- Tuesday, April 30, 2024
By: Shubham Ghosh
Here are news related to Indian economy and business for Thursday, September 29, 2022:
Services industry must be competitive and not seek subsidies to boost exports, India’s commerce and industry minister Piyush Goyal said while addressing an event organised by the Services Exports Promotion Council (SEPC) in New Delhi on Thursday, Asian News International reported. Piyush Goyal said, “The focus must shift to strengthening ourselves to competing with the best in the world,” and added that “If we look at global headwinds, we will have an opportunity to wedge our way.” The minister said that Service Exports from India Scheme (SEIS) was given in 2015 when the ministry noticed that exports did not grow at all and added the government had gradually been removing all subsidies from the export system as these make the country uncompetitive, holding it back.
The Indian government on Thursday lowered the market borrowing target for the current financial year by Rs 10,000 crore (£111.3 million) amid buoyancy in tax collections, ANI reported. Out of the gross market borrowing of Rs 14.31 lakh crore (£159.3 billion) projected for FY 2022-23, the Government of India has decided to borrow Rs 14.21 lakh crore (£158.2 billion) during the FY 2022-23, according to an official statement released by the finance ministry. Accordingly, the balance amount of Rs 5.92 lakh crore (£66 billion) (41.7 per cent of Rs 14.21 lakh crore) is planned to be borrowed in the second half of the fiscal year 2022-23 (H2: FY 2022-23) through dated securities, including Rs 16,000 crore (£1.78 billion) through issuance of Sovereign Green Bonds (SGrBs) as per the announcement made in the Union Budget 2022-23.
Indian bikemaker Hero MotoCorp said on Thursday it will invest $60 million (£54.2 million) in California-based Zero Motorcycles to jointly develop electric motorcycles, as it seeks to expand presence in the green mobility space, Reuters reported. Zero at present is a “global leader” in powertrains, Hero said in its exchange filing, adding that it will launch its first electric product under its emerging mobility brand Vida on October 7. The move comes after Hero in January announced an investment of more than $56 million (£50.7 million) in electric vehicle (EV) start-up Ather Energy — India’s top electric-scooter maker by revenue. Earlier this month, it partnered with state-run Hindustan Petroleum Corp to set up EV charging infrastructure across the country.
India’s current account deficit (CAD) widened to $23.9 billion (£21.6 billion) in April-June from $13.4 billion (£12.1 billion) in January-March, data released by the Reserve Bank of India (RBI) on Thursday said, Moneycontrol reported. The current account had recorded a surplus of $6.6 billion (£6 billion) in April-June 2021. In terms of percentage, the CAD in April-June 2022 was 2.8 per cent of the GDP, up from 1.5 percent the previous quarter. The current account keeps a track of the value of exports and imports of goods and services and international transfers of capital between two nations.
The Narendra Modi government is soon likely to revise windfall gain tax on domestic oil refiners, CNBC-TV18 reported on Thursday, citing sources. The development happens a day after the government reduced windfall tax on locally produced crude oil to Rs 10,500 (£116.4) from Rs 13,000 (£144.1)/tonne after its fifth fortnightly review, as per a circular issued by the finance ministry of September 16. The Indian petroleum ministry submitted data of price movement of global crude oil prices in the past fortnight to the revenue department pitching for a cut, the sources added.
The Competition Commission of India (CCI) on Thursday said it has approved the acquisition of assets of Essar Group by ArcelorMittal Nippon Steel India Limited, ANI reported. The proposed combination involves the acquisition of certain assets: (a) Power Assets (Essar Power Hazira Limited (EPHL), Gandhar Hazira Transmission Limited (GHTL)); (b) Port Assets (Hazira Cargo Terminals Limited (HCTL), Ibrox Aviation & Trading Private Limited (IATPL), Essar Bulk Terminal Limited (EBTL), Essar Bulk Terminal Paradip Limited (EBTPL), Essar Vizag Terminals Limited (EVTL)); (c) Other Assets (Snow White Agencies Private Limited (SWAPL), Bhagwat Steel Limited (BSL)) from the Essar Group (target) by ArcerlorMittal Nippon Steel India Limited (acquirer). All these target assets belong to the Essar Group. ArcerlorMittal Nippon Steel India Limited (AMNS) is a joint venture between ArcelorMittal S.A. and its affiliates and Nippon Steel Corporation, Japan (NSC), the CCI said in a statement.
Anand Sahay has been elevated as the new Global CEO at Xebia, the leading global IT consultancy Dutch firm, now headquartered in the US, ANI/IMC reported. Sahay joined Xebia in 2014 as CEO to take the company beyond the Netherlands and co-founded Xebia Global Services. He is the force behind extending Xebia’s business into US, UK, Middle East Africa, APAC and ANZ regions in his role as CEO, Anand will set the ground for Xebia’s next level of growth. Global CEO of Xebia, Sahay, is a leader-entrepreneur. He has a sharp eye for the latest technologies and weaves unique service offerings around them to create innovative service-line products and tap potential markets. Moreover, collaborating with business leaders, he helps them solve critical problems. In his career, he has had exposure to a diverse range of organizations, functional groups and work cultures. He says these experiences and the people have made him the person and business leader that he is today.
