By: Shubham Ghosh
Here are news related to Indian economy and business for Wednesday, February 22, 2023:
The government of the northern Indian state of Uttar Pradesh has allocated Rs 1,306 crore (£130.5 million) for India’s first regional rapid transit system (RRTS) coming up between Delhi-Ghaziabad-Meerut in its state budget for 2023-24 fiscal presented on Wednesday, Moneycontrol reported. The Narendra Modi government allocated Rs 3,596 crore (£359.5 million) for the RRTS project in the federal budget 2023-24, presented by Indian finance minister Nirmala Sitharaman on February 1. The 82 kilometre-long Delhi-Meerut RRTS is a semi-high-speed railway-based transit network which will touch upon one of the most densely populated sections of the national capital region, connecting Delhi to Uttar Pradesh.
Paisabazaar, India’s leading marketplace for consumer credit and free credit score platform, announced that it became profitable in December 2022 (on adjusted EBITDA basis), ANI/NewsVoir reported. Paisabazaar, part of PB Fintech Limited, has reached this milestone ahead of its guided timeline. The milestone has elevated Paisabazaar into a rare league of B2C Fintechs that has achieved large-scale, brand trust and profitability. Paisabazaar achieved profitability with an 87 per cent growth in its loan disbursals in the first nine months of FY 23, taking its annualized disbursal run-rate to ~Rs 12,700 crore (£1.26 billion). In its credit cards business, Paisabazaar grew 277 per cent year-on-year (YTD), with issuance crossing five lakh credit cards on an annualized basis.
The UAE will explore all partnership opportunities with India to help the latter’s growth and low carbon plans, the UAE’s climate envoy and designated president of the COP28 summit on Wednesday said, Reuters reported. “India’s goal of adding 500 gigawatts of clean energy in the next seven years is a powerful statement of intent,” Sultan al-Jaber told the World Sustainable Development Summit in New Delhi. “As one of the largest investors in renewables, the UAE will explore all opportunities for partnership with India,” he added. The UAE, which is a major OPEC oil exporter, will host the COP28 climate summit this year between November 30 and December 12. Dubai will be the host city. More from Reuters
India might propose forming an expert G20 group to look into reforms at the World Bank and to raise the institution’s lending capacity for climate financing in middle and low income countries, Reuters reported citing three sources. The proposal is expected to be tabled at a G20 meeting this week in Bengaluru, where financial chiefs from the grouping have gathered for the first major event of India’s G20 presidency. The development comes as World Bank president David Malpass held a discussion with Indian finance minister Nirmala Sitharaman on Wednesday on addressing debt vulnerabilities, the country’s finance ministry said.
India’s state-owned and defence electronics company Bharat Electronics Ltd (BEL) announced in an exchange filing on Tuesday (21) that it has signed a Memorandum of Understanding (MoU) with the Aeronautical Development Agency (ADA) under Defence Research and Development Organisation, to develop and extend a supportive infrastructure for the Advanced Medium Combat Aircraft (AMCA), Moneycontrol reported. The MoU was signed to bring in the strengths of BEL and ADA to support the Indian Air Force.