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BUSINESS AND ECONOMY - October 2017

Oct 2017

Nov 20, 2023

Bengaluru Tops in Women-Led Start-ups

India's start-up landscape witnessed remarkable growth, emerging as the third-largest hub in the world, following the United States and China. Bengaluru, the capital of Karnataka, topped the list of women-led start-ups, boasting 1,783 women-led start-ups, leading the charge for gender diversity in entrepreneurship. Despite the overall success of the start-up ecosystem, the gender gap remains a significant challenge.
According to the data of Traxon, Bengaluru is at the forefront of women-led start-ups, with 1,783 ventures, followed by Mumbai (1,480) and Delhi (1,195). Noida, Kolkata and Ahmedabad also make notable contributions, ranking eighth, ninth and tenth, respectively, showcasing the geographic distribution of women entrepreneurs in India.

RBI Permits Banks to Open Current Accounts for Export Proceeds

The Reserve Bank of India (RBI) permitted banks to open additional current accounts for export proceeds in addition to special rupee vostro accounts with a view to providing greater operational flexibility to exporters.
To provide greater operational flexibility to exporters, banks maintaining special rupee vostro accounts as per the provisions of the RBI circular dated July 11, 2022 are permitted to open an additional special current account for their exporter constituents exclusively for the settlement of their export transactions.

Nov 19, 2023

UP, Bihar Replace Kerala as Top Contributor of Workforce to GCC Countries

There has been a significant pattern shift in migration of Indian workers to the six Gulf Cooperation Council (GCC) countries — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates — with Kerala, typically the biggest contributor of blue-collar workers, saw a 90 per cent drop. The vacuum so caused was filled by Uttar Pradesh and Bihar, which emerged as top contributors, shows a study by UAE-based organisation, Huntr.
Overall, there has been a 50 per cent increase in migration of blue-collar Indian workers to the GCC countries in first seven months of 2023. The top five states by the number of workers sent to GCC, according to the Huntr study, have been Uttar Pradesh, Bihar, Kerala, West Bengal, and Tamil Nadu. And the preferred destinations for labour migration remain Saudi Arabia, the UAE, Qatar, Kuwait, and Oman.

IndiGo Becomes First Airline to Have over 2,000 Daily Scheduled Flights

IndiGo became the first carrier in the country to operate over 2,000 scheduled or planned flights daily, nearly six years after the airline became the first Indian carrier to have 1,000 daily flights.
The airline, which began operations in 2006, currently flies to 85 domestic and 32 international destinations. In the past six months, the airline has launched flights to over 20 international destinations across Central and Southeast Asia, Africa, and the Middle East with a view to expanding its global footprint.

Mira Murati Appointed as OpenAI's Interim CEO

OpenAI appointed Mira Murati as the Interim CEO, following the unexpected ousting of Sam Altman.
Mira Murati held the position of Chief Technology Officer at OpenAI. Having joined the company in 2018, Murati played a pivotal role in overseeing product launches, including the highly successful ChatGPT.
Her appointment as Interim CEO reflects the board's confidence in her leadership abilities during this transitional period.

Kotak Mahindra Bank Appoints Ashok Vaswani As MD & CEO

The Board of Directors of Kotak Mahindra Bank Ltd. announced the appointment of Ashok Vaswani as Managing Director & CEO. This appointment is set for a three-year term, commencing from January 1, 2024.
Ashok Vaswani brings with him an impressive track record spanning over three-and-a-half decades.
His journey began at Citigroup, where he laid the foundation for his expertise. Further he contributed significantly during his tenure at Barclays.
His professional trajectory has been defined by his ability to build and grow global businesses at scale.

Nov 18, 2023

RBI Imposes Penalty of Rs. 90.92 Lakh on Axis Bank

The Reserve Bank of India (RBI) imposed a monetary penalty on Axis Bank for violating several norms. The Central Bank added that the action was based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

India Ranks Third In Global Unicorn Rankings with 72 Unicorns

India was ranked third with 72 unicorns (companies with a valuation of $1 billion and above), after the US (668) and China (172), according to the report from Forex.com.
Despite a lower average valuation per unicorn at $2.72 billion compared to some counterparts, India's unicorns make a substantial 5 per cent contribution to the total global unicorn valuation.
The research commissioned by Forex.com also revealed that the enterprise tech industry dominates unicorn companies globally, boasting a total of 377 with a combined valuation of just over $1 trillion.

JSW Bags Award to Develop Greenfield Port in Karnataka for Rs 4,119 Crore

JSW Infrastructure received a letter of award to develop an all-weather, deep-water, greenfield port at Keni Port in Karnataka on a public private partnership basis for Rs. 4,119 crore.
According to JSW Infrastructure, the proposed Keni Port would have modern environment-friendly mechanised facilities for handling cape-size vessels.
Keni Port is envisaged as an all-weather, greenfield, multi-cargo, direct berthing, deep-water commercial port for handling all types of cargoes on the west coast in the North Karnataka region to serve the industries in the area covering Bellary, Hosapete, Hubballi, Kalaburagi, and South Maharashtra.

Nov 17, 2023

Federal Bank Implements UPI Lite for Convenient Digital Transactions

Federal Bank, a pioneer in banking innovation, launched UPI Lite, which will power small-value digital transactions in India.
NPCI introduced UPI Lite—a simplified version of the Unified Payments Interface (UPI) system to cater to the growing demand for faster and more efficient small-value payments.
The benefits of UPI Lite for customers include a reduction in transaction time, a ready-to-access bank statement, a higher payment success rate, and enhanced security. A UPI lite account can be created within the existing UPI app without downloading a new app.

Tata 1mg Overtakes PharmEasy as Leaders in India's E-pharmacy Market

Tata 1mg pipped PharmEasy to grab the leadership position in the country's e-pharmacy market in terms of gross merchandise value (GMV) after a year of consolidation and tightening of cost controls at top firms in the sector.

TVS Motor Company Joins Hands with Emil Frey for Key European Markets

TVS Motor Company, a leading global automaker operating in the two and three-wheeler segments, announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, a 100-year-old enterprise and a leading name in automotive distribution.
This partnership signifies a significant step towards global expansion for TVS Motor Company, leveraging Emil Frey's extensive distribution network and deep market insights in Europe. TVS Motor Company, known for its commitment to innovation and quality, is set to offer European customers a diverse range of high-performance and technologically advanced two-wheelers.

Nov 16, 2023

GAIL Does World's First Ship-to-ship LNG Transfer

In a groundbreaking move, Gas Authority of India Limited (GAIL), the country's leading gas firm, successfully executed the world's first ship-to-ship liquefied natural gas (LNG) transfer. This innovative approach aims to reduce shipping costs and cut emissions significantly, marking a pivotal moment for GAIL as it explores unconventional methods to enhance its business operations.

India Inks IPEF Pact on Supply Chains in Bid to Reduce Reliance on China

India and 13 other members of the Indo-Pacific Economic Framework (IPEF) signed a supply chain resilience agreement that will provide benefits like potential shifting of production centres in critical sectors and mitigating risks of economic disruptions from supply chain shocks.
The agreement was signed in San Francisco, where the IPEF was held along with the much larger Asia-Pacific Economic Cooperation. India was represented by Commerce Minister Piyush Goyal at the IPEF.
India joined the US and 12 other IPEF partners to ink the IPEF supply chain resilience agreement, a first-of-its-kind international pact that fortifies and strengthens global supply chains and foster adaptability, stability and sustainability.

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