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India Business Briefs for June 18: Madhya Pradesh keen on collaborating with Taiwan over semiconductors

Representational Image (iStock)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Tuesday, June 18, 2024:

Mohan Yadav, chief minister of central Indian state of Madhya Pradesh, on Tuesday said his government was keen on collaborating with Taiwan in manufacturing of semiconductors, a high-tech material widely used in electric and hybrid cars, drones and communication devices. Yadav, who took charge last year, was addressing an international seminar on “Environmental Governance for Sustainable Future” organised by Devi Ahilya Vishwavidyalaya university in the city of Indore through video conference. The I-Shou University of Taiwan was one of the participants at the seminar.

Fitch Ratings on Tuesday raised India’s growth forecast for current fiscal to 7.2 per cent, from seven per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. “We expect the Indian economy to expand by a strong 7.2 per cent in FY24/25 (an upward revision of 0.2 pp from the March GEO),” Fitch said in its global economic outlook report. Fitch’s estimates are in line with that of RBI which earlier this month projected Indian economy to expand 7.2 per cent in the current fiscal on the back of improving rural demand and moderating inflation.

Airbus Helicopters on Tuesday said it is working with the Tata Group to identify the location for the final assembly line (FAL) for helicopters in India. Talking to reporters at the launch of its H145 helicopter in the domestic energy offshore sector here, Airbus Helicopters India and South Asia chief Sunny Guglani also said that this segment is one of the most mature ones, and the company has a positive outlook on it. Airbus Helicopters has launched its H145 helicopter in collaboration with off and on-shore helicopter services provider Heligo Charters. The helicopter-manufacturing division of Airbus had in January said it would partner with the Tata Group to establish a FAL for helicopters in India to boost indigenous manufacturing activities.

Indian market regulator Securities and Exchange Board of India (SEBI) on Tuesday levied penalties totalling Rs 35 lakh (£33,049) on OP Jindal Group’s firm Hexa Tradex Ltd, its promoters and directors for flouting delisting norms and other disclosure rules. The regulator slapped fines within the range of Rs 2-5 lakh (£1,889-£4,721)on Hexa Tradex, its chairperson Raj Kamal Aggarwal, Ravinder Nath Leekha, Vinita Jha, Girish Sharma, and Pravesh Srivastava. They are collectively referred to as noticee. Siddeshwari Tradex Pvt Ltd, Innox Global Multiventures, Opelina Sustainable Services, and JSL Ltd, were the promoter entities of Hexa Tradex Ltd, which were also penalised by the regulator.

A delegation comprising MPs of India’s opposition Trinamool Congress (TMC) and leaders from other parties on Tuesday met officials of the country’s market regulator Securities and Exchange Board of India (SEBI) in New Delhi and demanded a probe into the alleged stock market manipulation following exit polls earlier this month. The delegation, comprising TMC MPs Kalyan Banerjee, Sagarika Ghose and Saket Gokhale, was joined by some other leaders from parties such as Shiv Sena (Uddhav Balasaheb Thackeray). Notably, Indian National Congress MP Rahul Gandhi had alleged that prime minister Narendra Modi and home minister Amit Shah were “directly involved” in what he described as the “biggest stock market scam” with retail investors losing Rs 30 lakh crore (£283.2 billion) due to the market crashing after the general election’s result came out on June 4.

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