- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, November 16, 2022:
The Indian finance ministry on Wednesday told the country’s Supreme Court that the demonetisation move made in November 2016 was one in a series of “transformational economic policy steps” which resulted in a major growth in digital transactions, shrunk fake currency, and saw more income-tax payers, The Hindu reported. The Narendra Modi government claimed that the withdrawal of 500 and 1000-rupee banknotes, which at the time had formed more than 80 per cent of the currency in circulation, was a “critical” part of a policy push to “expand formal economy”.
Pradeep Gupta, co-founder and vice chairman of Anand Rathi Group, has told Moneycontrol in an interview that India’s inflation will witness a downward trend and it would continue further but until the early part of 2023, it will be outside the Reserve Bank of India’s comfort zone of six per cent. Gupta also said that inflation coming close to four per cent in next March is not entirely off the table either. He said Anand Rathi Group is optimistic on equity as an asset class from a structural medium- to long-term perspective and believes that Indian equities will deliver better risk-adjusted returns compared to most other major markets, Moneycontrol added.
The first-ever expo of Indian medtech industry will be held from January 17 till 19 next year on Aerocity Grounds in New Delhi, ANI reported. The three-day India MedTech Expo (IMTE) was earlier scheduled from December 9-11, 2022 but now it has been rescheduled. On September 30, 2022, the website of IMTE was launched and the flyer was released for the event. According to a statement from the chemical and fertiliser ministry, the first edition of a three-day event would be organised by the department of pharmaceuticals, in close association with all the Medical Devices Industry Associations. It is being coordinated by the Federation of Indian Chambers of Commerce and Industry. “The expo is planned around the theme ‘Future of Device, Diagnostics and Digital,” according to a statement.
The International Financial Services Centres Authority (IFSCA) and the Reserve Bank of India (RBI) have entered into a Memorandum of Understanding (MoU) for collaboration in the field of regulation and supervision of regulated entities in their respective jurisdictions, ANI reported. According to an official statement from the IFSC Authority released on Wednesday, the MoU facilitates technical cooperation and the exchange of information. The RBI is the central bank and monetary authority of India carrying on, inter-alia, the regulation and supervision of banks and non-banking financial institutions as well as undertaking other functions and exercising powers in accordance with various statutes
