- Friday, February 28, 2025
By: Shubham Ghosh
HERE are news related to Indian economy and business for Thursday, June 29, 2023:
Prime minister Narendra Modi is set to inaugurate the 17th Indian Cooperative Congress on Saturday (1) in Delhi. During the event, he will launch the NCUI Haat e-commerce platform for cooperative products and unveil a cooperative extension and advisory services portal. The Congress, organised by the National Cooperative Union of India (NCUI), will focus on the theme “Amrit Kaal – Prosperity through cooperation for a vibrant India.” Home and cooperation Minister Amit Shah will preside over the inaugural session, while Lok Sabha Speaker Om Birla will be the chief guest at the valedictory function on Sunday (2). The objective of the Congress is to address key issues facing the cooperative sector and establish an effective roadmap. The NCUI president and IFFCO chairman, Dileep Sanghani, highlighted that the event would witness the participation of around 3,500 delegates from cooperative organizations across the country and around the world.
Go First, the airline which is facing financial difficulties and currently undergoing insolvency resolution, has announced the extension of flight cancellations until July 6. The budget airline ceased operations on May 3 and has repeatedly extended flight cancellations since then. Senior representatives of Go First’s management recently held discussions with the civil aviation regulator, Directorate General of Civil Aviation (DGCA), regarding the revival plan. Due to operational reasons, the airline has canceled flights scheduled until July 6. Go First has filed an application for immediate resolution and revival of operations and expects to resume bookings soon. The DGCA will review the revival plan and conduct an operational audit before granting permission to restart operations. Lenders have committed interim funding of approximately Rs 450 crore (£43.4 million) to support the revival process.
Electronics exports by the southern Indian state of Tamil Nadu almost tripled to $5.37 billion (£4.2 billion) in FY23 from $1.86 billion (£1.47 billion) in the previous year, the Hindu businessline reported, adding that the state moved to the top spot in FY23 from the fourth in FY22. Tamil Nadu’s cause was helped by production started on its soil by companies such as Tata Electronics and Pegatron and it overtook three states — Uttar Pradesh, Karnataka and Maharashtra — to become India’s top exporter of electronic goods in FY23, the report added. In 2020-21, Tamil Nadu’s share in India’s total electronics goods export of $15.59 billion (£12.3 billion) was nearly 12 per cent. It zoomed to 22.83 per cent, out of a total value of $23.57 billion (£18.6 billion), according to data from the federal government. N Ramachandran, past president, Electronic Industries Association Of India, said the main reasons for the southern state’s performance were the good industrial climate supported by its government; availability of skilled or trainable labour, especially women, with high productivity and good logistics connectivity of the airport.
Indian information technology giant Tata Consultancy Services has taken disciplinary action against six employees who were found guilty of accepting favours from staffing firms during the appointment of contractual workers, according to Tata Sons chairman N Chandrasekaran. Three more employees are currently under investigation. In response to shareholder queries at the TCS annual general meeting, Chandrasekaran stated at the TCS annual general meeting in Mumbai that the company has banned six employees and six companies. Whistleblower complaints were received in February and March, prompting an investigation into the allegations. While Chandrasekaran could not quantify the favours received, he emphasised that the banned employees showed bias towards specific firms.
India and the Philippines on Thursday agreed to kick off negotiations on a bilateral preferential trade pact and enhance defense cooperation, particularly in maritime security, amid China’s escalating activities in the South China Sea. During extensive talks between Philippine secretary for foreign affairs Enrique A Manalo and Indian external affairs minister Subrahmanyam Jaishankar, both sides stressed the importance of implementing the 2016 South China Sea verdict by a United Nations arbitration court. The defence and security ties between India and the Philippines are growing, with the Philippines finalising a $375-million (£297 million) deal with India last year for the purchase of three batteries of the BrahMos cruise missile. The joint statement emphasised the shared interest of India and the Philippines in a free and open Indo-Pacific, peaceful dispute resolution, and adherence to international law, including the UNCLOS and the arbitral award on the South China Sea.
Ajay Chitkara has been appointed as the new managing director and chief executive officer (CEO) of Ecom Express Limited, a prominent logistics solutions provider to the e-commerce industry. Chitkara, currently serving as director & CEO of Bharti Airtel’s Airtel Business, will assume his new role from September 1. With over two decades of experience, Chitkara has a proven track record of driving organisational transformation and leading portfolio changes. He will report to the board of directors of Ecom Express. The company’s chairperson, V Anantharaman, expressed confidence in Chitkara’s leadership and strategic capabilities, expecting him to further expand Ecom Express and create value for stakeholders.
(With agency inputs)
