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India economy & business news in brief for March 15: Modi, India chief justice to address Delhi conclave

Indian prime minister Narendra Modi (Photo by SAM PANTHAKY/AFP via Getty Images)

By: Shubham Ghosh

Here are news in brief related to Indian economy and business for Wednesday, March 15, 2023:

Prime minister Narendra Modi, chief justice of India D Y Chandrachud and actor Ram Charan of Oscar-winning song ‘Naatu Naatu ‘ of the “RRR” movie will be among the speakers at two-day India Conclave beginning on Friday (17), PTI reported.  The 20th edition of the India Today Conclave will be held in New Delhi, a statement said. This year’s conclave, themed ‘The India Moment’, is a powerhouse of ideas and will include insights from the entertainment industry’s biggest and best names, it said.

India’s exports contracted for the third month in a row in February due to a slowdown in global demand while the trade deficit also eased to a year’s low of $17.43 billion (£14.4 billion) in the month due to receding imports, PTI reported. Exports were down by 8.8 per cent at $33.88 billion (£28.1 billion) in February 2023 compared to $37.15 billion (£30.8 billion) in the same month last year. Imports also declined for a third month on the trot in February at $51.31 billion (£42.6 billion), down by 8.21 per cent compared to $55.9 billion (£46.4 billion) a year ago. The trade deficit was $18.75 billion (£15.5 billion) in February 2022 while previously the deficit touched a low of $17.42 billion (£14.4 billion) in January 2022.

Debt-ridden Future Retail Ltd on Wednesday Kishore Biyani has withdrawn his resignation as the company’s executive chairman and director, Reuters reported. The company, currently under insolvency proceedings, said, “the resolution professional objected to the contents of (Biyani’s resignation) letter” and requested him to recall the letter. Biyani had tendered his resignation on January 23, the company said.

India has one of the fastest rollouts in the world of 5G and by 2023-end India will be ahead of most countries, said Ericsson global chief Borje Ekholm, ANI reported. Talking exclusively to ANI, Ekholm said, “I would say that by the end of 2023, it will be clearly ahead of most other countries in the world.” Talking about India as a business destination, Ekholm said India has a strong pool of good software engineers. “That’s going to drive the next level of growth in India and that makes it for us a very important market,” he said.

The per capita income in the southern Indian state of Andhra Pradesh increased to Rs 219,518 (£2,200) in 2022-23 as against Rs 192,587 (£1,930) in 2021-22, an increase of about 14 per cent on a yearly basis, Economic Survey document for 2022-23 tabled on Wednesday showed, ANI reported. The Economic Survey typically details the progress of various departments along with the statistics related to the economy of the state. The annual document is prepared every year and presented in the Budget Session before the state legislature. The Economy Survey also typically gives some idea about the tone and texture of the actual Budget for 2023-24, which is typically presented a day before Budget day.

The Indian government is undertaking an exercise to slash imports of non-essential goods with a view to enhancing domestic production of those items, an official said on Wednesday, PTI reported. The country’s commerce secretary, Sunil Barthwal, said that the commerce ministry has provided product-wise import figures to all the ministries. “We are asking the different ministries that they should analyse that data and they should look at data from the angle that which imports are essential and which are non-essential,” he told reporters here.

Indian Oil Corporation (IOC) has floated a new subsidiary for low carbon, clean and green energy business as the nation’s biggest oil refining and fuel marketing company pivots a transition plan to achieve net zero emissions from its operations by 2046, PTI reported. In a stock exchange filing, IOC said its board at the meeting held on Tuesday (14) “has accorded approval for the formation of a Wholly-owned Subsidiary in India to operate in the domain of low carbon, new, clean and green energy businesses”. The move is aimed at consolidating all existing green assets under one umbrella and rapidly expanding its footprint across sustainable energy avenues like biofuels, renewables, green hydrogen and carbon offsets (CCUS or carbon capture, utilisation and storage).

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