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India Business Briefs for July 9: Modi’s BJP cites RBI data to laud PM’s economic policies

Indian PM Narendra Modi and home minister Amit Shah (Photo by NIHARIKA KULKARNI/AFP via Getty Images)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Tuesday, July 9, 2024:

India’s ruling Bharatiya Janata Party on Tuesday cited the latest report by the Reserve Bank of India (RBI) which highlighted the rise in the employment rate, to assert that reforms initiated by prime minister Narendra Modi have strengthened the economy and created job opportunities. Its spokesperson Syed Zafar Islam said in a statement that the Indian economy was considered fragile in 2014 but the “Modinomics” brought in a transformation and its strength is now being recognised globally. According to data released by the central bank, India added a substantial 4.67 crore (46.7 million) jobs and 64.3 crore (643 million) people were actively employed, up from 59.7 crore (597 million) in the preceding fiscal year, marking the highest job additions since 1981-82, he said.

India’s Sixteenth Finance Commission has set up a five-member Advisory Council that includes Economic Advisory Council to the Prime Minister part-time member Neelkanth Mishra; National Council of Applied Economic Research director general Poonam Gupta and Ernst and Young chief policy adviser DK Srivastava, a Moneycontrol report said. Gupta will be the convener of the Advisory Council, India’s ministry of finance said in a statement on Tuesday. The other members in the advisory council are Pranjul Bhandari, chief India economist, HSBC Securities & Capital Markets (India) Private Limited; and Rahul Bajoria, head of emerging markets Asia, Barclays Investment Bank.

Global IT services firm Cognizant on Tuesday said its chief financial officer (CFO) Jatin Dalal has arrived at a settlement over the non-compete lawsuit filed by Wipro Ltd, and that the compensation and human capital committee has approved payment of about Rs 4 crore for the same. The settlement resolves all pending disputes between Dalal and Wipro, Cognizant said in a statement. In an SEC filing, Cognizant said on July 2, 2024, the compensation and human capital committee of board of directors of Cognizant Technology Solutions Corporation approved the company’s payment of $505,087 (£395,039 or Rs 4.2 crore) to Dalal in connection with his settlement of lawsuit and related arbitration brought by his former employer, Wipro, over purported breach of non-compete and confidentiality obligations.

Jindal Steel & Power (JSP) is working on the expansion of its Angul facility in the eastern Indian state of Odisha, which will achieve the 12 million tonne per annum (MTPA) capacity from the existing 6 MTPA next year, chairman Naveen Jindal said on Tuesday. Jindal was speaking to reporters here, as he led a delegation of the Indian Steel Association, which met the state’s new chief minister Mohan Charan Majhi. “JSP is committed to Odisha’s industrial and economic development, and it will work in partnership with the government to achieve that goal. In the next six years, we will build the world’s largest steel plant in Angul with a capacity of 25 MTPA,” he said.

Indian realty firm Ashwin Sheth Group on Tuesday announced an investment of around Rs 5,000 crore (£468.3 million) to expand its business and will launch its maiden public issue in the next 18-24 months. The Mumbai-based company said it has achieved sales bookings of around Rs 1,500 crore (£140.5 million) during the last fiscal, a three-fold increase from the 2022-23 financial year. “We are targeting to double our sales bookings to Rs 3,000 crore (£281 million) in the current 2024-25 fiscal,” the company’s CMD Ashwin Sheth told reporters in Mumbai. He said the company plans to expand its business portfolio in the Mumbai Metropolitan Region (MMR) and is foraying into Bengaluru, Delhi-NCR. It is also exploring to enter the cities of Hyderabad, Chennai and Goa.

(With agencies)

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