- Monday, April 29, 2024
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Wednesday, March 13, 2024:
Indian car manufacturer Tata Motors has inked a deal to set up a manufacturing plant in the southern state of Tamil Nadu for Rs 90 billion (£849 million), the state’s industries minister Dr T R B Rajaa said on X. The investment would take place over a period of five years and could generate up to 5,000 jobs, Tata Motors said in an exchange filing. The automobile major, however, did not specify what type of vehicles it would make at the upcoming plant. The announcement comes just days after Vietnamese electric vehicle maker VinFast started building a factory in the state with a view to starting production by the middle of next year. Tamil Nadu’s capital Chennai is called the Detroit of Asia as it is home to factories of global carmakers including BMW, Daimler and Hyundai.
The Indian defence ministry on Wednesday awarded Hindustan Aeronautics Limited (HAL) two contracts valued at Rs 8,073 crore (£760.8 million) for procuring 34 Advanced Light Helicopters. Of these, 25 are designated for utility purposes in the Indian Army, while nine are intended for maritime roles in the Indian Coast Guard, adhering to the ‘buy Indian-indigenously designed, developed and manufactured’ category, the ministry said in a statement. The helicopters will facilitate various operations, including search and rescue, troop transportation, maritime surveillance, interdiction, and employment generation in India’s defence sector.
India has granted permission to its central bank to import gold without incurring import levies, as per a notification released late on Tuesday (12) Gold importers, hailing from the world’s second-largest gold consumer, are typically subject to basic customs duty and Agriculture Infrastructure and Development Cess (AIDC). As of September 2023, the Reserve Bank of India (RBI) possessed 800.79 metric tonnes of gold, including 39.89 tonnes in gold deposits. Of this, 388.06 tonnes are held internationally, while 372.84 tonnes are held domestically, according to the RBI’s recent reserve management report.
Asian Development Bank (ADB) will provide a loan of $181 million (£141.3 million) to build infrastructure and services towards improving urban livability and mobility in peri-urban areas of Ahmedabad city in the western state of Gujarat. The loan agreement was signed between the Indian government and ADB in New Delhi on Wednesday. The project will benefit urban poor, women, and migrant workers through improved urban services and urban governance. It will construct 166 kilometres (km) of water distribution network, 126 km of climate-resilient stormwater drainage, 300 km of sewerage systems, and four sewage treatment plants, the finance ministry said in a statement.
Gautam Adani, chairman of Indian conglomerate Adani Group, delivered earlier this week an inspiring address at a private event in Mumbai, captivating the audience of young leaders and entrepreneurs with personal stories, business insights, and his vision for India’s future. Reflecting on his upbringing in the deserts of Banaskantha and the poles of Ahmedabad in the western state of Gujarat, Adani emphasized the lessons of resilience learned from the harsh environment. He credited his mother for fostering family values and his father for showcasing the importance of integrity in business dealings.
(Agencies)
