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BUSINESS AND ECONOMY - October 2024

Oct 2024

Apr 03, 2025

Mundra Port Becomes India's First to Handle 200 Million Tonne Cargo

Mundra Port, the flagship shipyard of Billionaire Gautam Adani-led Adani Ports, became the first India dockyard to handle over 200 million metric tonnes of cargo volume in 2024-25.
The port handled 200.7 MMT of cargo during FY25. During FY25, all the ports of APSEZ collectively handled 450.2 MMT cargo volume, a seven percent year-on-year growth compared to previous year.

Poonam Gupta Named as RBI's New Deputy Governor

The Reserve Bank of India (RBI) appointed Poonam Gupta as its new Deputy Governor, succeeding Michael Patra. With her vast experience in macroeconomic policy, international financial institutions, and central banking, Gupta's role at the RBI is expected to be crucial in shaping India's monetary and financial policies.
The Appointments Committee of the Cabinet has approved the appointment of Poonam Gupta, who is also a member of the Economic Advisory Council to the Prime Minister. Before leading the National Council of Applied Economic Research (NCAER), she served as the Lead Economist for Global Macro and Market Research at the International Finance Corporation. She has also been a professor at the Indian Council for Research on International Economic Relations and the Delhi School of Economics and a researcher at the International Monetary Fund (IMF).

Trump Slaps 26% Reciprocal Tariffs on India

In a move that could likely trigger a diversion of trade in favour of India, US President Donald Trump announced a 26 per cent reciprocal tariff on India, lower than the 34 per cent imposed on China and 46 per cent on Vietnam, both of which are among the top exporters to the US and key competitors in the American market.
Tariffs on India were also lower than those on several Asian peers, including 36 per cent on Thailand and 32 per cent on Indonesia—countries that have received significant investment from China and are increasingly integrating with the Chinese supply chain.
However, the tariffs imposed on India were higher than the 24 per cent duty on Japan, 25 per cent on South Korea, 24 per cent on Malaysia, 20 per cent on the European Union, and 10 per cent on the UK. Notably, Trump announced 32 per cent tariffs on Taiwan, a key chip manufacturing centre.

Cognizant Names Sailaja Josyula as Global Head of GCC Service Line

IT major Cognizant appointed Sailaja Josyula as Global Head of its Global Capability Center (GCC) Service Line.
Based in Hyderabad, she will oversee the definition and execution of Cognizant's global GCC strategy, establishing and leading a cross-functional team.
With her extensive experience and proven track record, Sailaja's leadership will boost the ability to build and scale GCCs, delivering great value for our clients.

Salila Pande Appointed as MD & CEO of SBI Card

SBI Cards appointed Salila Pande as its new Managing Director (MD) & Chief Executive Officer (CEO).
Her appointment marks the beginning of a new leadership phase for the company as it continues to expand its footprint in India's growing credit card market. With nearly three decades of experience in the banking sector, Salila Pande brings a wealth of knowledge and leadership skills that will drive the company's future growth.
Salila Pande has had a distinguished career with the State Bank of India (SBI), spanning nearly 30 years. Her expertise in retail banking, credit services, and financial management positions her as an ideal leader for SBI Card.

Pidilite Appoints Sudhanshu Vats as MD and Kavinder Singh as joint MD

The board of directors of Pidilite approved the appointment of Sudhanshu Vats as Managing Director and Kavinder Singh as joint Managing Director.
The changes will be effective from April 10 after the completion of the current term of Managing Director Bharat Puri.
The board also appointed Puri as non-executive and non-independent director of the board of the company for a term of three years.

Apr 02, 2025

Renault to Acquire Nissan's Stake in India Manufacturing Unit

Renault Group announced that it will acquire the remaining 51% stake in Renault Nissan Automotive India Private Ltd (RNAIPL) from Nissan Motor Corp, making it the sole owner of the manufacturing facility in Chennai, India. This move came after a 2023 agreement in which Renault and Nissan jointly invested $600 million to develop six new models for the Indian market.

Sunil Mathur New Chairman of Siemens Energy India

Siemens Energy India appointed a new board of directors as the company transitioned into an independent entity following its demerger from the German conglomerate Siemens Limited.
Sunil Mathur, Managing Director and Chief Executive Officer of Siemens Limited, was named Chairman of Siemens Energy India. Guilherme Mendonca, who previously headed Siemens Limited's energy business, took over as Managing Director and Chief Executive Officer, while Harish Shekar, former finance head of the same unit, assumed the role of Executive Director and Chief Financial officer.

Ambuj Chandna Joins DBS Bank India as MD & Head of Consumer Banking Group

Kotak Mahindra Bank's old-timer Ambuj Chandna joined DBS Bank India as MD and Head of Consumer Banking group. Chandna was earlier President and Head of Consumer Bank (Products) at Kotak Mahindra Bank. He moved from Kotak Bank after being associated with the bank for over 16 years.
Chandna replaced Prashant Joshi, who joined DBS Bank in August 2020.

L&T Technology Services Bags Euro 50 Million Deal with European Automaker

L&T Technology Services (LTTS) signed a deal worth Euro 50 million with a European automotive company, which will help it gain traction in the mobility business.
The deal focuses on the development and operation of next-generation software platforms tailored to both current and upcoming vehicle models. It also involves setting up a development centre, which will play a critical role as part of the client's global right-shoring strategy.

The Reserve Bank of India Celebrates 90 Years

The Reserve Bank of India (RBI) marked its 90th anniversary in 2025, commemorating nine decades of financial governance, economic stability, and monetary policy regulation in India. Established on April 1, 1935, under the Reserve Bank of India Act, 1934, the RBI has played a pivotal role in shaping India's financial landscape. The event celebrates the central bank's journey, achievements, and future roadmap in an era of digital banking and financial inclusion.
Initially, it was a privately owned institution, but in 1949, it was nationalised, giving the government full control over monetary policies.
The first Governor of RBI was Sir Osborne Smith, while Sir C.D. Deshmukh was the first Indian Governor.
RBI introduced the Monetary Policy Committee (MPC) in 2016 to ensure transparent decision-making.

Apr 01, 2025

FM Launches "NITI NCAER States Economic Forum" Portal

Finance Minister Nirmala Sitharaman launched the "NITI NCAER States Economic Forum" portal in New Delhi.
NITI Aayog, in collaboration with the National Council of Applied Economic Research (NCAER), has developed a portal which is a comprehensive repository of data on social, economic and fiscal parameters, research reports, papers, and expert commentary on State Finances for a period of about 30 years (i.e. 1990-91 to 2022-23).

Aditya Birla to Sell Paper Unit to ITC

The board of directors of Aditya Birla Real Estate Ltd (ABREL), belonging to the Aditya Birla Group, approved the business transfer agreement for divestment of its pulp and paper undertaking situated in Lalkuan, Uttarakhand by way of a slump sale to ITC Ltd.
The transfer of the business will be for a lump-sum cash consideration of Rs. 3,498 crore.
The divestment of the pulp and paper undertaking is a value unlocking exercise for ABREL. It will further enable the company to pursue growth opportunities in its core business.

Croma Appoints Shibashish Roy as new CEO and MD

Tata Group retail chain Croma announced the appointment of Shibashish Roy as its new Chief Executive Officer & Managing Director, effective April 1.
Roy was named CEO in November 2024 and worked alongside outgoing Managing Director Avijit Mitra during a transition period that concluded in March 2025.
Roy has over 20 years of experience in Tata Group companies and has been instrumental in expanding Croma's market presence and improving its customer service approach across different sales channels.

Mar 31, 2025

N. Chandrasekaran Joins IMF Advisory Council on Entrepreneurship & Growth

Tata Sons Chairman N. Chandrasekaran joined the International Monetary Fund's (IMF) Advisory Council on Entrepreneurship and Growth, IMF Managing Director Kristalina Georgieva announced. The Council, comprising leaders from business, finance, academia, and policymaking, will advise on policies to stimulate innovation, entrepreneurship, and productivity-led growth.

Bank of Baroda Goes Live with PM-Vidyalaxmi Scheme

Bank of Baroda went live with the new Pradhan Mantri Vidyalaxmi (PM-Vidyalaxmi) Scheme to provide financial support to meritorious students.
The PM-Vidyalaxmi Scheme is an initiative by the central government for students seeking financial assistance to pursue higher education and to ensure that financial constraints do not deprive the youth of India from pursuing quality higher education.
The PM-Vidyalaxmi Scheme is a special loan product that enables collateral-free, guarantor-free education loans, made accessible through an entirely digital application process.

Mar 30, 2025

India's Current Account Deficit (CAD) Rises to 1.1% of GDP in Q3 FY25

India's current account deficit (CAD) widened to $11.5 billion (1.1% of GDP) in Q3 FY25 (Oct-Dec 2024) due to a higher merchandise trade deficit, according to the Reserve Bank of India (RBI). However, CAD moderated from $16.7 billion (1.8% of GDP) in Q2 FY25. Foreign exchange reserves have increased by $311 billion since December 2018, marking the largest jump under any RBI Governor.
The balance of payments (BoP) saw a depletion of $37.7 billion, contrasting with an accretion of $6 billion in Q3 FY24. The full-year CAD for FY25 is expected to be around 0.8% of GDP.

Vedanta Extends Demerger Deadline Till September 30, Cites Pending Govt, NCLT Approvals

Vedanta has extended the deadline of the demerger of its businesses from March 31, 2025 to September 30, 2025 citing pending approvals from government authorities and National Company Law Tribunal (NCLT).
The company announced about the development late on Friday. Shares of Vedanta had ended at Rs 462.90 on the NSE, down by Rs 9.45 or 2%.
The mining conglomerate is looking to demerge its businesses - aluminium, oil & gas, power and steel- as separate entities.

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