- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Wednesday, January 18, 2023:
Emphasising growth as the primary driver for boosting development, Indian railway minister Ashwini Vaishnaw has said that due focus on moderating inflation and appropriate fiscal and monetary policy measures will help ensure India’s GDP momentum in the next 10 years, ANI reported. Speaking at a session ‘India’s road to a USD 10-trillion economy’, the minister said India’s central bank is in a very good position with a good balance sheet of the central government. “The fiscal consolidation is a very important priority…But what is important is that we have to look at growth as a primary driver, moderate inflation as the decision point, and combine that fiscal and monetary policy to continue that momentum for the next 10 years,” Vaishnaw, who is also the minister for communications, electronics and information technology, said.
In a strong pitch to foreign investors, Maharashtra chief minister Eknath Shinde has said that his state is a ‘Gateway to India’ that promises a stable and booming economy, PTI reported. Speaking to PTI during his two-day visit here for the World Economic Forum Annual Meeting 2013, Shinde said he met a large number of business and government leaders from across the world and they were convinced with the state’s growth story. “Against an increasingly complex and chaotic backdrop, Maharashtra offers investor confidence and it is uniquely positioned as the gateway to India, which is one of the world’s largest democracies and markets,” he said.
To mark the first-ever Shanghai Cooperation Organisation delegation visit, the Indian city of Varanasi is hosting a Hot Air Balloon and Boating Festival called Kashi Balloon and Boat Festival from January 17-20, 2023, ANI reported. The teeming and bustling spiritual heart of India — is ready to give a bird’s eye view of its sacred- scape – quite literally from a fleet of unique hot air balloons – wandering amongst the clouds. A series of 10 balloons with top balloonists from six countries will take flight over its eponymous ghats – where the guests can see the life-ending climactic rituals, Kashi’s landlocked temple scape, and the dramatic throng of pilgrims taking their redemptive dips in the holy river.
India Inc’s revenue is expected to rise 14 per cent year-on-year in the third quarter of this fiscal ended December 2022 to Rs 10.9 lakh crore (£108.2 billion), following a steady rise in volume and some price hikes, and driven primarily by the consumer discretionary segments, according to CRISIL, ANI reported. On a sequential basis, revenue is seen up 0.9 per cent, and profitability 140 basis points (bps). The Market Intelligence and Analytics (MI&A) research of CRISIL said in a statement that the operating margin is likely to have contracted 270 bps year-on-year — slower than in the past two quarters — as easing commodity prices provided succour amid moderating revenue growth. However, this would mark the fifth quarter of on-year contraction.
India’s flagship motor show Auto Expo 2023 has concluded with a record turnout of over 6.36 lakh (0.63 million) visitors, Society of Indian Automobile Manufacturers said on Wednesday, PTI reported. The biennial auto show, originally scheduled to be held in 2022 was postponed to this year due to COVID-19 and it witnessed five global launches, and launching and unveiling of 75 products. It kicked off with press days on January 11-12 followed by general public days from January 13 to 18, 2023. “The show saw a turnout of 6,36,743 visitors, which is the highest-ever visitor turnout at Auto Expo,” Society of Indian Automobile Manufacturers (SIAM) President Vinod Aggarwal said in a statement.
