- Thursday, March 06, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Friday, November 18, 2022:
Jet Airways, the grounded Indian carrier which is eyeing a revival, has temporarily cut salaries of some of its employees by up to 50 per cent, besides sending some on leave without pay, Moneycontrol reported citing sources. According to the sources, the changes are effective December 1. One source, however, told Moneycontrol that almost half the staff has not been affected by these changes. “Even Sanjiv Kapoor (Jet Airways CEO) has agreed to take a substantial pay cut,” the source added. Kapoor, meanwhile, denied the news of Jet Airways sending 60 per cent of its employees on leave without pay and said nobody has been fired.
Federal Bank on Friday said it has tied up with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio, Press Trust of India reported. The private sector lender said it has inked a memorandum of understanding with JCB India, a leading manufacturer of earthmoving and construction equipment. This arrangement will boost the financing options for JCB’s customers in India, Federal Bank said in a release. Under the arrangement, Federal Bank is the preferred finance partner of the construction equipment manufacturer, where JCB’s customers can avail loans from the lender at competitive interest rates.
Indian finance minister Nirmala Sitharaman on Friday met Asian Infrastructure Investment Bank president Jin Liqun to discuss the ongoing and proposed issues of relevance to the Bank and to India, Asian News International reported. “Mr. Jin Liqun, President, @AIIB_Official met Union Finance Minister Smt. @nsitharaman, in New Delhi, today, in her capacity as the Governor of the 2nd largest shareholder of the Bank. They discussed the ongoing and proposed issues of relevance to the Bank and to India,” the finance ministry said in a tweet. Sitharaman suggested that Asian Infrastructure Investment Bank should scale up investment and mobilise private finance in India’s key priority areas including renewable energy.
Education maven and Co-founder & MD of Asia’s largest higher edtech company, Mayank Kumar was conferred with the prestigious, ‘Personality of the Year’ Award at the recently held 8th FICCI Higher Education Excellence Awards 2022, in New Delhi, ANI/BusinessWire India reported. Organised annually by the apex chamber – Federation of Indian Chambers of Commerce & Industry (FICCI), the event brought key stakeholders including policymakers, administrators, educationists, and students under one roof with a theme of Global Destination for Higher Education: Advantage India. Kumar was felicitated by Dr Bhagwat Karad, Honourable State Minister of Finance, Government of India who also graced the event as the Chief Guest along with Arun Chawla, director General at FICCI.
Reliance Jio on Friday announced that it is the only operator to provide its 5G services — True-5G — across the Delhi-NCR region, including Delhi, Gurugram, Noida, Ghaziabad, Faridabad and other major locations, ANI reported. The telecom firm said it was rolling out the most-advanced True-5G network at a rapid pace and was covering major parts of this geography. A Jio spokesperson said, “Covering majority of the National Capital and NCR region is a matter of pride for us… The reason Jio engineers are working round the clock to deliver True5G to every Indian is because of the transformational power of this technology and the exponential benefits it can deliver to every citizen.”
India on Friday proposed a new data privacy law that will allow companies to transfer some users’ data abroad, while giving the federal government powers to exempt state agencies from the law in the interests of national security, Reuters reported. The proposed law would be the latest regulation that could impact how tech giants such as Facebook and Google process and transfer data in India’s fast-growing digital market. It comes after India in August withdrew a 2019 privacy bill that had alarmed companies by proposing stringent restrictions on cross-border data flows. Prime minister Narendra Modi’s government has been tightening regulation for the sector, which executives say has increased the compliance burden for companies, and soured trade ties with the United States.
Among the group of top 10 economies, the most positive prospects in terms of international trade are related to India and the country does not seem to be impacted by the global economic slowdown to a large extent, S&P Global Market Intelligence said in its latest Global Trade Monitor report, ANI reported. The top 10 economies by GDP in 202, according to the report, include the US, EU27, mainland China, Japan, the UK, India, Brazil, South Korea, Canada, and Russia. These countries are responsible for approximately four-fifths of the world GDP and three-quarters of global exports, with most trade carried out within the group. The section in the report on expectations for international trade in the next months said the global economic slowdown now is more and more visible.
