- Thursday, April 10, 2025
By: Shubham Ghosh
HERE are news in brief on Indian economy and business for Thursday, May 16, 2024:
Indian finance minister Nirmala Sitharaman on Thursday met representatives of industry bodies in Kolkata that included those from the Indian Chamber of Commerce and Bharat Chamber of Commerce, both of which are headquartered in the city. A Bharat Chamber of Commerce spokesperson said that its president NG Khaitan “highlighted a few points regarding the incidence of double taxation, burden of compliance, and ease of doing business, and requested the minister to initiate appropriate actions to facilitate taxpayers and the industry”. A memorandum on taxation was also submitted to the minister, he said.
Air India Limited (AIL) ceased to be State or its instrumentality under Article 12 of the Constitution after its disinvestment and take over by the Tata Group in January 2022, and no case of alleged violation of fundamental right would lie against it, the Supreme Court ruled on Thursday. The apex court dismissed the appeals filed against a September 20, 2022 verdict of the Bombay High Court which had disposed of four writ petitions instituted by some employees of AIL over alleged stagnation in pay and non-promotion of employees and delay in payment of wage revision arrears, among others.
Issues related to land acquisition causing impediments to setting up manufacturing facilities were discussed at a CEOs round table organised by the Associated Chambers of Commerce & Industry of India (ASSOCHAM) in New Delhi, the chamber said on Thursday. The conference was attended by representatives from the government, public and private sector companies, academia, banking, automotive and infrastructure developers, among others. The corporate leaders suggested strengthening of the single window clearance system to enable easier adherence to rules and regulations as a solution to land acquisition-related issues.
The B K Birla Group on Thursday announced the death of Manjushree Khaitan, the chairperson of Kesoram Industries Limited. Khaitan, 68 died in her home in Kolkata following a brief illness, leaving behind a legacy of exceptional leadership and philanthropy, group officials said. Having joined the Kesoram Board in October 1998, Khaitan assumed the role of chairperson in July 2019, following the demise of her father, industrialist B K Birla. Khaitan’s commitment extended beyond the boardroom to the field of education, the group said in a statement. Her four-decade-long association with the Ashok Hall Group of Schools stands as a testament to her dedication to nurturing young minds, with a particular focus on empowering girl children from underprivileged sections of society, group officials said.
About two weeks after the resignation of Ola Mobility CEO, the company’s chief financial officer Kartik Gupta has also resigned from the company. Ola Mobility said that Gupta’s exit is part of the company’s restructuring exercise. Gupta joined the company seven months ago. “As part of an ongoing restructuring, Ola Mobility CFO Kartik Gupta has stepped down from the company. This restructuring is aimed at productivity enhancement in an AI-led era that is redefining the cab-hailing industry globally. The restructuring will allow Ola to strengthen cost structures, focus on growth and increase its bottom line,” an Ola spokesperson said.
IT and security leaders of majority of Indian companies in a survey admitted to having lost sensitive information in 2023, US-based cyber security firm Rubrik said in a report on Thursday. The survey found that 69 per cent of Indian IT and security leaders reported that SaaS had the most malicious cyber activity in 2023. “98 per cent of Indian IT and Security Leaders experienced loss of sensitive information in 2023. 55 per cent of Indian IT and Security Leaders reported that their companies paid a ransom due to data extortion threats,” the report based on research by Rubrik Zero Labs said.
(With agency inputs)
