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BUSINESS AND ECONOMY - May 2018

May 2018

Apr 15, 2024

Wipro Announces Malay Joshi as New CEO for Americas 1 Unit

  • Wipro appointed Malay Joshi as CEO of its Americas 1 strategic market unit, succeeding Srini Pallia who recently became Wipro's CEO and MD.
  • Mr. Joshi joined Wipro in 1996 and has held multiple responsibilities across various functions, industries, and geographies.
  • Joshi was previously the senior vice president and business unit head, leading communications, media, tech, retail, travel, hospitality, and public sector industries, which make up one of Wipro's largest business units globally. In this role, he was responsible for helping clients drive successful enterprise transformations among other duties, enhancing client experience, strengthening delivery, and ensuring consistent revenue growth in the sectors he led. 
  • Joshi oversees a diverse array of industry sectors, assumes responsibility for the unit's profit and loss. 
  • Joshi joined Wipro in 1996 and has had an extensive career spanning over 28 years in various leadership roles across functions, industries, and geographies. He has a strong background in delivery, consultative sales, and client engagement.
  • He holds a Bachelor's degree in Information Technology Engineering and has graduated from Harvard Business School's Leading Global Businesses Executive Program and Advanced Program Management from Stanford University.

Neobank Revolut India Receives In-Principle Approval for PPI License from RBI

  • In a significant development, Revolut India, backed by Tiger Global and Softbank, has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI). This approval marks a crucial step for Revolut in expanding its presence in the Indian market, enabling the provision of multi-currency forex cards and cross-border remittance services. With this license, Revolut aims to offer Indian consumers a comprehensive range of international and domestic payment solutions on a single digital platform.
  • Revolut India, a digital-first financial institution, entered the Indian market in 2021, aiming to disrupt the domestic payments sector. The approval from RBI further strengthens Revolut's position as a prominent player in the Indian financial landscape, challenging established competitors.
  • The PPI license allows Revolut India to operate as a Category-II Authorised Money Exchange Dealer, facilitating the issuance of multi-currency forex cards and cross-border remittance services. This expands the financial alternatives available to Indian consumers, offering them convenient and efficient money management solutions.

Elon Musk-led Tesla Signs Strategic Deal with Tata Semiconductor Chips

  • Tesla has signed a strategic deal with Tata Electronics to acquire semiconductor chips, signaling its interest in India's automotive market. The agreement positions Tata as a key supplier for global clients entering India's semiconductor value chain.
  • ET exclusively reported that the agreement, executed discreetly a few months ago, positions Tata Electronics as a reliable supplier for top-tier global clients looking to establish a crucial segment of their semiconductor value chain in India.
  • Tesla, a leading US-based electric vehicle (EV) company, is eyeing entry into India, the world's fastest-growing automotive market. Elon Musk is scheduled to meet with Prime Minister Narendra Modi during his visit to India this month. Musk is expected to announce potential investments in India, including plans for EV manufacturing facilities. Tesla currently holds the title of the world's largest automotive company by market value.

Nepal Gets 101 Vehicles Donated by India

  • India on Sunday donated 35 ambulances and 66 school buses to various organisations across Nepal, enhancing the local infrastructure in the health and education sectors. 
  • Indian Ambassador to Nepal Naveen Srivastava handed over the vehicles to Nepalese officials in the presence of Finance Minister Barshaman Pun at a ceremony. Since 1994, India has gifted 1,009 ambulances and 300 school buses across Nepal, including those gifted on Sunday.

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.
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