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BUSINESS AND ECONOMY - December 2018

Dec 2018

Mar 10, 2025

Patanjali Inaugurates Asia's Largest Orange Processing Unit in Nagpur

Union Minister for Road Transport, Highways, and Shipping Nitin Gadkari along with Chief Minister of Maharashtra, Devendra Fadnavis inaugurated Asia's largest orange processing plant, 'Patanjali Mega Food & Herbal Park' established by Patanjali at MIHAN, Nagpur.
Patanjali Food and Herbal Park in Nagpur's MIHAN industrial area, has the capacity to make 800 tonnes of pure orange juice daily.

HDFC Bank Signs MoU with Indian Air Force and CSC Academy; Launches Project HAKK

HDFC Bank, under its Parivartan initiative, signed a Memorandum of Understanding (MoU) with the Indian Air Force (IAF) and CSC Academy to launch Project HAKK (Hawai Anubhavi Kalyan Kendra). This initiative is designed to support defence pensioners, veterans, and their families by providing financial services, skill development, and economic inclusiveness. The MoU was signed in the presence of senior officials from HDFC Bank, the Indian Air Force, and CSC e-Governance Limited.

SIDBI and Federal Bank Partner to Strengthen MSME Financing

The Small Industries Development Bank of India (SIDBI) and Federal Bank signed a Memorandum of Understanding (MoU) to enhance financial support for micro, small, and medium enterprises (MSMEs). This collaboration aims to boost the MSME ecosystem by offering various financial services, including project finance, machinery and equipment loans, working capital support, and loans against property. The partnership will also explore joint financing options to extend credit facilities to MSMEs, ensuring easier access to funds for their growth and development. The announcement aligns with Prime Minister Narendra Modi's commitment to strengthening the MSME sector, recognizing it as the backbone of India's manufacturing and industrial growth.

The 11th Global Kokan Festival 2025 Receives Overwhelming Response

The 11th edition of the 'Global Kokan Festival 2025', held at Nesco Ground, Goregaon (Mumbai) from March 6 to 9, 2025, witnessed an enthusiastic response from investors, policymakers, entrepreneurs, and cultural enthusiasts. Over the past few days, the festival emerged as a key platform to promote Konkan as a thriving hub for business, tourism, agriculture, fisheries, and cultural heritage, unlocking new opportunities for economic growth and employment in the region.

Mar 09, 2025

RBI Appoints Dr. Ajit Ratnakar Joshi as Executive Director

The Reserve Bank of India (RBI) appointed Ajit Ratnakar Joshi as its new Executive Director (ED). Joshi will be responsible for overseeing the Department of Statistics and Information Management and the Financial Stability Department. With over 30 years of experience in statistics, information technology, and cyber risk management, Joshi brings a wealth of expertise to his new role.

Tech Mahindra Bolsters US Presence with New Headquarters in Texas' Plano

Tech Mahindra announced the opening of its Americas headquarters in Plano, Texas, a move it said underscores the company's firm commitment to the US market.
The Plano office is Tech Mahindra's nineteenth office in the US.
The new facility will house a diverse range of operational functions, including consulting, delivery, and customer support services.
As part of the company's ongoing expansion plans, Tech Mahindra will also establish an Innovation Lab within the same premises.

Mar 08, 2025

MoC Inked for India's 1st API, Green Hydrogen, Ethanol Facility in Himachal

The Himachal Pradesh government signed a Memorandum of Commitment (MoC) with Chandigarh-based Spray Engineering Devices Ltd to establish India's first integrated manufacturing facility for Active Pharmaceutical Ingredients (API), Green Hydrogen, and 2G Ethanol. The Rs. 1,400 crore-project will be set up in Baddi-Barotiwala-Nalagarh (BBN), Solan district, and is expected to create 1,000 jobs.
Chief Minister Sukhvinder Singh Sukhu, present at the signing, reaffirmed the state's goal to become a 'green energy' state by March 2026.

Mar 07, 2025

India's Circular Economy: A $2 Trillion Market and 10 Million Jobs by 2050

India's circular economy is projected to generate over $2 trillion in market value and create nearly 10 million jobs by 2050, according to Union Minister Bhupender Yadav. Speaking at the 12th Regional 3R and Circular Economy Forum in Asia and the Pacific, he emphasised that the circular economy represents a major shift from the traditional "take, make, waste" model to a more sustainable reuse and recycle-based system. India has also expressed interest in hosting the World Circular Economy Forum 2026. Several key initiatives, MoUs, and reports were launched to promote sustainable waste management and urban circular economy practices.

Britannia Industries CEO Rajneet Singh Kohli Steps Down

Biscuits major Britannia Industries' Chief Executive Officer and Executive Director, Rajneet Singh Kohli, resigned to pursue an external opportunity.
He joined the maker of Good Day biscuits in September 2022 after Varun Berry was elevated to the position of vice chairman.

Mar 06, 2025

Ajay Bhadoo Appointed CEO of Government e Marketplace (GeM)

The Government of India appointed Ajay Bhadoo, Additional Secretary in the Department of Commerce, as the Chief Executive Officer (CEO) of Government e Marketplace (GeM). He assumed this role alongside his existing responsibilities. His appointment came as GeM transitions into a next-generation digital marketplace powered by Tata Consultancy Services (TCS). Bhadoo, a 1999-batch IAS officer from the Gujarat cadre, has an extensive career in governance, urban infrastructure development, and policy implementation.

Indo-French Chamber's HR Conclave 5.0

The Indo-French Chamber of Commerce (IFCCI) organised the fifth edition of its flagship event, the HR Conclave and Awards 5.0 in New Delhi, bringing together CEOs, CHROs, & Global Thought Leaders from the Indo-French Business Community organised under the aegis of the IFCCI HR Committee which comprises of CHROs and HR Heads from over 100+ French & Indian Companies.
A key moment at the IFCCI HR Conclave & Awards 2025 was upGrad Enterprise's exclusive launch of The Workplace Wishlist 2025 - a snapshot report uncovering the skilling priorities and preferences of the Indian workforce.

RBL Bank Appoints Agrawal as President of Branch Banking

Private sector lender RBL Bank appointed Narendra Agrawal as president and head of branch banking and retail liabilities and T. S. Pari as Chief Operations Officer (COO).
Agrawal has over 25 years of experience across deposits, lending, distribution, and payments. He brings a strong track record of scaling businesses and driving profitable growth through a digital-first approach.
Pari, who has more than 25 years of experience in leadership roles across foreign and private sector banks, will be responsible for driving efficiencies, customer centricity, and strengthening risk management practices in core business operations.

Union Cabinet Green Lights Ropeway Projects, Livestock Disease Control

As part of its push for development in the hill state of Uttarakhand, the Union Cabinet approved the Sonprayag to Keradrnath and Govindghat to Hemkund Sahib ji ropeway projects. The ropeways will be built at an estimated cost of Rs. 6,811 crore. The Union Cabinet also cleared Rs. 3,880 crore in funding for livestock health and disease prevention, Union Minister Ashwani Vaishnaw announced.
The Sonprayag to Kedarnath ropeway (12.9 kilometres) will be constructed at a cost of Rs. 4,081 crore in a design, build, finance, operate and transfer (DBFOT) mode.
The National Highways Logistics Management Limited (NHLML), a company set up by the National Highways Authority of India (NHAI), will be overseeing the construction of the project as part of the Centre's Parvatmala Pariyojana.
The Govindghat to Hemkund Sahib Ji ropeway project will also be based on the DBFOT mode and will be constructed at a total cost of Rs. 2,730 crore.

Magma General Insurance Partners with Hyundai India Insurance Broking for Vehicle Coverage

Magma General Insurance Limited formed a strategic partnership with Hyundai India Insurance Broking Private Limited (HIIB) to offer motor insurance products across more than 600 dealerships in India.
The agreement allows HIIB to distribute Magma's insurance solutions for both private and commercial passenger vehicles. Customers will gain access to coverage against risks including accidents, theft, natural disasters, and third-party liabilities.
Representatives from both companies finalised the agreement in Gurugram.

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