The Reserve Bank of India approved a one-year reappointment of Sumant Kathpalia as MD and CEO of IndusInd Bank, effective March 2025, reducing the tenure initially proposed by the board. Kathpalia, with 37 years of experience, has led initiatives in balance sheet strengthening, digital transformation, and governance improvements.
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Wipro CEO Srini Pallia showcased their cloud car ecosystem powered automotive prototype in Bengaluru, highlighting the company's advancements in software-defined vehicles (SDV). The AI-driven solutions aim to set new benchmarks in the automotive sector, emphasizing durability, performance, and sustainability. This platform offers automakers an integrated, cloud-native software solution with robust cybersecurity, enabling faster innovation at reduced costs.
HSBC has downgraded India's outlook to 'Neutral' from 'overweight', setting a target of Rs 85,990 for 2025 for BSE Sensex. The firm cites lower corporate profits and high valuations as key concerns.
The IT industry has undergone notable leadership changes over the past two years, with significant shifts at companies like Wipro, Infosys, and Tech Mahindra. Key executives have been replaced, often with internal promotions. Succession planning strategies and new CEO hires have influenced these transitions.
The rupee hit a lifetime low of 85.84 against the dollar, closing at 85.83, despite RBI intervention. The drop was influenced by a strong dollar, poor capital flows, and weak equity markets. Foreign investors withdrew $1.1 billion in January, and broader economic concerns, including rising US bond yields and HMPV virus fears, added to the pressure.
Finance Minister Nirmala Sitharaman addressed concerns about India's economic slowdown, calling the second-quarter dip a "temporary blip." She highlighted the country's strong average growth rate of 8.3% over the past three years and emphasized the government's commitment to managing inflation, citing recent positive trends and supply-side measures.
Shaktikanta Das, concluding his six-year term as India's central bank governor, navigated the RBI through a pandemic and digitization, defying initial skepticism. Despite lacking formal economic training, he prioritized financial stability, built up forex reserves, and fostered a modern digital payments system. His successor, Sanjay Malhotra, inherits a strong foundation but faces global market uncertainties.
Budget 2025 income tax: Recognizing the contributions of the middle class and with an objective to eventually phase out the old tax regime, various changes have been introduced in the new tax regime. The basic exemption limit has been increased from INR 3 lakhs to INR 4 lakhs.
Banks will be closed in Gujarat, Mizoram, Maharashtra, Karnataka, Madhya Pradesh, Tamil Nadu, Rajasthan, Uttar Pradesh, West Bengal, New Delhi, Chhattisgarh, and Jharkhand on April 10, 2025.
India has raised concerns regarding issues faced by its milk exporters in Nepal. In response, Nepal has agreed to consider facilitating the import of specific milk products like whey and cheese that are not adequately produced in Nepal. The two nations also discussed amendments to trade agreements, development of trade infrastructure, and various other trade-related issues.
Indian startups saw a funding revival in 2024, reaching $11.3 billion, slightly up from $10.7 billion in 2023. While VC firms have ample capital, they are cautiously deploying funds, prioritizing profitability and strong governance. Zepto led funding with $1.4 billion, but overall deal closures were uneven throughout the year. Investors remain optimistic about India's growth potential.