- Thursday, April 25, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy & business for Monday, May 29, 2023:
Indian finance minister Nirmala Sitharaman on Monday criticised Indian National Congress leader and the country’s former finance minister P Chidambaram over his remarks on the withdrawal of Rs 2,000 currency note and said to cast aspersions on matters of this nature “does not augur well with the former finance minister”. She was speaking to reporters in Mumbai as a part of press conferences being held by India’s federal ministers in different parts of the country on the completion of nine years of the Narendra Modi government. Chidambaram on Monday said the introduction of the Rs 2,000 note and its subsequent withdrawal have cast doubt on the integrity and stability of the Indian currency.
The Indian government on Monday came up with a complete waiver of inter-state transmission system (ISTS) charges on offshore wind, green hydrogen and ammonia projects for a period of 25 years, Moneycontrol reported. The waiver is applicable to projects commissioned till December 31, 2032, the ministry of power said in a statement. “This decision has been taken to facilitate wider execution of offshore wind energy initiatives, to promote the expansion of green hydrogen/green ammonia projects and to encourage the offtake of renewable energy from energy storage system projects,” the statement read.
Senior executives of crisis-hit Indian airline Go First, which is undergoing insolvency resolution process, on Monday discussed its revival plans with officials of aviation regulator Directorate General of Civil Aviation (DGCA), according to a source, PTI reported. The meeting, held in New Delhi, came against the backdrop of the DGCA, last week, asking the grounded airline to submit its revival plan within 30 days. The budget carrier, filed a petition for voluntary insolvency resolution proceedings on May 2, citing its inability to carry out operations due to non-delivery of engines by the US engine maker Pratt & Whitney. The plea of the airline, which has not flown since May 3, was admitted by the National Company Law Tribunal on May 10.
India’s ministry of statistics and programme implementation on Monday unveiled its ‘Periodic Labour Force Survey’ quarterly bulletin for January-March 2023, Outlook reported. It said urban unemployment rate declined to 6.8 per cent during Q4 FY23 from 7.2 per cent in the previous quarter. According to it, the unemployment rate was 8.2 per cent during January-March 2022. Unemployment rate among male population in urban areas fell to 6.1 per cent during the quarter, as against 6.5 per cent seen in Q3 FY23. In the January-March 2022 period, the rate stood at 7.8 per cent, it added.
The Startup20 Engagement Group, operating under India’s G20 presidency, is all set to host its much-anticipated third meeting scheduled to take place in Goa on June 3 and 4, ANI reported. Under India’s G20 presidency, Startup20 serves as a prime opportunity to foster collaboration, exchange ideas, and shape the future of startups and entrepreneurship on a global scale. The Startup20 Engagement Group has extended a warm welcome to all delegates who would attend this gathering. Addressing a conference in New Delhi on Monday, Chintan Vaishnav, India Chair of Startup20, and Mission Director Atal Innovation Mission, NITI Aayog, said, “Embracing the spirit of ‘Sankalpana,’ a Sanskrit term for collective resolve, brings together international delegates and experienced members of the Indian startup ecosystem, fostering collaboration and knowledge exchange.”
The Indian government is keeping tabs on price pressures and will not let the guard down on inflation, the country’s finance minister Nirmala Sitharaman said at an event in Mumbai on Monday, Reuters reported. “The government is monitoring inflation. We are monitoring all data on ground level also. Inflation is already moderating,” she told reporters. India’s consumer price inflation (CPI) eased to an 18-month low of 4.7 per cent in April, from 5.66 per cent in March, largely due to a moderation in food prices, which accounts for nearly half of the overall consumer price basket. Economists predict inflation to slump further towards four per cent levels — the medium-term target of the central bank — in May.
