- Tuesday, March 04, 2025
By: Shubham Ghosh
Here are news related to Indian economy and business for Wednesday, February 15, 2023:
Maruti Suzuki India on Wednesday said it has partnered with SMAS Auto Leasing India Pvt Ltd to enhance its vehicles subscription programme, PTI reported. SMAS is the fifth partner to offer a range of the company’s vehicles on white plate subscription, wherein the vehicle is registered under the user’s name and hypothecated to the subscription partner, Maruti Suzuki India said in a statement. Maruti Suzuki Subscribe with SMAS is now available across cities, including Delhi, Gurugram, Noida, Mumbai, Pune, Bengaluru, Hyderabad and Chennai, it added.
The petroleum products can be part of the Goods and Services Tax (GST) and what is needed is the nod from the council members, said Indian finance minister Nirmala Sitharaman on Wednesday, ANI reported. Petroleum products are currently not part of the GST framework. “The provision is already available for petroleum products to be brought into the GST. My predecessor had already made the window kept open. Once the states agree we will have the petroleum products also covered under GST. So, that’s not so much us not doing it, and the entire (GST) council saying ‘yes’,” she said. She made the remarks while participating in a post-Budget interactive session of the industry body, PHD Chamber of Commerce and Industry in New Delhi in reply to a question.
Anil Agarwal’s commodities giant has reduced net debt by a whopping $2 billion (£1.66 billion) in the current financial year as it tries to soothe investors’ concern over its liquidity and capacity to repay upcoming obligations, Bloomberg reported. The London-based Vedanta Resources Ltd. said in an exchange filing that it has achieved half of its three-year planned reduction commitment of $4 billion in the first yea. It added that it will continue to deleverage from net debt of $7.7 billion in the next two financial years.
India’s Narendra Modi government cabinet on Wednesday approved signing of a Memorandum of Understanding (MoU) between India and Chile for cooperation in the field of agriculture and allied sectors, PTI reported. A Chile-India Agricultural Working Group will be constituted for the supervision, review and assessment of the implementation of this MoU. The group will also be responsible for establishing frequent communication and coordination, according to an official release. The main areas of cooperation envisaged are agricultural policies for development of modern agriculture, organic agriculture to facilitate the bilateral trade of organic products, as well as promote the exchange of policies aimed to develop organic production in both countries, science and innovation to explore partnerships for innovation in the agricultural sector among Indian and Chilean institutes, and collaborate to confront common challenges.
Kerala, which is a highly-indebted state in India, may find it challenging to meet the fiscal deficit target set for FY24 in the annual budget, a rating agency said, PTI reported. The state’s Left Democratic Front (LDF) government presented its annual budget last week projecting revenue and fiscal deficit at Rs 23,942 crore (£2.4 billion) or 2.1 per cent of GSDP (Gross State Domestic Product) and at Rs 39,662 crore (£3.9 billion) or 3.5 per cent of GSDP, respectively, for FY24. At this rate, the fiscal deficit would be just about touching the limits, three per cent of GSDP, and additional 0.5 per cent subject to the central government conditions, according to India Ratings, which sees revenue and fiscal deficits to be higher at 2.4 per cent and 3.9 per cent, respectively, of GSDP in FY24.
Shobha Gangwal, wife of IndiGo’s co-founder Rakesh Gangwal is likely to sell a four per cent stake in InterGlobe Aviation Ltd, the Indian carrier’s parent, for Rs 29.3 billion (£294.4 million) through a block deal, CNBC-TV18 reported on Wednesday, citing sources. The offer floor price for the sale by Gangwal has been set at Rs 1,875 (£18.8) per share, according to the news channel report. Rakesh and Shobha Gangwal hold stakes of 13.23 per cent and 7.04 per cent, respectively in InterGlobe, while their Chinkerpoo Family Trust holds a 13.5 per cent stake.
