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BUSINESS AND ECONOMY - July 2022

Jul 2022

Feb 06, 2024

Dr. Bina Modi Named 'Outstanding Business Woman of the Year 2023'

Dr. Bina Modi, the esteemed Chairperson of Modi Enterprises, was honoured with the prestigious 'Outstanding Business Woman of the Year' Award. This recognition, bestowed upon her by Rajnath Singh, Defence Minister of India, at a distinguished conference organised by the Indo-American Chamber of Commerce (IACC), underscores her exceptional leadership and contributions to the industry.
The award ceremony, held to celebrate Dr. Modi's outstanding achievements, took place during a conference aimed at strengthening the Indo-US relationship. Attended by notable figures including Ambassador to India Eric Garcetti and representatives of IACC, the event served as a platform to foster economic and diplomatic ties between the two nations.

Jio Financial Services, HDFC Bank Frontrunners to Buy Paytm's Wallets Business

Paytm is in exploratory talks to sell its wallets business. HDFC Bank and Jio Financial Services (JFSL) are among the forerunners to acquire it. The company's wallet business is housed under Paytm Payments Bank.
The report came days after the Reserve Bank of India (RBI) barred the Paytm Payments Bank from accepting deposits from February 29.
As per reports, Paytm had reached out to HDFC Bank for a deal just before the RBI ban. HDFC's digital wallet, Payzapp, has around 14 million users. JFSL has not been able to make any significant impact on the industry, but this deal could give it the much-needed start.

Feb 05, 2024

Eicher Enters Small Commercial Vehicles Segment, Unveils 'EV-first' Truck

Eicher Trucks and Buses, a division of VE Commercial Vehicles, announced its entry into the small commercial vehicle (SCV) segment with global unveiling of its 'EV-first' Eicher truck at Bharat Mobility Global Expo 2024.
The newly launched truck, designed for city and near-city distribution, aims to transform last-mile logistics and spans from 2 tonnes to 3.5 tonnes gross vehicle weight (GVW).

Anuj Ranjan New CEO of Private Equity Business of Brookfield Asset Management

Canadian investment giant Brookfield, which manages more than $850 billion in assets under management named Anuj Ranjan as the new CEO of its private equity business in a key global top deck reshuffle.
Ranjan had established Brookfied's India and Middle East operations and took over from Cyrus Madon who joined the board of directors as Executive Chairman.
Before this elevation, Ranjan was President of Brookfield's Private Equity business and Global Head of Business Development.
He joined Brookfield in 2006 and has held various positions within the company and its affiliates, including mergers & acquisitions, private equity and real estate.

Feb 04, 2024

ESAF Small Finance Bank and Edelweiss Tokio Life Insurance Partner to Offer Life Insurance

In a strategic move to elevate financial solutions for its customers, ESAF Small Finance Bank entered into a bancassurance partnership with Edelweiss Tokio Life Insurance. This collaboration aligns the two organisations in their commitment to prioritising customer needs, fostering a culture of growth, and promoting innovation in the financial sector.
ESAF Small Finance Bank aims to diversify its offerings, moving beyond traditional banking services to provide a broader array of financial solutions.
The partnership underscores ESAF Small Finance Bank's dedication to extending financial security to the unbanked and under banked population, particularly in rural markets across India.
The collaboration plays a pivotal role in Edelweiss Tokio Life's comprehensive multi-channel distribution strategy. This partnership sets the stage for establishing new benchmarks in customer-focused insurance services.

UPI Services Launched In France at Eiffel Tower

India officially launched the Unified Payments Interface (UPI) at the iconic Eiffel Tower in France, marking a significant step towards realising Prime Minister Narendra Modi's vision of taking UPI global.
UPI, developed by the National Payments Corporation of India (NPCI) in 2016, is an instant payment system that consolidates multiple bank accounts into a single mobile application, streamlining various banking features, fund routing, and merchant payments.

Feb 03, 2024

Bandhan Bank Appoints Santosh Nair as its Consumer Lending and Mortgages Head

Bandhan Bank appointed Santosh Nair, Chief Executive of HDFC Sales Private Limited, as the head of its consumer lending and mortgages.
Nair, a veteran with over three decades of experience in banks and financial services companies, will drive Bandhan Bank's housing finance portfolio and also the retail lending franchise and distribution.
Nair worked in marquee entities such as Housing Development Finance Corporation, HDFC Bank, American Express and Kotak Mahindra Primus.

RBI Slaps Rs. 5 lakh Fine on Bajaj Housing Finance for Violating Provisions

The Reserve Bank of India (RBI) imposed a monetary penalty of Rs. 5 lakh on Bajaj Housing Finance for changing management, which resulted in a change of directors in the company without seeking prior written permission from the regulator.
The action was taken on the basis of an assessment conducted by the National Housing Bank for a time period ending on March 31, 2022.
The action stood in violation of certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021' issued by the RBI.

Mahindra Announces Key Leadership Appointments

Mahindra Group announced key leadership appointments as well as reshuffling among its top management following Kavinder Singh's decision to leave his role as Managing Director (MD) and Chief Executive Officer (CEO) of Mahindra Holidays & Resorts India Limited (MHRIL). The Mahindra Group will onboard Manoj Bhat and reassign Vimal Agarwal to take on key positions in MHRIL, May 2024 onwards.
Manoj Bhat, the group chief financial officer, was appointed as the new MD & CEO of MHRIL, while Vimal Agarwal, the current CFO of Mahindra Lifespaces Developers Ltd (MLDL), was appointed CFO for MHRIL. Additionally, Amarjyoti Barua, the executive vice-president - group strategy will lead the Mahindra Group's Finance Organisation as the Group CFO.

Feb 02, 2024

Interim Budget 2024: Five Key Points

Indian Finance Minister Nirmala Sitharaman introduced the interim Budget 2024 in the Parliament.
Here's a list of the key differences between the interim Budget presented this year (2024) and the Union Budget presented last year (2023).
Tax Regime
In 2023 Union Budget, FM Sitharaman introduced revised tax slabs. As per the announcement, an individual need not pay any tax for income up to ₹7 lakh (around $8,000) per annum in the new tax regime. However, during her presentation this year (2024), the Finance Minister did not propose any changes in tax rates in direct and indirect taxes including import duties.
Sitharaman also announced that tax collections have more than doubled over the last ten years and the average processing of tax returns was less than ten days in 2024.
Infrastructure
The government allocated ₹1.10 lakh crore (over $1 trillion) for infrastructure development. This year (2024), the government dispensed 11.11 per cent more than in 2023 for infrastructural development.
Agriculture & Rural Economy
In 2023, the government proposed to set up a new agency to provide credit and other support services to farmers, including a new insurance scheme, to improve the livelihood of farmers. This year (2024), FM Sitharaman mentioned that the government will promote private and public investment in post-harvest activities, including aggregation, modern storage, efficient supply chains, primary and secondary processing, marketing and branding to ensure growth.
Women Empowerment
In the Union Budget 2023-24, Finance Minister Nirmala Sitharaman highlighted the Pradhan Mantri Mahila Shakti Kendra and the Beti Bachao Beti Padhao initiatives. This year (2024), in the interim Budget she mentioned that 83 lakh self-help groups (SHGs) with over nine crore women have been positively changing the rural socio-economic landscape by empowering and making them self-reliant.
These SHGs have already helped nearly one crore women to become 'Lakhpati Didi' (women with a net worth of more than one lakh). As a result of this success, the government has decided to raise the target for 'Lakhpati Didi' from 2 crore to 3 crore.
Green Growth
Green growth was among the top seven priorities or 'Saptarishis' during the Amrit Kaal. The Union Budget 2023-24 focused on adopting green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities. In the interim Budget 2024, FM Sitharaman announced several measures to meet the 'net zero' target by 2070.

Cabinet Approves Bilateral Investment Treaty with UAE

The Union Cabinet approved an investment treaty with the United Arab Emirates (UAE) that is likely to significantly boost bilateral economic engagement in a range of areas, including manufacturing and foreign direct investment (FDI).
The approval for the signing and ratification of the ambitious investment treaty came ahead of Prime Minister Narendra Modi's likely visit to the UAE.

Three Indian Markets in Three Cities, Three Online Markets Figure in Notorious Markets List of US

Three Indian markets across New Delhi, Mumbai, Bengaluru, and three online markets figured in the annual notorious market list that highlights markets that 'reportedly engage in or facilitate substantial trademark counterfeiting or copyright piracy'. The 2023 Review of Notorious Markets for Counterfeiting and Piracy (the Notorious Markets List) was released by the US Trade Representatives, identifying 39 online and 33 physical markets.
The three Indian markets were Heera Panna in Mumbai, Tank Road in Karol Bagh in New Delhi, and Sadar Patrappa Road Market in Bengaluru.
The online markets in the list were IndiaMart, Vegamovies, and WHMCS Smarters.

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