India economy & business news in brief for Nov 30: Indian jewellery brand Tanishq opens 2 stores in Texas
A model showcase Tanishq jewellery collection. (ANI Photo)
HERE are news in brief related to Indian economy and business for Thursday, November 30, 2023:
Tanishq, an Indian jewellery brand, has opened its store in Houston and in Frisco in the state of Texas as part of its global business expansion strategy and to cater to the growing needs of the Indian diaspora in the US. Texas has the second largest Indian diaspora in the US. At the inaugural event, the consul general of India in Houston, DC Manjunath was the Chief Guest. He was joined by CK Venkataraman, managing director, Titan Company Limited; Kuruvilla Markose, CEO of Titan International business; and Michael McCabe, resident director, North America, Tata Sons. The brand is owned by The Tata Group, a Mumbai-based multinational conglomerate.
The Indian economy expanded 7.6 per cent in the July-September quarter from a year earlier, compared with 7.8 per cent growth in the previous quarter, government data showed on Thursday. Economists had expected the South Asian economy to grow 6.8 per cent during the three-month period, according to a Reuters poll. An elated prime minister Narendra Modi reacted to the news saying in a X post, “The GDP growth numbers for Q2 display the resilience and strength of the Indian economy in the midst of such testing times globally. We are committed to ensuring fast paced growth to create more opportunities, rapid eradication of poverty and improving ‘Ease Of Living’ for our people.”
French aerospace major Thales has set up a new office in Bengaluru in sync with its focus on expanding its footprint in India. In 2019, Thales set up its Engineering Competence Centre (ECC) in Bengaluru in support of the group’s ramp-up plans in India and the region. This ECC is a first-of-its-kind centre in India focusing on software and hardware capabilities in civil and defence businesses serving Thales’s global needs. “Thales invests close to 4 billion Euro (£3.4 million) globally in R&D every year. This ECC, along with an additional center based in Noida, form one of the group’s three major engineering competency center hubs,” the company said in a statement. The new office in Bengaluru was inaugurated on Wednesday.
India on Thursday accorded an initial approval to defence acquisition projects worth Rs 2.23 lakh crore (£21.1 billion) that included procurement of 97 Tejas light combat aircraft and 156 Prachand combat helicopters, in a major move to significantly enhance the combat capabilities of the armed forces. The Defence Acquisition Council, chaired by defence minister Rajnath Singh, cleared the projects, at a time India was locked in a bitter military standoff with China at a number of friction points in eastern Ladakh for over three years. The defence ministry said 98 per cent of the total procurement worth Rs 2.23 lakh crore will be sourced from the domestic industries and that the move will give a substantial boost to the Indian defence industry in achieving the goal of ‘Aatmanirbharta’ (self-reliance) in the defence industry.
Sime Darby, a Malaysian industrial and automotive conglomerate, is eyeing a luxury car retail business in India and expand in Indonesia to tap into the growth potential of both the growing economies, Reuters reported citing its top executive “We cannot ignore India,” the news outlet quoted Group Chief Executive Officer Jeffri Salim Davidson as saying. “It’s just something too big, you cannot ignore. So we’re looking for opportunities in India to see whether we can do something with a local partner and start a car retail business there,” he added. India, the world’s most populous country, is its fifth-largest economy. He said Sime Darby also has plans to expand in Indonesia, Southeast Asia’s largest economy, following a joint venture with a local company to sell BMW cars in Jakarta and Medan.