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India Business Brief

India Business Briefs for June 24: ‘Modi committed to bringing more reforms to improve lives’

Indian PM Narendra Modi and home minister Amit Shah (Photo by NIHARIKA KULKARNI/AFP via Getty Images)

By: Shubham Ghosh

HERE are news in brief for Indian economy and business for Monday, June 24, 2024:

Indian home minister Amit Shah on Monday lauded prime minister Narendra Modi for introducing the Goods and Services Tax (GST), which he said has been effective in reducing the prices of household items, and asserted that the National Democratic Alliance government led by Modi is committed to bringing more reforms to improve the lives of the citizens. According to the Central Board of Indirect Taxes and Customs’ (CBIC) data, a majority of household items, including flour, cosmetics, televisions and refrigerators, have become cheaper after the GST implementation. “Standing true to the principles of a people’s government, PM Shri @narendramodi Ji introduced the GST to give relief to the citizens. Today, GST has not only given people respite from a multi-layered tax system but also has been effective in reducing the prices of household items,” he tweeted.

Amara Raja Advanced Cell Technologies Pvt Ltd on Monday said it has signed a licensing agreement with GIB EnergyX Slovakia s.r.o., for lithium-ion cells technology. As part of the agreement, GIB EnergyX, a subsidiary of Gotion High-Tech Co Ltd, will license Gotion’s ‘LFP technology’ for lithium-ion cells to Amara Raja Advanced Cell Technologies (ARACT), a wholly-owned arm of Amara Raja Energy & Mobility Ltd (ARE&M), the company said in a statement. “This comprehensive agreement enables Amara Raja to manufacture world-class LFP cells in both cylindrical and prismatic form factors,” it added. The scope of licensing provides access to cell technology IP, support in establishing gigafactory facilities conforming to the latest generation process technologies, integration with Gotion’s global supply chain network for critical battery materials, and customer technical support for solution deployment, the statement said.

Companies like Adani Enterprises and Hindalco Industries have shown initial interest to develop state-owned Hindustan Copper’s two copper mines in the eastern Indian state of Jharkhand, sources said. According to sources, Adani Enterprises and Hindalco Industries were part of the pre-bid conference that was held on Monday. Both mines have a combined capacity of three million tonnes per annum, sources said, adding that while one of these blocks is virgin, the other one is closed for the past 20 years. Hindustan Copper Ltd (HCL), a public-sector undertaking under the administrative control of the Indian ministry of mines, was incorporated in November.

The Reserve Bank on Monday appointed A K Singh as an additional director on the board of Bandhan Bank. The appointment of Singh, a career central banker who retired as chief general manager of RBI, is for one year, the Kolkata-headquartered lender said in a regulatory filing. Bandhan Bank, however, did not specify the factors which have necessitated Singh’s appointment. There are not too many instances of such actions by the central bank. A recent precedent would include appointing a serving RBI official on the board of private sector lender RBL Bank, following reports of certain concerns in the running of the bank. It may be noted that the development comes ahead of Bandhan Bank’s founder and chairman C S Ghosh’s retirement from the bank on July 9.

(With agencies)

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