General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

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.

Mar 28, 2025

Canara Bank Appoints S. K. Majumdar as Executive Director

Canara Bank has appointed S. K. Majumdar as its Executive Director, effective March 24, 2025. Prior to this, he served as the Chief Financial Officer (CFO) of the bank. With over 25 years of experience, Majumdar has played a vital role in various administrative and operational capacities within the organisation. His extensive expertise in finance and leadership is expected to contribute significantly to the bank's continued growth and governance.
S. K. Majumdar is a Chartered Accountant (CA) and Cost Accountant with over 25 years of experience in banking. He has been associated with Canara Bank since January 2000.

Gujarat, Maharashtra, Karnataka and Odisha are Top Performing States Financially: CareEdge Ratings

Gujarat, Karnataka, Maharashtra, and Odisha have emerged as the top-performing states in terms of financial strength.
According to a report by CareEdge Ratings these states have a strong revenue base, with state-own revenues (SOP) making up 60-80 per cent of their total revenue receipts. Have a low revenue deficit, which means they can spend more on development. Have low debt levels, with debt-to-GSDP ratios between 16-27 per cent.
These states carry low leverage with Debt (including guarantees) to GSDP in the 16-27 per cent range, the interest / PP is low, averaging approx. 9 per cent.
The report also suggested that while tax revenues are growing, states need to accelerate their spending on infrastructure projects in the final quarter of FY25 to meet their capital expenditure goals.

Jio Platform Limited Receives Two Prestigious Intellectual Property Awards

Jio Platforms was honoured with the National Intellectual Property Awards by the Government of India and simultaneously recognised by the World Intellectual Property Organisation (WIPO) for its exceptional excellence in technology and innovation at a function in New Delhi.
Jio Platforms Limited (JPL), a technology company, today announced its remarkable achievement of winning two significant intellectual property awards while simultaneously highlighting its critical role in advancing India's technological sovereignty and digital independence, said a company release.
These prestigious awards not only celebrate JPL's intellectual property achievements but also underscore its pivotal contribution to India's Aatmanirbhar (self-reliant) vision in the telecommunications sector.
JPL's intellectual property strategy is intricately aligned with the Government of India's 'Viksit Bharat 2047' objective, which aims to propel India into a developed economy through technological innovation, digital transformation, and the development of indigenous technological capabilities.
As the Indian government focuses on realising the Bharat 6G vision, JPL is positioned at the forefront of this technological revolution.

Mar 27, 2025

JSW Steel Becomes World's most Valuable Steelmaker with $30.3 bn market cap

JSW Steel Ltd. emerged as the most valuable steel company globally, surpassing industry leaders such as ArcelorMittal and Nucor Corp. The Indian steelmaker now holds a market capitalisation of $30.31 billion, exceeding its closest competitors by $91 million to $3 billion.
The flagship company of the JSW Group operates integrated steel plants in Vijayanagar, Dolvi, and Salem, along with overseas operations in the United States and Italy.

Maruti Suzuki Appoints First In-house Indian Talent to Board

India's leading carmaker Maruti Suzuki appointed Sunil Kakkar as an Additional Director and Whole-time Director, the first instance of a home-grown Indian employee being nominated as a director on its board by Japanese parent Suzuki Motor Corporation (SMC).
The company's Board of Directors, at its meeting approved the appointment of Kakkar for a period of three years with effect from April 1, 2025 up to March 31, 2028.

RBI Imposes Rs. 75 Lakh Penalty on HDFC Bank for Breach of Norms

The Reserve Bank of India (RBI) imposed a penalty of Rs. 75 lakh on HDFC Bank, the country's largest private sector lender, for not complying with directions in the RBI's Know Your Customer (KYC) master direction.
The RBI found that the bank did not categorise certain customers into low, medium or high risk category based on its assessment and risk perception.

L&T Wins its Largest Order till Date

Larsen & Toubro's (L&T) Hydrocarbon Business, L&T Energy Hydrocarbon (LTEH), secured its largest-ever contract with Qatar Energy LNG. The Ultra Mega Offshore Contract, awarded for the North Field Production Sustainability Offshore Compression Project (NFPS COMP 4), marks a significant milestone for L&T in the global liquefied natural gas (LNG) sector.
As per L&T, the scope of work encompasses the engineering, procurement, fabrication, installation, and commissioning of two offshore compression complexes, each comprising of large offshore platforms with compression and power generation facilities, living quarters, flare platforms, interconnected bridges.

Mar 26, 2025

Bank of Baroda Launches Exclusive App for Corporate Customers

Bank of Baroda (BoB) launched 'mDigiNext mobile app' to exclusively cater to the cash management needs of its corporate customers.
BoB's dedicated cash management services app offers payment functionalities that help businesses manage their working capital and cash flows, which, in turn, will bring in greater efficiencies and facilitate faster execution and ease of operations.
The app offers functionalities such as creation and authorisation of one-to-one transactions; authorising and rejecting bulk uploads; end-to-end transaction and workflow tracking; and raising real-time enquiries on transaction status.

Parminder Chopra Assumes Additional Charge as Chairman & MD of REC Ltd

Parminder Chopra was appointed as the Chairman and Managing Director (CMD) of REC Limited for a three-month tenure, in addition to her existing role as CMD of Power Finance Corporation Ltd. (PFC). With over 35 years of experience in the power and financial sectors, Chopra has played a key role in financial restructuring and renewable energy financing.

Vikram Sahu to Replace Kaku Nakhate as Bank of America's New India Head

Bank of America Corp (BofA) is set to undergo a leadership transition in its India operations, with Kaku Nakhate stepping down from her role as the country executive after 15 years at the helm.
As per repots, Vikram Sahu, currently head of global equity research in New York, has been appointed as her successor.
Sahu is expected to relocate to India in the second quarter of 2025 to take charge of the bank's India franchise. Nakhate will continue to serve as CEO of BANA India until Sahu receives regulatory approvals for the position from the Reserve Bank of India (RBI).

Mar 25, 2025

Government Notifies Revisions to MSME Investment and Turnover Criteria: Effective April 1, 2025

The Government of India announced a major revision in the investment and turnover criteria for the classification of Micro, Small, and Medium Enterprises (MSMEs). The changes, which will take effect from April 1, 2025, are aimed at enhancing business opportunities and providing greater financial flexibility to MSMEs. Under the revised criteria, investment limits were increased by 2.5 times, and turnover limits were doubled, as per the announcement made by Union Finance Minister Nirmala Sitharaman during the Union Budget 2025. These revisions will allow larger businesses to qualify as MSMEs, facilitating better access to credit, government incentives, and support schemes.

Hero Realty Appoints Rohit Kishore as its New Chief Executive Officer

Real estate company Hero Realty appointed Rohit Kishore as its new Chief Executive Officer (CEO).
Kishore has over 21 years of experience in the real estate industry.
Kishore joined Hero Realty from Eldeco Properties, where he served as the CEO.
Before Eldeco, he worked in many real estate companies, including Lotus Greens Developers, MARS Development, M3M India, and Bharti Realty.

Bharati Airtel's Gopal Vittal Elected as GSMA Chairman

Gopal Vittal, Vice Chairman and Managing Director of Bharti Airtel, was elected as the Chairman of the Board of the Global System for Mobile Communications Association (GSMA). He is the second Indian to hold this prestigious position after Sunil Mittal. Vittal's tenure will run until the end of 2026. GSMA represents the global telecommunications industry, bringing together over 1,100 companies from the telecom ecosystem worldwide.

First-Ever Export of Anthurium Flowers from Mizoram to Singapore

In a major milestone for India's floriculture sector, particularly from the North Eastern Region (NER), the Agricultural and Processed Food Products Export Development Authority (APEDA) facilitated the first-ever export of Anthurium flowers from Mizoram to Singapore. The consignment was exported via Kolkata. This initiative highlights Mizoram's floriculture potential, strengthens India's agricultural exports, and provides economic benefits to local farmers, including women.

U.S., U.K. Replace Gulf Nations as Top Source of Remittances into India: RBI Bulletin

The Reserve Bank of India (RBI) highlighted a significant shift in the source of inward remittances to India, with developed nations like the United States and the United Kingdom surpassing Gulf countries as the top contributors. According to the RBI's paper, "Changing Dynamics of India's Remittances – Insights from the Sixth Round of India's Remittances Survey," published in its March bulletin, remittances from the U.S. and U.K. nearly doubled, accounting for 40% of total inflows in FY24, compared to 26% in FY17. This increase is attributed to the growing presence of Indian professionals and students in these countries, while contributions from traditional sources like the UAE and Saudi Arabia have declined.

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