- Monday, December 02, 2024
By: Shubham Ghosh
HERE are news in brief related to Indian economy and business for Wednesday, November 29, 2023:
On Wednesday, the Income Tax department conducted a survey at Hinduja Global Solutions, part of the Hinduja Group, in Mumbai and other cities as part of a tax evasion investigation. The survey, authorized by I-T law, covers only office premises. The action is reportedly linked to General Anti-Avoidance Rules. Hinduja Global Solutions provides strategic consultation, digital transformation, and IT systems integration, among other services. The Hinduja Group, owner of entities such as IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying into tech, digital, and fintech to enhance its offerings in the BFSI sector through acquisitions.
Indian coal and mines minister Pralhad Joshi on Wednesday launched the auction of 20 critical minerals worth Rs 45,000 crore (£4.25 billion). He said of the 20 minerals put on sale, two are lithium blocks — one in the northern Union Territory of Jammu and Kashmir and the other in the central state of Chhattisgarh. Speaking to reporters in New Delhi, Joshi said for the first time, the Indian government has identified critical and deep-seated minerals. “We have not just identified but we have also put it up for auction today,” he added. He said the auction process will conclude on February 20.
Indian defence minister Rajnath Singh has urged the country’s defence manufacturers to foster a “culture of quality” in military hardware production, emphasizing its necessity for global competitiveness. Addressing the Defence Research and Development Organisation’s ‘Quality Conclave’ in New Delhi, the minister highlighted the potential for India to become a global defense manufacturing hub by meeting international quality standards. He also stressed the importance of cost control without compromising quality, advocating for global cost-competitiveness within the top-quality segment. Singh emphasized the need to move forward with this approach during his address at the plenary session.
BVR Subrahmanyam, chief executive officer of India’s government think tank NITI Aayog, revealed on Wednesday India’s ambition to enroll 500,000 foreign students by 2047 during the 18th FICCI Higher Education Summit. Emphasizing the transformative impact of technology on higher education, he advocated for substantial adoption of Artificial Intelligence by universities for relevance and competitiveness. As part of Niti Aayog’s 2047 vision document, Subrahmanyam stressed the goal of making India a global education provider by enhancing quality, brand value, and international rankings. He called for the creation of more education cities, urging the private sector to expand the higher education ecosystem and attract both international and domestic students through innovation.
Arrested managing director of Lava International Company Hari Om Rai told a court here Wednesday though his company and Vivo were in talks to launch a joint venture in India a decade ago, he had nothing to do with the Chinese firm or its representatives since 2014. Rai, arrested in a money laundering case against phone-maker Vivo, made the submissions through his lawyer before Special Judge Tarun Yogesh during the hearing of his bail application. The judge on Wednesday posted the matter for further hearing on December 4. Advocates Vikram Chaudhary and Nitesh Rana, appearing for the accused, told the court during the hearing of the application that the accused has no direct or indirect control over Vivo’s business.
Indian edtech platform Byju’s on Wednesday reaffirmed its commitment to strict adherence to all Foreign Exchange Management Act (FEMA) regulations while alleging ‘inadvertently exaggerated reporting in the media’ these days. This follows the Enforcement Directorate (ED), India’s economic crime-fighting agency, issuing a show cause notice on November 21 to Byju’s founder, Byju Raveendran, and parent company Think and Learn Pvt Ltd, alleging violations totaling Rs 9,362 crore (£884.7 million) under the foreign exchange law. The ED accused the company of contravening FEMA provisions related to imports, exports, foreign direct investment, and share allotments.
(With agencies)
