- Monday, April 29, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Friday, April 12, 2024:
India commands over 50 per cent of the global capability centres (GCCs), and it remains the most preferred destination to set up such GCCs, a report by business consulting company ANSR said on Friday. ANSR Global is a consulting firm that enables organisations to build and manage teams through GCCs. The company has established over 110 Global Capability Centres, using 12 million square feet of office space and employs over 1.20 lakh people. According to the quarterly report released on Friday, India commands over 50 per cent of the GCC market with a mix of unique talent and a robust startup system, and the country remains the most preferred destination to set up a GCC.
The Indian government has set the target of producing 170 million tonnes of coal from captive and commercial coal blocks in the country during the current financial year. In FY24, captive and commercial coal blocks produced 147.12 million tonnes (MT) of dry fuel, 26 per cent higher from 116 MT produced in FY23. According to an official, additional secretary, coal, M Nagaraju this week reviewed the coal production targets for FY25. Representatives of 74 coal mines were present in the review meeting. “Coal block allottees are confident of achieving the production target of 170.0 MT in 2024-25,” the official said.
Only Indian nationals or entities should be eligible to participate in telecom regulatory sandboxes that can provide real-time but regulated access to networks and customer resources during product or technology tests, sector regulator Trai recommended on Friday. The Telecommunications Act, 2023, has introduced the provision of setting up multiple regulatory sandboxes. The regulatory sandbox will emphasise on testing of new products, services, processes, and business models in a live testing environment on a limited set of users for a specified period of time after obtaining certain regulatory relaxations.
India’s retail inflation declined to 4.85 per cent in March compared to 5.09 per cent in February this year, according to government data released on Friday. The Consumer Price Index (CPI)-based retail inflation was 5.66 per cent in March last year. The National Statistical Office, under the Ministry of Statistics and Programme Implementation, on Friday released the All India CPI and corresponding Consumer Food Price Index (CFPI) for rural, urban and combined for March 2024. The data shows a more stable pricing environment, potentially offering relief to households in their daily expenses.
India’s industrial output grew at the fastest annual rate in four months in February, increasing 5.7 per cent compared with the corresponding month last year, government data showed on Friday. Economists polled by Reuters had estimated year-on-year growth of six per cent in February. Annual industrial output growth for January was revised to 4.1 per cent from 3.8 per cent. Manufacturing output in February went up 5 per cent year on year, slower than the 5.9 per cent rise posted in the same month last year. Generation of electricity in February was up 7.5 per cent, against 8.2 per cent growth in the same month a year ago. However, mining activity increased, expanding by eight per cent versus a 4.8 per cent rise a year earlier.
(With agencies)
