• Monday, March 20, 2023


India economy & business news in brief for March 16: Lamborghini to deploy hybrid tech across model range in India by 2024 end

Representational Image (Photo by Manjunath Kiran/AFP via Getty Images)

By: Shubham Ghosh

Here are news in brief related to Indian economy and business for Thursday, March 16, 2023:

Italian automaker Automobili Lamborghini plans to deploy hybrid technology in its models in India by the end of 2024 as the Italian super sports car maker aims to halve the emissions from its cars in the coming years, according to a top company executive, PTI reported. The niche player also expressed confidence that the country’s taxation policy remains consistent though any tax reductions will be welcome. The company currently sells three models — premium SUV Urus and two super sports cars Huracan Tecnica and Aventador in the country, with prices starting upwards of Rs 3 crore (£299,689).

India’s largest IT services provider Tata Consultancy Services on Thursday said Rajesh Gopinathan will step down as the chief executive officer, just a year into his second five-year term at the helm, Reuters reported. The company named K Krithivasan as CEO-designate, effective the same day, and said he will take over as CEO and managing director in the next financial year, subject to shareholders’ approval. He joined TCS in 1989 and has served in various leadership roles in the company. The company said Gopinathan — who was re-appointed last year as the IT company’s CEO till 2027 — will exit to pursue other interests.

Rating agency CRISIL (Credit Rating Information Services Of India Limited) on Thursday said it expected India’s gross domestic product growth to touch six per cent in fiscal 2024, compared with seven per cent estimated by the National Statistical Organisation for fiscal 2023, ANI reported. The agency also sees average GDP growth over the next five fiscals at 6.8 per cent. It added it expects the corporate revenue to log in double-digit rise again next fiscal. A complex interplay of geopolitical events, stubbornly high inflation — and sharp rate hikes to counter that — have turned the global environment gloomier, the rating agency added.

Glenmark Pharmaceuticals on Thursday said its arm has received acceptance from the US health regulator to proceed with a phase 1/2, first-in-human trial for its investigational new drug aimed for treatment of patients with advanced cancers, PTI reported. In a regulatory filing, the company said Glenmark Specialty SA received the acceptance from the US Food and Drug Administration for the investigational new drug application ‘GRC 54276’ for the treatment of patients with advanced solid tumours and lymphomas.

The Enforcement Directorate (ED), India’s federal financial crime agency on Thursday carried out searches on Franklin Templeton India’s former and current officers in the city of Mumbai over closure of some funds in 2020, Reuters reported citing two sources. The ED conducted the searches on Vivek Kudva, former Asia Pacific head of Franklin Templeton, his wife Roopa Kudva, who is also managing partner, Omidyar Network India, and Santosh Kamath, chief investment officer at Franklin Templeton, among others, the sources added.

The government of the north-east Indian state of Assam on Thursday approved implementation of seven green power projects with a cumulative capacity of 620 megawatt, chief minister Himanta Biswa Sarma said, PTI reported. The government has also decided to operate low-cost air services on non-UDAN (a regional airport development programme in India to make air travel affordable) routes, he said. Sharing decisions of a state cabinet meeting in Guwahati on Twitter, Sarma said decisions for streamlining recruitment of college faculty, compensation for land acquisition and employment of ‘safai karmacharis’ (cleaners) were also taken.

African and Gulf nations, Thailand and Vietnam are among potential destinations for Indian universities to set up their offshore campuses, regulations for which are ready and will be announced in a month, according to India’s University Grants Commission (UGC) chairman M Jagadesh Kumar. In an interview to PTI, Kumar said several countries are coming forward to provide infrastructure to Indian universities to set up campuses abroad and the UGC will handhold the institutions in identifying the countries where they can set up their offshore campuses.

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