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India economy & business news in brief for Aug 22: India will soon become $5t economy, says Modi at BRICS Business event

Indian prime minister Narendra Modi speaks at BRICS Business Forum in Johannesburg, South Africa, on Tuesday, August 22, 2023. (Picture: Narendra Modi Twitter account/ @narendramodi)

By: Shubham Ghosh

HERE are news in brief related to Indian economy and business for Tuesday, August 22, 2023:

Indian prime minister Narendra Modi on Tuesday said at BRICS Business Forum Leaders’ Dialogue in Johannesburg in South Africa that the south Asian country is the world’s fastest-growing economy and will soon become one worth $5 trillion (£3.95 trillion). “Despite turbulence in global economic situation, India is the fastest-growing major economy in the world. Soon, India will be a 5 trillion dollar economy,” the prime minister said. “There is no doubt that India will become the growth engine for world in coming years”, he added, recalling reforms undertaken by his government since 2014 when he took office.

French auto major Renault is looking for a local supplier-based electric vehicle system in India, which will help them offer vehicles at affordable prices, according to a senior company official. The company does not want to burden the customer with huge costs, generally associated with an electric vehicle (EV), the official said, adding that it is focusing on the mass market, with an eye on the middle and upper-middle classes. “We need a lot of local suppliers for EVs because we want to go for a local supplier-based system. So, the cost of acquisition (for a buyer) becomes competitive,” Venkatram Mamillapalle, chief executive officer and managing director of Renault India Operations, told PTI during a recent interaction.

India will have in place a new safety rating system for passenger cars from October based on tests, including crashes from the front and side, to make both its cars and roads safer, its ministry of road transport and highways on Tuesday said. The south Asian nation, the world’s third largest car market, is witness to some deadliest roads where about 150,000 people died in accidents in 2022, as per government data. Under the news system, the cars will be given a rating of one to five stars based on their performance in crash tests and other safety yardsticks in order to help buyers to make informed decision and encourage the auto manufacturers to upgrade their safety standards. Road transport and highways minister Nitin Gadkari told reporters the move is expected to bring cars in India at par with global standards.

Indian finance minister Nirmala Sitharaman on Tuesday chaired the final session on “Improving our Efficiencies” during the chintan shivir (brainstorming session) of the ministries of finance and corporate affairs in Kevadia in the western state of Gujarat. Ministers of state for finance Pankaj Chaudhary and Bhagwat Karad and senior government officials also took part in the session. The discussions in the session revolved around skilling, maintaining robust organisational processes, streamlining file management systems and expediting decision-making, onboarding of stakeholders from the start, citizen-friendly technology tools, flexible working hours to enhance productivity, leveraging technology and use of AI for future-readiness.

India’s Central Bureau of Investigation (CBI) has taken action once against Mumbai-based telecom infrastructure giant GTL Infrastructure Ltd by registering a new first information report (FIR). The latest FIR, which follows an earlier one filed in January this year, alleges that the company, along with unknown public servants, was involved in defrauding a consortium of banks to the staggering tune of Rs 4,760 crore (£450.1 million). The development intensifies the legal troubles for GTL Infrastructure Ltd, with the CBI unearthing fresh evidence of fraudulent activities spanning the years 2009 to 2012. The initial FIR, registered earlier this year, had accused the company’s directors and others of defrauding a consortium of banks of approximately Rs 4,500 crore (£425.6 million).

(With agencies inputs)

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