- Thursday, February 27, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Tuesday, August 8, 2023:
India’s Central Drugs Standard Control Organisation along with state licensing authorities has conducted risk-based inspections of 162 pharmaceutical firms and issued show-cause notices in 143 cases, Indian health minister Mansukh Mandaviya said on Tuesday. In a written reply to a question in the Indian parliament, he said stop production order has been issued in 40 cases, cancellation and suspension of product/section licenses in 66 cases, issuance of warning letter in 21 cases and in one case, a first-information report has been lodged and three persons have been arrested as per the provisions of the Drugs Rules, 1945. He added the directorate general of foreign trade, department of commerce, ministry of commerce and industry issued a notification on May 22 for amendment in export policy of cough syrups, making it a must for cough syrup manufacturers to get certificate of analysis from a government-approved laboratory before exporting their products with effect from June 1.
South Korea’s Hyundai Motor Group on Tuesday said it has plans to launch more electric vehicles (EVs) under the Hyundai and Kia brands in India, indicating that it is relying heavily on the world’s third-largest auto market, Reuters reported. Hyundai, which is India’s second-biggest carmaker in terms of sales, will introduce five EV models by 2032 to add to the two it already sells — the Kona and Ioniq 5 sport utility vehicles. It also plans to grow its charging stations to 439 in another four years. Kia will begin producing small EVs from 2025 and develop EV-charging infrastructure as well as double its sales network, aiming to bolster its domestic market share to 10 per cent eventually, from 6.7 per cent currently, Hyundai Motor Group announced in a statement.
Rice planting in India could slump by five per cent as the government’s call to ban exports of non-basmati white rice will slash farm income and make growers to switch to other crops, a leading farmers’ body with close ties to the ruling Bharatiya Janata Party of prime minister Narendra Modi said, Reuters reported. India, which is the world’s biggest rice exporter accounting for more than 40 per cent of global supplies, halted its non-basmati white rice exports last month, pushing the prices to highs reached in years. “The rice export ban was announced right in the middle of the current planting season, and that’s why the decision has sent a wrong signal to farmers,” Mohini Mohan Mishra, general secretary of the Bharatiya Kisan Sangh (BKS), or Indian Farmers’ Union, was quoted as saying by Reuters.
Coca-Cola India announced the appointment of Irene Tan as the vice president, Human Resources for India & Southwest Asia (INSWA). Tan will be accelerating INSWA’s growth by recruiting future-ready talent, performance enablement and employee development for the company in India and Southwest Asia. Irene joined the company in 2012 in Singapore as a talent sourcing consultant for the Asia Pacific Group. She became the lead talent acquisition partner for Greater China & Korea and moved to Shanghai. In this capacity, she initiated campus recruitments for management trainees, a signature program for China, advancing both gender and generational diversity for the business.
Public sector oil-marketing companies (OMCs) started selling E20 petrol in February 2023 and it is currently being sold at more than 1,900 retail outlets across the country, the Indian parliament was told on Monday. E20 fuel is a blend of 20 per cent ethanol and the rest fossil-based fuel. “Government is promoting biofuels with the broader objectives of reducing import dependency, generating employment, providing better remuneration to farmers, for associated environmental benefits, promoting better waste management practices, etc,” Indian minister of state for petroleum and natural gas, Rameswar Teli, said in a written reply in the Upper House. India has already rolled out 20 per cent blended fuel, though, in a phased manner, this year and widespread availability is expected in two years.
(With inputs from PRNewswire and other agencies)
