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BUSINESS AND ECONOMY - January 2024

Jan 2024

Mar 09, 2026

SBI launches $500 million social loan ahead of International Women’s Day

The State Bank of India (SBI) announced a $500 million syndicated social term loan facility focused on women’s economic empowerment, with a greenshoe option, ahead of International Women’s Day in March 2026. The bank described the transaction as a milestone for SBI and for ESG financing, aimed at accelerating social impact and reducing the gender gap in opportunity and earnings. SBI Chairman C. S. Setty said the loan aligns with the bank’s commitment to empowering women and supporting sustainable development goals, particularly SDG 5. The facility is described as potentially the largest gender-themed loan by an Indian financial institution.

SBI launches $500 million syndicated social loan for women
Greenshoew option included; ESG and SDG 5 focus
Aims to accelerate women’s economic empowerment
Statement by SBI Chairman C. S. Setty emphasizes sustainable development
Described as the bank’s first and possibly largest gender-themed loan

RBI approves Ketan Merchant as interim CEO of Fino Payments Bank

The Reserve Bank of India granted approval for Ketan Merchant to serve as interim CEO of Fino Payments Bank for three months. Merchant, currently the bank’s Chief Financial Officer, will lead day-to-day operations while the NRC and board reassess the fitness of MD & CEO Rishi Gupta. RBI’s confirmation follows Gupta’s arrest and a corporate governance review. The arrangement is described as a temporary measure to ensure continuity of leadership and regulatory compliance as the bank re-evaluates key executive roles.

Ketan Merchant appointed interim CEO for 3 months
Merchant is CFO; reassessment of MD & CEO Rishi Gupta underway
Approval granted by RBI
Aims to ensure leadership continuity and compliance
NRC and board involvement in the process

Sun Art Retail appoints Julian Juul Wolhardt as CEO after Li Weiping’s exit

Sun Art Retail Group announced the appointment of Julian Juul Wolhardt as CEO following the unavailability of former chief Li Weiping. The board resolved to vacate Li’s office after she remained uncontactable for an extended period, and the decision was disclosed in an exchange filing. Wolhardt, previously chairman, will lead the company during the transition. The move comes as Sun Art navigates a competitive retail market in China and seeks stability after leadership uncertainty. Investors will watch how the leadership change affects store operations, digital growth, and overall profitability.

Julian Juul Wolhardt appointed CEO of Sun Art
Li Weiping’s position vacated due to uncontactable status
Board disclosure followed in exchange filing
Leadership transition during market competition
Impact on operations and profitability anticipated

Maharashtra inks MoU with Finnish firms to modernise Sassoon Dock

The Maharashtra government signed an MoU with Helvar, Mirasis, and River Recycle to modernise Sassoon Dock into a world-class fishing harbour. The Maharashtra Fisheries Development Corporation mentioned the project aims to revamp infrastructure, boost fisheries economy, and improve coastal livelihoods. The deal involves a total investment of about ₹84 crore. State Fisheries Minister Nitesh Rane highlighted the harbour’s role in supply chains for the region’s fish industry and its potential to support tourism. The initiative aligns with broader port and coastal development plans in Maharashtra.

MoU with three Finnish firms for Sassoon Dock modernization
Investment: approximately ₹84 crore
Aims: upgrade infrastructure and fisheries economy
Minister: Nitesh Rane emphasizes benefits to fisheries and tourism
Part of Maharashtra’s coastal development plan

Mar 07, 2026

Sarvam AI Launches Startup Program to Help Early-Stage Indian AI Firms

On 5 March 2026, Sarvam AI launched the Sarvam Startup Program to boost early‑stage AI startups in India. The initiative offers API credits for six to twelve months, depending on usage, and access to Sarvam AI tools such as Speech to Text, Text to Speech, Translation, Chat Completion, and Document Intelligence APIs. Startups will also receive direct engineering support to integrate and scale AI solutions. The program aims to free developers from infrastructure concerns so they can focus on product innovation. By expanding affordable access to advanced AI capabilities, Sarvam AI seeks to strengthen India’s AI ecosystem and encourage homegrown product development.

Launch date: 5 March 2026
API credits for 6–12 months offered
Tools provided: Speech to Text, Text to Speech, Translation, Chat Completion, Document Intelligence
Direct engineering support included
Objective: boost early-stage AI startups in India
Aims to strengthen India’s AI ecosystem

Mar 06, 2026

World Engineering Day 2026 celebrated; UNESCO WFEO theme unveiled

World Engineering Day for Sustainable Development 2026 was celebrated from 3 to 4 March 2026 under the theme Smart engineering for sustainable future through innovation and digitalization. UNESCO and WFEO highlighted global engineering achievements and youth engagement through events and hackathons. International partners, including Indian firms such as Adani, showcased engineering innovations supporting sustainable infrastructure, renewable energy, and digital technologies. The celebration emphasized engineering’s role in achieving United Nations SDGs and fostered cross-border collaboration to advance sustainable development goals worldwide.

WED 2026 celebrated with UNESCO and WFEO.
Theme: Smart engineering for sustainable future through innovation and digitalization.
Indian firms highlighted in global engineering showcase.
Focus on SDGs and international collaboration.

Adani Group named official partner for UNESCO World Engineering Day 2026

On 5 March 2026, the Adani Group was named an official partner for World Engineering Day for Sustainable Development (WED) 2026, an international observance organized by UNESCO and delivered by the World Federation of Engineering Organizations (WFEO). This marks the first time an Indian organization has been selected as partner for WED. The partnership highlights Indian engineering capabilities in sustainable infrastructure, renewable energy, and digital transformation, and aims to showcase innovations supporting the United Nations Sustainable Development Goals. WFEO and UNESCO emphasised collaboration to promote engineering’s role in sustainable development globally.

Adani Group designated official partner for WED 2026.
UNESCO and WFEO jointly coordinate World Engineering Day.
First Indian organization to receive this partner status.
Focus on sustainable infrastructure, renewables and digitalization.

Mar 05, 2026

India’s FY26 GDP Growth Forecast at 7.6% (MoSPI via IBEF)

India’s economy is projected to grow 7.6 percent in FY26, with nominal growth around 8.6 percent, according to MoSPI data reported by the India Brand Equity Foundation (IBEF) on 2 March 2026. The revised estimates follow a new GDP base year (2022-23) and reflect strong momentum across industry, services, and domestic demand. The upgrade signals resilience amid global uncertainties and supports continued investment and consumption growth. Analysts caution that external shocks could affect momentum, but the new national accounts framework aims to improve measurement accuracy and international comparability.

FY26 GDP growth projected at 7.6%; nominal growth ~8.6%
Source: MoSPI; reported by IBEF on 2 March 2026
New GDP base year: 2022-23 base adopted
Driven by industry, services, domestic demand
Outlook: robust but risks from global conditions

Mar 03, 2026

India to host Bharat Steel 2026 summit in New Delhi from 16 April

India will host the Bharat Steel 2026 summit in New Delhi from 16 April 2026. The two-day event will bring together leaders from steel, technology, mining, and trading companies to discuss the next-generation steel ecosystem. External Affairs Ministry Secretary Sudhakar Dalela described the summit as a global platform for policy-business dialogue to shape the steel sector’s future. The event aims to promote sustainable industrial growth and showcase India’s growing strength in steel to international partners. Organisers expect government and industry to exchange ideas on capacity expansion, technology adoption, and green steel initiatives, with policy-makers, executives, and investors in attendance.

Bharat Steel 2026 summit to be held in New Delhi from 16 April 2026.
Two-day event bringing together steel, tech, mining, and trading leaders.
Described as a global policy-business platform by Sudhakar Dalela.
Focus on sustainable growth, capacity expansion, and green steel.
Expected high-level participation from government and industry.

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