The Association of Indians in America (AIA) NY chapter hosted its Annual Gala led by Dr. Jagdish K. Gupta, aiming to raise funds for the 37th Deepavali Fest and the ‘AIA-Educational Project.’ The Gala gathered 200 community members, including past presidents and Advisory Board of Trustees members, on June 2, 2024, at Leonard’s Palazzo Exquisite Banquet Hall. Honorable Senate Majority Leader Chuck Schumer graced the event as Chief Guest of Honor, lauding India-US ties and recognizing Indian contributions to education and healthcare. New York State Assemblyman David Weprin, an esteemed guest, highlighted his support for the Indian community and cultural…
Author: Akancha Mishra
Akancha Mishra
Akancha has been a journalist for about twenty years, and she has a Bachelor of Arts in English Honors and a Master's Degree in Mass Communication from the Indian Institute of Mass Communication. She and her husband and children Supriya and Alok currently call New York City home.
JPMorgan Chase (JPM.N) taps former PayPal executive Sri Shivananda as its latest CTO, with a focus on maximizing its $17 billion technology budget. Shivananda, set to begin later this month, replaces A.J. Lang, who is retiring. He will report to Lori Beer, the bank’s global chief information officer (CIO), who is also a member of the operating committee. Beer stated that Shivananda’s history of business growth and innovation positions him well to address JPMorgan’s complex technological challenges. Additionally, Beer recently brought in two senior leaders from Amazon: Manoj Sindhwani as CIO for the chief data and analytics office in April,…
In accordance with India’s enduring commitment to its ‘Neighbourhood First’ policy and the ‘SAGAR’ vision, leaders from neighboring nations and the Indian Ocean region have been invited as distinguished guests to Prime Minister Narendra Modi’s swearing-in ceremony on Sunday. These dignitaries include heads of state from Sri Lanka, Maldives, Bangladesh, Mauritius, Nepal, and Bhutan. The Ministry of External Affairs (MEA) announced that they have all accepted the invitations. The ceremony, scheduled for June 9, 2024, follows the General Elections 2024. The MEA highlighted the event’s significance, stating it underscores India’s priority to its ‘Neighbourhood First’ policy and ‘SAGAR’ vision. In…
The USA pulled off a monumental upset in the T20 World Cup with a thrilling Super Over victory against Pakistan in Texas. The match extended to a Super Over after both teams scored 159 runs in their allotted 20 overs at Grand Prairie Stadium. Co-hosts and debutants USA managed to tie Pakistan’s score by scoring 14 runs in the final over. In the Super Over, the USA batted first and set a tough target by scoring 18 for one. Aaron Jones added 11 runs before getting run out, with an additional seven runs from extras. Pakistan’s Iftikhar Ahmed managed five…
US President Joe Biden extends congratulations to Indian Prime Minister Narendra Modi and his National Democratic Alliance (NDA) for their election victory, securing 293 seats in the 543-member parliament, enough to form a government. Biden, in a post on X (formerly Twitter), underscores the growing friendship between the two nations and their shared future potential. Meanwhile, British Prime Minister Rishi Sunak conveys his congratulations to Modi during a telephone call, wishing him success for his third term. Sunak emphasizes the strong friendship between the UK and India, expressing optimism about its continued prosperity under Modi’s leadership. French President Emmanuel Macron…
Credit rating agency ICRA has recently revised its forecast for steel demand growth in the current fiscal year, increasing its estimate to 9-10%. This upward revision reflects the strong performance of the sector in recent months, with domestic steel consumption registering a growth of 11.3% between February and April 2024. According to ICRA, the steel industry has experienced its fastest growth in three years, driven by robust government capital expenditure and strong demand from other sectors such as housing and real estate. The agency’s report highlights that the steel industry has seen significant growth in recent years, with a consumption…
In May, Unified Payment Interface (UPI) transactions surged to a record high, processing 14.04 billion transactions valued at US$ 246.15 billion (Rs. 20.45 trillion). This marks a 6% increase in volume compared to April, which saw 13.30 billion transactions, and a 4% rise in value from US$ 236.40 billion (Rs. 19.64 trillion). Data from the National Payments Corporation of India (NPCI) revealed that May’s figures soared by 49% in volume and 39% in value compared to May 2023, signaling the highest transaction volume and value since UPI’s inception in April 2016. Meanwhile, the Immediate Payment Service (IMPS) experienced a slight…
Raj Chetty, a renowned Indian American economist, was recently honored with an Honorary Doctor of Humane Letters by Wesleyan University, a private liberal arts institution in Middletown, Connecticut. During his speech to the Class of 2024 at Wesleyan’s 192nd Commencement ceremony, Chetty highlighted his research on how opportunity disparity affects social mobility. He commended Wesleyan for its leadership in expanding access to higher education. “When a child moves to a neighborhood with better schools or attends a high-quality college, their lives are transformed compared to other kids who didn’t have the same opportunities,” Chetty remarked. “Opportunity matters, and education is…
India’s largest banks are expected to enhance their asset quality this fiscal year, driven by record-breaking net incomes that are bolstering their balance sheets and improving underwriting standards, as reported by S&P Global Market Intelligence. The combined nonperforming loans (NPLs) of the three largest private and three largest public banks declined to $41.76 billion (Rs. 2.48 trillion) for the 12 months ending March 31, representing an 11% reduction from the previous year’s $33.47 billion (Rs. 2.79 trillion). This improvement occurred despite a 56.8% rise in HDFC Bank Ltd.’s NPLs following its merger with Housing Development Finance Corp. Ltd. Major Indian…
Morgan Stanley, in its recent report titled ‘2024 Global Economic Midyear Outlook,’ suggests that India’s robust growth, already evident and accelerating, may become more widespread across both consumer and business spending sectors. The firm attributes India’s strong growth to three key megatrends: global offshoring, digitalization, and energy transition. The investment bank forecasts a growth rate of 6.8 percent in 2024, slightly below the Reserve Bank of India’s projection of 7 percent, and anticipates a growth rate of 6.5 percent the following year. It predicts that inflation will remain within policymakers’ comfort zone. While retail inflation in India stood at 4.83…
