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Indian economy & business news in brief for Feb 17: After Air India, IndiGo orders nearly 500 jets to spread wings

An Indigo flight (Photo: SAM PANTHAKY/AFP via Getty Images)

By: Shubham Ghosh

Here are news related to Indian business and economy for Friday, February 17, 2023:

IndiGo has partnered with Turkish airlines to expand its reach to Europe and has ordered nearly 500 more aircraft as part of its expansion plan, said Vinay Malhotra, head of international sales on Friday, adding that it will help improve passenger services from India to Istanbul and to Europe, ANI reported. As per the airline officials, IndiGo has ordered flights from European giant Airbus and US Boeing both. Speaking to ANI, Malhotra said the airline is currently flying 1,800 flights a day and 10 per cent of them on international routes. “IndiGo has ordered 500 more aircraft for the expansion plan. Currently flying 1,800 flights a day and 10 per cent of them on international routes. Our current international flights are concentrated around the Indian sub-continent and some other countries around. The farthest we travel is to Turkey and Istanbul. We have been very keen to fly further and that’s why a partnership with Turkish airlines. This is a codeship partnership which allows us to penetrate Europe like never before,” he said.

Navratna defence public sector undertaking Bharat Electronics (BEL) has signed an MoU with Globals ITES for cooperation in the technology development, co-creation and co-innovation, joint marketing and sales, in the fields of cyber warfare and cyber defence systems, ANI reported. The memorandum of understanding aims at leveraging the complementary strengths and capabilities of BEL and Globals. The two parties shall work in close coordination, providing all the key assistance to each other for research and development as well as joint go-to-market for cyber security solutions, according to the agreement which was signed on Thursday at the Aero India 2023, the biennial air show and aviation exhibition being held at Yelahanka Air Force Station, Bengaluru.

The income-tax department gathered several pieces of evidence pertaining to the BBC India’s operation which indicated that taxes were not paid on “certain remittances” which have not been disclosed as income in India by the foreign entities of the group, a Central Board of Direct Taxes (CBDT) spokesperson said in a statement on Friday. After three days, the income tax (I-T) department finished its survey at the offices of the BBC in Delhi and Mumbai on Thursday. “A survey action under section 133A of the Income-Tax Act, 1961 (the Act) was carried out at the business premises of group entities of a prominent international Media Company at Delhi and Mumbai,” the spokesperson said.

In a veiled attack on Congress, Indian prime minister Narendra Modi on Friday said his government in the last nine years has transformed the country from among ‘fragile-five’ to ‘anti-fragile’ by re-imagining and re-inventing every element of governance, PTI reported. Speaking at the Economic Times Global Business Summit 2023, Modi highlighted various achievements of his government in several sectors, like road construction, expansion of metro train network, laying railway lines, and increasing number of airports. The prime minister also asked global investors to participate in India growth story saying that in return the country guarantees returns.

Odisha chief minister Naveen Patnaik on Friday unveiled 19 industrial projects that would entail an investment of Rs 1,650 crore (£166 million), leading to the creation of around 4,500 jobs. Patnaik inaugurated two plastics units in Cuttack through the virtual mode, and took part in the ground-breaking ceremonies for 17 other projects. The two plastics units set up by Supreme Industries and Ashirvad Pipes will create 470 employment opportunities, officials said.

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