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India economy & business news in brief for Sept 28: India retains 40th rank in Global Innovation Index 2023


By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Thursday, September 28, 2023:

India has retained its 40th rank out of 132 economies in the Global Innovation Index (GII) 2023 rankings, according to a report by the Geneva-based World Intellectual Property Organisation. Indian government think tank NITI Aayog said in a statement on Thursday that India has been on a rising trajectory over the past several years in the GII — from 81st position in 2015 to 40 this year. The consistent improvement in the GII ranking is owing to the immense knowledge capital, vibrant start-up ecosystem, and the amazing work done by the public and private research organisations, it added.

India’s top 75 valuable brands saw a four per cent dip in combined value at $379 billion (£310.5 billion) this year as compared to 2022, according to a brand report by marketing data and analytics firm Kantar. The decline reflects the strain that businesses and consumers have been under in recent times due to supply chain challenges, rising interest rates, and market uncertainty, said Kantar BrandZ Top 75 Most Valuable Indian Brands Report. “The Kantar BrandZ Top 75 Most Valuable Indian Brands this year has a combined value of USD 379 billion. This is 4 per cent lower than the value of the Top 75 a year earlier and reflects the strain that businesses and consumers have been under in recent times,” it said.

Indian information technology company Cognizant on Thursday revealed the appointment of Jatin Dalal, who recently quit Wipro, as its new chief financial officer. In a statement, Cognizant said the appointment is expected to be effective in December. Dalal will report to Cognizant’s chief executive officer Ravi Kumar S, and will, among other responsibilities, oversee the company’s worldwide financial planning and analysis, accounting and controllership, tax, treasury and internal audit, corporate development, investor relations, among others. The company also said that Dalal will succeed Jan Siegmund, who intends to retire early next year, as it was previously told.

Days after the state capital and India’s IT hub Bengaluru witnessed a strike, it was time for the southern state of Karnataka to see the same as its farmers and trade unions called a day-long shutdown on Friday (29) to protest against sharing water from river Cauvery with neighbouring Tamil Nadu state. The age-old conflict has flared up in recent days. Protests started this week in Bengaluru against the allocation of water from the river, with demonstrators opposing a court order to release 5,000 cusecs of river water to Tamil Nadu for 15 days this month. A number of multinationals based in the city asked their employees to work from home on the day of Bengaluru strike and the same was predicted to happen on Friday.

The flying crew, ground and security staff of Air India, which is undergoing a complete overhaul, will soon sport new uniforms designed by renowned Indian fashion designer Manish Malhotra as the Tata Group-owned airline embraces a new global brand identity. As the carrier pursues a revival and modernisation plan, the new uniforms are expected to be introduced for the frontline staff by the end of this year and are likely to coincide with the induction of the airline’s first wide-body A350 aircraft into its fleet. Malhotra and his team have started meeting Air India’s frontline staff, conducting discussions and fitting sessions with them to better understand their specialised needs, the airline said in a release on Thursday.

Deloitte Touche Tohmatsu India LLP (Deloitte India) and BUSINESSNEXT have unveiled a strategic alliance to provide advanced smart banking solutions that enhance customer engagement and experience, a NewsVoir press release said. Deloitte’s focus on delivering tangible business outcomes and driving adoption, combined with BUSINESSNEXT’s robust and scalable Customer Relationship Management platform and extensive implementation expertise, will empower clients to maximise their returns on investment throughout their transformative journey, the release added.

(With agencies inputs)

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