Business Today 3 September 2023

India has taken centre stage. And how. With the world’s top leaders set to arrive for the G20 Heads of State and Government Summit in Delhi in September, India, by way of the G20 presidency this year, has emerged as the driving force in a wide range of areas, wielding enormous influence in shaping the future of the world. At the centre of all this is Prime Minister Narendra Modi, under whose direction the G20 presidency bears an unmistakable Indian stamp. Consider the range of areas where India is making a major difference. The country is playing a key role in the much-needed reform of multilateral development banks, where the aim is to ensure they are more tuned to addressing current and emerging global challenges. India’s digital public infrastructure—the India…

DATA AS OF AUGUST 1, 2023 SOURCE GIFTGUJARAT.IN, GIFTSEZ.COM $240 MILLION+ Worth of investments have been committed to GIFT City; it houses over 400 companies from various sectors $20 BILLION+ The average daily trading volume on international exchanges at GIFT City 20,000+ The number of people employed at GIFT City so far; in the future, it is expected to create 500,000 direct jobs and an equal number of indirect jobs…

FIGURES INDICATE YEAR-ON-YEAR GDP GROWTH IN PER CENT NOTE LATEST AVAILABLE CALENDAR/FISCAL YEAR DATA; *INDIA FOLLOWS AN APRILMARCH FISCAL YEAR AND ITS DATA IS FOR FY22 AND FY23; SOURCE WORLD BANK, ACUITÉ RATINGS & RESEARCH PRICE PRESSURE Compared to other G20 nations, India appears to be in a better position in terms of annual consumer price inflation NOTE LATEST AVAILABLE CALENDAR/FISCAL YEAR DATA; *INDIA FOLLOWS AN APRIL-MARCH FISCAL YEAR AND ITS DATA IS FOR FY22 AND FY23; SOURCE WORLD BANK, STATISTA; ACUITÉ RATINGS & RESEARCH GROWING STRONGER India and 13 other G20 members witnessed a fall in debt-to-GDP ratio last year NOTE LATEST AVAILABLE CALENDAR/FISCAL YEAR DATA; *INDIA FOLLOWS AN APRIL-MARCH FISCAL YEAR AND ITS DATA IS FOR FY22 AND FY23; SOURCE TRADING ECONOMICS; CMIE ECONOMIC OUTLOOK RETURNS ROSTER India…

INDIA AND the UK appear to be close to concluding the free trade agreement (FTA) that has been in the works since January 2021. Indications are that the talks could be completed by this October or November. Of the 26 chapters proposed in the FTA, the two countries are believed to have agreed on 19. Besides, negotiations are also underway on a separate bilateral investment treaty. The two countries seem to have fast-tracked talks on the pact. Just last month, Union Commerce and Industry Minister Piyush Goyal and Commerce Secretary Sunil Barthwal visited London for the 11th round of bilateral talks, and the next round is currently underway. These talks could also receive a boost at the G20 trade and investment ministerial meeting scheduled to be held in Jaipur in…

BILLIONAIRE INDUSTRIALIST Gautam Adani-owned Ambuja Cements announced a deal to buy Sanghi Industries for ₹5,000 crore in early August. From a long-term strategic perspective, Ambuja Cements has a lot to gain from the acquisition of one of the top cement producers in western India. While expanding capacity or gaining a stronger foothold in a particular region (in this case, western and central India) is important for the power-to-ports conglomerate, what is even more critical is the capacity to serve coastal markets. Sanghi’s cement factory, located in Gujarat’s Kutch region, is India’s largest single-location cement and clinker unit by capacity, per a statement from Ambuja. The acquisition also includes a captive jetty and a power plant. This will help Ambuja smoothly transport the commodity to the coastal parts of Maharashtra, Karnataka…

INDIANS LOVE EATING out. In fact, the country’s food service market is expected to reach $79.65 billion by 2028, growing at a CAGR of 11.19 per cent from $41.1 billion in 2022, according to the Food Service and Restaurant Business Report 2022-23, by consultancies Francorp and restaurantindia.in. For those looking to eat out, here’s more good news. Aditya Birla New Age Hospitality (ABNAH), the hospitality arm of the Aditya Birla Group, has acquired a 100 per cent stake in KA Hospitality, adding seven restaurants across four brands—Hakkasan, Yauatcha, Nara Thai and CinCin—to its portfolio. While KA has franchise rights to the first three global brands, it owns CinCin. “We continue to believe in the remarkable potential of the premium casual dining space, spurred by rising disposable income and evolving lifestyles…