India, Canada officials discuss critical mineral mining work
Indian mines minister Pralhad Joshi with Ranj Pillai, premier of Canadian territory of Yukon in New Delhi on Monday, September 18, 2023. (Picture: Pralhad Joshi X account/@JoshiPralhad)
HERE are news in brief on Indian economy and business for Monday, September 18, 2023:
A top Indian minister on Monday held talks on boosting critical mineral mining cooperation with Canadian officials, the Indian government said. The development comes amid tense diplomatic relations between the two countries. India’s mines minister Pralhad Joshi “resolved to strengthen the supply-chain of critical minerals” in talks with Ranj Pillai, the premier of Canada’s Yukon Territory, the government said in a statement. It, however, did not specify the critical minerals under discussion, but mentioned that Yukon’s leading mineral resources include lead, zinc, silver, gold, asbestos, iron and copper.
Indian automaker Tata Motors on Monday said it will raise the prices of its commercial vehicles by up to three per cent, its third hike this calendar year to offset the residual impact of past input costs, Reuters reported. The price hike, effective October 1, will be applicable across its range of commercial vehicles, the automaker informed. The company previously raised prices by 1.2 per cent in January and by five per cent in March in an effort to make its vehicles comply with new emission norms. India implemented stricter norms through phase II of Bharat Stage 6 from April 1, including testing real-time driving emissions, leading to higher costs for automakers.
Srettha Thavisin, the prime minister of Thailand, is hoping to receive more holidaymakers from India in his country that would boost tourism, even as Bangkok plans visa waivers for travellers from countries such as China and Kazakhstan in the busy holiday season, Bloomberg reported. The Thai leader said he would visit India this year with plans to meet his Indian counterpart Narendra Modi and discuss starting more flights between the two countries, including more services by flag carrier Thai Airways International Pcl. “There aren’t that many incoming flights from India yet due to internal politics,” Srettha said in an interview during a media forum on Monday. “I hope to visit before the end of the year to negotiate on the issue.”
Officers of the Serious Fraud Investigation Office (SFIO) under the ministry of corporate affairs in collaboration with Mumbai Police have arrested a chartered accountant for failing to honour the summons issued in connection with the prosecution of Nityank Infrapower and Multiventures Private Limited. The arrest of Nalin Prabhat Panchal was made on September 13 based on specific intelligence inputs, according to an official statement. The officials conducted an investigation into the affairs of Nityank Infrapower and Multiventures Private Limited for their role during the demonetisation period and launched prosecution against the company and individuals before the Special Court VIII Addl Metropolitan Sessions Judge, Hyderabad (Special Court).
The Indian government on Monday extended Nitesh Ranjan’s term as the executive director of Union Bank of India by two years. Ranjan’s current term expires on March 9 next year. “We wish to inform you that Department of Financial Services, Ministry of Finance, Government of India vide notification no. eF.No.4/2(v)/2023-BO.I dated September 18, 2023, has extended the term of Shri Nitesh Ranjan, Executive Director of the Bank for a period beyond his currently notified term, which expires on 09.03.2024 for a period of two years, or until further orders, whichever is earlier,” according to a communication from the bank to exchanges on Monday, Moneycontrol reported. Ranjan is currently leading digital transformation in the bank and in charge of strategic shifts in the balance sheet, customer experience and people development.
(With agencies inputs)