- Monday, March 10, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Tuesday, September 13, 2022:
Information technology major Infosys has strictly warned employees against moonlighting saying it is not permitted according to the employees’ code of conduct and any violation could lead to disciplinary action such as termination of employment. The human resources department has cautioned the employees in an email, Times of India said in a report. The email was sent with the subject line ‘No two-timing, no moonlighting’, the outlet said. This comes a month after Wipro chairman Azim Premji called the practice as cheating.
Indian finance minister Nirmala Sitharaman on Tuesday said many countries have evinced interest for bilateral trade in the rupee after the Reserve Bank of India (RBI) announced a mechanism recently, the Press Trust of India reported. Speaking at Hero Mindmine Summit in New Delhi, she said this along with other steps taken by the government is towards full capital account convertibility. “It isn’t the ruble-rupee which was in the old format. Now this (bilateral rupee trade) formulation, which I am glad the RBI has come up at a time which was so critical,” she said when asked if India is ready for capital account convertibility. Highlighting that many countries have evinced interest in trade in the rupee, she said, in a way it is opening the Indian economy more than what can be imagined.
Vedanta Ltd and Taiwan’s Foxconn will invest $19.5 billion/£16.7 billion (1.54 trillion rupees) under a pact signed on Tuesday to set up a semiconductor project in Gujarat, Indian Prime Minister Narendra Modi’s home state. Reuters was first to report on Monday that the joint venture obtained subsidies including on capital expenditure and electricity from Gujarat. They plan to build separate units for semiconductor and display production near the western state’s largest city, Ahmedabad. Gujarat chief minister Bhupendrabhai Patel said the venture would create more than 100,000 jobs, and the state was prepared to extend any support to the project, which it won in a close race with India’s richest state, Maharashtra.
The Indian ministry of coal on Tuesday conducted e-auction of eight mines spread in five states under the commercial coal mining auction process, Asian News International reported. “The Nominated Authority, Ministry of Coal conducted e-auction of eight coal mines here today,” the Ministry of Coal said in a statement. Out of the eight coal mines that have been auctioned, five coal mines are fully explored and three mines are partially explored. The total geological reserves for these eight coal mines are 2157.48 million tonnes (MT). The Cumulative Peak Rate Capacity (PRC) for these coal mines is 19.31 million ton per annum. Out of the eight coal mines that have been auctioned two are in the state of Jharkhand — Basantpur and Jitpur; two in Maharashtra — Dahegaon/Makardhokra-IV and Marki Mangli-IV; and two in Odisha — Rampia & Dip Side of Rampia. Sursa mines from Chhattisgarh and Bandha North from Madhya Pradesh were also auctioned.
Manish Tiwary, country manager and vice-president of consumer business, Amazon India, has told the Hindu BusinessLine that the global e-commerce major expects 80-85 per cent of customers during its annual festival sale event to come from the country’s Tier-2 and beyond cities. Amazon.in’s festival event, The Amazon Great Indian Festival (GIF) 2022, will kick off on September 23 with Prime members getting early access. GIF 2022 will also showcase products from Amazon sellers under various programmes such as Amazon Launchpad, Amazon Saheli, Amazon Karigar, and top Indian and global brands across categories.
