) & CSR heads, policymakers, decision-makers, business leaders, CSR foundations and non-profit organisations, ANI/NewsVoir reported.
The event was held on 23rd November 2022 at the Hyatt Regency, New Delhi, and witnessed a gathering of over 100+ business leaders from top French and Indian companies.
TVS Motor Company, a reputed manufacturer of two-wheelers with sales of over three million units globally, on Thursday inaugurated its first state-of-the-art TVS Experience Centre in Singapore, ANI/NewsVoir reported. The launch is in line with the company’s global expansion plans. The new TVS Experience Centre will offer a range of TVS Motor’s premium motorcycles including the flagship model, TVS Apache RR310 for racing enthusiasts, and the TVS Apache RTR range for the performance seekers. The company will introduce diverse product offerings, catering to both personal commuting as well as the delivery premium segment in Singapore.
