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India Business Briefs for June 10: Sitharaman may present first budget of Modi 3.0 in July

India finance minister Nirmala Sitharaman (Photo by DIBYANGSHU SARKAR/AFP via Getty Images)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for June 10, 2024:

Back in saddle in signs of prime minister Narendra Modi preferring continuity in policy, Indian finance minister Nirmala Sitharaman is likely to lay out the government’s economic agenda when she presents the first annual budget of Modi 3.0 next month. Her task is cut out as she will have to look at measures to boost growth without hurting inflation as well as look for resources to meet the coalition government’s compulsion. The economic agenda would include steps to fast-rack reforms to make India a USD 5-trillion economy in near future and turn the country into a ‘Viksit Bharat’ (developed India) by 2047.

Piyush Goyal will take charge as the commerce and industry minister, for the second time, in the newly-formed federal cabinet led by prime minister Narendra Modi, an official statement said on Monday. Goyal, who won his first general elections from Mumbai North constituency by a margin of over 350,000 votes this year, took oath as the cabinet Minister on June 9. The 59-year-old, who had been a member of the Rajya Sabha or Upper House of the Indian parliament since 2010, eloquently articulated the government’s position on different occasions during debates on various issues in Rajya Sabha.

Syama Prasad Mookerjee Port in the eastern Indian city of Kolkata on Monday announced the launch of direct container vessel service from Shanghai, China. Additionally, the port introduced a direct weekly express service linking Port Klang in Malaysia and Yangon Port in Myanmar, officials said. Currently, cargo movement between China and Kolkata ports involves transit hubs like Singapore. However, the new service commenced with the successful berthing of vessel SITC Nagoya at Haldia International Container Terminal on June 6, arriving directly from Shanghai, according to port chairman Rathendra Raman.

Leading American pizza restaurant chain Domino’s plans to double its store count to 4,000 in India in the next 5-6 years, a top company official said. Domino’s, which started operations here in 1996, has launched its 2,000th store. “It’s the first time that a country outside of the US has reached over 2,000 stores,” Domino’s EVP, International Art D’Elia told Press Trust of India. India is now the second biggest market for Domino’s after the US in terms of number of operational stores and among top five globally in terms of revenue, he added. The Indian market has a “huge growth opportunity” for Domino’s, helped by a growing economy and the middle class. With its democratised offering, Domino’s has made pizza accessible to more and more people in India.

(With PTI inputs)

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