- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Monday, December 5, 2022:
The Reserve Bank of India (RBI) and the Narendra Modi government on Monday defended the decision to demonetise the old currency notes of Rs 500 and Rs 1,000 before the Supreme Court of India as it said that procedure was followed, Asian News International reported. Appearing for the Modi government, attorney general (AG) R Venkatramani and representing RBI, senior advocate Jaideep Gupta defended the government’s demonetisation decision before a five-judge constitution bench of the apex court. The AG said that there were two primary reasons that Section 26 of the RBI Act cannot be considered excessive delegation as the Section 3 of the RBI Act transfers the complete powers of the RBI for taking over the management of currency to the central government and transfer of power is not the same as delegation of power.
Air India, owned by Tata Group, on Monday said it will lease six more Boeing aircraft, days after the Indian conglomerate unveiled a decision to merge the airline with Vistara, Reuters reported. The aircraft, which are expected to be inducted in the first half of 2023, are in addition to the 30 leased earlier this year as part of the carrier’s expansion plans. The Tata group is merging Air India with Vistara, its joint venture with Singapore Airlines,to create a bigger full-service carrier that will boost its presence in domestic and international markets.
SRAM & MRAM Group on Monday announced that the group will invest Rs 2 lakh crore in the eastern coastal state of Odisha to set up a semiconductor unit there. The announcement was made at the Make in Odisha Conclave, 2022 held recently in state capital Bhubaneswar, Moneycontrol reported. Founded in 1995 and headed by Sailesh Lachu Hiranandani, the group is a leading international conglomerate with eight global alliances, and 10 firms spread across more than 35 locations, as per its LinkedIn profile. Headquartered in London, the company has branch offices in countries such as Cambodia, Indonesia, Malaysia, Georgia, South Africa, Bahrain, India, and Bangladesh.
Competition Commission of India’s acting chairperson Sangeeta Verma on Monday stressed on the need for competition agencies to develop innovative perspectives on how to apply the existing instruments suitably and devise new tools, where necessary, ANI reported. She said this in the context of the rapidly changing and evolving digital landscape that is posing new challenges for competition law enforcers and questioning the traditional parameters of competition regulation. The acting chairperson spoke after she and deputy head of delegation of the EU to India and Bhutan Seppo Nurmi inaugurated the fifth edition of the European Union-India Competition Week. The Competition Week is scheduled to be held during 5-7 December 2022.
