India builds 25-km highway project to better connectivity in northeast, says minister
Indian road transport and highways minister Nitin Gadkari (ANI Photo)
Here are news in brief related to Indian economy and business for Tuesday, June 6, 2023:
The Indian government is building a 25-kilometre (km)-long two-lane highway project in the northeastern state of Nagaland to improve connectivity to the region, the country’s road transport and highways minister Nitin Gadkari said on Tuesday, PTI reported. “We are currently undertaking the development of a 25 km two-lane highway with hard shoulders, spanning from Chakabama to Zunheboto, as part of package-3,” he added. The main aim of this project is to bolster connectivity with neighbouring states in the northeast region, offering efficient, sustainable and economical transportation options for all commuters.
Indian edtech company Byju’s troubles with its lenders continue as the former has sued lenders led by Redwood in the supreme court of New York to challenge acceleration of the $1.2 billion (966 million) Term Loan B (TLB), it has been reported. This comes as the embattled company was about to make a quarterly interest payment of around $40 million (32.2 million) to meet the deadline on Monday (5) on the said loan, Bloomberg reported. The loan is at the centre of the company’s financial troubles, and failure to pay on the prescribed date means the company may default on the loan, the report added.
Growth in India is expected to slow to 6.3 per cent in FY 2023/24 (April-March), a 0.3 percentage point downward revision from January, the World Bank said Tuesday but noted there is an unexpected resilience in private consumption and investment and robust growth in the services, PTI reported. The World Bank made these points in its latest edition of Global Economic Prospects according to which global growth is projected to decelerate from 3.1 per cent in 2022 to 2.1 per cent in 2023. In Emerging Markets and Developing Economies other than China, growth is set to slow to 2.9 per cent this year from 4.1 per cent last year. These forecasts reflect broad-based downgrades.
Tarun Kapoor, adviser to the Indian prime minister at the prime minister’s office has said it is time for India to move towards electric vehicles (EVs) mainly keeping in mind the energy security and environmental concerns, ANI reported. “From the government side also, we now want to focus on driving this sector so that not only do we have more and more electric cars, buses and two-wheelers on the road, but we also become a manufacturing hub for the world,” he was quoted as saying in a FICCI (Federation of Indian Chambers of Commerce & Industry) statement. Addressing the ‘FICCI Roundtable on Electric Mobility’, Kapoor highlighted the potential of the Indian electric market and said that the auto sector in India is already well established. All leading players are already in the market.
Mumbai-based Patel Engineering has received a letter of acceptance from City and Industrial Development Corporation to construct a 6.7 km long treated water tunnel and associated works in Raigad district of the western state of Maharashtra, PTI reported. The water tunnel project, worth Rs 519.50 crore (£50.6 million), will be executed without any joint venture partnership, the infrastructure company said in a statement on Tuesday. Rupen Patel, chairman & managing director, Patel Engineering Limited, said it is a prestigious project for the company. “This project demonstrates our technical prowess and engineering skills, along with excellent execution capabilities.”
State-owned hydropower company NHPC Limited has entered into a Memorandum of Understanding (MoU) with the government of Maharashtra for the establishment of energy storage systems along with other renewable energy sources (Solar/ Wind/ Hybrid) of total 7,350 MW capacity, it informed stock exchanges on Tuesday, ANI reported. Other details, including financial consideration and the timeline of the project, were not mentioned in the stock filing. NHPC is the largest hydropower development organization in India, with capabilities to undertake all the activities in hydro-related projects. NHPC has also diversified in the field of solar and wind energy.
India’s markets appeals tribunal on Tuesday set aside a ruling by the markets regulator Securities and Exchange Board of India (SEBI) cancelling the licence of Brickwork Ratings India, according to an order published on the tribunal’s website, Reuters reported. The regulator had scrapped the license of the rating agency last October in a case of alleged violation of laws applicable for rating agencies. The Securities Appellate Tribunal, which hears appeals against orders passed by the regulator, said violations by Brickwork Ratings “were not deliberate or fraught with malafides or fraud and therefore cannot result in the cancellation of the license”.