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BUSINESS AND ECONOMY - December 2024

Dec 2024

Jan 21, 2026

UP signs MoUs at Davos on clean energy, AI and defence

Uttar Pradesh secured MoUs worth ₹9,750 crore at the World Economic Forum in Davos, signaling a push toward clean energy, artificial intelligence and defence manufacturing. The state delegation, led by finance and parliamentary affairs minister Suresh Khanna, engaged with investors through Invest UP. Key deals include an ₹8,000 crore waste-to-energy project by SAEL Industries, ₹1,600 crore from Sify Technologies for an AI-ready data centre and an AI City in Noida, and ₹150 crore with Yeoman for defence systems. The government anticipates further MoUs in AI, quantum computing and renewable energy moving ahead.

UP MoUs at Davos total ₹9,750 crore.
Major deals: waste-to-energy (₹8,000 crore), AI data centre and AI City (₹1,600 crore).
Defence manufacturing agreement with Yeoman (₹150 crore).
Invest UP leads the state’s investment promotion efforts.

Palantir inks deal with HD Hyundai worth hundreds of millions

Palantir Technologies has clinched a deal to supply software to HD Hyundai, boosting the U.S. firm’s presence in Korea’s heavy-industries sector. The agreement, reportedly valued at hundreds of millions of dollars over multiple years, will enhance data analytics and digital capabilities across Hyundai’s shipbuilding and manufacturing operations. Reuters cited anonymous sources for the figure. Company executives described the partnership as a strategic milestone in advancing industrial digital transformation in Korea, positioning Palantir as a preferred provider for large-scale data integration, analytics, and operational optimization in critical manufacturing sectors.

Palantir signs multi-year software deal with HD Hyundai.
Deal value described as hundreds of millions of dollars (per Reuters).
Aims to boost data analytics and digital capabilities in heavy industries.
Strengthens Palantir’s role in Korea’s manufacturing ecosystem.

Maharashtra signs MoUs worth ₹14.5 lakh crore at Davos

Maharashtra signed 19 memorandums of understanding worth ₹14.5 lakh crore on day one at the World Economic Forum in Davos. Investments span green energy, food processing, steel manufacturing, IT-ITES, data centres, electric vehicles, shipbuilding and digital infrastructure. The government said the deals could create about 15 lakh jobs in the state over time. Chief Minister Devendra Fadnavis announced that more MoUs are expected in AI, quantum computing, digital infrastructure, FinTech and renewable energy over the next two days, underscoring the state’s ambition to attract large-scale investment and technological shifts.

19 MoUs worth ₹14.5 lakh crore signed at Davos (WEF 2026).
Sectors include green energy, steel, EVs, data centres and IT-ITES.
Estimated job potential: about 15 lakh in the state.
Additional MoUs expected in AI, quantum computing, digital infra and renewables.

Hyderabad to host L’Oréal’s beauty-tech GCC

Hyderabad will host L’Oréal’s global beauty-tech Global Capability Centre (GCC) in Telangana. The state government plans to invest to set up the GCC with beauty technology as a niche area later this year. L’Oréal Chief Executive Officer Nicolas Hieronimus discussed the project with Chief Minister A. Revanth Reddy during a Davos meeting, confirming continued collaboration. The Telangana GCC will focus on product development, digital services and innovation in beauty tech, strengthening the state’s role in the global cosmetics market. The project aligns with Telangana’s broader push to attract high-value knowledge-based industries and create skilled employment.

Telangana to host L’Oréal beauty-tech GCC in Hyderabad.
Investment planned to establish the GCC this year.
Nicolas Hieronimus discussed the project with CM in Davos.
GCC focus: product development, digital services, beauty tech innovation.

India ranks sixth in Asia Manufacturing Index 2026

India ranks sixth among 11 Asian economies in the Asia Manufacturing Index (AMI) 2026, released by Dezan Shira & Associates. The report places India behind Malaysia, which moved to second, with Vietnam slipping to third. Singapore rises to fourth, while South Korea sits at fifth among developed economies. The AMI assesses eight pillars and 43 sub-parameters of manufacturing competitiveness, highlighting regional shifts and competition. The 2026 edition underscores the need for stronger policy support, infrastructure and investment momentum in India to close the gap with top regional players and sustain output growth across sectors.

AMI 2026 ranks India sixth among 11 Asian economies.
Malaysia ahead of India; Singapore and Korea among top three/five.
AMI evaluates eight pillars and 43 sub-parameters of manufacturing.

Raymond Lifestyle appoints Satyaki Ghosh as CEO

Raymond Lifestyle Limited announced on 21 January 2026 the appointment of Satyaki Ghosh as Chief Executive Officer, marking a key leadership change as the apparel maker pursues its next growth phase. Ghosh brings more than 25 years of experience across FMCG, textiles, retail and consumer businesses. He joins from the Aditya Birla Group, where he most recently led the Cellulosic Fashion Yarn division at Grasim Industries, guiding a large manufacturing operation with emphasis on efficiency and sustainability. Earlier at Aditya Birla, he headed Domestic Textiles and oversaw the Thai Acrylic Fibre business. In earlier years, he spent seven years with L’Oréal India in senior roles, including as Director of the Consumer Products Division, managing brands such as L’Oréal Paris, Garnier and Maybelline.

Satyaki Ghosh appointed CEO of Raymond Lifestyle; effective 21 January 2026.
Over 25 years’ experience across FMCG, textiles, retail and consumer sectors.
Most recently led Grasim’s Cellulosic Fashion Yarn as part of Aditya Birla Group.
Formerly headed Domestic Textiles and Thai Acrylic Fibre businesses within the group.
Earlier career includes seven years at L’Oréal India in senior roles.
Aims to steer Raymond Lifestyle through its next growth phase.

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.

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