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India economy & business news in brief for Feb 27: Japan to give India £229m loans for 2 projects

Indian prime minister Narendra Modi with his Japanese counterpart Fumio Kishida, in Tokyo, Japan, on Tuesday, September 27, 2022. (ANI Photo)

By: Shubham Ghosh

Here are news in brief related to Indian economy and business for Monday, February 27, 2023:

Japan will provide loans worth Rs 2,288 crore (£229.4 million) to India for the Mumbai Trans-Harbour Link Project in the western state of Maharashtra and for a Super-Specialty Cancer and Research Centre in the north-eastern state of Mizoram, PTI reported. An official statement on Monday said that Japan has approved JPY 30.755 billion (£187.3 million) or about Rs 1,728 crore (£173.3 million) for the project in Maharashtra and JPY 9.918 billion (£60.4 million) or around Rs 560 crore (£56.1 million) for developing the centre in Mizoram. Mumbai Trans-Harbour Link Project aims to improve connectivity in Mumbai Metropolitan Region by connecting Mumbai with Navi Mumbai, thereby contributing to mitigation of traffic congestion and promoting regional economic development.

Shares of India’s Bajaj Auto fell as much as 5.05 per cent on Monday after a media report said the two-wheeler maker is expected to take a cut of up to 25 per cent in motorcycle and three-wheeler production across its export-focused plants next month, Reuters reported. The stock fell to Rs 3,655.35 (£36.67), its lowest since January 24. Bajaj Auto did not respond immediately to Reuters’ request for comment on the Economic Times (ET) report, which said that the cut would reflect pressure in Nigeria, its largest export market.

Danish minister of climate, energy and utilities Lars Aagaard on Monday said that firms from India and Denmark can collaborate in a big way in the field of renewable energy, PTI reported. The minister is part of the delegation led by Crown Prince of Denmark Frederik André Henrik Christian on a visit to India. Addressing a round table focused on energy, the minister mentioned about India’s ambitious plan to have 500 GW of renewable energy by 2030 and net zero by 2070. He also pitched for cooperation between India and Denmark in the field of renewable energy as the latter has its forte in wind energy, both offshore and onshore. Talking to PTI on the sidelines of the round table conference, Aagaard said,” Danish companies are very strongly connected to renewable especially everything connected to wind energy on shore and off shore.”

The Federation of Indian Chambers of Commerce and Industry (FICCI), the country’s apex business chamber, on Monday announced the appointment of Shailesh Pathak as secretary general with effect from March 1, 2023. In a career spanning 37 years, Pathak has spent time in government as an Indian Administrative Officer officer as well as helmed large companies in the private sector. His extensive international exposure includes an Eisenhower Fellowship in 2000 as an emerging Indian Leader, an European Union visitor programme hosted by the European Commission 2003, and a Chevening scholarship at the University of Oxford in 2011. Pathak has an MBA degree from IIM Calcutta in 1986 after graduating from Shri Ram College of Commerce, Delhi. He has completed an LLB, and a diploma in Ornithology from Bombay Natural History Society. He has scaled a 6,831 metre peak in the Himalayas and has trekked extensively.

India’s department of telecommunications (DoT) has offered the usage of 5G test bed free of cost to the startups and MSMEs recognised by the government up to January 2024, according to a statement released by ministry of communications on Monday, ANI reported. All fifth-generation mobile system (5G) stakeholders namely industry, academia, service providers, research and development institutions, government bodies, equipment manufacturers, etc., can utilise this facility at a very nominal rate, the statement said. This is being announced in order to encourage usage of the test bed and give a fillip to the development of indigenous technologies/ products in line with ‘Atmanirbhar Bharat’ (self-reliant India) vision. According to the statement, several startups and companies are already using the test bed for testing their products and services.

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