- Wednesday, April 30, 2025
By: Shubham Ghosh
Here are news in brief related to Indian economy and business for Friday, October 28, 2022:
The Indian government on Friday tweaked information technology rules to the pave way for setting up grievance appellate panels, which will settle issues that users may have against the way social media platforms initially addressed their complaints regarding content and other matters, Press Trust of India reported. These committees will be able to review content moderation decisions by social media companies like Meta and Twitter. The ‘Grievance Appellate Committees’ will be set up within three months, according to a gazette notification on Friday.
India on Friday flagged to the UAE some of the issues faced by its agriculture sector, including problems faced by rice exporters, during a meeting in Dubai, PTI reported. S Vikramjit Singh, MP, Chair, India-Arab Council, and Member of the India-UAE Joint Task Force, met Dr Thani bin Ahmed Al Zeyoudi, minister of state for foreign trade of UAE and discussed various areas of bilateral cooperation. Singh said that trade with the UAE would take new dimensions with two major bilateral agreements already in place. He also flagged issues faced by the Indian agriculture exporters to the Gulf nation.
The biggest challenge faced by Assam tea industry is stagnation in prices coupled with high cost of production and low productivity, according to Nalin Khemani, the chairman of Bharatiya Cha Parishad (BCP), an association of tea planters and factory-owners, PTI reported. The competitiveness of the industry in terms of productivity must be improved, Khemani said while addressing the Annual General Meeting of the BCP. The output of a person in Assam stands at only 2.2 kilograms (kgs) per man-day as compared to six kgs per man-day in Kerala.
Sanjeev Chadha, chairman, Yield Group of Companies, a premier provider of financial instruments in trade transactions, has been accepted into the Forbes Business Council, the foremost growth and networking organization for successful business owners and leaders worldwide, ANI/PNN reported. Chadha was vetted and selected by a review committee based on the depth and diversity of his experience. Criteria for acceptance include a track record of successfully impacting business growth metrics, as well as personal and professional achievements and honors. “We are honored to welcome Sanjeev Chadha into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes Forbes Business Council.
Bacardi, the Mexican liquor major known for its eponymous white-rum brand, is entering the domestic whisky market with Legacy, being bottled from its Nasik plant and priced in the mid-premium range, PTI reported. The 158-year-old brand based in Santiago de Cuba, is better known as the white rum brand in the country and has been the market leader here since its entry a few decades back. When asked about the rationale for entering a highly cluttered and competitive segment like whiskey, Sanjit Singh Randhawa, the managing director of Bacardi India, told PTI that India is not only the largest whisky market globally and is also one of the fastest-growing alcoholic beverage markets globally with over $52.5 billion (£45.3 billion) in sales in 2021.
Odisha chief minister Naveen Patnaik is likely to attend the Eastern Zonal Council (EZC) meeting slated to be held in Kolkata on November 5, official sources said on Friday. Indian home minister Amit Shah will preside over the EZC meeting to be held at the West Bengal secretariat. Source sat the Odisha chief minister’s office in Bhubaneswar said that Patnaik is scheduled to leave for Kolkata on November 4.
Online travel agency Booking.com said it will rope in 100 employees for its newly launched Centre of Excellence (CoE) in Bengaluru by the end of CY 2022, The Hindu BusinessLine reported. Daniel Marovitz, senior vice-president, FinTech at Booking.com, said the new centre will mainly focus on building global products for the fintech business. “We came to Bangalore for the breadth and depth of talent and the market. The CoE is growing rapidly, we have hired 25, all managerial leaders, and we will be adding more than 100 people by the end of CY 2022,” said Marovitz. Apart from Bengaluru, the company also has a CoE in Bucharest, Romania.
