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BUSINESS AND ECONOMY - December 2018

Dec 2018

Aug 02, 2024

India Retains Eighth Position in Global Agriculture Exports in 2023

India held onto its position as the world's eighth-largest exporter of agricultural products in 2023, despite a decline in exports from $55 billion in 2022 to $51 billion. This stability came amid a general decrease in agricultural exports among seven of the top ten exporting nations.
The WTO's Trade Statistics 2023 report highlights that only three countries among the top ten, Brazil, the European Union (EU), and Thailand, increased their agricultural exports in 2023. Brazil saw an increase of 6% to $157 billion, maintaining its third place, while the EU's exports rose by 5% to $836 billion, preserving its top spot. Thailand's exports grew by 0.2%, although it remains outside the top three.
The United States, despite a decrease to $198 billion, retained its second position. China, holding the fourth spot, saw a minor drop to $95 billion. Other countries in the top ten include Canada, Mexico, Indonesia, and Australia.

Govt Extends Minimum Public Shareholding Deadline for PSUs till August 2026

The government extended until August 2026 the deadline for central public sector enterprises (CPSEs) and public sector financial institutions to adhere to the minimum public shareholding (MPS) norm.
According to a Finance Ministry memorandum, the government granted an exemption in the public interest and allowed CPSEs, public sector banks and financial institutions until August 1, 2026, to increase their public shareholding to at least 25 per cent.

UGRO Capital and SIDBI Forge Co-Lending Partnership

UGRO Capital, a data-tech non-banking financial company (NBFC), entered into a co-lending agreement with the Small Industries Development Bank of India (SIDBI) to provide timely and affordable credit to micro, small, and medium enterprises (MSMEs). This initiative aligns with the Reserve Bank of India's (RBI) co-lending framework, aimed at enhancing priority-sector lending by combining the strengths of banks and NBFCs.
Prakash Kumar, Deputy Managing Director of SIDBI, emphasized that this partnership aligns with SIDBI's mission to expand its reach and impact through strategic collaborations. The co-lending arrangement with UGRO Capital is expected to deliver affordable business loans to MSMEs.
Small Industries Development Bank of India (SIDBI) is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprise finance companies in India. It is under the jurisdiction of Ministry of Finance, Government of India headquartered at Lucknow and having its offices all over the country.
SIDBI was established on April 2, 1990, by Government of India, as a wholly owned subsidiary of IDBI Bank. It was delinked from IDBI on March 27, 2000.

Aug 01, 2024

Sanjay Shukla Assumes Charge as MD of National Housing Bank

The National Housing Bank announced that Sanjay Shukla officially taken on the role of Managing Director (MD). A seasoned chartered accountant with over three decades of experience in housing and retail asset finance, Shukla has a distinguished history of leading and transforming financial institutions.
He began his career in 1991 as an officer at LIC Housing Finance Limited. Shukla's career also includes key positions such as business head of consumer assets at ING Vysya Bank, where he was instrumental in establishing and expanding the consumer loan segment. He played a critical role in launching Tata Capital's retail housing finance business as its first business head.
Before joining NHB, Shukla was the founding managing director and chief executive officer (CEO) of Centrum Housing Finance Limited (CHFL) from October 2016.

Jul 31, 2024

Shriram Capital Receives RBI Approval to Launch ARC

Shriram Capital received in-principle approval from the Reserve Bank of India (RBI) to establish an Asset Reconstruction Company (ARC). The approval, granted after Shriram Capital's application in November 2023, marks a significant step for the company.
The ARC will concentrate on acquiring retail loans, excluding microfinance loans, leveraging its extensive network and collection capabilities.

RBI's 5th Cohort Regulatory Sandbox

The Reserve Bank of India (RBI) selected five entities for the test phase of its theme-neutral fifth cohort of the regulatory sandbox, following the receipt of 22 applications. Announced in October 2023, this initiative allows firms to test new financial innovations in a controlled environment.
Selected entities are: Connectingdot Consultancy, Epifi Technologies, Finagg Technologies, Indian Banks' Digital Infrastructure Company (IBDIC) and Signzy Technologies.
The sandbox involves several stages including preliminary screening, application assessment, test design formulation, and evaluation. It provides a controlled environment for live testing of financial products or services, allowing for regulatory relaxations to facilitate testing. This approach helps regulators, financial service providers, and customers assess the benefits and challenges of new innovations while managing associated risks.
The sandbox targets fintechs, banks, and firms that support or partner with financial services businesses. Each cohort is limited in size and duration, ensuring a focused and manageable testing process.

Parle Remains India's Most-chosen FMCG Brand for 12th Year

Parle, the biscuit brand owned by Parle Products, continues to be India's top FMCG brand, according to the latest edition of Brand Footprint, Kantar World panel's annual ranking of the most chosen consumer brands in India. In fact, seven of the top 10 brands are owned by home-grown companies.
Parle with 7.98 billion CRP has been on the top since the launch of its brand footprint twelve years ago followed by Britannia that had CRP of 7.93 billion. Both these brands gained 6% and 16% each. Hindustan Unilever's shampoo brand Clinic Plus was the only non-food exception in the top five brands although it declined 5% to 4.14 billion.

Aditya Birla Group Launches Indriya to Enter Indian Jewellery Market

Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla announced the launch of the Group's jewellery retail business, marking the Group's foray into the rapidly expanding Indian jewellery market. This strategic move marks another significant milestone as the Group strengthens its consumer portfolio, leveraging its strong brand equity and deep market insights.
The brand name 'Indriya' has its origins in Sanskrit, deeply rooted in India's rich cultural heritage. Indriya is an ode to the five senses.
The jewellery business, launched under the brand Indriya, aims to secure a position among India's top three jewellery retailers over the next 5 years. This ambitious venture is backed by an unprecedented investment of Rs 5,000 Cr, underscoring the Aditya Birla Group's commitment to revolutionising the jewellery retail landscape in India.

Jul 30, 2024

India- Saudi Arabia Hold First Meeting of the High-Level Task Force on Investments

India and Saudi Arabia held their inaugural meeting of the 'India-Saudi Arabia High-Level Task Force' on investments via a virtual conference. The meeting was co-chaired by P.K. Mishra, Principal Secretary to the Indian Prime Minister, and Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, the Saudi Energy Minister.
India and Saudi Arabia discussed various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, and power.
The discussions were centred around detailed reviews by the task force's technical teams, focusing on potential investments in various sectors like refining, petrochemicals, renewable energy, power, telecommunications, and innovation. Both sides showed interest in fostering investments that benefit both economies.
Mishra reaffirmed India's strong commitment to supporting Saudi investments worth $100 billion, as promised during the Crown Prince's visit. The meeting concluded with a decision for ongoing consultations between the technical teams from both countries to finalize specific investment agreements.

Amazon Pay, Adyen, and BillDesk Obtain RBI Cross-Border Payment License

Three prominent payment companies, Amazon Pay, Adyen, and Mumbai-based BillDesk, secured the Reserve Bank of India's (RBI) cross-border payment aggregator license. This follows Bengaluru-based Cashfree's earlier acquisition of the same license. Cashfree received its license on July 22, Adyen and Amazon Pay on July 25, and BillDesk on July 29.
The cross-border payment aggregator license opens significant opportunities in India's vast market for international remittances and global freelancers. These companies can now facilitate international currency transactions for Indian exporters and assist global brands in selling products in India through popular local payment methods.
All four companies, including Cashfree, also hold domestic payment aggregator licenses. This dual licensing enables them to offer merchant payment services both within India and internationally, thereby expanding their service offerings and market reach.

Jul 29, 2024

UltraTech To Acquires 32.7% Stake in India Cements

UltraTech Cement, a flagship of the Aditya Birla Group, will acquire a 32.72% equity stake in India Cements for Rs. 3,945 crore. The acquisition will be finalised through a Share Purchase Agreement with the promoters of India Cements, led by N. Srinivasan, pending regulatory approvals. UltraTech plans to make an open offer to India Cements shareholders at ₹390 per share after securing these approvals.

Manoj Mittal Takes Charge as SIDBI's CMD

Manoj Mittal took charge as Chairman and Managing Director (CMD) of Small Industries Development Bank of India (SIDBI), following his appointment by the Government of India. Prior to this, he was the Managing Director (MD) of Industrial Finance Corporation of India (IFCI).
Mittal has over 33 years of experience in the financial services sector, including his previous tenures as MD and CEO of IFCI and deputy managing director at SIDBI.
Sidbi was established on April 2, 1990, under an act of the Indian Parliament. SIDBI is mandated to serve as the Principal Financial Institution for executing the triple agenda of promotion, financing and development of the MSME (micro, small and Medium Enterprises) sector and coordination of the functions of the various Institutions engaged in similar activities.
Small Industries Development Bank of India has its headquarter in Lucknow.

Karnataka Bank Partners with ICICI Lombard General Insurance

Karnataka Bank announced a strategic partnership with ICICI Lombard General Insurance Company, enabling its customers to access a comprehensive range of insurance products. This collaboration aims to cater to various insurance needs, including health, motor, travel, and home insurance, for both individuals and businesses.
The collaboration with ICICI Lombard is a step towards providing best-in-class insurance solutions and enhancing customer convenience.

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