General Awareness

BUSINESS AND ECONOMY - March 2024

Mar 2024

Jan 20, 2026

India‑UAE LNG deal; strengthen trade and defence ties

India signed a $3 billion LNG deal with the United Arab Emirates, making the UAE a top LNG supplier. ADNOC Gas will supply 0.5 million metric tonnes per year for ten years to Hindustan Petroleum Corporation Limited (HPCL). The visit by the UAE President emphasized a broader strategic partnership, with plans to double bilateral trade to $200 billion by 2032 and explore defence collaboration. The agreement strengthens energy security for India while expanding trade and strategic alignment with the UAE across multiple sectors.

India–UAE LNG deal worth $3 billion
0.5 million tonnes/year for 10 years to HPCL
UAE top LNG supplier for India
Trade target: $200 billion by 2032
Broader strategic partnership including defence

ICICI Bank board approves Sandeep Bakhshi’s reappointment as MD & CEO till 2028

ICICI Bank’s board approved the reappointment of Sandeep Bakhshi as Managing Director and Chief Executive Officer for a two‑year term from October 4, 2026 to October 3, 2028. The appointment needs RBI clearance, shareholder approval, and other statutory approvals. Bakhshi has been MD & CEO since October 2018, credited with strengthening risk controls, improving asset quality, and delivering consistent growth across retail and corporate banking. The extension aligns leadership continuity with ICICI Bank’s strategy to expand digital banking and financial services in a competitive private sector environment.

Sandeep Bakhshi reappointed MD & CEO till 2028
Requires RBI and shareholder approvals
Tenure from Oct 4, 2026 to Oct 3, 2028
Bakhshi since 2018; credited with risk controls and growth
Supports continued digital banking expansion

Vivek Abrol appointed MD & CEO of Luminous Power Technologies

Vivek Abrol has been named Managing Director and Chief Executive Officer of Luminous Power Technologies, effective January 19, 2026. He replaces Preeti Bajaj, who will move to a global role at Schneider Electric as Executive Vice President of Global Home Solutions. Abrol brings over 25 years of experience across consumer goods, electricals, and appliances. In his new role, he will guide Luminous toward a broader energy‑solutions platform with a stronger emphasis on solar power and sustainable energy. The company aims for deeper market penetration in residential and commercial energy segments as demand for cleaner power grows.

Vivek Abrol named MD & CEO of Luminous
Effective January 19, 2026
Preeti Bajaj moves to Schneider Electric
Abrol has 25+ years of leadership experience
Strategic focus on solar and sustainable energy

Jan 18, 2026

India’s forex reserves rise to $687.19 billion in latest RBI data

India’s foreign exchange reserves rose by $392 million to $687.19 billion in the week ended 9 January 2026, per RBI data. FCAs declined by $1.124 billion to $550.87 billion, reflecting currency movements. Gold holdings increased by $1.568 billion to $112.83 billion. After a previous week’s fall, the reserves show a modest recovery, with currency markets and global factors influencing the reserve composition. Analysts say the trend supports macro stability as the government faces inflation and growth dynamics tied to external demand.

Period: week ended 9 January 2026
Total reserves: $687.19 billion
FCAs: $550.87 billion (down by $1.124 bn)
Gold: $112.83 billion (up by $1.568 bn)
Context: macro stability and external factors

Jan 17, 2026

SBI signs MoU with Tamil Nadu PSUs for enhanced benefits

State Bank of India signed a memorandum of understanding with Tamil Nadu state public sector undertakings to extend enhanced benefits under the Corporate Salary Package for PSU employees. The MoU was signed in Chennai by SBI’s Chennai Circle Chief General Manager and Tamil Nadu officials. The package includes salary services, loan schemes, and exclusive benefits designed to improve financial inclusion and ease of doing business for state employees. The collaboration aligns with efforts to expand public banking access in Tamil Nadu and strengthen financial services linkages between state PSUs and national banks. Officials expect broader economic development benefits.

SBI signs MoU with Tamil Nadu PSUs for salary package benefits.
Chennai event includes senior bank and state officials.
Package features salary services, loan schemes, and exclusive perks.
Aims to improve financial inclusion and public banking access.
Supports stronger PSU-bank linkages and local economic growth.

Jan 16, 2026

Netflix and Sony Pictures expand global theatrical-to-streaming deal

Netflix and Sony Pictures announced an expanded multi-year agreement extending the streaming rights for Sony’s feature films worldwide after theatrical runs. The Pay-1 style deal runs from 2027 to 2032, broadening the previous U.S.-centric licensing arrangement established in 2022. The contract will roll out gradually across territories, with full global availability expected by early 2029. Netflix will gain exclusive first streaming window for Sony Pictures titles, including major franchises such as Spider-Man, Jumanji, and Ghostbusters. The arrangement reinforces Netflix’s dominant streaming role while broadening Sony’s media distribution reach.

Netflix-Sony multi-year streaming deal extended (2027–2032).
Global first streaming window for Sony titles on Netflix.
Full global availability anticipated by early 2029.
Includes franchises like Spider-Man, Jumanji, Ghostbusters.
Strengthens Netflix’s position in film distribution.

India Post joins ONDC as logistics partner; first ONDC parcel delivered

The Department of Posts officially began handling shipments on the Open Network for Digital Commerce (ONDC) platform, becoming a Logistics Service Provider (LSP). The first ONDC order was booked on January 13, 2026, by UdyamWell, with delivery completed on January 15, 2026. This move enables the postal network to offer parcel pickup, transmission, and delivery within ONDC’s Click and Book model. The collaboration aims to expand digital commerce reach for artisans and rural entrepreneurs, leveraging India Post’s nationwide footprint to strengthen supply chains and expand market access for small-scale sellers.

India Post becomes ONDC Logistics Service Provider.
First ONDC order booked Jan 13, 2026; delivered Jan 15, 2026.
Post office offers pickup, transmission, and delivery via ONDC.
Uses Click and Book model; expands access for rural sellers.
Aims to strengthen digital commerce and supply chains.

India draws USD 51 billion in FDI over six months amid startup and manufacturing push

Government data show India attracted USD 51 billion in foreign direct investment in the last six months, signaling strong external confidence in the economy. DPIIT Secretary Amardeep Singh Bhatia noted this period coincides with a startup push and manufacturing expansion. He also announced National Startup Day on January 16, with 75 Grand Challenges to be launched to spur innovation and problem-solving across sectors. Additionally, 20 National Startup Awards will honour entrepreneurship excellence. The government подчерк the importance of startups in job creation, technology adoption, and global competitiveness as India seeks broader industrial growth.

FDI inflows total USD 51 billion in six months.
National Startup Day announced for January 16, with 75 Grand Challenges.
20 National Startup Awards to recognise entrepreneurs.
Startup push aligned with manufacturing growth goals.
DPIIT emphasises startups as job creators and innovation engines.

Dynamatic Technologies delivers first complete Airbus A220 door ship-set

Dynamatic Technologies announced the delivery readiness of the first complete ship-set of all eight Airbus A220 doors, including main passenger and service doors, cargo doors, and over-wing exits. The milestone is part of India’s Make in India initiative and showcases the company’s high-precision aerostructure capabilities. CEO Udayant Malhoutra noted the project achieved over 99% indigenous value-added content through collaboration with Airbus and domestic suppliers. The development highlights India’s growing footprint in complex aerospace manufacturing and its potential to attract further global aerospace contracts and supply-chain integration.

Dynamatic delivers first complete Airbus A220 door ship-set.
Includes all main, service, cargo, and exit doors.
Aligned with Make in India and high-tech manufacturing goals.
Over 99% indigenous value-added content achieved.
Strengthens India’s aerospace export potential.

India joins Riyadh metro expansion as L&T leads Red Line project

India’s Larsen & Toubro (L&T) joined an international consortium to expand Riyadh’s Red Line by 8.4 kilometers with five new stations, linking Diriyah Gate and other districts. The project, led by Webuild Group and involving NESMA and Alstom, will include underground and elevated sections over about six years. The extension supports Saudi Vision 2030 and Diriyah’s transformation into a cultural and tourism hub. The collaboration highlights India’s growing role in global infrastructure and the strength of Make in India in large-scale transport projects, with India-based firms supplying key components and expertise.

Riyadh Red Line extension awarded to international consortium including L&T.
Extension adds 8.4 km with five new stations; six-year timeline.
Diriyah Gate integration enhances cultural and tourism access.
Project strengthens Saudi Vision 2030 and regional transport networks.
India’s Make in India presence grows in global infrastructure.

Jan 15, 2026

Make in India drive showcased at SteelFab 2026 in Sharjah

Ahead of the Make in India push, the Indian pavilion at SteelFab 2026 in Sharjah highlighted the country’s steel fabrication and metalworking capabilities. The event, running January 12–15, spotlighted 31 Indian exhibitors and 54 total Indian participants, emphasizing machine tools, welding technologies, automation, and fabrication services. The pavilion served as a platform for B2B meetings and live demonstrations, connecting Indian manufacturers with Gulf, African, and regional buyers. Exhibitors showcased advanced tools and solutions, signaling India’s growing role in global manufacturing and the government’s efforts to expand export-oriented industry partnerships.

Make in India showcased at SteelFab 2026, Sharjah
31 Indian exhibitors; 54 total Indian participants
Focus on welding, automation, and fabrication tech
B2B meetings and live demos with Gulf and regional buyers

TVS SCS appoints Vikas Chadha as Global CEO from January 22, 2026

TVS Supply Chain Solutions announced the appointment of Vikas Chadha as Global CEO, effective January 22, 2026. Chadha succeeds Ravi Viswanathan, who will retire during the 2026–27 financial year. The leadership transition follows a formal succession process led by the board and its Nomination and Remuneration Committee. Previously CEO at Dubai-based Jumbo Electronics, Chadha brings extensive international experience to TVS SCS as it scales its supply chain and logistics services globally. The announcement highlighted continuity in strategy and the company’s ongoing focus on expanding global footprints and enhancing operational excellence.

Vikas Chadha appointed Global CEO of TVS SCS, effective Jan 22, 2026.
Succeeds Ravi Viswanathan, who retires in 2026–27.
Chadha previously led Jumbo Electronics (Dubai).
Board-led succession process ensured leadership continuity.
Aims to expand global footprint and operational excellence.

Intersec 2026 in Dubai showcases firefighting robots and AI security tech

Intersec 2026, the security and safety trade fair in Dubai, concluded with a demonstration of firefighting robots, AI innovations, and cyber-security tools. The event drew more than 1,200 exhibitors from over 60 countries and attracted tens of thousands of visitors. Highlights included Dubai Civil Defence’s advanced firefighting robots and robotic dogs for emergency response. Experts discussed regional security challenges and technology-driven solutions across five sectors: homeland security, cyber, perimeter security, fire and rescue, and health and safety. The exhibition reinforced how technology is shaping protective services and public safety in the Middle East and beyond.

Intersec 2026 concluded in Dubai
Showcased firefighting robots and AI safety tech
1,200+ exhibitors; 60+ countries; 50,000+ visitors
Five core sectors highlighted: security, cyber, rescue, health

IOCL-BPCL JV discovers oil in Abu Dhabi Onshore Block 1

Indian Oil Corporation Limited (IOCL) and Bharat Petroleum’s exploration arm, Bharat PetroResources (BPCL), through the Urja Bharat Pte Limited venture, reported new oil discoveries in Abu Dhabi’s Onshore Block 1. UBPL, a 50:50 SPV, completed the exploration phase after investing about $166 million since securing the concession in 2019. The latest finds include unconventional oil resources in the Shilaif play (XN-76) and exploratory well XN-79 02S (Habshan carbonate). The block spans roughly 6,162 square kilometres, with UBPL holding full concession rights. The discoveries strengthen India’s overseas upstream portfolio and energy security strategy.

IOCL-BPCL joint venture UBPL discovers oil in Abu Dhabi
Block Onshore 1; 50:50 SPV UBPL
Invested ~$166 million since 2019 concession
Finds include Shilaif play XN-76 and XN-79 02S

TVS Supply Chain Solutions names Vikas Chadha as Global CEO

TVS Supply Chain Solutions announced the appointment of Vikas Chadha as Global CEO, effective January 22, 2026. The Chennai-based firm confirmed a planned leadership transition following the retirement of Ravi Viswanathan, the current Managing Director. Chadha previously served as CEO of Jumbo Electronics in Dubai and will lead a multi-national team across the supply chain services company. The move aligns with enterprise succession planning and growth strategies as the company expands its logistics network and digital offerings. Industry observers expect Chadha to drive expansions in new markets, technology-enabled solutions, and cross-border operations.

Vikas Chadha named Global CEO of TVS SCS
Effective January 22, 2026; successor to Ravi Viswanathan
Chadha previously led Jumbo Electronics (Dubai)

Swiggy and Zepto drop '10-minute' delivery claim after government order

Swiggy and Zepto have altered branding around their '10-minute' delivery service following a government directive. The government ordered Eternal's Blinkit, Zepto, and Swiggy to stop promoting grocery deliveries as a '10-minute' service due to safety concerns about riders and wage implications for rapid deliveries. Industry analysts describe the branding change as optics-driven rather than fundamentally altering business models. The move highlights regulatory scrutiny in the fast-delivery segment, which remains valued at about $11.5 billion. Despite branding adjustments, analysts say core delivery capabilities and logistics networks remain largely unchanged, though operators will need to emphasize safety and fair compensation.

Regulators require removal of '10-minute' branding claims
Concerns over rider safety and wages cited
Industries see branding changes as optics-driven
Fast-delivery market valued at ~$11.5 billion
Core operations remain unless further policy actions occur

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