- Thursday, May 08, 2025
By: Shubham Ghosh
HERE are news in brief related to Indian economy & business for Monday, December 11, 2023:
Infosys, India’s second biggest information technology (IT) services provider, on Monday said Nilanjan Roy has stepped down as its chief finance officer (CFO) and would be succeeded by Jayesh Sanghrajka. Roy, who joined Infosys from Bharti Airtel, has been its CFO since March 2019 and decided to quit to pursue his “personal aspirations” outside the company, the IT services provider said in a statement. Sanghrajka, whose appointment is effective April 1 next year, has spent more than 18 years at the company in two stints and has served as the deputy CFO of Infosys Group since 2015.
Keeping in mind the growing demand for UK visas among Indian nationals, VFS Global, a firm that deals with visa applications and technology services, has unveiled plans to set up temporary visa-processing centres in smaller cities of the country such as Allahabad, Bhubaneswar, Calicut, Indore and Dehradun, an Economic Times report said. The Indian nationals accounted for the biggest share of visitor visas granted by the UK in the year ending June this year, the report added. According to the UK government, Indian nationals received 30 per cent of the visitor visas, followed by the Chinese nationals at 13 per cent and Nigerian and Turkish nationals at six per cent each.
Adani Portfolio unveiled its financial performance for the first half of the fiscal year 2024, reporting a record-breaking 47 per cent year-on-year (YoY) growth in EBITDA, reaching Rs 43,688 crore (£4.1 billion). According to a press release by Adani, this achievement marks the highest-ever half-year growth for the diversified business conglomerate, emphasizing the resilience and robustness of its integrated business portfolio. The first half of FY24 witnessed substantial EBITDA growth, exceeding the full-year EBITDA of FY22. The trailing twelve-month EBITDA reached approximately three times the FY19 EBITDA.
In a virtual address to the pre-event summit on ‘Biotechnology: The Path of Innovation & Wellness for Viksit Bharat,’ Indian health minister Mansukh Mandaviya on Monday highlighted the remarkable growth of India’s ‘Bio-Economy,’ which has surged eightfold in the past eight years, from $10 billion (£7.9 billion) to an impressive $80 billion (£63.6 billion). The summit serves as a precursor to the 10th Vibrant Gujarat Global Summit scheduled for January 2024, themed ‘Gateway to the Future’, at the Mahatma Gandhi Mandir in Gandhinagar in the western state of Gujarat. According to a press release by the health ministry, speaking in the presence of Gujarat chief minister Bhupendra Patel at Vigyan Bhavan, Science City, Ahmedabad, Dr Mandaviya emphasized the pivotal role of biotechnology in the future of health treatment.
The high commissioner of Singapore to India, Simon Wong, on Monday met Bhupendra Patel, the chief minister of the western state Gujarat, at its capital Gandhinagar and held a discussion on various issues, an official said. As per an official release, CM Patel told Wong Singapore has been a time-tested partner of India for a long time and these relations have become stronger under the visionary leadership of prime minister Narendra Modi. This bridge of India-Singapore bilateral relationship is the main pillar of India’s Act East Policy, the release quoted the CM as saying. During the discussion, Patel informed Wong that the Singapore Stock Exchange and Singapore International Arbitration Centre are functioning successfully at GIFT City near the state capital, it said.
Over 600 investors from across India and 15 other countries will participate in the Bihar business summit in the eastern state of Bihar that will begin in state capital Patna on Tuesday, the state’s chief secretary Amir Subhani said. Addressing a press conference, he said Bihar has positioned itself as a significant player in India’s industrial growth story, and ‘Bihar Business Connect-2023’ aims to project the state as an attractive global investment destination. “Over 600 investors from India and 15 other countries are expected to participate in the two-day summit,” he said. Bihar industries department’s additional chief secretary Sandeep Poundrik told PTI that the state government is expecting investment proposals worth Rs 30,000 crore (£2.8 billion) from the summit.
(With agencies)
