Author: Bhakti Narayanan

Reserve Bank of India Governor, Mr. Shaktikanta Das, commended the substantial recovery of the Indian banking and financial sector following the Covid pandemic. Speaking at the Mint BFSI Summit in Mumbai, he highlighted the pivotal role played by the Indian banking system in the country’s recent economic achievements. Emphasizing its resilience, Mr. Das stated that the system is now well-prepared to actively contribute to India’s growth story in the upcoming years. Preserving the trust built over time in the banking and financial sector was underscored as crucial for India’s economic resilience and recovery. Addressing the commitment to maintain this trust,…

Uttar Pradesh Chief Minister Yogi Adityanath directed the closure of educational institutions on January 22 for the Ram Temple ‘Pran Pratishtha’ ceremony, declaring it a holiday. He also announced the closure of liquor shops on this day, considering the event as a “national festival.” The state government, under CM Yogi’s leadership, is preparing for a smooth transportation experience for devotees during the ceremony. Taxi and tourist bus reservations will be arranged as needed, with instructions for safe driving, uniform wearing, and cleanliness. The government aims to prioritize convenience and safety during this significant event in Ayodhya. Transport Commissioner Chandra Bhushan…

Chef Robotics has strategically appointed Somudro Gupta, formerly the head of autonomous vehicle engineering at Embark Trucks, as its head of software, aiming to advance the integration of artificial intelligence (AI) in the food industry. Gupta, with a significant role in the development of autonomous vehicle technology during his five-year tenure at Embark, previously served as the US Motion Planning Lead for Jack, a self-driving Audi A7, at the Volkswagen Electronics Research Laboratory. Expressing enthusiasm about his new role, Gupta highlighted his experience in autonomous driving, emphasizing its applicability to deploying intelligent robots in the real world. He believes that…

The National Statistical Office (NSO) has presented an optimistic growth projection of 7.3% for the Indian economy in the fiscal year 2023-2024. This surpasses the Reserve Bank of India’s estimate of 7% and relies on the expectation of a recovery driven by investments in the fifth-largest global economy. The forecast stands higher than the prevailing Street estimates, where most economists anticipate a GDP growth ranging between 6.5% and 6.7% for the ongoing financial year, following a 7.2% expansion in FY23. Data released on November 30, 2023, indicates significant growth in the first half of FY24, with the Indian economy expanding…

Sumit Jamuar, a British-Indian biotech trailblazer, has been appointed as the Chairman of Rainforest Partnership, a US-based climate action non-profit, effective from January 5, 2024. This announcement coincided with World Rainforest Day on June 22, 2023, where Jamuar, an IIT Delhi alumnus, was already serving as the vice chair and board member since December 2022. Graduating in 1999 with a B Tech degree, Jamuar co-founded Global Gene Corp and served as its Chairman and CEO from July 2012 to May 2022. With a diverse background, he also contributed to the banking industry, holding positions at Lloyds Banking Group and SBICAP…

In the initial three quarters of FY24, Limited Liability Partnerships (LLPs) saw a remarkable 54% year-on-year surge, contrasting sharply with the modest 4% increase in company registrations during the same period, according to official data. A senior government official attributed this substantial growth in LLP registrations to the resilient prospects of services exports, which have remained strong despite a slowdown in global goods shipments amid a worldwide economic deceleration. Additionally, the official noted a noteworthy resurgence in domestic services trade during the current fiscal year. Ministry of Corporate Affairs (MCA) data reveals record highs in registrations with 42,524 LLPs and…

Indian pharmaceutical companies are projected to experience a revenue expansion of 9-11% in the fiscal year 2024, as indicated by a recent report from credit rating agency ICRA. The expected growth is linked to a resurgence in the US market, strategic acquisitions, and the introduction of new products. The crucial US market is anticipated to contribute 11-13% to the overall growth in FY2024. Despite brief challenges from price controls and weather uncertainties, the domestic market is forecasted to grow by 7-9% in FY2024, fueled by price hikes and the launch of new products. ICRA’s outlook is based on a sample…

A recent report by Media Partners Asia (MPA) reveals that India’s video industry revenues have surged to US$ 13 billion, surpassing Korea and Australia but trailing behind China and Japan in the Asia-Pacific region. The forecast anticipates further growth, reaching US$ 17 billion by 2028. In 2023, the Asia-Pacific video sector experienced a 5.5% growth, amounting to US$ 145 billion. Notably, online video sales demonstrated a significant 13% increase, totaling US$ 57 billion. In contrast, TV revenues exhibited modest growth, just under 1%, aggregating to US$ 98 billion, according to MPA, a reputable provider of advisory, consulting, and research services…

In Counterpoint’s 2023 report concerning the global premium smartphone market, a notable projection highlights that China, India, the Middle East, Africa, and Latin America are on the brink of achieving unprecedented sales records in the premium segment. Particularly noteworthy is the anticipation of India becoming the fastest-growing premium market globally. The report underscores that this surge is predominantly fueled by the ultra-premium category, representing smartphones priced at $1,000 and above, constituting more than a third of total premium market sales in 2023. A discernible shift in consumer buying behavior within the smartphone market is evident. Recognizing the integral role smartphones…

Preparations are underway in the Manesar factory, Haryana, to create history with a proposed 823-feet-tall statue of Lord Ram for Ayodhya. Sculptor Naresh Kumawat has been commissioned for this monumental project, aiming to set a world record as the tallest statue. The statue, weighing 13000 tonnes, is planned for installation on the banks of the Sarayu River in Ayodhya. If approved, this statue of Lord Ram could potentially become the world’s tallest, surpassing the current record held by the 790 feet Statue of Unity in Kevadia, Gujarat. In contrast to the Statue of Unity, which had a significant portion made…