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BUSINESS AND ECONOMY - July 2022

Jul 2022

Nov 14, 2023

Karnataka Signs MoU with Tehri Hydro Development Corp for Rs. 15,000 crore Power Projects

Karnataka Power Corporation Limited (KPCL) and Tehri Hydro Development Corporation Limited (THDCL), a Central power generating entity, signed an MoU to enable accelerated development of various power projects -- including hydro, solar, and pumped storage ones, worth Rs. 15,000 crore.
The MoU was signed by Bhupender Gupta, Director, Technical, THDCL, and Gaurav Gupta, Additional Chief Secretary, Energy Department. The MoU encompasses the development of a 100 MW floating solar photovoltaic plant at Kadra Dam reservoir, the establishment of 170 MW of ground-mounted, rooftop solar PV plant on the premises of KPCL plants, and the establishment of 1500 MW of pumped storage plant at Varahi.

SIDBI Launches 'Sumpoorn' MSME Economic Activity Index with Jocata

Jocata, a digital lending transformation platform, collaborated with SIDBI and launched a one-of-its kind MSME Economic Activity Index Sumpoorn.
For the first time ever, this MSME specific high-frequency indicator will capture the state of India's growth engine, its MSMEs, that contribute more than a quarter of the country's overall Gross Value Added (GVA) and more than 40 per cent of its total exports.
The currently available macro indices capture business expectations and rely on opinion or survey-based data.
It is a relative amplitude adjusted composite diffusion index developed using consent-led and anonymised monthly sales data reflected in official GSTN returns of more than 50,000 credit-seeking MSMEs over time.

Nov 13, 2023

Italian Luxury Brand, Brioni, Enters Indian Market

Luxury Italian menswear brand Brioni, best known for its James Bond connection during Pierce Brosnan's stint as 007, opened its first boutique in India. The store opened in the luxury retail complex The Chanakya in Delhi.
This marks another significant milestone for DS Luxury as it continues to introduce the world's iconic luxury brands across segments, to discerning Indian consumers.
Brioni offers made in Italy, ready-to-wear, leather goods, shoes, and accessories, both for formalwear and leisurewear, as well as fragrances. The brand was founded in Rome and is part of the Kering Group.

Nov 12, 2023

GAIL's Deepak Gupta Appointed as Nominee Director on SEAGP Board

Deepak Gupta, who is serving as Director (Projects) of GAIL (India) Limited was appointed as Nominee Director on the board of South-East Asia Gas Pipeline Company Limited (SEAGP).
Gupta has been serving as Director (Projects) of GAIL since October 2022. He is a Mechanical Engineer, a DCE alumnus, with more than three decades of rich and diverse experience in oil and gas sector encompassing project management, construction management and business development functions.

Nov 11, 2023

Genpact CEO Tyagarajan Announces Retirement, B. K. Kalra to Take Over

N. V. Tyagarajan will step down as the president and Chief Executive Officer (CEO) of the global professional services firm Genpact in February 2024, the company announced.
Balkrishan Kalra, the company's global business leader for financial services, consumer and healthcare, will take over the top role from February 9, 2024 while Tyagarajan will continue as a member of the Board of Directors.
Tyagarajan was appointed as Genpact's second CEO in 2011 after serving as the Chief Operating Officer (COO) of the company.
Since joining Genpact in 1999, Kalra has served in a variety of leadership roles overseeing operations across consumer goods, retail, and life sciences verticals at the company. He has also served as the global operational leader for banking and insurance at General Electric.

Nov 10, 2023

PayGlocal Receives In-Principle Approval from RBI for Payment Aggregator License

PayGlocal, a payment platform with a focus on cross-border transactions, was granted in-principle approval by the Reserve Bank of India (RBI) for a Payment Aggregator (PA) license. This license allows PayGlocal to onboard merchants onto its platform for online payment processing. The company offers a technology platform that facilitates secure online payments through various instruments, including cards and global alternative payment methods.
PayGlocal was founded in 2021 by Prachi Dharani, Rohit Sukhija, and Yogesh Lokhande.
PayGlocal provides technology solutions for payment processing and transaction risk management.

NABARD Appoints Goverdhan Rawat, Ajay Kumar Sood as Dy Managing Directors

The National Bank for Agriculture and Rural Development (NABARD) announced the appointment of Goverdhan S. Rawat and Ajay Kumar Sood as Deputy Managing Directors.
Rawat has over three decades of experience with NABARD. Previously, he was the Chief General Manager at the Pune, Maharashtra Regional Office. His expertise spans project appraisal, infrastructure financing, rural development, district credit planning, consulting services, board secretariats, and human resources.
Ajay Kumar Sood served as the Chief General Manager of NABARD at the Himachal Pradesh Regional Office in Shimla. He has extensive expertise in rural infrastructure development, playing a pivotal role in implementing funds like the Rural Infrastructure Development Fund (RIDF), Micro Irrigation Fund, and Warehouse Infrastructure Fund.

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