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BUSINESS AND ECONOMY - July 2024

Jul 2024

Sep 17, 2025

Carlos Felipe Jaramillo Appointed as World Bank Vice President for East Asia and Pacific (EAP) Re...

In September 2025, the World Bank Group appointed Carlos Felipe Jaramillo as Vice President for the East Asia and Pacific (EAP) Region.
The appointment marked a significant shift in the Bank's regional operations, with Singapore now designated as the regional hub—reflecting the institution's broader decentralisation strategy to improve client services and on-the-ground support.
As EAP Vice President, Jaramillo will oversee partnerships with 23 countries and manage an active portfolio exceeding US$32 billion.

EPFO Officer Selected for World Bank-Milken PFAM Program

In 2025, Vivekanand Gupta, Regional Provident Fund Commissioner, has been selected to represent India and the Employees' Provident Fund Organisation (EPFO) in the prestigious Public Financial Asset Management (PFAM) Program 2025–26.
The program is jointly organised by the World Bank and the Milken Institute, and hosted at Bayes Business School, City, University of London.
This marked the first time an EPFO officer was chosen for this elite global program and the first-ever representation from India, establishing a landmark moment in public financial leadership and international engagement.
The nomination was facilitated through a rigorous selection process conducted by Pandit Deendayal Upadhyay National Academy of Social Security (PDUNASS)—EPFO's apex training institution.
By identifying and recommending Shri Gupta, PDUNASS has elevated EPFO's presence in the global arena and set a precedent for future institutional collaborations in investment governance, capital markets, and asset management.
The Public Financial Asset Management (PFAM) Program is a globally acclaimed leadership development initiative.

PNB Extends M. Paramasivam's Term as Executive Director

In September 2025, Punjab National Bank (PNB) extended the tenure of M. Paramasivam's as its Executive Director.
The decision, approved by the Department of Financial Services, Ministry of Finance, ensured leadership continuity at one of India's largest public sector banks.
His leadership has contributed to PNB's efforts in improving asset quality, expanding digital infrastructure, and aligning with government financial inclusion schemes.

CM Inaugurates SIDCO's Industrial Estate at Muththur Near Tirunelveli

Chief Minister M.K. Stalin, through video conference, inaugurated the Small Industries Development Corporation (SIDCO) new industrial estate at Muththur in Palaymkottai taluk.
Tirunelveli District Collector R. Sukumar, Palayamkottai MLA M. Abdul Wahab, and Deputy Mayor of Tirunelveli K.R. Raju lighted the traditional lamp at the site.

Sep 16, 2025

MEIL Secures Bid for India's First Private Strategic Petroleum Reserve

Megha Engineering & Infrastructures Ltd (MEIL) secured the contract from Indian Strategic Petroleum Reserves Ltd (ISPRL) to build India's first private-sector strategic petroleum reserve (SPR).
MEIL won the mandate to build and operate a 2.5 million metric tonnes (MMT) SPR at Padur in Karnataka.
The Rs. 5,700-crore project carries an estimated crude-oil filling cost of Rs. 11,020 crore at current prices.

L. Satya Srinivas Appointed as India's Executive Director at the Asian Development Bank

The government appointed L. Satya Srinivas, special secretary in the commerce ministry, as the executive director (ED) for India at the Asian Development Bank (ADB).
Srinivas, who was set to retire from government service in February 2026, would continue to serve as India's ED at the ADB on a contract basis after that.
He was appointed for a total of three years from the date of his assumption of charge or until further orders, whichever was earlier.
The decision was made by the Appointments Committee of the Cabinet.
Srinivas, a 1991-batch Indian Revenue Service officer, succeeded senior bureaucrat Vikas Sheel at the ADB. As India's ED, he would also represent Bangladesh, Bhutan, Laos, Tajikistan, and Turkmenistan on the ADB's board of directors.

Myntra Partners Sourav Ganguly to Launch Souragya Ethnic Wear Brand

Former Indian cricket captain Sourav Ganguly partnered with Myntra and launched "Souragya," a premium ethnic wear brand.
The collection, which debuted before Durga Puja, celebrated Indian craftsmanship with a contemporary twist and paid homage to Bengal's artistic and cultural heritage.
Souragya offered nearly 100 styles, including Kantha embroidery and Jamdani weaves, and aimed for national appeal.

Sep 15, 2025

PSB Manthan 2025: Banking Leadership, Regulators, Experts, Academicians Converge

The Department of Financial Services (DFS), Ministry of Finance, organised PSB Manthan 2025, a two-day programme that concluded in Gurugram.
The event, chaired by the Secretary of DFS, brought together the senior leadership of Public Sector Banks, along with regulators, industry experts, academicians, technologists, and banking practitioners.
In the opening remarks, the Secretary, Financial Services, underlined that Public Sector Banks have moved beyond the phase of survival and stability and are now positioned to play a larger role as champions of growth, innovation, and leadership in the journey towards Viksit Bharat 2047.

Sep 14, 2025

India Launches SAJEX 2025 in Jeddah to Strengthen Jewellery Trade with Saudi Arabia

The Gem & Jewellery Export Promotion Council of India (GJEPC), in association with the Consulate General of India in Jeddah, the Embassy of India in Riyadh, and India's Ministry of Commerce & Industry, launched the Saudi Arabia Jewellery Exposition (SAJEX) 2025.
The landmark event aimed at deepening India- Saudi trade ties while opening new channels across the GCC and global markets.
SAJEX 2025 was held in Jeddah Superdome from September 11-13, and hosted over 200 exhibitors across 250 booths and attract more than 2,000 business visitors and international buyers.
Exhibits ranged from diamond and colored gemstone jewellery to bridal collections, lab-grown diamonds, gold pieces in 18k, 21k, and 22k purities, as well as cutting-edge jewellery technology.

ICICI Bank, Amazon Pay Renew Partnership for Co-branded Credit Cards

Private sector lender ICICI Bank renewed its partnership with e-commerce giant Amazon's payment vertical, Amazon Pay, for their co-branded credit card offering "Amazon Pay ICICI Credit" for a further seven years.
The co-branded credit card by ICICI Bank and Amazon is the largest such offering in the country, with a customer base of over 5 million.
The e-commerce firm first partnered with ICICI Bank in 2018 for the card.

NIFT Patna and ABFRL signed an MoU to Empower Rural Women

The National Institute of Fashion Technology (NIFT) Patna under the Ministry of Textiles signed a Memorandum of Understanding (MoU) with Aditya Birla Fashion and Retail Limited (ABFRL) in the presence of Union Minister of Textiles Shri Giriraj Singh.
This initiative seeks to transform the lives of rural women by equipping them with industry-relevant skills and providing direct access to employment opportunities in Bihar's growing textile sector.

Sep 13, 2025

Srinivas Injeti Appointed Chairperson of NSE Governing Board with SEBI Approval

In 2025, a significant development for India's financial regulatory landscape, retired IAS officer Srinivas Injeti appointed as the Chairperson of the Governing Board of the National Stock Exchange (NSE).
The appointment, cleared by the Securities and Exchange Board of India (SEBI), underscored a strategic move to further strengthen governance and oversight in one of Asia's largest stock exchanges.
Srinivas Injeti, a 1983-batch Indian Administrative Service (IAS) officer, brought with him over four decades of experience across financial services, corporate governance, regulatory reform, and international diplomacy.
He is widely recognised for his tenure as Secretary, Ministry of Corporate Affairs, during which he led landmark reforms in company law, insolvency mechanisms, and corporate governance frameworks.
One of his most influential contributions was spearheading the implementation of the Insolvency and Bankruptcy Code (IBC), which transformed the way distressed companies were handled in India.

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