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BUSINESS AND ECONOMY - July 2024

Jul 2024

Dec 11, 2024

UAE-India Founders' Retreat

The inaugural UAE-India Founders' Retreat, held in December, brought together over 60 of India's most prominent start-up founders with UAE investors, business leaders, and policymakers. The event marked a significant step toward deepening collaboration between the two nations, focusing on new avenues for investment, innovation, and cross-border partnerships.
One of the primary outcomes of the retreat was the establishment of new investment partnerships between Indian start-ups and UAE investors. These partnerships are expected to inject significant funding into India's start-up sector, particularly in emerging fields like fintech, AI, and digital transformation. The face-to-face discussions provided a platform for Indian entrepreneurs to connect directly with key UAE investors, paving the way for future financial collaborations.

StanChart Names ex-JPMorgan Chief P. D. Singh as India, South Asia CEO Nominee

Standard Chartered Bank (StanChart) nominated former JPMorgan India chief PD Singh as its next CEO for India and South Asia. The appointment is pending approval from the Reserve Bank of India (RBI), which has been approached by the Asia-focused lender for regulatory clearance.
If approved, Singh will succeed Zarin Daruwala, who is set to retire on April 1, 2025, after nearly a decade in the role. Singh brings extensive experience to the position, having held senior management roles at prominent banks, including HSBC, over the last two decades.

Dec 10, 2024

Sanjay Malhotra Appointed as New RBI Governor

Sanjay Malhotra, a seasoned bureaucrat and Revenue Secretary, has been appointed as the 26^th Governor of the Reserve Bank of India (RBI). A 1990-batch IAS officer from the Rajasthan cadre, he succeeds Shaktikanta Das, whose tenure ends on 10^th December 2024. Malhotra brings over three decades of diverse experience spanning finance, taxation, power, IT, and mining.
Malhotra holds a degree in Computer Science Engineering from IIT Kanpur and a Master's in Public Policy from Princeton University, USA.
As Revenue Secretary (since December 2022), he drove tax policy reforms for direct and indirect taxes, contributing significantly to India's fiscal health.
Previously, as Secretary in the Department of Financial Services, he oversaw India's financial and banking sectors.
During his tenure as CMD of REC Ltd, he led significant growth in the power sector.

Dec 09, 2024

PM Modi Inaugurates 'Rising Rajasthan Global Investment Summit'

Prime Minister Narendra Modi inaugurated the 'Rising Rajasthan Global Investment Summit' in Jaipur as the event's chief guest. The three-day event, being held from December 9 to 11 at the Jaipur Exhibition and Convention Centre (JECC), aims to bolster investment opportunities in Rajasthan and showcase its potential as a business hub.
PM Modi delivered the keynote address following a welcome speech by Rajasthan Chief Minister Bhajanlal Sharma. The summit is hosting over 5,000 industry leaders, investors, and dignitaries, including renowned industrialists Kumar Mangalam Birla, Anil Agarwal, Anand Mahindra, Sanjeev Puri, and Ajay S. Sriram.
A total of 32 countries are participating in the event, 17 of which, including Japan, Switzerland, Singapore, Denmark, and South Korea, are designated as partner nations.

International Conclave 2024 on 'Insolvency Resolution: Evolution & Global Perspective'

The Insolvency and Bankruptcy Board of India (IBBI) in association with INSOL India organised an International Conclave focusing on "Insolvency Resolution: Evolution & Global Perspective". The event brought together distinguished experts and practitioners from across jurisdictions to share insights and experiences in insolvency resolution.
M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India graced the occasion as Chief Guest. He highlighted the transformative journey of the Insolvency and Bankruptcy Code (IBC) since 2016, emphasising its critical role in improving bank asset quality and facilitating substantial pre-admission settlements of underlying debts of over Rs. 10 lakh crore.
The Conclave included three panel discussions. The ﬁrst Panel Discussion was on the theme "Issues, Recent Developments & New Trends in Restructuring & Insolvency Across Jurisdictions". The session was chaired by Mr. Sumant Batra, President, Insolvency Law Academy.
The second Panel Discussion was on the theme "Judgment Enforcement, Asset Recovery and Personal Guarantees". The session was chaired by Ms. Anita Shah Akella, Joint Secretary, MCA.
The third Panel Discussion focused on "Role of Institutional Creditors in Corporate Resolution Across Jurisdictions".

Dec 08, 2024

RBI Enables Small Finance Banks to Offer Pre-Sanctioned Credit via UPI

In a move aimed at improving financial inclusion, the Reserve Bank of India (RBI), after its Monetary Policy Committee (MPC) meeting, announced that Small Finance Banks (SFBs) now permitted to offer pre-sanctioned credit lines through the Unified Payments Interface (UPI). This decision is expected to provide financial services to underserved groups, such as small businesses, micro-entrepreneurs, and individuals in rural and semi-urban regions.

Paytm Gives Approval for Stake Sale in PayPay

Fintech firm One97 Communications, which owns Paytm, approved the sale of stake in Softbank group's fintech firm PayPay Corporation, the company said. Paytm holds 7.2 per cent stake in PayPay Corporation.

Dec 07, 2024

Anurag Mehrotra Resigns from Tata Motors, Likely to Join JSW MG Motor as CEO

Anurag Mehrotra, an experienced automotive industry professional with over two decades of expertise, resigned from his role as Vice President of International Business and Strategy at Tata Motors' Commercial Vehicles Business. After a remarkable stint at Tata Motors since October 2021, he is expected to join JSW MG Motor as CEO in February, leading the company's ambitious plans to triple its volumes in the next three to five years. Mehrotra's career includes notable achievements in both domestic and international markets, with significant leadership roles, including his tenure as Managing Director (MD) of Ford India.

Centre To Launch eMaap Portal for Fair Trade and Consumer Protection

The Indian government is introducing the National Legal Metrology Portal (eMaap) to promote fair trade practices and enhance consumer protection. This initiative is aimed at ensuring transparency, accountability, and compliance with legal metrology standards. As part of the Ministry of Consumer Affairs' effort, the portal will streamline services for businesses and consumers, fostering a balanced marketplace.
Key Features of eMaap Portal
Digital One-Stop Platform: The portal will provide a comprehensive digital interface for businesses and consumers, ensuring easy access to legal metrology services.
Automated Workflow: It will speed up processes through automated systems, offering real-time compliance tracking and updated regulations.
Registration and Certification: Businesses can register, get licensed, and obtain certifications more efficiently, helping them comply with legal requirements.
Consumer Awareness: The platform will educate consumers on their rights and offer grievance redressal mechanisms for issues related to measurement inaccuracies or violations.

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