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India economy & business news in brief for Nov 20: ‘India to be 3rd largest media-entertainment market in 5 years’

A view of the first-ever multiplex cinema hall ahead of its inauguration, in Srinagar, Jammu and Kashmir, India, on September 18, 2022. (ANI Photo)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Monday, November 20, 2023:

Indian information and broadcasting minister Anurag Thakur on Monday said India will become the third largest media and entertainment market in the world in the next five years. Speaking at the inauguration of the 54th edition of the International Film Festival of India (IFFI) in Panaji, Goa, Thakur said a first the event will see is the recognition of the OTT segment. “India, on one hand, has become fifth largest economy of the world. It is also the fifth largest in the world in terms of the media and entertainment industry. In the next five years, India is going to be the third largest economy in the world as well as the third largest media and entertainment market,” he said.

The friendship agreement between Delhi and the Japanese city of Fukuoka was extended for another three years on Monday, with emphasis on cooperation in environment, art, culture and education, a city government statement said. Arvind Kejriwal, chief minister of the northern Indian state of Delhi, and Fukuoka Prefectural Government vice governor Akie Omagari signed a memorandum of understanding during a ceremony commemorating the 15th anniversary of the ‘twinning’ agreement. Omagari thanked Kejriwal for extending the agreement till March 2026, it said. “This agreement not only fills the gap between the two cities but also connects them spiritually and culturally. It will promote various opportunities in health, education, and other sectors alongside the environment,” Kejriwal said.

UK-India Business Council (UKIBC), a trade body with a mission to grow trade and investments between the two countries, on Monday said the negotiations on the Free Trade Agreement (FTA) should conclude before the general elections due in both nations next year. Thirteen rounds of negotiations have been already completed between India and the UK on the FTA. “Because of the general elections in India and the UK going to polls next year, it is important that the negotiations for the proposed FTA are concluded early. Otherwise, there will be a pause in the negotiations while the general elections are on,” UKIBC managing director Kevin McCole said.

Railway PSU Container Corporation of India Ltd has signed an agreement with Indraprastha Gas Ltd to explore the possibility of setting up LNG or LCNG infrastructure at its terminals in Uttar Pradesh and Gujarat. This strategic partnership aims to revolutionise the logistics sector replacing diesel with natural gas, the Container Corporation of India Ltd (CONCOR) said in a statement. “CONCOR and IGL have signed a memorandum of understanding (MoU) to explore the possibility of setting up LNG/LCNG infrastructure within the premises of CONCOR terminals. Initially, both LNG and LCNG facilities shall be installed at Dadri (Gautam Budh Nagar) terminal of CONCOR,” the statement said.

Shares of Oberoi Realty traded firm on Monday morning after the real estate developer over the weekend announced its foray into the National Capital Region. At the time of filing this report, the realty company’s shares were three per cent higher at Rs 1,380 (£13.2). Its intra-day high is Rs 1,406 (£13.4). So far in 2023, the shares climbed a whopping 58 per cent, accumulating handsome gains for its shareholders. Late last week, the company executed an agreement for sale with Ireo Residences Company Private Limited and others for acquiring land measuring approximately 14.816 acres equivalent to 59,956.20 square meters at Sector 58, Gurugram in Haryana.

(With agencies inputs)

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