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BUSINESS AND ECONOMY - March 2016

Mar 2016

Nov 27, 2024

Wipro Appoints Omkar Nisal as CEO of Europe Strategic Market Unit

Information technology major Wipro appointed Omkar Nisal as its new Europe Chief Executive Officer, succeeding Pierre Bruno.
Omkar's strategic vision, combined with a strong understanding of the European market dynamics, well positions him to lead Wipro's ambitious plans for growth and expansion. With a strong customer-centric approach, Omkar will help build a resilient and adaptable organisation poised for sustainable growth in the region.
Based in London, Nisal has been a part of Wipro for over 12 years now. During his stint, he has led Wipro's banking-EMEA business, working closely with large and niche financial institutions across the UK, Europe, the Middle East, and Africa.

Saudi Arabia Signs $9 bn Metals Deals with Firms Including Vedanta, Zijin

Saudi Arabia agreed nine investment deals in metals and mining worth more than 35 billion riyals ($9.32 billion) with companies including India's Vedanta and China's Zijin Group.
The deals were announced during the World Investment Conference in Riyadh by the Global Supply Chain Resilience Initiative, a government programme under the Saudi government's National Investment Strategy.
Oil to metals conglomerate Vedanta will build copper facilities with a capital expenditure of 7.5 billion riyals at Ras Al-Khair, including a smelter and refinery with capacity of 400,000 metric tons per annum (tpa) and a 300,000 tpa copper rod plant.

Nov 26, 2024

India-EFTA Trade Deal: $100 Billion Investment & Boost to Exports

India signed a historic Trade and Economic Partnership Agreement (TEPA) with four European countries, Switzerland, Iceland, Norway, and Liechtenstein, forming the European Free Trade Association (EFTA). This agreement is expected to provide India access to 99.6% of EFTA's market, generating $100 billion in foreign direct investment (FDI) and creating 1 million direct jobs over the next 15 years. With strong commitments from both sides, the deal aims to enhance India's global market position and reinforce initiatives like "Make in India" and "Atmanirbhar Bharat."
The pact is set to create 1 million direct jobs in India, supporting its young workforce. This aligns with India's projected economic rise, with expectations to become the third-largest economy in the world in the next 3-4 years. The agreement also focuses on promoting sectors like IT, pharmaceuticals, chemicals, renewable energy, and banking.
TEPA will expand India's service exports, particularly in IT, business, and educational services, by improving access to EFTA countries. Additionally, the deal facilitates technological collaboration, offering India access to advanced technologies in precision engineering, health sciences, and renewable energy.

Nov 25, 2024

FSIB Recommends Binod Kumar for the Post of MD and CEO of Indian Bank

Financial Services Institutions Bureau (FSIB), the selector of top executives in public sector banks and financial institutions, recommended Binod Kumar for the position of Managing Director & CEO in Indian Bank.
Kumar is serving as Executive Director of Punjab National Bank.

Govt. Should Include Coking Coal in Critical Minerals List: NITI Aayog

The NITI Aayog recommended adding coking coal to India's critical minerals list, emphasising its importance in steel production and infrastructure development. This aligns with global trends, such as the European Union's declaration of coking coal as a critical raw material. India's heavy reliance on imports (85% of its coking coal) underscores the need to enhance domestic production.
The report "Enhancing Domestic Coking Coal Availability to Reduce the Import of Coking Coal" advocates for policy changes to leverage India's 16.5 billion tonnes of medium coking coal reserves and achieve self-reliance while adhering to Net Zero commitments by 2070.

Nov 24, 2024

RBI Doubles UPI 123Pay Limit to Rs. 10,000 for Feature Phones

The Reserve Bank of India (RBI) increased the transaction limit for UPI 123Pay from Rs. 5,000 to Rs. 10,000. This change is set to benefit millions of feature phone users across India who have limited access to the internet.
UPI 123Pay is a unique service that allows digital payments on feature phones without the need for internet connectivity.

Nov 23, 2024

World Bank Launches 'Jobs at Your Doorstep' Report in Delhi

The Union Minister for Education, Dharmendra Pradhan, along with Minister of Labour and Employment, Youth Affairs and Sports Mansukh Mandaviya, launched the World Bank's report titled 'Jobs at Your Doorstep: A Jobs Diagnostics for Young People' in six states in New Delhi. The report focuses on bridging skill gaps in young people and aligning school curricula with industry needs.

DPIIT Approves Hinduja Group's IIHL Acquisition of Reliance Capital

The Department for Promotion of Industry and Internal Trade (DPIIT) granted approval for the Rs. 10,000-crore acquisition of Reliance Capital Ltd. (RCAP) by IndusInd International Holdings Ltd. (IIHL), a Hinduja Group-backed firm.
This marks a significant development in the resolution of the debt-ridden Reliance Capital, which had accumulated liabilities exceeding Rs. 40,000 crore. The deal, which has passed through the necessary regulatory clearances, paves the way for the finalisation of the acquisition, resolving one of the key challenges facing the troubled financial entity.

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