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BUSINESS AND ECONOMY - December 2024

Dec 2024

Mar 21, 2025

PhonePe Wealth Launches CRISP, Online Tool to Select Mutual Funds

PhonePe Wealth launched CRISP, a digital tool that will help investors make "well-informed decisions" in selecting mutual funds.
Mutual fund investments continue to rise, with the number of unique investors growing from 20 million in December 2019 to 53 million in December 2024, according to data from the Association of Mutual Funds in India (AMFI).
CRISP, short for consistency, risk and investment style of the portfolio, addresses this challenge by offering a "comprehensive framework" beyond merely analysing past returns.

IT Firm Happiest Minds Appoints Joseph Anantharaju as CEO, Co-Chairman

IT company Happiest Minds Technologies announced apex-level changes in its organisation structure, effective immediately.
Joseph Anantharaju was elevated to Co-Chairman and CEO of the Bengaluru-headquartered firm.
He will now head all business divisions of the company: Product & Digital Engineering Services (PDES), Infrastructure Management & Security Services (IMSS), and GenAI Business Services (GBS).
Earlier, he served as the executive vice chairman, president & CEO of the PDES Division up till now.
Its Chairman Ashok Soota will now take up an additional position as the Chief Mentor.
Venkatraman Narayanan will continue as the MD & CFO of Happiest Minds. He will head the finance, talent acquisition, internal IT, learning & development, ESG, CSR, procurement and administration teams.

TCS Signs 5-year Partnership with Air New Zealand to Modernise Digital Infra

Tata Consultancy Services (TCS) signed a five-year partnership with Air New Zealand to modernise the airline's digital infrastructure and position it at the forefront of artificial intelligence (AI)-driven innovation.
The collaboration aims to enhance Air New Zealand's digital capabilities, improve customer experience, and drive operational efficiencies across various aspects of its business, including fleet management, crew scheduling and ground services.

Mar 20, 2025

Deena Mehta Re-appointed as Independent Director of Fino Payments Bank

Fino Payments Bank (FPB) re-appointed Deena Mehta as an Independent Director for a second term from March 2025, to March 2028. A highly experienced finance professional, Mehta has made significant contributions to the Indian capital markets and has been associated with key reforms, including the implementation of the BOLT trading system at BSE and the establishment of Central Depository Services (CDSL). Her expertise in finance, securities law, and capital market operations makes her a valuable addition to the board of FPB.

Adani Group Partners with Indo-German Chamber of Commerce to Develop Industry-ready Skilled Talen...

Adani Group launched a nationwide initiative to strengthen India's workforce by introducing the country's largest 'Skill and Employ' program in support of the 'Make in India' campaign.
Through a strategic partnership with the Indo-German Chamber of Commerce (IGCC), the Adani Group aims to develop a skilled talent pool for industries such as green energy, manufacturing, high-tech sectors, project excellence and industrial design, among others.
Established in 1956, IGCC is a non-profit organisation and the largest German bi-national chamber abroad, as well as the largest chamber of commerce in India, with close to 4,000 member companies across diverse sectors.

IDFC FIRST Bank Launches ACE Feature on the Mobile Banking App

IDFC FIRST Bank unveiled Ace Feature on its premium Mobile Banking App, that provides relevant insights and tools to allow investors make an informed Mutual Fund investment decision. This feature aims to empower an individual with 'do-it-yourself' investing, digitally.
The ACE Feature on the IDFC FIRST Bank app provides rich and useful details on more than 2500 Mutual Funds in India. Investors can browse through various fund categories (like Equity, Debt, Tax-Saving, Hybrid, and Index funds) and choose the right need-based fund to build a diversified portfolio.

Mar 19, 2025

Bajaj Auto Reappoints Rajiv Bajaj, Invests Rs. 1,500 Crore in Credit Arm

Bajaj Auto has announced the reappointment of Rajiv Bajaj as Managing Director and CEO for another five-year term, effective April 1, 2025. Alongside this leadership decision, the company has infused Rs. 1,500 crore into its wholly-owned subsidiary, Bajaj Auto Credit Ltd (BACL), to support its projected asset growth for the financial year 2025-26. The capital injection aims to enhance BACL's regulatory compliance, capital adequacy, and overall financial stability

RBI and Bank of Mauritius Sign MoU to Promote Trade in Local Currencies

In a significant move to enhance bilateral trade and financial cooperation, the Reserve Bank of India (RBI) and the Bank of Mauritius (BOM) have signed a Memorandum of Understanding (MoU) to facilitate the use of the Indian Rupee (INR) and the Mauritian Rupee (MUR) for cross-border transactions.
The agreement will enable exporters and importers to settle transactions in their respective domestic currencies, reducing costs and improving efficiency. This initiative is expected to strengthen the economic and financial ties between India and Mauritius.

Mar 18, 2025

India's GDP to Reach $5.7 Trillion, Becoming Third Largest by 2028: Morgan Stanley

According to Morgan Stanley, India's GDP is projected to expand to $5.7 trillion by fiscal 2028, making it the third-largest economy in the world, surpassing Germany and Japan. Currently the fifth-largest economy, India is expected to overtake Japan by 2026 to become the fourth-largest. The country's share in global GDP is set to rise from 3.5% in 2023 to 4.5% in 2029, driven by strong macroeconomic policies, improved infrastructure, and a growing consumer market. The report also outlines different growth scenarios, with GDP potentially reaching $10.3 trillion by 2035 in a bullish case.
India is the fifth-largest economy at present after the US, China, Germany, and Japan in 2023. GDP is expected to rise from $3.5 trillion in 2023 to $4.7 trillion in 2026, overtaking Japan to become fourth-largest. By 2028, India will surpass Germany, reaching $5.7 trillion, making it the third-largest economy after the US and China.

Intel Appoints Lip-Bu Tan as CEO: A New Era for Semiconductor Leadership

Intel Corporation (Nasdaq: INTC) has announced the appointment of Lip-Bu Tan as its new Chief Executive Officer (CEO), effective March 18, 2025. This decision marks a significant leadership transition as Tan takes over from Interim Co-CEOs David Zinsner and Michelle (MJ) Johnston Holthaus. He will also rejoin Intel's board of directors after previously stepping down in August 2024.
Lip-Bu Tan, a veteran technology leader with deep experience in the semiconductor industry, has been appointed as Intel's CEO. His appointment comes at a crucial time as Intel looks to regain its competitive edge in the semiconductor market.

ADB Launches "Frontier Seed" to Boost Private Sector Growth and Ocean Impact in the Pacific

The Asian Development Bank (ADB) has launched the Frontier Seed (Pacific) programme to support local businesses, strengthen capital markets, and promote sustainable economic growth in the Pacific region. The initiative focuses on developing local industries and fostering inclusive and resilient economies. Under this programme, ADB has signed $200,000 technical assistance agreements with SeaPAC Pte Ltd, a prawn production company, and Kahuto Pacific, an aerial mapping firm, to help advance their respective industries.
The programme is backed by multiple international partners, including the Ocean Resilience and Coastal Adaptation (ORCA) Trust Fund, the Nordic Development Fund, and the United Kingdom Foreign, Commonwealth and Development Office (FCDO). With an initial commitment of $4 million, the initiative is expected to attract investors, create jobs, and enhance economic resilience in the region.

SBI to Launch Project Finance Unit for AI, Fintech, and E-Commerce

The State Bank of India (SBI), the country's largest public sector bank, is establishing a specialised unit to manage project financing for emerging industries such as artificial intelligence (AI), e-commerce, and fintech. This initiative is part of SBI's broader strategy to diversify its project finance operations beyond traditional infrastructure sectors. The bank aims to complete this project within a year and plans to recruit specialised professionals and appoint an external consultant for its execution.

Mar 17, 2025

LIC, New India Assurance, GIC Re Retain D-SIIs Status for 2024-25

The Insurance Regulatory and Development Authority of India (IRDAI) once again designated Life Insurance Corporation of India (LIC), The New India Assurance Company, and General Insurance Corporation of India (GIC Re) as Domestic Systemically Important Insurers (D-SIIs) for the year 2024-25. These insurers are considered critical to the stability of the Indian financial system due to their size, market importance, and interconnection with the domestic and global economy.
These insurers will be subjected to stricter regulatory measures to ensure financial stability and risk management.

N. Ganapathy Subramaniam Appointed as Chairman of Tata Communications

Tata Communications officially announced the appointment of N. Ganapathy Subramaniam (NGS) as the Chairman of the Board of Directors. This decision follows the recommendation of the Nomination and Remuneration Committee.
N. Ganapathy Subramaniam, widely recognised as NGS, has been an integral part of Tata Consultancy Services (TCS) for an impressive 40 years. He played a pivotal role in the company's growth, stepping down in May 2024 after serving as the Chief Operating Officer (COO) and Executive Director.

Valueattics Reinsurance Becomes India's First Private Reinsurer, Ending GIC Re's Monopoly

The Insurance Regulatory and Development Authority of India (IRDAI) granted Valueattics Reinsurance, backed by Prem Watsa and Kamesh Goyal, the first private reinsurance license in India. This development marks a significant step towards fostering competition in the reinsurance sector. So long GIC Re, a public-sector entity, was the only player in the field. The approval was granted during Debasish Panda's final board meeting as IRDAI Chairperson.

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