Category Archives: Business & Economy

INTERNATIONAL: AVIATION: 67 Foreign Pilots Employed by Indian Airlines: Govt informs Parliament

According to the Directorate General of Civil Aviation (DGCA), there are around 10,000 pilots including 67 foreign nationals employed with various airlines of India.

As many as 67 foreign pilots are employed by different Indian airlines, the government said on Thursday.

This development comes two days after the civil aviation ministry said there was a shortage of pilots forcing them to allow airlines to hire foreign pilots.

“According to the Directorate General of Civil Aviation (DGCA), there are around 10,000 pilots including 67 foreign nationals employed with various airlines of India,” Dr Gen VK Singh (Retd), minister of state (Mos) for civil aviation, stated in a written reply to Kanimozhi Karunanidhi of DMK.

According to industry projections, there may be a need for 1000 pilots per annum in India over the next five years, Singh said.

“The annual requirement of commercial pilots depends upon various factors such as financial health of an airline, airline expansion plan and growth in the aviation sector,” he added.

Singh stated that 15% of pilots in India are women which is almost three times the global average of 5%. He, however pointed out that currently, there is no special program in the government to encourage pilot training for women and backward classes including SC/STs.

“There are 35 DGCA approved flight training organisations (FTOs) in India operating at 53 bases,” he said.

He also said that data from the Indian scheduled airlines showed that a total of 244 pilots were recruited in 2021 and as on March 1 this year, a total of 15,896 regular officials are employed in Airports Authority of India (AAI) posted across various airports and stations.

In yet another response, Singh stated that the air traffic data for 2022-23 is estimated to be 12.3 million.

Meanwhile, civil aviation secretary Rajiv Bansal had, on Tuesday, stated that the demand of Boeing 777 aircraft pilots is such that for the first time, after years, the government is allowing Foreign Aircrew Temporary Authorization (FATA) pilots.

“Normally we don’t allow foreign pilots. But currently there is demand but there is no skilled competency available. I would go to the extent of saying that this demand has happened since the Air India privatisation took place a year ago. That is why, today we don’t have any Boeing 777 aircraft pilots available in the country and hence we are resorting to taking foreign pilots for a short time” he had said speaking in an aviation summit organised by CAPA India.

source/content: hindustantimes.com (headline edited)

INTERNATIONAL: TELECOMMUNICATIONS: UN telecom body ‘The International Telecommunication Union'(ITU) Opens Area Office and Innovation Centre in New Delhi, India

The area office will work with local stakeholders and develop connectivity in South Asia, ITU’s secretary-general said.

The International Telecommunication Union (ITU) opened an area office and innovation centre in New Delhi on Wednesday. The facility will be funded by the Union government, and located within the Centre for Development of Telematics (C-DOT), a government body for telecom research, the specialised agency of the United Nations said in a press release.

“Meaningful connectivity and innovation are tightly linked, and we will use our new presence in South Asia to expand the benefits of digital technology for everyone, everywhere,” ITU secretary-general Doreen Bogdan-Martin said in a statement.

The Host Country Agreement (HCA) to set up the area office, was signed in March 2022. A brief published by the ITU indicated that the office would work towards introducing advanced technologies, contributing to telecom development in South Asia, and promoting connectivity overall.

The innovation centre would be a test-bed for experimental technology and promote growth of small and medium enterprises (SMEs), the ITU said.

At the launch event, Prime Minister Narendra Modi unveiled the “6G Vision Statement”, a 34-page document, outlining some ideas for the next generation of telecommunications, even as telcos work to roll out 5G networks in more and more districts.

source/content: thehindu.com (headline edited)

INTERNATIONAL – ASIA REGION: SPORTS / CHESS: Asian Chess Federation (ACF)Confers a Plethora of Awards to India – Grandmaster D Gukesh with Player-of-the-Year award, the AICF – ‘Most Active Federation Award, the Tamil Nadu Chief Minister M K Stalin with the Man-of-the-Year award and many more read on….

In March last year, Gukesh became only the sixth Indian to break the 2700 Elo-rating mark, and the youngest Grandmaster from the country to be rated above 2700.

Indian Grandmaster D Gukesh has been honoured with the Player-of-the-Year award by the Asian Chess Federation (ACF) for clinching the gold medal with a record-breaking score of 9/11 in the 44th Chess Olympiad at Mahabalipuram last year.

In March last year, Gukesh became only the sixth Indian to break the 2700 Elo-rating mark, and the youngest Grandmaster from the country to be rated above 2700.

The All India Chess Federation (AICF) bagged the ‘Most Active Federation’ award conferred during the ACF annual summit, which is underway here.

Tamil Nadu Chief Minister M K Stalin has been conferred with the Man-of-the-Year award for his effort in the successful hosting of the FIDE Chess Olympiad in August last year within a short notice of four months.

The Indian women’s team, comprising of Koneru Humpy, D Harika, R Vaishali, Tania Sachdev, and Bhakti Kulkarni, was adjudged the ‘Best Women’s team of the Year’ for its bronze-winning effort, while Grandmaster R B Ramesh bagged the men’s Coach-of-the-Year award and Grandmaster Abhijit Kunte won the Women’s Coach-of-the-Year awards.

source/content: newindianexpress.com (headline edited)

INTERNATIONAL: LEADERS: Joe Biden Appoints 02 Prominent Indian-American Corporate Leaders Punit Renjen and Rajesh Subramaniam to his Export Council, the Principal National Advisory Committee on U.S. International Trade

President Joe Biden on February 28 announced a list of members he intends to appoint to the Council, according to a White House press release.

Washington U.S. President Joe Biden has announced his intent to appoint two prominent Indian-Americans corporate leaders, Punit Renjen and Rajesh Subramaniam, to his powerful Export Council which is the principal national advisory committee on international trade.

The President on February 28 announced a list of members he intends to appoint to the Council, according to a White House press release.

Mr. Renjen, the former CEO of Deloitte Consulting and Mr. Subramaniam, CEO and president-elect of FedEx, have their names on the list of members the president intends to appoint as members of the influential President’s Export Council.

The Council will be headed by Mark Edin, chairman of Kastle Systems.

More than two dozen leaders from the corporate sector, labour, real estate, national security and law, have been tapped into the President’s Export Council.

Prominent among them are Karen S. Lynch, president and CEO of CVS Health; John Lawler, the chief financial officer of Ford; Gareth Joyce, CEO at Proterra; Brett Hart, president of United Airlines; Beth Ford, president and CEO of Land O’Lakes; and Qualcomm CEO Cristiano R. Amon.

“The Council advises the President on government policies and programmes that affect U.S. trade performance; promotes export expansion; and provides a forum for discussing and resolving trade-related problems among the business, industrial, agricultural, labour, and government sectors,” the White House said.

On December 31 last, 62-year-old Mr. Renjen retired as Deloitte Global CEO after having served in the role since June 2015.

He now serves as Deloitte Global CEO Emeritus. Under his leadership, Deloitte launched WorldClass — a global effort to prepare 100 million underprivileged people for a world of opportunity — based on the belief that business thrives when society thrives, the White House said.

Recently, Deloitte made a commitment to be net zero by 2030 under its WorldClimate initiative and joined the First Movers Coalition.

Mr. Renjen is deeply committed to advancing diversity and inclusion at Deloitte through measurable actions toward gender balance.

Over his career, Mr. Renjen has been recognised by numerous organisations for his leadership, business acumen and commitment to societal impact.

In 2022, Mr. Renjen was recognised by the Economic Times as “Global Indian of the Year” and the Carnegie Corporation of America as one of 34 “Great Immigrants. Great Americans”. In 2021, the U.S.-India Strategic Partnership Forum recognised Mr. Renjen with its Global Achievement Award. In 2020, Mr. Renjen was awarded the Oregon History Makers Medal.

Mr. Renjen is being considered to be the next chairman of SAP SE, a Germany-based European multinational software company.

Mr. Subramaniam, as President and chief executive officer of FedEx Corporation, is responsible for providing strategic direction for all FedEx operating companies.

Mr. Subramaniam, 55, is chair of the five-person Executive Committee, which plans and executes the corporation’s strategic business activities.

He is also chair of the FedEx Strategic Management Committee, a select group of the company’s top leadership, which sets the strategic direction for the enterprise. Before being named president and CEO-elect in March 2022, he was president and chief operating officer of FedEx Corporation. Previously, Mr. Subramaniam held various leadership roles in operations and marketing across the FedEx portfolio of operating companies.

Mr. Subramaniam serves on the board of directors of FedEx Corporation, the Procter & Gamble Company, the U.S. Chamber of Commerce’s China Center Advisory Board, FIRST, U.S.-India Strategic Partnership Forum, and the U.S.-China Business Council, and a member of the U.S.-India CEO Forum.

Mr. Subramaniam is also a proud 2023 recipient of the Pravasi Bharatiya Samman Award, the highest civilian award presented by the President of India to the Indian diaspora in recognition of outstanding achievements in India and abroad, the White House said.

source/content: thehindu.com (headline edited)

INTERNATIONAL / NATIONAL: Exercise Desert Flag VIII: For the First time, India’s Indigenously-made Light Combat Aircraft ‘LCA Tejas’ to take part in a Global Air Exercise

An IAF contingent comprising of 110 Air Warriors arrived at the Al Dahfra air base in the UAE to participate in the exercise, in which five LCA Tejas and two C-17 Globemaster III aircraft would take part, the IAF said Saturday.

For the first time, India’s indigenously-made light combat aircraft Tejas will be participating in an international multilateral air exercise — Exercise Desert Flag VIll — in the UAE, reflecting India’s increasing efforts at showcasing the jet at the world stage.

An Indian Air Force contingent comprising of 110 Air Warriors arrived at the Al Dahfra airbase of the United Arab Emirates to participate in the exercise, in which five LCA Tejas and two C-17 Globemaster III aircraft would take part, the IAF said Saturday. The exercise is scheduled from 27 February to 17 March.

“This is the first occasion when the LCA Tejas shall participate in an international flying exercise outside India,” the IAF said in a statement.

As per the IAF, Exercise Desert Flag is a multilateral air exercise which will see participation from the air forces of the UAE, France, Kuwait, Australia, the UK, Bahrain, Morocco, Spain, Republic of Korea, and the US.

“The aim of the exercise is to participate in diverse fighter engagements and learn from the best practices of various air forces,” the IAF said.

India has been in talks with several countries to export LCA Tejas, including Argentina and Egypt. India was also hopeful of selling the platform to Malaysia, but the country has signed a deal with Korean Aerospace Industries for supply of 18 FA-50 light combat aircraft.

The aircraft had earlier participated in air shows at Singapore, Malaysia, Bahrain and Dubai.

The LCA Mk 2, which got a cabinet approval last year, has evinced interest from nearly 16 countries and efforts are on to identify private agencies to speed up the production of the jet.

source/content: indianexpress.com (headline edited)

NATIONAL: TRANSPORT / RAILWAYS: The 150-year-old Chennai Central becomes India’s First ‘Silent’ Railway Station

Taking a cue from airports, the station is trading the omnipresent ‘voice’ for more inquiry booths and visual display boards.  

The 150-year-old Dr MGR Ramachandran Central railway station in Chennai went silent on Sunday, making it the first in India to do so, as it bid adieu to the public announcement system that has guided passengers to their trains for decades. Taking a cue from airports, the station is trading the omnipresent ‘voice’ for more inquiry booths and visual display boards.  

In the order announcing the change, issued on Saturday by Southern railway general manager R N Singh, officials were told to ensure all visual display boards are in working condition and to deploy sufficient staff at inquiry booths for a smooth passenger experience.

Large digital screens displaying the arrival and departure of trains in Tamil, Hindi and English have been installed at all three entry points to the station, namely, EVR Periyar Salai (MTC bus stop), suburban terminus, and Wall Tax Road (gate no 5). Concourse areas have also been covered with 40-60 inch digital boards.

source/content: thehindu.com (headline edited)

INTERNATIONAL / NATIONAL: 600 Delegates from 62 Nations at ‘Y20 India Summit -Gujarat’ as part of India’s G20 Presidency

The subject of the Y20 India Summit, being organised by the Union Ministry of Youth Affairs and Sports, is ‘Climate Change and Disaster Risk Reduction: Making Sustainability a Way of Life’.

More than 600 representatives from 62 nations will attend the two-day Y20 India Summit at the Maharaja Sayajirao University Vadodara in Gujarat as part of India’s G20 presidency. The conference will be inaugurated on Saturday by Gujarat CM Bhupendra Patel.

The subject of the Y20 India Summit, being organised by the Union Ministry of Youth Affairs and Sports, is ‘Climate Change and Disaster Risk Reduction: Making Sustainability a Way of Life’.

“In this conference, the 167 delegates from G20 nations, 8 international scholars, 12 national scholars, 25 international delegates, 25 national delegates, 25 representatives of Youth Ministry, 50 start-ups working on environment and 250 students studying different subjects will participate,” a press release said.

source/content: newindianexpress.com (headline edited)

GLOBAL: INDIA & USA : India Biggest Trading Partner for U.S., says Treasury Secretary Janet Yellen

Ms. Yellen stressed advanced a new ‘friendshoring’ approach under which the U.S. is seeking to diversify away from countries that present geopolitical and security risks to the supply chain,

Terming India as the biggest trading partner, U.S. Treasury Secretary Janet L Yellen on Saturday pitched for advancing an approach called “friendshoring” to bolster the resilience of supply chains.

As President Biden has said, India is an indispensable partner to the United States, Ms. Yellen said while addressing a roundtable with U.S. and Indian tech business leaders on the sidelines of G20 Finance Ministers and Central Bank Governors Meeting here.

“The US is India’s biggest trading partner. In 2021, our bilateral trade was over USD 150 billion. Our people-to-people ties affirm the closeness of our relationship. 200,000 Indians are studying in America and enriching our schools and universities. We depend on each other on a daily basis: Indians use WhatsApp to communicate and many American companies rely on Infosys to operate,” she said.

The roundtable was attended by top tech honchos, including Infosys chairman Nandan Nilekani, IBM India managing director Sandip Patel, Intel India country head Nivruti Rai, Foxconn India Country Head Josh Foulger and Wipro chairman Rishad Premji.

“As we look towards the future, I am eager to deepen our ties in the technology sector. The United States is advancing an approach called “friendshoring” to bolster the resilience of our supply chains. We are doing this by strengthening integration with our many trusted trading partners – including India. We are seeing progress; as an example, technology companies like Apple and Google have expanded their phone production in India,” she said.

The U.S. in its new ‘friendshoring’ approach is diversifying away from countries that present geopolitical and security risks to our supply chain, Ms. Yellen said. Friendshoring approach involves partnering with developing countries to grow local industries and connect them to the global supply chain.

Through the Partnership for Global Infrastructure and Investment, or PGII, she said, the U.S. is investing in digital technologies that will drive inclusive, resilient growth in India.

Under PGII, she said, the United States has announced investments in agri-tech to enable climate-smart agricultural production, and in digital payments systems for microentrepreneurs.

These stand alongside investments in renewable energy, health, and other infrastructure sectors in India, she said, adding, the United States aims to mobilise USD 200 billion through 2027 for PGII, and look forward to partnering with India to continue investing in its future.

During the roundtable, Mr. Nilekani said Infosys has opened new centres in six different American states in the last few year and hired 25,000 workers there in the last six years.

“We have focused heavily on localisation in the US. Total global workforce is 3,30,000. We have built a 160,000 square feet world class training centre in Indianapolis. We hired 7,000 fresh graduates this year. Our aim is to pick young, talented people, including from community colleges, and invest in their training,” he said.

Infosys runs India’s tax systems, he said, adding, the back-end of the entire direct and indirect tax system is run by the company.

source/content: thehindu.com (headline edited)

WORLD: LEADER IN BANKING & ECONOMY: President Biden Announces U.S. Nomination of Ajay Banga to Lead World Bank

Today, President Biden announced that the United States is nominating Ajay Banga, a business leader with extensive experience leading successful organizations in developing countries and forging public-private partnerships to address financial inclusion and climate change, to be President of the World Bank.
 
Statement from President Biden: “Ajay is uniquely equipped to lead the World Bank at this critical moment in history. He has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organizations through periods of fundamental change. He has a proven track record managing people and systems, and partnering with global leaders around the world to deliver results.
 
He also has critical experience mobilizing public-private resources to tackle the most urgent challenges of our time, including climate change. Raised in India, Ajay has a unique perspective on the opportunities and challenges facing developing countries and how the World Bank can deliver on its ambitious agenda to reduce poverty and expand prosperity.”
 
Ajay Banga, Nominee for President, The World Bank
 
Ajay Banga currently serves as Vice Chairman at General Atlantic. Previously, he was President and CEO of Mastercard, leading the company through a strategic, technological and cultural transformation.
 
Over the course of his career, Ajay has become a global leader in technology, data, financial services and innovating for inclusion. He is Honorary Chairman of the International Chamber of Commerce, serving as Chairman from 2020-2022. He is also Chairman of Exor and Independent Director at Temasek. He became an advisor to General Atlantic’s climate-focused fund, BeyondNetZero, at its inception in 2021. He previously served on the Boards of the American Red Cross, Kraft Foods and Dow Inc. Ajay has worked closely with Vice President Harris as the Co-Chair of the Partnership for Central America. He is a member of the Trilateral Commission, a founding trustee of the U.S.-India Strategic Partnership Forum, a former member of the National Committee on United States-China Relations, and Chairman Emeritus of the American India Foundation.
 
He is a co-founder of The Cyber Readiness Institute, Vice Chair of the Economic Club of New York and served as a member of President Obama’s Commission on Enhancing National Cybersecurity. He is a past member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations.
 
Ajay was awarded the Foreign Policy Association Medal in 2012, the Padma Shri Award by the President of India in 2016, the Ellis Island Medal of Honor and the Business Council for International Understanding’s Global Leadership Award in 2019, and the Distinguished Friends of Singapore Public Service Star in 2021.

source/content: whitehouse.gov / feb 23, 2023 (headline edited)

INTERNATIONAL: BUSINESS & ECONOMY: The Inaugural ‘I2U2 Business Forum’ was held in Abu Dhabi-UAE to address Energy Crisis, Food Insecurity

India’s Envoy reiterated the nation’s commitment to the I2U2 partnership and made a strong pitch for all stakeholders to work towards achieving tangible progress in all I2U2 initiatives.

The inaugural Business Forum of I2U2 nations – India, Israel, the UAE and the USA – was held in Abu Dhabi on Wednesday, making it the first event of this kind since the launch of the I2U2 group since its leaders’ summit in July 2022.

The Forum brought together senior private and public sector representatives from the member nations with discussions held on investment opportunities to address issues related to the management of the energy crisis and food insecurity.

The I2U2 partnership is a grouping focused on driving tangible economic cooperation between its members across a range of sectors, including food security, water, energy, space, transportation, health, and technology.

It aims to mobilize private sector capital and expertise to, among other objectives, help modernize infrastructure, decarbonize industries, improve public health, and promote the development of green technologies.

Hosted by UAE Minister of State Ahmed bin Ali Al Sayegh, the forum was attended by Director General of Israel’s Ministry of Foreign Affairs Ronen Levi and, India’s Economic Relations Secretary Dammu Ravi, while the US delegation was led by the Under Secretary of State for Economic Growth, Energy, and the Environment Jose W Fernandez.

“The officials reaffirmed their commitment to enhancing economic cooperation under the I2U2 framework, noting the significance of direct engagement between decision makers from I2U2 countries and private sector stakeholders interested in forming a future partnership,” said the MEA.

Ravi reiterated India’s commitment to the I2U2 partnership and made a strong pitch for all stakeholders to work towards achieving tangible progress in all I2U2 initiatives, including setting up an I2U2 Innovation Centre in Gurugram. In line with Prime Minister Narendra Modi’s clarion call for LiFE-Lifestyle for Environment, he urged I2U2 partners to work towards a sustainable and environment-friendly lifestyle for all.

The I2U2 Business Forum aims to become a regular platform for private and public entities from India, Israel, the UAE, and the US to convene and establish tangible joint business ventures in I2U2’s core economic and technological fields.

source/content: newindianexpress.com (headline edited)