- Friday, April 26, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Friday, March 24, 2023:
Mining secretary of the northern Indian Union Territory (UT) of Jammu and Kashmir Amit Sharma on Friday said the UT is in the process to auction the lithium reserves discovered last month but it is too early to talk about the timeline, PTI reported. Lithium reserves have been found for the first time in the country in Jammu and Kashmir. When asked when the auction of lithium reserves, found in Jammu and Kashmir, will happen, Sharma said, “It is too early. I know we are all ambitious about it, but it is too early to talk about it. But yes, we are in a process and maybe over the next few months or years we will be able to reach there with everybody’s support.”
The Narendra Modi government has cleared the third electronics manufacturing cluster for the southern Indian state of Karnataka, which will be set up in the Dharwad district, minister of state of electronics and IT Rajeev Chandrasekhar said on Friday, PTI reported. With this, three electronics manufacturing clusters (EMCs) cumulatively cover an area of 1,337 acres, with a projected cost of Rs 1,903 crore (£189 million), including central financial assistance of Rs 889 crore (£88.2 million). The combined investment target in all three EMCs has been projected to the tune of Rs 20,910 crore (£2 billion) in Karnataka, which houses electronics manufacturing majors like Apple vendors Foxconn and Wistron.
India is set to tax investments in debt mutual funds as short-term capital gains, according to amendments to the finance bill which was passed in the parliament on Friday, Reuters reported. The move could strip investors of the long-term tax benefits that made such investments popular. The report also added that the change could spur growth in bank deposits that have struggled to keep pace with the demand for credit over the past one year that led to a higher cost of funding for lenders.
Even as the global economy is set to witness a slowdown or even enter a recession this year as financial markets worldwide face increased uncertainty, the Indian economy is steadily gaining momentum, Reserve Bank of India (RBI) officials headed by deputy governor Michael D Patra wrote in an article in the March RBI Bulletin, The Hindu reported. India had emerged from the pandemic years stronger than initially thought, they said. “Unlike the global economy, India would not slow down – it would maintain the pace of expansion achieved in 2022-23,” the officials wrote, adding, “We remain optimistic about India, whatever the odds”.
Ravi Kumar Sagar , founder and CEO of RK’s Inno Group, was honoured with the Young Entrepreneur Award 2023, Raj Bhavan Yuva Ugadi Purasakar 2023 from the governor of the southern Indian state of Telangana, Dr Tamilisai Soundararajan, ANI/PNN reported. The prestigious award is a testament to Ravi’s commitment to excellence in business and his positive impact on society. The awards were only given to 13 members from Telangana. Yuva Ugadi Puraskar 2023 was given to Successful Youngsters from all industries and Sagar has bagged it in Business Category. Hundreds of Youth Red Cross volunteers and student representatives from various universities celebrated this momentous occasion during the award ceremony.
Aventose electric scooter S110 is designed for the masses currently using 100-125cc petrol two-wheelers, ANI/BusinessWire India reported. This segment is approximately 85 per cent of the overall Indian two-wheeler market. In order to create a strong market pull in the segment, S110 was designed based on detailed Voice of Customer interviews. Feedback was taken from female & male riders of various ages from tier 1, 2 and 3 cities. Dealership, ecommerce companies, fleets and service centers shared key insights into common failures and problems faced due shortage and lead time of spare parts.
