• Thursday, July 25, 2024

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India Business Briefs for July 3: Minister seeks plan for reviving Vizag Steel

Indian heavy industries and steel minister HD Kumaraswamy (ANI Photo/SansadTV)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Wednesday, July 3, 2024:

Indian heavy industries and steel minister HD Kumaraswamy on Wednesday reviewed the progress of Vizag Steel in the south-eastern coastal city of Visakhapatnam, saying the ministry intends to devise a strategy to allocate funds once the company begins efforts to enhance production and capacity, Moneycontrol reported. Visakhapatnam Steel Plant, or Vizag Steel, is operated by Rashtriya Ispat Nigam Limited, a corporate entity. Kumaraswamy, who took over earlier this month, also requested a comprehensive plan to revive the struggling entity.

YeePharn Phua, director of sovereign ratings at S&P Global Ratings, on Wednesday said the Indian economy could achieve over eight percent growth without overheating if it addresses infrastructural bottlenecks, Moneycontrol reported. “This will help expand the middle class and help attract more investments to the economy,” he was quoted as saying. S&P Global Ratings expects the south Asian economy to grow seven per cent over the medium term while for the current fiscal year, the agency forecasts a growth of 6.8 per cent. “India is recouping some of the lost ground, growing faster than what we had expected four years ago,” Luis Kuijs, chief economist, Asia Pacific, at S&P Global Ratings, was quoted as saying by the outlet.

Gujarat Tourism is creating a buzz and witnessing a consistent surge in popularity among both domestic and international visitors. Under chief minister Bhupendra Patel, the addition of new tourism infrastructure has elevated the western state’s tourism sector to a new height. Between April 1 and June 10 this year, the period of summer vacation, Gujarat’s 12 key tourist attractions, and pilgrimage sites welcomed over 13.5 million tourists, marking a 17 per cent increase from 2023 when 11.4 million tourists had visited these destinations during the same period, according to a statement from the state’s information and public relations department.

India has initiated an anti-dumping probe into the import of Chinese lift guide rails following a complaint by a domestic player. The duty is aimed at protecting the domestic industry from cheap imports. The commerce ministry’s investigation arm Directorate General of Trade Remedies is probing the alleged dumping of ‘T-Shaped Elevator/Lift Guide Rails and Counterweight Guide Rails’ from China. Savera India Riding Systems Company has filed an application for the initiation of an anti-dumping investigation on the imports of this product from China. The applicant has alleged that material injury is being caused to the domestic industry due to the alleged dumped imports and has requested for the imposition of anti-dumping duties.

Insolvency professionals spend significant time in dealing with issues related to statutory authorities and enforcement agencies during insolvency resolution process, according to a survey. The survey was conducted by the Indian Institute of Insolvency Professionals of ICAI (IIIPI) and saw the participation of around 30 Insolvency Professionals (IPs). As per the findings released on Wednesday, the challenges faced by IPs include initiation of statutory/penal proceedings against Corporate Debtors (CDs) despite onset of moratorium, summons or notices being sent to IPs for civil and criminal matters or acts or omissions pertaining to period prior to commencement of CIRP (Corporate Insolvency Resolution Process).

(With agencies)

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