- Wednesday, April 24, 2024
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Wednesday, May 31, 2023:
Enthused by higher than expected GDP number in the fourth quarter of FY23, India’s chief economic adviser (CEA) V Anantha Nageswaran on Wednesday said India can look for another year of solid economic performance, PTI reported. India’s economy grew by 6.1 per cent in the January-March quarter of 2022-23, pushing the annual growth rate to 7.2 per cent on account of better performance by agriculture, manufacturing, mining and construction sectors. Briefing media on the quarterly number, the CEA said the risk to the projected 6.5 per cent GDP number is evenly balanced and there is a good chance of this number may be exceeded in the current fiscal.
General Electric’s aviation arm, which is already expecting to benefit from a boom in Indian domestic air travel, witnesses an even larger boost from a surge in international travel that will drive demand for larger jets, its country head has said, according to Reuters. Engines built by GE Aerospace and partner Safran power about 60 per cent of India’s 700 plus commercial planes, according to data from aviation analytics company Cirium. But most of them are narrow-body jets that largely cater to domestic travel. Airlines in India, a country of 1.4 billion people, still have only 50 widebody planes used for long-haul travel, something GE sees changing as more Indians spend on travel.
Air India’s joint venture firm AISATS and Yamuna International Airport Pvt Ltd on Wednesday announced signing a concessionaire agreement for a multi-modal cargo hub at the upcoming Noida international airport, PTI reported. As part of the plan, Air India SATS Airport Services Private Limited (AISATS) will design, build, finance and operate the cargo hub, which is expected to come up on 87 acres of land and provide quick, convenient and intermodal connectivity to and from manufacturing hubs across the country.
Japanese cybersecurity giant Trend Micro on Wednesday said its India operation will become one of its top three markets in the world in the next 2-3 years, PTI reported. The company plans to focus on extended detection and response (XDR) and cloud business to achieve the goal, a top official said. “We are now among the top five markets in our global operations. In the next 2-3 years, we aim at becoming one of the top three markets for our parent company,” Trend Micro technical director for India & SAARC Sharda Tickoo said. Trend Micro India, a subsidiary of the $2 billion cybersecurity major, recently acquired Bengaluru-based Anlyz, a leading provider of security operations centre (SOC) technology, to expand its research and development capabilities in the country.
Steel Authority of India Ltd. (SAIL), India’s largest steel manufacturer under the ministry of steel, on Wednesday said Amarendu Prakash has assumed the charge as the company’s chairman, PTI reported. He succeeds Soma Mondal, who retired from the post on April 30, 2023. In a regulatory statement, SAIL said, “Amarendu Prakash, Director (in-charge at SAIL’s Bokaro Steel Plant, SAIL) has joined as Chairman SAIL with effect from May 31, 2023.” A BTech in Metallurgy from BIT Sindri, Prakash is an accomplished technocrat and possesses over 30 years of experience, comprising 24 years in plant operations at BSL, four years at the Chairman’s office in SAIL, and two years as a director on SAIL board as an in-charge of BSL. He began his career at SAIL in 1991, with a posting in rolling mills.
India’s Union Cabinet chaired by prime minister Narendra Modi on Wednesday approved to establish a regional office of the Universal Postal Union (UPU) in New Delhi to undertake UPU’s development cooperation and technical assistance activities in the region by entering into an agreement with it, ANI reported. The UPU, established by the Treaty of Bern of 1874, is a specialised agency of the United Nations that coordinates postal policies among member nations, in addition to the worldwide postal system. The initiative would help expand India’s diplomatic footprint and strengthen relations with other countries, especially in the Asia-Pacific region and will enhance India’s presence at the global postal forums.
