• Wednesday, June 07, 2023


India economy & business news in brief for May 23: Ravneet Kaur becomes 1st woman chief of CCI

Ravneet Kaur, the new chairman of Competition Commission of India. (ANI Photo)

By: Shubham Ghosh

Here are news in brief related to Indian economy and business for Tuesday, May 23, 2023:

Ravneet Kaur on Tuesday took charge as the chairperson of the Competition Commission of India (CCI), the country’s fair trade regulator, becoming the first woman to hold the post on a full-time basis. Kaur, an Indian Administrative Service officer from 1988 Punjab cadre, will be the fifth full-time chairperson of the regulator, which started functioning in 2009. “Hon’ble Union Minister of Finance & Corporate Affairs Smt. Nirmala Sitharaman had sworn in Smt. Ravneet Kaur as Chairperson, Competition Commission of India, & Smt. Ravneet Kaur took charge of the office of Chairperson, CCI, today i.e., on 23rd May 2023. #CCI,” the regulator said in a tweet.

The withdrawal of Rs 2,000 currency notes is likely to be a non-event as India has adopted digital payments on a mass scale, said SBI (State Bank of India) Research in its latest Ecowrap, ANI reported. In digital payments, India has been witnessing new milestones, in both value and volume terms, which indicate the robustness of our payment ecosystem and acceptance. “Our research suggests that Rural and Semi-Urban areas are now accounting for 60 per cent of share in UPI value/volume, dismantling the popular perception that metro/urban areas are hotbeds of digital payment adoption and innovations,” the Ecowrap report authored by Soumya Kanti Ghosh, group chief economic adviser, said.

Almost 60,000 outsourced contract workers lost employment in India’s information technology sector in the year ending in March as jobs for flexi workers recruited through contractors by companies contracted 7.7 per cent from a year earlier, a recruitment body said on Tuesday, Reuters reported. “The drop in new employment generation within the IT flexi staffing sector mirrored the global slowdown in IT hiring,” Lohit Bhatia, president of the Indian Staffing Federation, which represents more than 120 recruitment agencies across the country, was quoted as saying by the news outlet. However, hiring in the manufacturing, logistics, and retail sectors remained strong, aided by domestic consumer demand, he said.

India is one of the fastest growing markets for Nescafe and offers a “huge opportunity” for innovation and premiumisation, according to a senior Nestle official, PTI reported. Nescafe is a coffee brand owned by leading Swiss food company Nestle. Nestle’s head of Coffee Strategic Business Unit Philipp Navratil, who is on an India visit, said the company is encouraged by the new coffee culture brewing in India with the opening of new coffee shops. “India is one of the fastest growing markets for Nescafe and offers a huge opportunity for penetration-led growth, both through in-home and out-of-home consumption,” he said in a statement issued by the company on Tuesday.

Crisis-hit Indian airline Go First, which stopped flying from May 3, is working on a plan to resume operations at the earliest, according to an official, PTI reported. The carrier is undergoing insolvency resolution proceedings following admission of its voluntary plea by the National Company Law Tribunal on May 10. However, the insolvency proceedings have been opposed by some lessors that are looking to take back aircraft leased to the airline by them. A senior official at India’s civil aviation regulator Directorate General of Civil Aviationon Tuesday said the airline submitted its response to the show cause notice.

India’s traditional personal computers market, including desktops, notebooks, and workstations, continued to drop as only 2.99 million units are being shipped, a decline of 30.1 per cent year-on-year (YoY) in the January-March 2023 quarter, according to data released by the International Data Corporation (IDC), ANI reported. IDC is a global market intelligence and advisory services provider. During the quarter, while the demand for desktops was positive, the notebook category witnessed another weak quarter as it declined by 40.8 per cent YoY.

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