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Today’s Latest Business News at 5:30 pm on 7th October 2022
“You are listening to the Expresso Business Update. Here is the latest news from the world of Indian and International business brought to you by The Indian Express and The Financial Express.
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Let’s begin. Richest Asian Gautam Adani on Friday announced a Rs 65,000 crore investment in Rajasthan over the next 5 to 7 years in setting up a mega 10,000 MW solar power capacity, expanding cement plant and upgrading Jaipur airport. The investment by ports-to-energy conglomerate that Adani heads also spans city gas infrastructure for retailing CNG to automobiles and piped gas to households and industries as well as laying transmission lines to carry renewable power. Speaking at the Invest Rajasthan 2022 Summit here, he said the Adani group already has a sizable presence in the state. It operates a thermal power plant, has set up a solar park and supplies coal to the state’s power-generating units.
Meanwhile, The government has notified the credit guarantee scheme for startups to provide them collateral-free loans up to a specified limit. In a notification, the Department for Promotion of Industry and Internal Trade said that loan/debt facilities sanctioned to an eligible borrower on or after October 6, would be eligible for coverage under the scheme, as per a PTI report. It said the Central Government has approved the ‘Credit Guarantee Scheme for Startups for the purpose of providing credit guarantees to loans extended by member institutions to finance eligible borrowers being startups. This scheme would help provide the much needed collateral-free debt funding to startups.
“Moving on. The Government has approved the grant of Non-Productivity Linked Bonus to Central Government Employees in Group C and all non-gazetted employees in Group B for the Financial Year 2021-22. The ad-hoc bonus is provided to employees not covered by any Productivity Linked Bonus Scheme. In an Office Memorandum dated 6th October 2022, the Department of Expenditure under the Ministry of Finance said that President has sanctioned the grant of “Non-Productivity Linked Bonus equivalent to 30 days emoluments for the accounting year 2021-22 to the Central Government employees in Group ‘C’ and all non-gazetted employees in Group ‘B’, who are not covered by any Productivity Linked Bonus Scheme.”
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In other news, Prime Minister Narendra Modi on Friday said India has the potential to lead the fourth industrial revolution and the government has worked on reforms to make the country a manufacturing hub of the world. He said that the fourth industrial revolution is as much about new technology, as it is about innovative thinking. Modi said, “Due to various factors, India may have missed being a part of earlier industrial revolutions. But India has the potential to lead Industry 4.0, because, for the first time in recent history, we have many different factors like demography, demand and decisive governance coming together.” The Prime Minister’s message was read by a Joint secretary of the Ministry of Heavy Industries here at the conference on Industry 4.0. Modi added that the industry and entrepreneurs play a key role in making India a vital link in global value chains.
Next up, Industry. Asia’s second-wealthiest man, Reliance Industries Ltd. Chairman Mukesh Ambani, is setting up a family office in Singapore, according to people familiar with the move. The Mumbai-based billionaire has picked a manager to hire staff for the new entity and get it running, the people said, asking not to be identified because the matter is private. The Ambanis have also chosen real estate, one of the people said. A spokesman for Reliance, who also represents Ambani, wasn’t available for comment. Ambani is the latest in a series of ultra-rich people to pick Singapore for their family offices — the organisations set up to manage the affairs of wealthy clans — joining the likes of hedge fund billionaire Ray Dalio and Google co-founder Sergey Brin.
In some good news for gadget lovers, Motorola has finally unveiled the latest E-series smartphone – Moto E32 in India. The phone was launched earlier for the European markets but now the E-series smartphone has made its way into the Indian market as well. Moto’s E-series are generally the budget offering from the company. Moto E32 sports a 6.5-inch IPS LCD display with 90Hz refresh rate. Additionally, it features MediaTek Helio G37 paired with 4GB of RAM. Motorola’s latest budget offering arrives in a solo 64GB+4GB variant and is priced at Rs 10,499. It comes in two colour options – Arctic Blue and Eco Black. It is available to buy on Flipkart and other leading retail stores, starting October 7, 12 pm.
“And lastly, let’s hear how the stock market performed today. BSE Sensex and NSE Nifty 50 were trading in red on Friday on the back of weak global cues. BSE Sensex fell 200 points or 0.4 per cent to trade around 58014 level, while NSE Nifty 50 gave up 17300 level. Titan Company, HCL Tech, Maruti Suzuki India, Tech Mahindra, Reliance, Wipro were among top Sensex gainers.
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