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BUSINESS AND ECONOMY - September 2016

Sep 2016

Apr 02, 2025

Renault to Acquire Nissan's Stake in India Manufacturing Unit

  • Renault Group announced that it will acquire the remaining 51% stake in Renault Nissan Automotive India Private Ltd (RNAIPL) from Nissan Motor Corp, making it the sole owner of the manufacturing facility in Chennai, India. This move came after a 2023 agreement in which Renault and Nissan jointly invested $600 million to develop six new models for the Indian market.

Sunil Mathur New Chairman of Siemens Energy India

  • Siemens Energy India appointed a new board of directors as the company transitioned into an independent entity following its demerger from the German conglomerate Siemens Limited.
  • Sunil Mathur, Managing Director and Chief Executive Officer of Siemens Limited, was named Chairman of Siemens Energy India. Guilherme Mendonca, who previously headed Siemens Limited's energy business, took over as Managing Director and Chief Executive Officer, while Harish Shekar, former finance head of the same unit, assumed the role of Executive Director and Chief Financial officer.

Ambuj Chandna Joins DBS Bank India as MD & Head of Consumer Banking Group

  • Kotak Mahindra Bank's old-timer Ambuj Chandna joined DBS Bank India as MD and Head of Consumer Banking group. Chandna was earlier President and Head of Consumer Bank (Products) at Kotak Mahindra Bank. He moved from Kotak Bank after being associated with the bank for over 16 years.
  • Chandna replaced Prashant Joshi, who joined DBS Bank in August 2020.

L&T Technology Services Bags Euro 50 Million Deal with European Automaker

  • L&T Technology Services (LTTS) signed a deal worth Euro 50 million with a European automotive company, which will help it gain traction in the mobility business.
  • The deal focuses on the development and operation of next-generation software platforms tailored to both current and upcoming vehicle models. It also involves setting up a development centre, which will play a critical role as part of the client's global right-shoring strategy.

The Reserve Bank of India Celebrates 90 Years

  • The Reserve Bank of India (RBI) marked its 90th anniversary in 2025, commemorating nine decades of financial governance, economic stability, and monetary policy regulation in India. Established on April 1, 1935, under the Reserve Bank of India Act, 1934, the RBI has played a pivotal role in shaping India's financial landscape. The event celebrates the central bank's journey, achievements, and future roadmap in an era of digital banking and financial inclusion.
  • Initially, it was a privately owned institution, but in 1949, it was nationalised, giving the government full control over monetary policies.
  • The first Governor of RBI was Sir Osborne Smith, while Sir C.D. Deshmukh was the first Indian Governor.
  • RBI introduced the Monetary Policy Committee (MPC) in 2016 to ensure transparent decision-making.

Apr 01, 2025

FM Launches "NITI NCAER States Economic Forum" Portal

  • Finance Minister Nirmala Sitharaman launched the "NITI NCAER States Economic Forum" portal in New Delhi.
  • NITI Aayog, in collaboration with the National Council of Applied Economic Research (NCAER), has developed a portal which is a comprehensive repository of data on social, economic and fiscal parameters, research reports, papers, and expert commentary on State Finances for a period of about 30 years (i.e. 1990-91 to 2022-23).

Aditya Birla to Sell Paper Unit to ITC

  • The board of directors of Aditya Birla Real Estate Ltd (ABREL), belonging to the Aditya Birla Group, approved the business transfer agreement for divestment of its pulp and paper undertaking situated in Lalkuan, Uttarakhand by way of a slump sale to ITC Ltd.
  • The transfer of the business will be for a lump-sum cash consideration of Rs. 3,498 crore.
  • The divestment of the pulp and paper undertaking is a value unlocking exercise for ABREL. It will further enable the company to pursue growth opportunities in its core business.

Croma Appoints Shibashish Roy as new CEO and MD

  • Tata Group retail chain Croma announced the appointment of Shibashish Roy as its new Chief Executive Officer & Managing Director, effective April 1.
  • Roy was named CEO in November 2024 and worked alongside outgoing Managing Director Avijit Mitra during a transition period that concluded in March 2025.
  • Roy has over 20 years of experience in Tata Group companies and has been instrumental in expanding Croma's market presence and improving its customer service approach across different sales channels.

Mar 31, 2025

N. Chandrasekaran Joins IMF Advisory Council on Entrepreneurship & Growth

  • Tata Sons Chairman N. Chandrasekaran joined the International Monetary Fund's (IMF) Advisory Council on Entrepreneurship and Growth, IMF Managing Director Kristalina Georgieva announced. The Council, comprising leaders from business, finance, academia, and policymaking, will advise on policies to stimulate innovation, entrepreneurship, and productivity-led growth.

Bank of Baroda Goes Live with PM-Vidyalaxmi Scheme

  • Bank of Baroda went live with the new Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme to provide financial support to meritorious students.
  • The PM-Vidyalaxmi Scheme is an initiative by the central government for students seeking financial assistance to pursue higher education and to ensure that financial constraints do not deprive the youth of India from pursuing quality higher education.
  • The PM-Vidyalaxmi Scheme is a special loan product that enables collateral-free, guarantor-free education loans, made accessible through an entirely digital application process.

Mar 30, 2025

India's Current Account Deficit (CAD) Rises to 1.1% of GDP in Q3 FY25

  • India's current account deficit (CAD) widened to $11.5 billion (1.1% of GDP) in Q3 FY25 (Oct-Dec 2024) due to a higher merchandise trade deficit, according to the Reserve Bank of India (RBI). However, CAD moderated from $16.7 billion (1.8% of GDP) in Q2 FY25. Foreign exchange reserves have increased by $311 billion since December 2018, marking the largest jump under any RBI Governor.
  • The balance of payments (BoP) saw a depletion of $37.7 billion, contrasting with an accretion of $6 billion in Q3 FY24. The full-year CAD for FY25 is expected to be around 0.8% of GDP.

Vedanta Extends Demerger Deadline Till September 30, Cites Pending Govt, NCLT Approvals

  • Vedanta has extended the deadline of the demerger of its businesses from March 31, 2025 to September 30, 2025 citing pending approvals from government authorities and National Company Law Tribunal (NCLT).
  • The company announced about the development late on Friday. Shares of Vedanta had ended at Rs 462.90 on the NSE, down by Rs 9.45 or 2%.
  • The mining conglomerate is looking to demerge its businesses - aluminium, oil & gas, power and steel- as separate entities.

Mar 29, 2025

Steve Waugh Appointed to Centre for Australia-India Relations Advisory Board

  • Former Australian cricket captain Steve Waugh has been appointed to the Centre for Australia-India Relations Advisory Board, as announced by Australian Minister for Foreign Affairs, Penny Wong. This appointment highlights Waugh's long-standing contributions to fostering ties between Australia and India, particularly in the fields of sports, culture, and philanthropy.
  • The Centre for Australia-India Relations (CAIR) plays a pivotal role in enhancing economic, cultural, and diplomatic ties between the two nations. It serves as a bridge between various sectors, including government, industry, academia, and community organizations. The Advisory Board, which now includes Steve Waugh, helps set the Centre's strategic priorities and ensures that its programmes align with the evolving dynamics of the Australia-India relationship.

SBI Chief CS Setty Appointed as Chairman of Indian Banks Association (IBA)

  • The Indian Banks Association (IBA), the apex body representing the banking sector in India, has elected Challa Sreenivasalu Setty, the Chairman of State Bank of India (SBI), as its new chairman for the upcoming fiscal year. Setty will lead the association until the next Annual General Meeting (AGM). The appointment was announced after the IBA managing committee meeting held on March 28, 2025.

Sunil Kakkar Appointed as Whole-Time Director at Maruti Suzuki

  • Maruti Suzuki India Limited (MSIL) has appointed Sunil Kakkar as an Additional Director and Whole-Time Director, designated as Director (Corporate Planning), for a three-year term from April 1, 2025, to March 31, 2028. With over 35 years of experience at Maruti Suzuki, Kakkar has played a pivotal role in corporate planning, supply chain management, and localisation efforts. His leadership in joint ventures with global partners and his active involvement in industry bodies highlight his significant contributions to the Indian automotive sector.
  • Over a span of more than 35 years at Maruti Suzuki, the individual has held several key leadership positions, playing a crucial role in shaping the company's growth, strategy, and market dominance.
  • Throughout his tenure, he have contributed to various aspects of the business, including product development, operations, sales, marketing, and corporate strategy.

India's Current Account Deficit (CAD) Rises to 1.1% of GDP in Q3 FY25

  • India's current account deficit (CAD) widened to $11.5 billion (1.1% of GDP) in Q3 FY25 (Oct-Dec 2024) due to a higher merchandise trade deficit, according to the Reserve Bank of India (RBI). However, CAD moderated from $16.7 billion (1.8% of GDP) in Q2 FY25. Foreign exchange reserves have increased by $311 billion since December 2018, marking the largest jump under any RBI Governor.
  • The balance of payments (BoP) saw a depletion of $37.7 billion, contrasting with an accretion of $6 billion in Q3 FY24. The full-year CAD for FY25 is expected to be around 0.8% of GDP.

India's Core Sector Growth Slows to 2.9% in February

  • India's core sector growth slowed to 2.9% in February 2025, marking its weakest expansion in the last five months. This decline was significantly lower compared to 7.1% growth recorded in February 2024. Among the eight core industries, only three saw a monthly rise in production, while cement and fertilisers were the only two sectors that reported higher output compared to the previous year. The slowdown in core sector performance is expected to impact Industrial Production Index (IIP) growth, which had recorded 5% expansion in January 2025.
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