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BUSINESS AND ECONOMY - November 2015

Nov 2015

Apr 14, 2024

UPI Rule Change: Money in PPI Wallets Can Be Spent Using Any UPI

  • Unified Payments Interface (UPI) and wallets have become an integral part of our daily lives in recent years, thanks to the efforts of companies like Paytm, PhonePe, and Amazon. However, users have often complained about the limitation of using wallet money only through the web or mobile application provided by the prepaid payment instrument (PPI) issuer.

Arvind Kumar Appointed as Director (Refineries) Of Indian Oil

  • Arvind Kumar, currently serving as the Managing Director & CEO of Chennai Petroleum Corporation Limited, has been appointed Director (Refineries) at Indian Oil Corporation Limited.
  • Indian Oil is ranked 94th on the Fortune Global 500 list of the world's biggest corporations as of 2022.

Moody's Estimates India's GDP to be 6.1 per cent in 2024

  • Global rating agency Moody's has predicted that India's economy will grow at a slower pace in the year 2024.
  • At the same time, India's real GDP estimate for the financial year 2023-24 has been revised to 8 percent.
  • RBI has estimated the economic growth rate to be 7 in the current financial year 2024-25.

Apr 13, 2024

Citroen Makes Historic Move: First MNC to Export EVs from India

  • French automaker Citroën became the first multinational car manufacturer to export electric vehicles (EVs) produced in India to the international market. The company announced the commencement of exports of its locally manufactured ë-C3, sending an initial shipment of 500 units to Indonesia from the Kamarajar Port.
  • Aligning with its global ambitions of democratizing electric mobility and promoting sustainable transportation, Citroën's export of the Made-in-India ë-C3 showcases the country's manufacturing and engineering capabilities on a global scale. This move not only highlights Citroën's commitment to India but also contributes significantly to the nation's goal of establishing a sustainable and competitive EV manufacturing ecosystem.

Sushil Sharma New CMD of SJVN Limited

  • The Public Enterprises Selection Board (PESB) panel recommended Sushil Sharma for the position of Chairman & Managing Director (CMD) of SJVN Limited. This decision was made during the panel's meeting.
  • Having joined SJVN in 1994 as an Assistant Engineer, Sharma has steadily risen through the ranks, showcasing his expertise in hydroelectric projects. With a Bachelor's degree in Mechanical Engineering from VNIT, Nagpur, and over 30 years of experience, including significant contributions to projects like the 1500 MW Nathpa Jhakri Project and the 412 MW Rampur HPS, Sharma is poised to lead SJVN into its next phase of growth.
  • SJVN Limited is a joint venture between the Government of India and the Government of Himachal Pradesh, established in 1988 to develop, operate, and maintain power projects in the country. The company has a diverse portfolio of hydroelectric, thermal, and renewable energy projects, making it a significant player in the Indian power sector.
  • Sushil Sharma's appointment as the Chairman & Managing Director of SJVN Limited will leverage his deep understanding of the company's operations and his proven expertise in hydroelectric project development to drive the organization's future growth and expansion plans.

India's Economic Update: Retail Inflation Dips to 10-Month Low, IIP Surges

  • India's retail inflation dropped to a 10-month low of 4.85% in March, aligning with the RBI's tolerance band of 2-6%. Meanwhile, industrial production (IIP) saw a significant rise, hitting a four-month high at 5.7% in February. Reserve Bank of India (RBI) Governor Shaktikanta Das addressed inflation as the primary challenge, noting its gradual decline but persistent pressure from service prices.

Apr 12, 2024

Citroen Makes Historic Move: First MNC to Export EVs from India

  • In a landmark achievement, French automaker Citroën has become the first multinational car manufacturer to export electric vehicles (EVs) produced in India to the international market. The company announced the commencement of exports of its locally manufactured ë-C3, sending an initial shipment of 500 units to Indonesia from the Kamarajar Port.
  • Aligning with its global ambitions of democratizing electric mobility and promoting sustainable transportation, Citroën's export of the Made-in-India ë-C3 showcases the country's manufacturing and engineering capabilities on a global scale. This move not only highlights Citroën's commitment to India but also contributes significantly to the nation's goal of establishing a sustainable and competitive EV manufacturing ecosystem.
  • The export of the ë-C3 symbolizes the strength of Indo-French industrial cooperation and mutual commitment to cleaner mobility. With support from both governments, this initiative underscores the importance of collaboration in delivering affordable and environmentally friendly mobility solutions, in line with the Indo-French roadmap for the Indo-Pacific.

PhonePe Partners with eSewa, HAN Pokhara to Promote UPI in Nepal

  • PhonePe today announced that it has partnered with e-Sewa and the Hotel Association of Nepal (HAN) Pokhara to popularize UPI on the Fonepay Network, as a part of the Fewa New Year Festival which will be held from April 11-14th. The New Year festival is not only popular among citizens all over Nepal but also very popular among Indian tourists who visit the country and enjoy the festivities. With food stalls serving traditional Nepali cuisine as well as international dishes, live music performances by local and international artists, cultural performances, including traditional Nepali dances and music and art exhibitions and workshops, the iconic event, offers a unique opportunity to experience the best of Nepalese culture and local culinary delights.
  • This year, in line with its vision of popularizing Digital payments via UPI, PhonePe will spearhead several activities during the Fewa New Year Festival. PhonePe will run on-ground activation aimed at raising awareness about digital payments among local merchants while demonstrating the convenience of digital payments for customers. With prominent on-ground and digital branding, kiosks showing how to use digital payments, and other interactive activities PhonePe along with eSewa and HAN Pokhara will showcase the ease of UPI payments. Over 3,000 merchants will be part of the festival with over 100,000 visitors expected.

HDFC Bank Becomes First Private Bank to Open Branch in Lakshadweep

  • Private lender HDFC Bank opened a branch at Kavaratti Island in Lakshadweep, making it the only private sector bank to have a presence in the Union Territory. 
  • This branch is aimed at upgrading the banking infrastructure in Lakshadweep by offering a wide range of services with a focus on personal banking and digital banking solutions. 
  • The branch will provide customized digital solutions, including QR-based transactions for retailers, to cater to the financial needs of individuals, families, and businesses in the region

Apr 11, 2024

KABIL and CSIR-IMMT Forge Alliance for Critical Minerals Advancement

  • In a significant move toward bolstering India's mineral security, Khanij Bidesh India Limited (KABIL) and the Council of Scientific and Industrial Research – Institute of Minerals and Materials Technology (CSIR-IMMT) have entered into a Memorandum of Understanding (MoU) for Technical & Knowledge cooperation. The agreement aims to leverage CSIR-IMMT's technical prowess in various domains crucial for mineral processing and metal extraction.
  • Under the MoU, KABIL will tap into CSIR-IMMT's expertise to undertake projects encompassing metallurgical test work-plans, process flowsheet development, and technology selection. Joint research initiatives and the exchange of scientific knowledge will also be facilitated to propel advancements in mineral and metallurgical sectors.
  • Expressing optimism about the collaboration, Shri Sridhar Patra, CMD, NALCO & Chairman, KABIL, emphasized the role of scientific research in fortifying India's mining industry. He highlighted the significance of technological advancements in ensuring mineral security and meeting domestic requirements, aligning with the nation's 'Make in India' initiative.
  • KABIL, a joint venture of NALCO, HCL, and MECL under the Ministry of Mines, aims to secure the nation's critical and strategic minerals. Its mandate spans the identification, exploration, development, and procurement of essential minerals to bolster domestic supply chains and support national initiatives.

IndiGo pips Southwest to Become World's 3rd Most Valuable Airline by Mcap

  • IndiGo, India's largest airline, on Wednesday pipped US-based Southwest Airlines in terms of market capitalisation to become the world's third most valuable airline, according to Bloomberg data.
  • IndiGo's share price jumped by 4.73 per cent to Rs 3,806 on Wednesday. Therefore, its market capitalisation jumped to $17.605 billion, which was ahead of Southwest's market capitalisation of $17.333 billion.
  • The world's top two airlines in terms of market cap are Delta Airlines ($30.442 billion) and Ryanair ($26.941 billion). IndiGo is the only Indian carrier among the world's top 10 airlines, as per the Bloomberg data.

Paytm PB MD & CEO Surinder Chawla Resigns

  • Managing Director (MD) and Chief Executive Officer (CEO) of the beleaguered Paytm Payments Bank, Surinder Chawla, resigned on account of personal reasons.
  • The company said that the resignation would be effective from June 26 but did not name any potential successor to Chawla, who was appointed as the MD and CEO of the company in January 2023 after it received a nod from the Reserve Bank of India (RBI).
  • Before joining PPBL, Chawla was working with RBL Bank, where he served as Head - Branch Banking.

ICICI Lombard Partners with Policybazaar to Expand Insurance Distribution

  • In a strategic move aimed at enhancing insurance distribution across India, ICICI Lombard General Insurance Company has forged a partnership with Policybazaar. This collaboration aims to leverage Policybazaar's digital platform to offer a wide range of insurance products to approximately 10 million customers.
  • The collaboration between ICICI Lombard and Policybazaar encompasses various insurance products, including motor insurance, health insurance, travel insurance, home insurance, and business insurance. Through this partnership, these products will be made accessible to retail customers, corporates, and channel partners through Policybazaar's platforms such as 'Policybazaar.com', 'PB for Business', and 'PB Partners'.
  • Sarbvir Singh, Joint Group CEO of PB Fintech, expressed excitement about welcoming ICICI Lombard to Policybazaar, emphasizing the shared commitment to making insurance accessible to all by 2047.
  • Anand Singhi, Chief – Retail & Government Business of ICICI Lombard, highlighted the importance of digital distribution in enhancing insurance penetration. Through this partnership, ICICI Lombard aims to democratize insurance in India by offering consumers an accessible and comprehensive platform to purchase insurance seamlessly.

Apr 10, 2024

India Secures Second Overseas Port: Sittwe Agreement Approved by MEA

  • In a strategic move to bolster its maritime presence and enhance regional connectivity, India has gained operational control over the Sittwe Port in Myanmar, following approval from the Ministry of External Affairs (MEA). 
  • The agreement allows India Ports Global (IPGL), a company fully owned by the Ministry of Ports, Shipping and Waterways, to manage the entire port on the Kaladan River, marking India's second overseas port acquisition after Chabahar in Iran.
  • IPGL is a company 100 per cent owned by the Ministry of Ports, Shipping and Waterways.
  • Unlike the limited control over terminals in Chabahar, India now possesses complete operational authority over the Sittwe Port, positioning it strategically in the Indian Ocean rivalry with China.
  • The deal includes a long-term lease arrangement, subject to renewal every three years, enabling India to undertake substantial development initiatives at the port.
  • India Ports Global Limited, a subsidiary of Sagarmala Development Company Limited under the Ministry of Ports, Shipping and Waterways, will spearhead the port's development and operations.
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