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BUSINESS AND ECONOMY - March 2025

Mar 2025

May 08, 2026

Thomas Cook India, SOTC Sign MoU with Vinpearl for Vietnam travel partnership

Thomas Cook (India) Limited, along with its group company SOTC Travel, signed a memorandum of understanding with Vinpearl, Vietnam’s hospitality, tourism, and entertainment brand. The MoU, signed by Abraham Alapatt, President & Group Head – Marketing, Service Quality, Value Added Services & Innovation, and Vinpearl Chief Executive Ngo Thi Huong, aims to position Vinpearl as the preferred Vietnam partner for Indian travellers, offering inventory and priority availability. The collaboration will enhance travel experiences by bundling SOTC’s market leadership with Vinpearl’s destination portfolio. It also marks Vinpearl’s first investment in India's travel and tourism sector, laying a foundation for a broader Indian tourism ecosystem. Prime Minister Narendra Modi will visit Gujarat on 10-11 May 2026 to participate in Somnath Amrut Mahotsav.

MoU between Thomas Cook India, SOTC Travel and Vinpearl signed.
Abraham Alapatt and Ngo Thi Huong signed the agreement.
Vinpearl to be the preferred Vietnam partner for Indian travellers.
Exclusive inventory and priority availability promised.
Vinpearl’s first investment in India’s travel sector announced.
PM Modi to visit Gujarat on 10-11 May 2026 for Somnath Amrut Mahotsav.

May 07, 2026

Solex Energy to invest Rs 4,000 crore in Gujarat for solar and BESS

Solex Energy announced a Rs 4,000 crore investment to establish an integrated solar cell manufacturing facility and a 10-GW battery energy storage system (BESS) project in Gujarat. The MoU with the Gujarat government envisions a large-scale renewable energy manufacturing ecosystem, including a 5-GW solar cell facility (phased as 2 GW in phase one and 3 GW in phase two) and a 10-GW BESS project. The project aims to position Gujarat as a global clean-tech hub, create substantial employment opportunities and accelerate India’s renewable energy ambitions. Solex Energy executive chair Chetan Shah described the agreement as a commitment to India’s sustainable energy future.

Total planned investment: Rs 4,000 crore.
Projects: 5-GW solar cell facility and 10-GW BESS in Gujarat.
First phase: 2 GW solar cells; second phase: 3 GW.
Aims to establish Gujarat as a clean-tech manufacturing hub.
Expected employment and industrial growth benefits.

Kumar Mangalam Birla named Non-Executive Chairman of Vodafone Idea

Kumar Mangalam Birla, chair of the Aditya Birla Group, has been appointed as the Non-Executive Chairman of Vodafone Idea Limited, with the role effective from 5 May 2026. Ravinder Takkar steps down as Non-Executive Chairman and will serve as Non-Executive Vice Chairman. The leadership change signals a renewed strategic push to strengthen VI’s operations in a highly competitive Indian telecom market. Birla’s long-standing business experience across multiple sectors is expected to influence long-term revival plans and investor confidence for the flagship telecom operator, which has faced market and financial pressures in recent years.

Birla appointed as Non-Executive Chairman; effective 5 May 2026.
Ravinder Takkar moves to Non-Executive Vice Chairman role.
Prompts a renewed strategic focus for Vodafone Idea.
Birla’s Aditya Birla Group leadership connections highlighted.
Industry analysts expect potential improvements in investor sentiment.

May 06, 2026

L&T to Develop Coal‑to‑Ammonium Nitrate Project

Larsen & Toubro (L&T) will develop a coal‑to‑ammonium nitrate project in Odisha. Ammonium nitrate is a white crystalline salt used primarily as a nitrogen fertiliser and in regulated industrial applications. The coal‑to‑chemicals route involves coal gasification to produce synthesis gas, which is then converted into ammonium nitrate. Odisha has rich mineral resources and large industrial clusters in steel, power, fertilisers and minerals, making it a strategic site for such projects. The plan aligns with India’s evolving energy and industrial policy, as producers explore alternative feedstocks and value‑added chemicals to drive growth in manufacturing and agriculture sectors.

Location: Odisha, India
Process: coal gasification to produce ammonium nitrate
Ammonium nitrate uses: fertiliser and industrial explosive
Odisha’s mineral and industrial landscape
Strategic fit with India’s manufacturing goals

May 05, 2026

NSE launches Electronic Gold Receipts to modernize gold trading

The National Stock Exchange (NSE) has launched Electronic Gold Receipts (EGRs) as a market instrument for gold trading in India. EGRs are electronic records that represent ownership of gold stored in a vault or approved depository, backed by physical gold. They are tradable on recognized stock exchanges and linked to vaulting, assaying, and settlement mechanisms under a regulated framework. EGRs enable dematerialised gold holdings and form part of a broader gold market framework alongside physical gold, gold ETFs, and sovereign gold bonds. The move aims to increase transparency, standardisation, and liquidity in India's gold market.

EGRs are electronic ownership records of gold.
Backed by physical gold; tradable on exchanges.
Part of India's broader gold market reforms.
Linked to vaulting, assay, and settlement processes.
Aims to improve transparency and liquidity.

India allows 100% FDI in insurance sector under automatic route

The government notified amendments to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 on 2 May 2026, enabling 100% foreign direct investment in Indian insurance companies and intermediaries via the automatic route. This liberalisation eliminates the need for prior government approval, while maintaining regulatory oversight to ensure transparency and stability. The move is part of a broader strategy to deepen India’s financial openness, attract capital and expertise, and boost product and service quality in the insurance sector. Officials emphasise that strengthened regulation will accompany greater foreign participation and competition across insurers and intermediaries.

FDI up to 100% allowed in insurance sector under automatic route
Amendments dated 2 May 2026 to FEMA Non-debt Instruments Rules 2019
No prior government approval required for eligible investments
Regulatory oversight retained to ensure transparency and stability
Aims to attract capital, expertise and boost sector competitiveness

Bengaluru tops Savills’ global fastest-growing cities ranking through 2035

Bengaluru has been ranked the world’s fastest-growing major city through 2035 in Savills’ Growth Hubs Index, part of its Resilient Cities program. The index evaluated 245 cities globally on projected GDP growth, personal wealth, demographics, inward migration, and high-income households. Asia-Pacific cities accounted for about three-quarters of the top 50, reflecting rising demand across housing, office space, and transport infrastructure. India features several top-20 cities, underscoring the country’s rapid urban and economic expansion. Bengaluru’s top ranking is attributed to its talent pool, global capability centres, and role as a technology and innovation hub.

Bengaluru named world’s fastest-growing major city to 2035
Savills Growth Hubs Index evaluated 245 cities
Top factors: GDP growth, wealth, demographics, migration, high-income households
Asia-Pacific cities dominate top rankings
India has multiple top-20 cities; Bengaluru highlights tech strength

May 04, 2026

Rohit Jain appointed RBI Deputy Governor

The Appointments Committee of the Cabinet has approved Rohit Jain as Deputy Governor of the Reserve Bank of India. He will serve a three‑year term from the date of joining on or after 3 May 2026, succeeding T. Rabi Sankar whose extended tenure ended in 2025. Jain presently serves as RBI Executive Director, a position he has held since December 2020. With almost three decades in the central bank, his portfolios have included banking supervision, financial regulation, and institutional oversight. The appointment reinforces leadership continuity at the RBI and supports ongoing work across monetary policy, financial stability, and payment systems.

Rohit Jain appointed RBI Deputy Governor by the ACC.
Term: three years from joining on/after 3 May 2026.
Succeeds T. Rabi Sankar; Sankar’s tenure ended after extensions.
Jain has been RBI Executive Director since December 2020.
Focus areas include banking supervision and financial regulation.

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