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Mumbai, Feb 25 () TransUnion Cibil, the largest credit information bureau, on Tuesday appointed Rajesh Kumar of HDFC Bank as its new managing director and chief executive. Kumar succeeds Satish Pillai who has moved to become the president of Asia region business of the US-based company. Prior to joining Cibil, Kumar was the group head for retail credit and risk at HDFC Bank. With two decades of experience at HDFC Bank, he helped the second largest bank grow its retail lending book to USD 50 billion, leading a team of more than 3,000 officers. In his role as the MD and chief executive, Kumar will be responsible for steering Cibil India's business into the next phase by ensuring it continues to support the domestic finance industry and consumers. Speaking on Kumar's appointment, Pillai said, "Kumar brings vital leadership and expertise to our business. His deep rooted experience in helping build one of the most successful retail credit business at HDFC Bank gives him great insight into better serving our clients and driving growth of our credit information infrastructure, insights, products and solutions for the benefit of all." BEN MRMR

Cibil ropes in HDFC Bank's Rajesh Kumar as MD, CEO

<ul class="summary-list"><li>Narendra Modi's party won far fewer seats than expected in India's election.</li><li>Modi's weakened majority may make it tougher for his government to push through reforms.</li></ul>Narendra Modi looks set to secure a historic third term leading Indian despite his party winning <a target="_blank" href="https://www.businessinsider.com/india-election-results-narendra-modi-bjp-congress-2024-6">far fewer seats than exit polls had suggested</a>.The outcome sent <a target="_blank" href="https://markets.businessinsider.com/news/stocks/india-stock-market-news-narendra-modi-election-nse-nifty-50-2024-6">Mumbai-listed stocks plummeting</a> — and Modi's significantly weakened majority could be a source of concern for American businesses, too.Modi's decade as Prime Minister has often been controversial, with his vision of building a "divine India" fueling <a target="_blank" href="https://edition.cnn.com/2024/02/05/india/india-modi-ram-temple-analysis-intl-hnk/index.html">a rise in Hindu nationalism</a> that's threatened to marginalize other religious groups.But his pro-growth, pro-business policies have boosted growth and drawn in huge amounts of foreign investment — as well as winning the support of some of the <a target="_blank" href="https://www.businessinsider.com/modi-india-election-economy-russia-oil-wealth-dimon-cook-musk-2024-5">loudest voices on Wall Street</a>."Modi has done an unbelievable job in India," JPMorgan boss Jamie Dimon told <a target="_blank" href="https://www.businessinsider.com/jpmorgan-jamie-dimon-economy-inflation-recession-stagflation-geopolitics-crypto-bitcoin-2024-4">the Economic Club of New York</a> in April. "I know the liberal press here, they beat the hell out of him. He's taken 400 million people out of poverty."Elon Musk has also <a target="_blank" href="https://x.com/elonmusk/status/1781541775183610310">posted on X</a> about his desire to visit India and meet with Modi. The pair are expected to discuss Tesla's plan to build a multibillion-dollar new factory in the world's most-populated country.Meanwhile, Apple CEO Cook said on a November earnings call that India is an "incredibly exciting market" and a "major focus of ours" given the explosive growth in potential customers as locals get richer. Modi has also met with Nvidia CEO Jensen Huang, Microsoft boss Satya Nadella, and Alphabet's Sundar Pichai in recent years.<h2 id="cc1fb394-3381-4ed0-9ccc-2a81f77556e6">Political stability</h2>"I think most investors have read the tea leaves and have realized that some of the political stability and predictable policies that they expect, that they desire when it comes to making investment decisions, is likely to be available in India," Rajesh Kumar Singh, a trade official for India, told Business Insider in January at <a target="_blank" href="https://www.businessinsider.com/davos-global-elite-saying-about-ai-behind-closed-doors-2024-1">the World Economic Forum in Davos</a>."I think the trick for India is going to be political stability, going forward for a period of time — because I think a lot of the economic fundamentals are there," Andy Baldwin, a partner at EY, said at the same conference.But Modi's significantly reduced majority could erode that sense of stability and make it tougher for him to pass further pro-market reforms, analysts said on Tuesday.<h2 id="f9ebf5af-aee7-426d-b5c8-03320c6cb9dc">China hedge</h2>"The fear will be that if he has to rely on alliances with smaller parties, any market-friendly policies will be diluted," Russ Mould, investment director at AJ Bell, wrote in a research note."Some may now worry that India's lofty earnings rating leaves it exposed on the downside now that the political narrative may not be quite as clear cut as once thought," he added.One appeal of India for the likes of Dimon, Musk, and Cook will likely have been Modi's firm grip on power, as USA Inc aims to hedge its bets on China given its strained relationship with the US and post-pandemic economic woes.The surprise election result could undermine that confidence.

Modi's election surprise raises questions about India for USA Inc 

<keyword id="21244010" type="General" weightage="20" keywordseo="government-measures" source="keywords">Government measures</keyword> such as mandatory quality control orders and increasing customs duty have helped boost exports of <keyword id="25284" type="General" weightage="20" keywordseo="toys" source="Orion">toys</keyword> from India, but there is a need to do much more for the sector, a top official said on Wednesday. Secretary in the Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh also indicated that they are diligently pursuing the proposal of extending fiscal incentives under the production-linked incentive scheme for the sector. He said that the industry is wondering about one proposed major policy intervention and "let me assure you that we are still pursuing that". In the interim Budget in February, the Commerce and Industry Ministry has recommended an outlay of Rs 3,489 crore for the Production Linked Incentive (PLI) scheme for toys to boost domestic manufacturing of the sector. As the scheme is yet to be cleared by the Union Cabinet, the interim Budget has made a token provision of Rs 1 lakh towards the scheme for 2024-25. The scheme aims to attract investments in key sectors and cutting-edge technology; ensure efficiency, bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive. Singh said that the country's <keyword id="21563576" type="General" weightage="20" keywordseo="toy-exports" source="keywords">toy exports</keyword> have jumped to USD 325.72 million in 2022-23 from USD 96.17 million in 2014-15 as the government is providing all-around support for creating a conducive manufacturing ecosystem for the toy industry. Imports of toys dipped by 52 per cent from USD 332.55 million in 2014-15 to USD 158.7 million in 2022-23. "The national action plan for toys and other initiatives has had a good impact, but we need to do much more," Singh said, adding the sector holds huge exports and job potential. In order to make India a global hub for toy manufacturing, the government has undertaken a series of initiatives including the formulation of a comprehensive National Action Plan for Toys (NAPT) to promote the designing of toys, using toys as a learning resource, monitoring quality of toys, and promoting indigenous toy clusters. The secretary was speaking at a toy workshop in New Delhi. In order to enable further growth, increased market access and development of new-age marketing skills, DPIIT conducted a workshop with Flipkart and the Indian Toy Industry. Flipkart, Walmart and the Toy Association of India participated in the event. Joint Secretary in the DPIIT Sanjiv said that the workshop was aimed at enhancing India's position and capabilities in the global toy supply chain. It will help the toy manufacturers understand the nuances of online selling which shall in turn help in the growth of sales and market access, Sanjiv said. The issues figured out in the workshop included ways to increase sourcing by online platforms, onboarding of manufacturers on the Flipkart platform and upskilling. It was also aimed at supporting online selling, scaling domestic consumption and upskilling/reskilling workforce. Last year, Flipkart informed toy makers about their requirements and expected quality standards, as it is directly engaging with domestic toymakers for sourcing. The online platforms provide greater access to a much wider customer base across India, expanding their market reach significantly. E-commerce eliminates the need for physical stores, reducing operational costs. It also provides valuable brand exposure to a large audience. Additionally, e-commerce platforms offer data on consumer buying habits and preferences, allowing manufacturers to develop products that cater to market demands. India raised import duties on toys beginning in February 2020. The basic customs duty was increased from 20 per cent to 60 per cent and then to 70 per cent in July 2021.

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

<ul class="summary-list"><li>Indian Prime Minister Narendra Modi has won a third term as the country's leader.</li><li>His party is now scrambling to find allies to form a government.</li></ul>Narendra Modi claimed victory as India's prime minister for a rare third term in office, but his future hangs in the balance.Modi's Bharatiya Janata Party (BJP) failed to secure an overall majority of its own, according to figures from the election commission. His party is now scrambling to find allies to form a government."People have placed their faith in NDA (National Democratic Alliance) for a third consecutive time," Modi said. "This is a historical feat in India's history."A coalition created by Modi's main rival, the Indian National Congress, performed better than expected, mounting a strong challenge to the incumbent.The opposition leader, Rahul Gandhi, <a target="_blank" href="https://www.bbc.co.uk/news/live/world-asia-india-69072275">said Tuesday</a> his party may hold talks to form its own governing coalition. But Desam Party (TDP) and Janata Dal (United), who were part of a pre-election coalition with the BJP, said they endorsed Modi for a third term Tuesday, <a target="_blank" href="https://www.reuters.com/world/india/two-key-members-modis-alliance-endorse-him-next-india-prime-minister-2024-06-04/">reported Reuters.</a> This was in response to reports that the opposition would seek to prise them away from the BJP.The final votes were cast on Saturday in the seventh phase of the election, which saw people in eight of <a target="_blank" href="https://www.businessinsider.com/india-economy-growth-booming-modi-seize-moment-problems-davos-2024-2">India</a>'s 36 states and territories take their turns at the ballot.<h2 id="9a743ef8-257d-41c5-9c79-619d990e5521">Modi had expected a landslide</h2><a target="_blank" href="https://www.businessinsider.com/modi-india-election-economy-russia-oil-wealth-dimon-cook-musk-2024-5">Modi</a> and the BJP had long been projected to win decisively. Exit polls, though sometimes inconsistent, showed the party extending its control of the lower house.Modi had set a goal for his BJP-led alliance to secure 400 seats, up from about 350 won in 2019.BJP itself won 240 seats; its allies won 53, <a target="_blank" href="https://www.bloomberg.com/graphics/2024-india-election/">according to Bloomberg</a>.<div type="image" title="People carrying cutouts of Narendra Modi and setting off flares." height="683" width="1024" msid="110700935" hostid="261"></div>The incumbent was so assured of being re-elected this year that he declared victory on social media three days before the official results were announced on Tuesday."I can say with confidence that the people of India have voted in record numbers to reelect the NDA government," he <a target="_blank" href="https://twitter.com/narendramodi/status/1796910902983450823">wrote on X</a>.In January, at the World Economic Forum in Davos, Indian officials struck a similarly confident note.Hardeep Singh Puri, India's minister for oil and gas, told Business Insider that Modi would likely get "15 to 20%" more seats than in 2019. "I think we were 303 last time," he said. "So it should be 343-45 but it's a process that is still beginning.""The opposition is in disarray," he added.India's rapid growth has attracted the attention of corporate leaders such as Elon Musk, Jamie Dimon, and Tim Cook."I think most investors have read the tea leaves and have realized that some of the political stability and predictable policies that they expect…when it comes to making investment decisions, is likely to be available in India," said Rajesh Kumar Singh, a top official in India told Business Insider in Davos in January this year.On Tuesday, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/india-stock-market-news-narendra-modi-election-nse-nifty-50-2024-6">Indian stocks had their worst day in more than four years</a> as stability looked less likely. This was a day after the stocks hit record highs following a poll showing Modi's landslide victory.<h2 id="da8c5e8d-5c3a-4ce9-90f1-85c679fb0b39">A bitter battle for power</h2>The six-week election involved a bitter feud between the BJP and its main opposition, the Congress Party.The Congress Party has formed its own bloc with about 20 opposition groups to oust Modi, campaigning on promises to relieve the nation's <a target="_blank" href="https://www.businessinsider.com/india-economy-growth-booming-modi-seize-moment-problems-davos-2024-2">unemployment woes</a>. However, the new alliance is undermined by differences in ideologies and contested leadership.Modi, a polarizing but popular leader, has spent much of the election blasting the Congress and its promised policies in controversial attacks. At one point, he accused the opposition of planning to take India's wealth and <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-05-30/india-s-former-prime-minister-slams-modi-for-hateful-language">redistribute it to the Muslim minority</a>.<div type="image" title="A crowd of men shouting." height="3872" width="5808" msid="110700937" hostid="261"></div>While not specifically criticizing Muslims in his rally speeches, he's used terms such as "infiltrators" that are widely believed to allude to the minority.His party's ideology, <a target="_blank" href="https://apnews.com/article/india-election-narendra-modi-hindu-nationalism-rss-79c30c8ae750a9c037d86b9e2c1b640c">Hindutva</a>, promotes building a Hindu nation and has been criticized as a nationalist movement that foments hate speech and right-wing extremism.BJP's rivals have also accused the party of attempting to stifle opposition leaders. Delhi's chief minister, Arvind Kejriwal of the Aam Aadmi Party, was recently <a target="_blank" href="https://www.reuters.com/world/india/indian-opposition-leader-returns-jail-after-vote-ends-2024-06-02/">arrested on corruption charges</a> related to handing out liquor licenses. Kejriwal was granted bail until the end of the election.India's voting population is the world's largest, with 969 million people eligible to cast their ballots. That's more than twice the entire <a target="_blank" href="https://european-union.europa.eu/principles-countries-history/key-facts-and-figures/life-eu_en">population of the European Union</a>.June 4, 2024, 10:55 a.m. ET: This story has been updated to reflect Narendra Modi's claim of victory.June 4, 2024, 6:29 p.m. ET: This story has been updated to reflect the latest election result numbers.

Modi claims a historic 3rd term but he'll have to rely on allies

<keyword id="166964" type="General" weightage="80" keywordseo="itc-hotels" source="Orion">ITC Hotels</keyword> announced the signing of a <keyword id="1869154" type="General" weightage="80" keywordseo="welcomhotel" source="Orion">Welcomhotel</keyword> in <keyword id="6357621" type="General" weightage="80" keywordseo="jabalpur" source="Orion">Jabalpur</keyword> under a management contract with A.R.V. <keyword id="6368036" type="General" weightage="100" keywordseo="hotels" source="Orion">Hotels</keyword> Private Limited. <keyword id="15307506" type="General" weightage="50" keywordseo="welcomhotel-jabalpur" source="Orion">Welcomhotel Jabalpur</keyword> will offer 124 rooms, more than 15,000 sq. ft. of banquet space along with two restaurants, a swimming pool, a spa and a fitness centre. Located at Sagra, the property is just 6 km away from the popular tourist spot Bhedaghat, while also being accessible to the IT Park (1.5 km), Jabalpur Junction Station (11 km) and Jabalpur Airport (24 km). Anil Chadha, Divisional Chief Executive, ITC Hotels said: "Welcomhotels are on a high growth trajectory, both in business and leisure destinations. We are excited to bring the Welcomhotel brand from the ITC Hotels group to Madhya Pradesh. Jabalpur offers a healthy mix of commercial, trading, government and leisure-oriented business opportunities and has become a key administrative and business centre for the state. The significant meeting and banquet space backed by ITC Hotels' renowned strength in food and beverage and hospitality service will impart Welcomhotel Jabalpur an edge in the market." Rajesh Kumar Jain, Managing Director, A.R.V. Hotels Private Limited, stated: "We are excited to be partnering with ITC Hotels to bring the Welcomhotel brand to Jabalpur. With ample tourism potential around the city, I believe that this hotel will give Jabalpur the necessary boost to attract more demand here." Navanshu Jain, Director, A.R.V. Hotels Private Limited, said: "I have been fond of ITC Hotels when I travel across India and have always felt a strong connection with the brand. I am sure the people of Jabalpur will feel the same warmth about our upcoming property." Designed for those who demand more to make the most out of their stay, Welcomhotel by ITC Hotels is the new age traveller's key to curated immersive experiences that enrich both business and leisure journeys. With an endeavour to provide enriching experiences, the Welcomhotel by ITC Hotels brand is reflective of the warmth of Indian culture while upholding the benchmark service standards that ITC Hotels are known for. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/uber-launches-its-advertising-division-to-showcase-ads-during-rides/articleshow/94980361.cms">Uber launches its advertising division to showcase ads during rides</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-transmission-bags-project-from-best-to-install-over-1-million-smart-meters-in-mumbai/articleshow/94982223.cms">Adani Transmission bags project from BEST to install over 1 million smart meters in Mumbai</a>

ITC Hotels signs Welcomhotel Jabalpur

The ruling <keyword id="14666" type="General" weightage="80" keywordseo="bjp" source="Orion">BJP</keyword> was ahead of the <keyword id="1575" type="General" weightage="100" keywordseo="congress" source="Orion">Congress</keyword> in <keyword id="44522" type="General" weightage="20" keywordseo="Uttarakhand" source="Orion">Uttarakhand</keyword> with its party candidates leading in 33 seats on Thursday, according to early trends available. According to data available on the Election Commission website at 10:20 AM am for 56 seats, the Congress was ahead in 18 seats, the BSP in two seats, the Uttarakhand Janekta party and independent in one each. Prominent candidates trailing in their respective seats include Congress veteran Harish Rawat, who was trailing behind Mohan Singh Bisht of the BJP by 2,713 votes in Lalkuan and Subodh Uniyal of the BJP trailing behind Om Gopal Rawat of the Congress in Narendra Nagar. Yashpal Arya, who had returned to the Congress from the BJP ahead of the polls, was also trailing behind BJP's Rajesh Kumar in Bajpur by 18587 votes. Pritam Singh of the Congress was leading in Chakrata by 1805 votes against Ramsharan Nautiyal of the BJP The polling was held in the state on February 14 with more than 65 per cent of the electorate casting their votes. The ruling BJP is seeking a second consecutive term in office this time, something which has never happened in the state's 21-year history. Routed in the 2017 assembly polls with a tally of 11 seats against the BJP's 57, the Congress is trying to stage a comeback. Prominent candidates who contested the polls are Chief Minister Pushkar Singh Dhami, his cabinet colleagues Satpal Maharaj, Bansidhar Bhagat, Subodh Uniyal, Arvind Pandey, Dhan Singh Rawat and Rekha Arya, besides state BJP president Madan Kaushik. Important Congress leaders whose fate will be decided include former chief minister Harish Rawat, former minister Yashpal Arya, state Congress president Ganesh Godiyal and Leader of Opposition in the fourth assembly Pritam Singh. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/elections/news/punjab-chief-minister-charanjit-singh-channi-currently-leading-in-chamkaur-sahib-trailing-in-bhadaur/articleshow/90117150.cms">Punjab Chief Minister Charanjit Singh Channi currently leading in Chamkaur Sahib, trailing in Bhadaur</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/politics/elections/news/early-trends-bjp-leads-in-up-uttarakhand-manipur-aap-in-punjab-cong-in-goa/articleshow/90116215.cms">Early Trends: BJP leads in UP, Uttarakhand &amp; Manipur; AAP in Punjab; Cong in Goa</a>

Uttarakhand Elections 2022: BJP takes comfortable lead with 33 seats, according to early trends

With every passing minute, JDU and <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> supporters are making claims of being confident of forming a new government in Bihar under the leadership of <keyword id="6358190" type="DEFINITION" weightage="20" keywordseo="Nitish-Kumar">Nitish Kumar</keyword>. Sanjay Singh, spokesperson of the JDU said: "We are a disciplined party that works well under the leadership of Nitish Kumar. He has taken Bihar on the path of progress. We knew that the results will come in our favour and the trend so far has been according to our expectations." <div type="Article" hostid="261" msid="79142084" title="Bihar Election Results 2020: NDA continues to widen its lead over the Grand Alliance with 126 seats but faces narrow margins" mstype="2" mssubtype="0"></div> With trends looking positive for the NDA in Bihar for the past couple of hours at 2 pm, both the JDU and the BJP supporters are preparing to celebrate the occasion at their respective offices. A group of JDU supporters carrying traditional musical instruments were seen at party office in Patna. They were heard singing a song in praise of Nitish Kumar around 1.30 pm. While ground level workers of the JDU and BJP assembled in large numbers at the offices of their respective parties, senior leaders are waiting for the picture to become clearer. Sources said the big picture is likely to become clear by 4 pm. Hence, they are hesitating to join full-fledged celebrations. They are also avoiding making any arrogant premature statements. "We have already prepared sweets and arranged crackers to celebrate the occasion but the celebrations will start only after we reach a stage where apprehension of vicissitudes become minimum," said JDU worker Rajesh Kumar. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/instagram-down-users-complain-of-frozen-timelines-and-likes/articleshow/79146012.cms">Instagram down — user complaints of report frozen timelines and likes continue to increase</a> <a href="https://www.businessinsider.in/politics/india/news/checkout-here-bihar-assembly-election-2020-results-and-updates-online/articleshow/79142084.cms">Bihar Election Results 2020: NDA continues to widen its lead over the Grand Alliance with 126 seats but faces narrow margins</a> <a href="https://www.businessinsider.in/politics/elections/news/bihar-election-results-2020-over-one-crore-votes-counted-so-far-and-the-ec-hopes-to-finish-the-polling-process-by-tonight/articleshow/79146843.cms">Bihar Election Results 2020: Over one crore votes counted so far and the EC hopes to finish the polling process by tonight</a>

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Cibil ropes in HDFC Bank's Rajesh Kumar as MD, CEO

PTI

Modi's election surprise raises questions about India for USA Inc

George Glover

Govt steps have boosted toy exports from India, but more work still needed: DPIIT Secretary

PTI

Modi claims a historic 3rd term but he'll have to rely on allies

Matthew Loh,Tom Porter

ITC Hotels signs Welcomhotel Jabalpur

IANS

Uttarakhand Elections 2022: BJP takes comfortable lead with 33 seats, according to early trends

PTI

NDA supporters confident of forming government under Nitish

IANS

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