General Awareness

BUSINESS AND ECONOMY - May 2021

May 2021

May 07, 2026

Solex Energy to invest Rs 4,000 crore in Gujarat for solar and BESS

Solex Energy announced a Rs 4,000 crore investment to establish an integrated solar cell manufacturing facility and a 10-GW battery energy storage system (BESS) project in Gujarat. The MoU with the Gujarat government envisions a large-scale renewable energy manufacturing ecosystem, including a 5-GW solar cell facility (phased as 2 GW in phase one and 3 GW in phase two) and a 10-GW BESS project. The project aims to position Gujarat as a global clean-tech hub, create substantial employment opportunities and accelerate India’s renewable energy ambitions. Solex Energy executive chair Chetan Shah described the agreement as a commitment to India’s sustainable energy future.

Total planned investment: Rs 4,000 crore.
Projects: 5-GW solar cell facility and 10-GW BESS in Gujarat.
First phase: 2 GW solar cells; second phase: 3 GW.
Aims to establish Gujarat as a clean-tech manufacturing hub.
Expected employment and industrial growth benefits.

Kumar Mangalam Birla named Non-Executive Chairman of Vodafone Idea

Kumar Mangalam Birla, chair of the Aditya Birla Group, has been appointed as the Non-Executive Chairman of Vodafone Idea Limited, with the role effective from 5 May 2026. Ravinder Takkar steps down as Non-Executive Chairman and will serve as Non-Executive Vice Chairman. The leadership change signals a renewed strategic push to strengthen VI’s operations in a highly competitive Indian telecom market. Birla’s long-standing business experience across multiple sectors is expected to influence long-term revival plans and investor confidence for the flagship telecom operator, which has faced market and financial pressures in recent years.

Birla appointed as Non-Executive Chairman; effective 5 May 2026.
Ravinder Takkar moves to Non-Executive Vice Chairman role.
Prompts a renewed strategic focus for Vodafone Idea.
Birla’s Aditya Birla Group leadership connections highlighted.
Industry analysts expect potential improvements in investor sentiment.

May 06, 2026

L&T to Develop Coal‑to‑Ammonium Nitrate Project

Larsen & Toubro (L&T) will develop a coal‑to‑ammonium nitrate project in Odisha. Ammonium nitrate is a white crystalline salt used primarily as a nitrogen fertiliser and in regulated industrial applications. The coal‑to‑chemicals route involves coal gasification to produce synthesis gas, which is then converted into ammonium nitrate. Odisha has rich mineral resources and large industrial clusters in steel, power, fertilisers and minerals, making it a strategic site for such projects. The plan aligns with India’s evolving energy and industrial policy, as producers explore alternative feedstocks and value‑added chemicals to drive growth in manufacturing and agriculture sectors.

Location: Odisha, India
Process: coal gasification to produce ammonium nitrate
Ammonium nitrate uses: fertiliser and industrial explosive
Odisha’s mineral and industrial landscape
Strategic fit with India’s manufacturing goals

May 05, 2026

NSE launches Electronic Gold Receipts to modernize gold trading

The National Stock Exchange (NSE) has launched Electronic Gold Receipts (EGRs) as a market instrument for gold trading in India. EGRs are electronic records that represent ownership of gold stored in a vault or approved depository, backed by physical gold. They are tradable on recognized stock exchanges and linked to vaulting, assaying, and settlement mechanisms under a regulated framework. EGRs enable dematerialised gold holdings and form part of a broader gold market framework alongside physical gold, gold ETFs, and sovereign gold bonds. The move aims to increase transparency, standardisation, and liquidity in India's gold market.

EGRs are electronic ownership records of gold.
Backed by physical gold; tradable on exchanges.
Part of India's broader gold market reforms.
Linked to vaulting, assay, and settlement processes.
Aims to improve transparency and liquidity.

India allows 100% FDI in insurance sector under automatic route

The government notified amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 on 2 May 2026, enabling 100% foreign direct investment in Indian insurance companies and intermediaries via the automatic route. This liberalisation eliminates the need for prior government approval, while maintaining regulatory oversight to ensure transparency and stability. The move is part of a broader strategy to deepen India’s financial openness, attract capital and expertise, and boost product and service quality in the insurance sector. Officials emphasise that strengthened regulation will accompany greater foreign participation and competition across insurers and intermediaries.

FDI up to 100% allowed in insurance sector under automatic route
Amendments dated 2 May 2026 to FEMA Non-debt Instruments Rules 2019
No prior government approval required for eligible investments
Regulatory oversight retained to ensure transparency and stability
Aims to attract capital, expertise and boost sector competitiveness

Bengaluru tops Savills’ global fastest-growing cities ranking through 2035

Bengaluru has been ranked the world’s fastest-growing major city through 2035 in Savills’ Growth Hubs Index, part of its Resilient Cities program. The index evaluated 245 cities globally on projected GDP growth, personal wealth, demographics, inward migration, and high-income households. Asia-Pacific cities accounted for about three-quarters of the top 50, reflecting rising demand across housing, office space, and transport infrastructure. India features several top-20 cities, underscoring the country’s rapid urban and economic expansion. Bengaluru’s top ranking is attributed to its talent pool, global capability centres, and role as a technology and innovation hub.

Bengaluru named world’s fastest-growing major city to 2035
Savills Growth Hubs Index evaluated 245 cities
Top factors: GDP growth, wealth, demographics, migration, high-income households
Asia-Pacific cities dominate top rankings
India has multiple top-20 cities; Bengaluru highlights tech strength

May 04, 2026

Rohit Jain appointed RBI Deputy Governor

The Appointments Committee of the Cabinet has approved Rohit Jain as Deputy Governor of the Reserve Bank of India. He will serve a three‑year term from the date of joining on or after 3 May 2026, succeeding T. Rabi Sankar whose extended tenure ended in 2025. Jain presently serves as RBI Executive Director, a position he has held since December 2020. With almost three decades in the central bank, his portfolios have included banking supervision, financial regulation, and institutional oversight. The appointment reinforces leadership continuity at the RBI and supports ongoing work across monetary policy, financial stability, and payment systems.

Rohit Jain appointed RBI Deputy Governor by the ACC.
Term: three years from joining on/after 3 May 2026.
Succeeds T. Rabi Sankar; Sankar’s tenure ended after extensions.
Jain has been RBI Executive Director since December 2020.
Focus areas include banking supervision and financial regulation.

May 02, 2026

QS MBA Rankings 2026: IIM Bengaluru Tops India

The QS Executive MBA Rankings 2026 place IIM Bengaluru as the highest-ranked Indian business school, maintaining leadership in executive education despite a slight dip in its global position. The institute stands as the only Indian school in the global Top 100. In India, IIM Bengaluru also leads the Indian EMBA standings, supported by strong employer reputation and career outcomes. Other Indian institutions featured include ISB, IIM Kozhikode, IIM Indore, IMT Ghaziabad, Woxsen School of Business, and IIM Ranchi, reflecting a robust Indian presence in global executive education and diversified leadership pathways.

QS Executive MBA Rankings 2026: IIM Bengaluru tops India.
IIM Bengaluru remains the sole Indian school in the global Top 100 (EMBA).
Leadership supported by employer reputation and career outcomes.
Other Indian institutions in rankings include ISB, IIM Kozhikode, IIM Indore, IMT Ghaziabad, Woxsen, IIM Ranchi.

India Hits All‑Time Peak Electricity Demand of 256.1 GW in April 2026

New and Renewable Energy Minister Pralhad Joshi reported that India reached an all‑time peak electricity demand of 256.1 GW in April 2026, with solar contributing about 21 percent of peak supply. The milestone underscores a structural shift toward renewable energy, which supported around 57 GW at peak and roughly 81 GW during midday. The development reflects growing demand in a developing economy and signals a move toward cleaner energy mix, improving energy security. The statement illustrates the ongoing transition to renewables while balancing grid reliability amidst rising consumption.

India’s April 2026 peak electricity demand reached 256.1 GW.
Solar contributed ~57 GW at peak; ~81 GW at midday.
Renewables form a growing share of the energy mix, enhancing energy security.
Minister Joshi linked milestone to structural shift in energy provisioning.
signals ongoing transition toward cleaner energy.

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