Page 13 - Banking Finance December 2023

ROUNDUP

board for investments of about Rs. 700 794.64 tonnes in the reserves. By The programme is applicable to all
crore which will be made over the next value, gold's percentage of total for- domestic contractual disputes in which
few years," Mother Dairy's managing eign exchange reserves dropped from the Indian government or government
director, Manish Bandlish, stated. 7.81 percent in March 2023 to 7.37 undertakings are one of the parties...
percent at the end of September. In the meantime.
The business intends to make signifi-
cant investments to expand its manu- 372.84 tonnes of gold are held domes-
facturing base.We are currently in the tically, while 388.06 tonnes are held in IndiaSkills hopes to attract
advanced stages of acquiring land in safe custody with the Bank of England 2.5 million people.
Nagpur, Maharashtra, in order to es- and BIS abroad.
tablish a new plant. Dairy and value- The WorldSkills 2022 winners were
added dairy products will be produced Bengal grants "Industry" honoured by the Ministry of Skill Devel-

at this facility. The estimated invest- status to the tourism in- opment & Entrepreneurship, which
ments required to set up this plant are also announced the IndiaSkills 2023-24
Rs. 500 crore. We'll use this as a hub dustry program. In the previous year's world-
wide competition, India had clinched
to service the Western and Southern The tourism industry received industry
regions," he continued. status from the Bengal cabinet, open- the eleventh spot.
ing the door for increased investment Union Minister for Skill Development
81% of foreign exchange in the field. The decision was made in Dharmendra Pradhan spoke at the
response to Durga Puja's significant event and urged attendees to increase
assets are invested in for- boost to the tourism industry. During to 2.5 million from 0.25 million the
eign securities puja week, foreign visitor arrivals sur- previous year. He said this would en-
passed 50,000, according to state gov- courage the ecosystem to prioritize
The Reserve Bank of India's (RBI) Re-
port on Management of Foreign Ex- ernment sources. Maharashtra, competency over obtaining degrees.
change Reserves states that as of Sep- Karnataka, Gujarat, Rajasthan, Uttar The minister also emphasized the sig-
tember, the percentage of India's for- Pradesh, Kerala, and Tamil Nadu are nificance of implementing employable
eign currency assets invested in foreign among the other states that have skills, as this would boost workers'
securities increased to 81.43 percent granted tourism industry status. market acceptance.
from 80.76 percent in March. The minister stated, "To lead in the
Extended data for Vivad 21st century, we have to give compe-
By the end of September 2023, the
percentage of funds held in deposits se Vishwas claims until tencies, applied knowledge, and
with the Bank for International Settle- December 31 hands-on training equal importance.
ment (BIS) and other central banks had The finance ministry has extended the We also need to highlight the need for
dropped from 14.82 percent at the deadline for filing claims to resolve mapping skill gaps to reduce the gap
end of March 2023 to 13.49 percent. between degrees earned and skills ac-
outstanding disputes pertaining to gov- quired."
Nonetheless, the report indicated that ernment contracts by two months, to
the percentage of deposits held with December 31. UN recognizes ICAI for
foreign commercial banks increased
The government contract dispute reso-
from 4.42 percent in March to 5.08 sustainability reporting
lution program, Vivad se Vishwas II,
percent in September. was introduced on July 15 and closed with an award.
According to the report, foreign cur- on October 31 for contractors to file The CA Institute's contribution to
rency assets increased from $509.69 claims. sustainability reporting has earned it a
billion at the end of March to $521.36 The Department of Expenditure an- prestigious UN Award. Out of 70 initia-
billion at the end of September. nounced in an office memo that it has tives from around the globe, the
At the end of September, the RBI's gold been decided to extend the deadline sustainability initiatives of the Institute
reserves had grown to 800.79 tonnes for submitting claims under the Vivad of Chartered Accountants of India
(including 39.89 tonnes of gold depos- se Vishwas II scheme until December (ICAI) were given the highest rating.
its). At the end of March, there were 31, 2023. UNCTAD has granted ICAI the ISAR

12 | 2023 | DECEMBER | BANKING FINANCE