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India economy & business news in brief for Nov 28: India engineering exports to 18 key markets saw positive growth in Oct, says trade body

Representational Image (iStock)

By: Shubham Ghosh

HERE are news in brief related to Indian economy and business for Tuesday, November 28, 2023:

Indian engineering exports to 18 key markets registered a positive growth in October, Engineering Exports Promotion Council (EEPC) India said in a statement. Countries that registered positive growth in exports during October include the UK, US and UAE, among others. The trade body said that China, Italy, Singapore and Indonesia were among the countries that witnessed a decline in engineering shipments during the month. Engineering exports to the US was $1,391.5 million (£1,095.4 million), up 2.2 per cent year-on-year against $1,361 million (£1,071.4 million). For Germany, exports in October was higher by 20 per cent at $342.7 million (£269.7 million), it said. Engineering exports to the UAE increased 2.9 per cent year-on-year at $348.6 million (£274.4 million), EEPC said.

India’s Chamber of Trade and Industry (CTI) has called for a comprehensive caste census of taxpayers, emphasizing the need for transparency and accountability in economic contributions. CTI chairman Brijesh Goyal has also penned a letter to prime minister Narendra Modi, urging the government to conduct a caste survey to shed light on the economic dynamics influenced by different sections of society. Goyal said, “Along with the caste survey, data should also be collected as to how much tax people of which caste pay to the government. In the letter written to Prime Minister Narendra Modi, it has been said that people should know which caste people play an important role in running the economy. Who pays the most taxes and does the government make any policy keeping their interests in mind?”

Alipay, the Chinese payments group under Ant Group, aims to sell its 3.4 per cent stake in Indian food delivery leader Zomato for approximately $400 million (£314.9 million). The sale, set to occur through block deals on Indian stock exchanges, involves the complete offloading of Alipay’s 3.44 per cent stake, as indicated in the Reuters-reviewed term sheet and told by three sources. Bank of America and Morgan Stanley are advising on the transaction, anticipated to take place later this week on Indian exchanges, according to undisclosed sources. Responses from Zomato, Bank of America, Morgan Stanley, and Alipay are pending as of outside regular business hours, Reuters reported.

India witnessed a 19 per cent increase in vehicle sales during the 42-day festive season, primarily driven by robust demand for two-wheelers in rural regions, according to a statement from the Federation of Automobile Dealers Associations (FADA) on Tuesday. Two-wheeler sales, particularly in rural areas, saw a remarkable 21 per cent surge, totaling 2.9 million units. FADA reported record-breaking sales across various categories, emphasizing the significant contribution of rural areas to the spike in two-wheeler purchases. In October, two-wheeler manufacturers’ sales to dealers approached pre-pandemic levels, propelled by strong festive demand and discounts on entry-level models.

The Indian government is set to initiate the inaugural auction of critical and strategic minerals on Wednesday, offering 20 blocks for bidding. These critical minerals, crucial for economic development and national security, are dispersed nationwide, as per an official statement. The mines ministry emphasized the significance of this landmark initiative, anticipating it to stimulate the economy, fortify national security, and facilitate the transition towards a clean energy future. The auction is poised to play a pivotal role in securing essential resources for the country.

India’s Central Bureau of Investigation has filed a closure report in a corruption case against former federal environment minister Jayanthi Natarajan over the diversion of forest land for a steel plant in the eastern state of Jharkhand in violation of laws in 2012, officials said. After six years of probe, the CBI filed the closure report before a special court last week as it could not find enough evidence in the case to proceed with prosecution, the officials said. The federal probe agency had registered the case against Natarajan, the then managing director of Electrosteel Casting Limited Umang Kejriwal and the company on September 7, 2017, after a three-year-long exhaustive preliminary enquiry it had registered in 2014 on the Supreme Court’s directions.

(With agencies)

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