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BUSINESS AND ECONOMY - January 2019

Jan 2019

May 15, 2024

Hero MotoCorp Joins ONDC Network to Revolutionize Two-Wheeler Industry

Hero MotoCorp, India's leading two-wheeler manufacturer, has become the first in its sector to integrate with the Open Network for Digital Commerce (ONDC). By leveraging ONDC's platform, Hero MotoCorp aims to enhance accessibility and convenience for its customers, offering a seamless digital experience for purchasing two-wheeler parts, accessories, and merchandise.
Hero MotoCorp's integration with ONDC signifies a commitment to customer-centricity and digital innovation. Through this partnership, the company pioneers the automotive taxonomy within the industry, facilitating easier navigation for customers seeking vehicle parts and accessories. This initiative aligns with the government's Digital India mission, showcasing Hero MotoCorp's dedication to advancing digital transformation in the country.

China Overtakes US as India's Largest Trading Partner in FY24

According to data from the Global Trade Research Initiative (GTRI), an economic think tank, China has emerged as India's largest trading partner in the fiscal year 2023-24, surpassing the United States. The two-way commerce between India and China stood at a staggering $118.4 billion, slightly edging out the $118.3 billion traded with the US.
On the other hand, India's exports to the US dipped by 1.32% to $77.5 billion in 2023-24, while imports from the US saw a larger decline of around 20%, amounting to $40.8 billion. Despite the drop in exports, India's trade surplus with the US expanded, reaching $36.74 billion.

Hyundai Ties up with Laxmi Group Begins Venue Production in Nepal

Hyundai Motor India commenced local assembly of its compact SUV Venue in Nepal in collaboration with Laxmi Group. The plant, the first automotive assembly facility in Nepal, has an annual installed capacity of 5,000 units.
Hyundai partnered with Nepal-based Laxmi Group for the assembly plant. The Laxmi Group will manufacture and sell the cars in Nepal, in continued collaboration and support on products and technology from HMC Korea and Hyundai Motor India.

Tata AIG Launches India's First Insurance for Space-tech Sector

TATA AIG announced the launch of India's first Satellite In-Orbit Third-Party Liability Insurance policy to provide critical financial protection in order to cater to the growing needs of satellite manufacturers and operators in the Indian space sector.
TATA AIG's Satellite In-Orbit Third-Party Liability Insurance offers comprehensive coverage for Third-Party Bodily Injury and Third-Party Property Damage, in the event of an incident involving a satellite in orbit, aligning with international standards and best practices.

May 14, 2024

India Inks 10-year Deal to Operate Iran's Chabahar Port

India signed a 10-year contract with Iran to develop and operate the Iranian port of Chabahar, strengthening relations with a strategic Middle Eastern nation.
India has been developing the port in Chabahar on Iran's south-eastern coast along the Gulf of Oman as a way to transport goods to Iran, Afghanistan and central Asian countries, bypassing the port of Karachi and Gwadar in its rival Pakistan.
Chabahar Port's significance transcends its role as a mere conduit between India and Iran; it serves as a vital trade artery connecting India with Afghanistan and Central Asian Countries," India's Shipping Minister Sarbananda Sonowal said in Tehran, after the signing of the agreement.
This linkage has unlocked new avenues for trade and fortified supply chain resilience across the region.

Dileep Sanghani Elected As Chairman of IFFCO

The Indian Farmers Fertiliser Cooperative (IFFCO) successfully conducted its 15th RGB elections for its Board of Directors, marking a remarkable milestone in cooperative governance. This massive exercise, which spanned over two months, encompassed participation from more than 36,000 cooperative societies across the nation.
The elections, held at IFFCO's corporate office in New Delhi, saw the emergence of Dileep Sanghani as the Chairman and Balvir Singh as the Vice Chairman of IFFCO. Additionally, 21 Directors were elected to represent their respective constituencies on the Board.
Indian Farmers Fertiliser Cooperative Limited, also known as IFFCO, is a multi-state cooperative society engaged in the manufacture and marketing of fertiliser. IFFCO is headquartered in New Delhi, India. It started in 1967 with 57 member cooperatives.

Russia's Controversial Oil and Gas Discovery in British Antarctic Territory

In a development that has raised eyebrows globally, Russia has claimed to have discovered massive oil and gas reserves in the British Antarctic Territory, a region currently protected under the 1959 Antarctic Treaty. According to evidence submitted to the Commons Environment Audit Committee, the reserves uncovered by Russian research ships contain around 511 billion barrels worth of oil, a staggering amount equivalent to approximately 10 times the North Sea's output over the last 50 years.

May 13, 2024

Thomas Cook India Introduces TCPay: A Game-Changer in International Money Transfers

Thomas Cook India revolutionised international money transfers with the launch of TCPay, a user-friendly digital service designed to simplify and enhance the remittance process. Traditionally, sending money abroad involved tedious paperwork and limited operating hours. With TCPay, customers can now enjoy 24×7 remittances with ease and efficiency.

Reliance Capital Acquisition: Hinduja Group's IIHL Receives IRDAI Approval

Hinduja Group's IndusInd International Holdings (IIHL) obtained approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the acquisition of Reliance Capital. This acquisition encompasses Reliance Capital's insurance subsidiaries, including Reliance General Insurance and Reliance Nippon Life Insurance.
The National Company Law Tribunal had sanctioned IIHL's Rs. 9,650-crore resolution plan for Reliance Capital in February 2024, reinforcing the acquisition process.

N. Chandrasekaran to Chair Tata Electronics

Tata Sons chairman N. Chandrasekaran is set to assume the role of chairman at Tata Electronics, a significant move that underscores the Tata group's commitment to its $14 billion investment in the semiconductor business. Chandrasekaran will succeed Banmali Agrawala, who has held the position for several years and has recently taken on an advisory role within the group.
Chandrasekaran's appointment as chairman of Tata Electronics is seen as a strategic decision, signaling the importance of the semiconductor business to the conglomerate. His leadership and vision were instrumental in attracting top talent to the company, including Randhir Thakur, former Intel Foundry Services veteran, who joined as CEO & MD of Tata Electronics in 2023.

Indian Coast Guard Inks MoU with Hindalco for Indigenous Marine-Grade Aluminium

The Indian Coast Guard (ICG) and Hindalco Industries, a leading industry group, joined forces to promote the manufacturing and supply of indigenous marine-grade aluminium for the construction of ships. The collaboration, formalised through a Memorandum of Understanding (MoU), aims to enhance India's self-reliance in the shipbuilding sector.
The ICG fleet currently operates 67 ships with aluminium hulls, designed for operations in shallow waters. To further bolster coastal security, the Coast Guard has planned to induct more such vessels, and the indigenously manufactured marine-grade aluminium will be utilized in their construction.
Under the terms of the MoU, Hindalco Industries will manufacture and supply marine-grade aluminium to Indian public and private shipyards for shipbuilding purposes. The agreement also offers several benefits, including:
Quarterly pricing: Facilitating better planning and cost management for shipyards.
Priority in supplies: Ensuring timely delivery of aluminium for construction projects.
Turnover discount: Incentivizing the use of indigenous marine-grade aluminium.

May 12, 2024

SBI General Insurance Appoints Jaya Tripathi as Head of Key Relations Group

SBI General Insurance announced the appointment of Jaya Tripathi as the Head – Key Relations Group. In her new role, Tripathi will lead the expansion of new business opportunities and partnerships, drive sales team growth, and deepen partner relationships to enhance profitability.
With a diverse background spanning general insurance, fashion retail, and tourism, Tripathi brings an array of experience to her new position. Her extensive background includes holding senior leadership roles at renowned organizations such as Mahindra Holidays, ICICI Lombard, Forevermark Diamonds (De Beers Group), and Aditya Birla Group, where she has significantly contributed to business and strategic development.

Wipro Appoints Vinay Firake as CEO of APMEA Strategic Market Unit

IT major Wipro appointed Vinay Firake as the Chief Executive Officer (CEO) of the Asia Pacific, India, Middle East, and Africa (APMEA) strategic market unit (SMU), effective immediately. Vinay will be based in Dubai and report to Chief Executive Srini Pallia. He will also join the Wipro executive board.
Firake succeeded Anis Chenchah.
Firake has been with Wipro for 26 years, serving in various leadership roles. He was the senior vice president and managing director of the Wipro Nordics business unit based in Stockholm, where he led operations across all industries and services. Before that, he led the manufacturing and automotive business unit in Europe and held various roles spanning Europe and North America.

May 11, 2024

India Becomes First Country to Get over $100 Billion in Remittances

India became the first country to receive over $100 billion in remittances in 2022, according to the United Nations migration agency.
The International Organisation for Migration (IOM) revealed in its World Migration Report 2024 that India's remittances surged to $111 billion, surpassing all other nations.
"India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India.
The report highlighted that India, Mexico, China, the Philippines, and France were the top five recipients of remittances in 2022.

L&T Elevates R. Shankar Raman as President

R. Shankar Raman, the current Whole-time Director and CFO of L&T, was elevated to the position of President. Following this promotion, Raman will continue to hold his existing roles as the Whole-time Director and Chief Financial Officer (CFO) of the company.
In another significant move, Subramanian Sarma, the Senior Executive Vice President (EVP) of the Energy vertical, was appointed as the Whole-time Director and President, Energy. Sarma's current responsibilities include overseeing the hydrocarbon, power, and green manufacturing and development businesses.
R Shankar Raman joined the L&T Group in November 1994 to establish L&T Finance Ltd, a wholly-owned subsidiary of the company. He later assumed the role of CFO at L&T and was appointed to the company's board in October 2011.
Larsen & Toubro (L&T) is a USD 27 billion Indian multinational enterprise engaged in Engineering, Procurement, and Construction (EPC) projects, hi-tech manufacturing, and services. The company operates across multiple geographies and has a diverse portfolio of businesses.

RBI Appoints R. Lakshmi Kanth Rao as Executive Director

The Reserve Bank of India (RBI) appointed R. Lakshmi Kanth Rao as Executive Director, effective from May 10, 2024. Rao brings over 30 years of experience at the RBI, having previously served as Chief General Manager in charge of the Department of Regulation.
Rao will oversee operations related to the Deposit Insurance and Credit Guarantee Corporation, ensuring the protection of depositors' interests.
In his role as Executive Director, Rao will be responsible for handling matters concerning the Right to Information Act and managing communications within the RBI.

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