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India economy & business news in brief for May 22: Modi wasn’t favour of Rs 2000 currency notes, says PM’s former top aide

Indian prime Minister Narendra Modi addresses after distributing about 71,000 appointment letters to newly inducted recruits in government departments and organisations during the Rozgar Mela via video conference, in New Delhi on Tuesday, May 16, 2023. (ANI Photo)

By: Shubham Ghosh

Here are news in brief related to Indian economy & business for Monday, May 22, 2023:

Prime minister Narendra Modi was not in favour of Rs 2000 currency notes coming into circulation but reluctantly agreed to it after he was told that there was a lack of capacity to print smaller currency notes as demonetisation has to be done in a limited time, Nripendra Misra, former principal secretary to the prime minister has said. He told ANI in an exclusive interview that PM Modi never considered Rs 2000 note as that of the poor and knew “Rs 2000 note has hoarding value instead of transactional value”. “PM Modi was not at all in favour of Rs 2000 notes. But, as demonetisation was to be done in a limited time, he gave reluctant permission for it…PM never considered Rs 2000 note as note of the poor, he knew Rs 2000 (note) has hoarding value instead of transactional value,” Misra said.

The Indian economy is slowly but surely recovering from the blow delivered by Covid-19 pandemic and the ongoing war in Europe, but there is still no room for complacency, the country’s Reserve Bank staff said on Monday, Moneycontrol reported. “An environment of low and stable prices is necessary for strengthening the foundations and resilience of this recovery. Eternal vigil with a readiness to act is its price,” the staff, which included RBI deputy governor Michael Patra, wrote in the State of the Economy article in the latest bulletin of the central bank. India is expected to be the fastest-growing major economy globally.

India is set to host the 44th edition of the coveted annual ISO (International Organisation for Standardization) COPOLCO (Committee on Consumer Policy) plenary from Tuesday (23) to Friday (26) in New Delhi, ANI reported. Indian commerce and trade minister Piyush Goya will inaugurate the event. Chair of the meeting Sadie Dainton, ISO general secretary Serjio Mujica and other higher officials of ISO will also attend the event, an official release said Monday. ISO COPOLCO is a committee responsible for promoting consumer interests in the standardisation process and for ensuring that standards are developed with the needs of consumers in mind.

Maharashtra Nationalist Congress Party president Jayant Patil on Monday appeared before the Enforcement Directorate (ED) in state capital Mumbai in a money-laundering case linked to alleged financial irregularities in the now bankrupt financial services firm IL&FS, an official said, PTI reported. The senior leader of the NCP reached the ED’s office at around 11.50 am local time in the presence of a large number of the party supporters. Earlier, speaking to reporters before going to the ED’s office, Patil said, “I am part of the opposition and one needs to face such type of suffering. I never heard the name of the IL&FS in the past, but the ED officials have summoned me to appear before them. I will try to address their queries in the legal framework.”

Indian agricultural drone manufacturer, IoTechWorld Avigation, on Monday announced that it is in the process of setting up seven remote pilot training organisations (RPTOs) in five states of the country by July as it aims to sell 3,000 drones this 2023-24 fiscal, up from 500 in 2022-23, according to an official release, ANI reported. During the month of June, three of them will come up in Gurugram (Haryana), Chikballapur (Karnataka), and Samastipur (Bihar) and the remaining two in Rajamundary and Vijayawada, Andhra Pradesh, will begin operations in July, the firm said in its release. Currently, the company has collaborated with several universities and other institutions for RPTOs. The new RPTOs too are being opened in partnership with prominent organisations.

India’s leading steel producer JSW Steel is set to invest Rs 9,000 crore (£874.4 million) in setting up at Jagatsinghpur district of the eastern coastal state of Odisha eight million tonne-per-annum pellet plant and associated slurry pipeline from its iron ore mines, The Hindu businessline reported. The plant is part of the company’s plan to set up a 13.2 million tonne-per-annum integrated steel plant in the state which is rich in natural resources. Jayant Acharya, joint managing director, JSW Steel, told businessline that the company aims to set up the greenfield steel plant in a modular fashion beginning with the pellet plant and slurry pipeline.

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