Top headlines: Accenture to lay off 25,000, Nissan TN govt end tax dispute

Business Standard brings to you a snapshot of events which made it to the headlines today

India needs to find jobs for additional 90 mn: McKinsey report

At least 90 million additional people will be in search of non-farm jobs during eight years from 2022-23 to 2029-30 and India needs to grow in the range of 8-8.5 per cent annually to employ them, says McKinsey Global Institute (MGI). The figures do not include 55 million women who may come back to the labour force to “partially correct the historical underrepresentation. Read more... 

Covid-19: Accenture to lay off 25,000 employees, Indians set to lose jobs

Global professional services company Accenture which has over 5 lakh employees worldwide is to cut at least 5 per cent of its 'low-performing workforce and thousands of Indians are set to lose jobs owing to the sluggish business the company is witnessing during the Covid-19 pandemic. A report in the Australian Financial Review (AFR) first reported this, citing an internal staff meeting by Accenture CEO Julie Sweet in mid-August. Read on...

SBI plans policy to lend to coal miners ahead of landmark auctions

State Bank of India is creating a policy to lend to coal miners before landmark auctions that would end decades of state monopoly on the fuel, according to a person with knowledge of the matter. Long-term offtake contracts assuring demand will be central to any lending decision, the person said, asking not to be identified before terms are finalised. Read more...

Nissan, Tamil Nadu end $660-million tax dispute after five years

Weeks after settling the $660 million tax dispute with the Tamil Nadu Government, Japanese automajor Nissan Motor today withdrew its petition related to the dispute from the Madras High Court. The State government and Nissan Motor filed a joint compromise memo for withdrawal of the case filed by the former to restrain the firm from pursuing international arbitral proceedings with respect to alleged unpaid incentives of $660 million (Rs 5,000 crore). Read on...

Former IOC Chairman Sanjiv Singh joins Reliance as group president

Former Indian Oil Corp (IOC) chairman Sanjiv Singh has joined Reliance Industries Ltd as Group President for billionaire Mukesh Ambani-run firm's oil-to-chemicals business. A communication by RIL Executive Director Hital R Meswani to the company employees said Singh, who superannuated from India's largest oil firm on June 30, will be a member of the oil-to-chemicals(O2C) business leadership team. Read more... 

No funds available: Depositors at PMC Bank survive on loans, charity

Set up in 1984, PMC is a regional lender with 137 branches across six states and by last year it had deposits of $1.5 billion. Yes Bank is far bigger with more than 1,000 branches across India. The withdrawal cap has left many of PMC's over 900,000 depositors in deep difficulty. Some say they are struggling to clear loans or pay their children's school fees, while others say they depend on friends for their groceries. Read on...