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The <keyword id="136326" type="General" weightage="80" keywordseo="board-of-directors" source="Orion">Board of Directors</keyword> of Reliance Industries Ltd (RIL), at its meeting held on Friday, based on the recommendation of the Human Resources, Nomination and Remuneration Committee, considered and recommended to the shareholders for approval, the appointment of <keyword id="2885458" type="General" weightage="20" keywordseo="k-v-kamath" source="Orion">K.V. Kamath</keyword> as an <keyword id="6390711" type="General" weightage="100" keywordseo="independent" source="Orion">Independent</keyword> Director of the Company for a term of five consecutive years with effect from the date of assumption of office. The Board of Directors also approved the postal ballot notice in this regard. Further, Reliance Strategic Investments Ltd (<keyword id="649336" type="General" weightage="80" keywordseo="rsil" source="Orion">RSIL</keyword>), a wholly-owned subsidiary of the Company has appointed Kamath as an Independent Director and non-executive Chairman. As intimated earlier, RSIL will be renamed as Jio Financial Services Ltd (<keyword id="598071" type="General" weightage="80" keywordseo="jfsl" source="Orion">JFSL</keyword>) and listed pursuant to a scheme of demerger approved by the Board of Directors for demerger of the financial services business of the company into RSIL. Kamath will continue as Independent Director and non-Executive Chairman of JFSL upon consummation of the scheme and listing of JFSL on stock exchanges. Currently the Chairman of the National Bank for Financing Infrastructure and Development (NaBFID), Kamath has served as Chairman of Infosys. In 2015 he was appointed as the first President of the New Development Bank set up by the BRICS countries from where he retired in 2020. Under his leadership, <keyword id="6653" type="General" weightage="50" keywordseo="icici-bank" source="Orion">ICICI Bank</keyword> transformed itself into a diversified, technology-driven financial services group across banking, insurance and asset management in India, and a global presence. He retired as Managing Director and CEO in 2009 and continued as the Chairman of ICICI Bank till 2015. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/myositis-the-condition-affecting-actress-samantha-prabhu-is-more-common-among-adult-women-say-doctors/articleshow/95304784.cms">Myositis – the condition affecting actress Samantha Prabhu – is more common among adult women, say doctors</a> <a href="https://www.businessinsider.in/business/corporates/news/titans-q2-net-rises-34-says-headroom-to-grow-market-share-is-huge/articleshow/95305075.cms">Titan’s Q2 net rises 34%, says headroom to grow market share is huge</a> <a href="https://www.businessinsider.in/stock-market/news/five-star-business-finance-ipo-set-to-open-on-nov-9-price-band-at-450-to-474-a-share/articleshow/95303773.cms">Five Star Business Finance IPO set to open on Nov 9; price band at ₹450 to ₹474 a share</a>

KV Kamath appointed independent director of Reliance Industries, Jio Financial Services

The <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI) on Monday said that it has broadly accepted the recommendations of the K.V. Kamath-led Expert Committee on Resolution Framework for Covid-19-related stress. <div type="Article" hostid="261" msid="77388568" title="RBI brings in KV Kamath to set the boundaries for a one-time restructuring of loans" mstype="2" mssubtype="0"></div> The expert committee has recommended financial parameters including aspects related to leverage, liquidity and debt serviceability. It has suggested financial ratios for 26 sectors, which can be factored by lenders while finalising a resolution plan for a certain borrower. The sectors identified by the panel include auto components, auto manufacturing, aviation, cement, construction, pharma manufacturing, power, real estate, consumer durables, hotels, restaurants and tourism among others. The committee selected five parameters based on their relevance while considering the resolution plan. These include ratios such as "Total Outside Liability/Adjusted Tangible Net Worth (TOL/Adjusted TNW), Total Debt/EBIDTA, Current Ratio, Debt Service Coverage Ratio (DSCR) and Average Debt Service Coverage Ratio (ADSCR)". The lenders can also consider other financial parameters in addition to five mandatory parameters and may, at their discretion, adopt a graded approach depending on the severity of the impact on the borrowers, as per the report. <div type="Article" hostid="261" msid="77328145" title="One-time loan restructuring dilemma - RBI won’t commit, and India Inc won’t stop asking for it" mstype="2" mssubtype="0"></div> In respect of sectors where ratios have not been specified, lenders can make their own assessment towards the resolution plan. The panel has recommended that the resolution framework should be invoked by December 31, 2020. As per the recommendations, the resolution process should be treated as invoked once lenders representing 75 per cent by value and 60 per cent of lenders agree to do so. The residual tenor of the loan may be extended by maximum two years, with or without payment moratorium. The moratorium period, if granted, shall come into force immediately upon implementation of the resolution plan. <div type="Article" hostid="261" msid="77391894" title="If you have a bank loan that you are unable to pay, restructuring is on its way" mstype="2" mssubtype="0"></div> The asset classification may be maintained as standard or upgraded to standard subject to the resolution panel being implemented as per the framework, said the report of the panel. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/rbi-appointed-former-ceo-of-icici-bank-kv-kamath-to-head-the-panel-for-one-time-restructuring-of-loans/articleshow/77389082.cms">KV Kamath, the veteran banker behind ICICI’s rise in India, will now head the panel for one-time restructuring of loans</a> <a href="https://www.businessinsider.in/finance/banks/news/one-time-loan-restructuring-dilemma-rbi-wont-commit-and-india-inc-wont-stop-asking-for-it/articleshow/77328145.cms">One-time loan restructuring dilemma - RBI won’t commit, and India Inc won’t stop asking for it</a> <a href="https://www.businessinsider.in/personal-finance/news/if-you-have-a-bank-loan-that-you-are-unable-to-pay-restructuring-is-on-its-way/articleshow/77391894.cms">If you have a bank loan that you are unable to pay, restructuring is on its way</a>

Kamath Committee outlines loan restructuring parameters for 26 sectors

New Delhi, Jul 7 () Eminent banker and former president of New Development Bank K V Kamath on Tuesday pitched for a low interest regime, saying it is critical for survival of banks at this juncture. In view of the current economic slowdown induced by the coronavirus outbreak and subsequent lockdowns, Kamath's advice for lenders is considerable as banks are staring at a surge in non-performing assets (NPAs). "I think the banking sector was having a problem, but I think the banking sector with all the efforts of the government, the capital that was injected and so on was coming out of the problems. It needs a little more hand-holding when it was coming out of the challenges," he said in an interview to CNBC-TV18. The career banker said that the pick-up in growth is important for improving the health of the banking sector. "...with the steps that have been taken, the growth will happen whether it is in the corporate India, whether it is in rural India or whether it is in retail India, I think we need to maintain momentum of growth," he said. "Second is at this point in time low interest rates. Lower interest rates are going to be critical for survival of banks... I would guess that interest rates need to drop even further if the banks have to come around without too much pain. Otherwise they will probably come around but (with) extreme pain and money being provided by various stakeholders," he said. Kamath said "capital injection will be required, but the order of capital injection will be significantly lower than what it is, if you run the high interest rates regime. So I think banks really need to look at how they work with the government, with the regulator to ensure that low interest rate climate endures". Praising the decision of the RBI for extending moratorium to borrowers till August, Kamath said it was very well done. "I am even more heartened when I see bankers come out and say or some NBFCs come out and say that 'X' per cent of my customers took the moratorium, that was 2 months back, but today remaining of them have said that we will pay in time; extremely good news. So, I would think and hope that continues," he said. However, if there are sectors which genuinely have a problem, policymakers could consider one-time restructuring, he added. On India's potential to become an alternative for manufacturing companies looking beyond China, Kamath said if the country further improves on certain parameters including on 'ease of doing business', the Indian industry can emerge as a "world beater". DP CS MKJ

Low interest rate regime critical for survival of banks: Kamath

KV Kamath, President of the new $100-billion BRICS Bank has given up his position as non-executive chairman at <keyword id="6354512" type="CITY" weightage="80" keywordseo="Infosys">Infosys</keyword>. Ashok Leyland Vice-Chairman <keyword id="484178" type="PERSON" weightage="80" keywordseo="R-Seshasayee">R Seshasayee</keyword> is set to take his place. 
 
Kamath replaced founder NR Narayana Murthy as the company's chairman in August 2011. He has played a crucial role in the succession planning in the company since he took over. 
 "The Board of Directors accepted <keyword id="2885458" type="UNKNOWN" weightage="80" keywordseo="K-V-Kamath">K.V. Kamath</keyword>'s resignation from his position as Chairman of the Board and as an Independent Director of the Company with immediate effect, consequent to his nomination as the President of the <keyword id="2421583" type="UNKNOWN" weightage="60" keywordseo="BRICS-New-Development-Bank">BRICS New Development Bank</keyword>," Infosys has reported in an filing to the exchanges. 
 
Seshasayee’s appointment would be effective immediately. 
 
(Image credit: Indiatimes)

Chairman KV Kamath quits Infosys. R Seshasayee to take over

The <keyword id="175259" type="ORGANIZATION" weightage="80" keywordseo="Brics">BRICS</keyword> group of emerging economies launched its <keyword id="989534" type="UNKNOWN" weightage="80" keywordseo="new-development-bank">New Development Bank</keyword> (NDB) in China on Tuesday. The bank will lend money to developing countries to help finance infrastructure projects, reported PTI. 

	The bank is backed by Brazil, Russia, India, China and South Africa - collectively known as BRICS countries.
 The opening ceremony, held in a hotel in <keyword id="6368000" type="COMPANY" weightage="60" keywordseo="Shanghai">Shanghai</keyword>, was attended by Chinese Finance Minister <keyword id="211656" type="PERSON" weightage="60" keywordseo="Lou-Jiwei">Lou Jiwei</keyword>, Shanghai Mayor Yang Xiong and NDB's President K V Kamath. 

	Kamath, 67, will be the bank's president for the first five years. 
 

	The NDB will supplement the existing international financial system in a healthy way and explore innovations in governance models, Lou said at a seminar following the ceremony. 
 

	BRICS economies launched the multi-billion dollar development bank at the 7th BRICS summit held in the Russian city of Ufa on July 8 amid efforts to finance infrastructure projects. 
 

	The NDB will have initial capital of $50 billion, which will be later increased to $100 billion within the next couple of years. 
 

	Each BRICS member will contribute an equal share in establishing a startup capital. 
 The bank was conceived as a counterbalance to Western-led financial institutions like the <keyword id="6354424" type="ORGANIZATION" weightage="80" keywordseo="World-Bank">World Bank</keyword> and the IMF by providing funding for infrastructure and development projects in BRICS countries. Each nation will have an equal say in the bank's management, regardless of gross domestic product size, according its officials. 

	The NDB is also backed by the China-floated $50 billion Asia Infrastructure Investment Bank (AIIB), which India and 56 other countries have joined. 
 The World Bank welcomed the opening of NDB. "We would like to congratulate K V Kamath, NDB president, and the founding members -- Brazil, Russia, India, China, and South Africa -- on this important occasion," World Bank President <keyword id="982713" type="UNKNOWN" weightage="80" keywordseo="Jim-Yong-Kim">Jim Yong Kim</keyword> said in a statement. 

	"We are committed to working closely with the New Development Bank and other multilateral institutions, offering to share our knowledge and to co-finance infrastructure projects. These types of partnerships will be essential to reach our common goals to end extreme poverty by 2030, boost shared prosperity, and to reduce inequalities," Kim said. 
	 
	(Image: Reuters)

Day 1: BRICS bank starts its operations in China

As the <keyword id="175259" type="ORGANIZATION" weightage="20" keywordseo="Brics">BRICS</keyword> Summit kicks off, another opportunity is knocking the doors of development. <keyword id="2422318" type="UNKNOWN" weightage="20" keywordseo="The-New-Development-Bank">The New Development Bank</keyword> (<keyword id="1474205" type="ORGANIZATION" weightage="20" keywordseo="NDB">NDB</keyword>), set up by BRICS nations is all set to lend local currency by April next year, informed the NDB chief <keyword id="153298" type="PERSON" weightage="20" keywordseo="K-V-Kamath">K V Kamath</keyword>. 
 
As per an Economic Times report, the primary focus of the bank for lending local currency would be the member countries, Brazil, Russia, India, China and South Africa. Kamath, in an announcement said that the Board of Governors will take a decision on the membership of other countries in another few months. 
 
"I think we will start lending process sometimes early first quarter next year (April)...The idea is that by April next year, we will create a state of projects from all the member countries (for lending)," Kamath told PTI. 
 
Kamath also said that the NDB, with a capital of US$ 100 billion, they are planning to look at various instruments of credit to the member countries which require huge resources for development. 
 
Former Independent Director of Infosys and former Chairman of ICICI Bank, who has been made the NDB President for five years, said that the primary idea is to lend for developmental assistance in member countries. 
 
In context of the Greece crisis, if the bank could consider helping the country in its financial crisis, Kamath said, "I have no mandate to help any non-member... Beyond BRICS, I have no mandate." 
 Kamath also informed about the upcoming meeting of <keyword id="2943696" type="UNKNOWN" weightage="20" keywordseo="NBD-Board-of-Directors">NBD Board of Directors</keyword> which will take place next month in Shanghai, the headquarters of NDB. 
Image: indiatimes

BRICS Bank all set to go local. Will lend in local currency by April ’16

The government has set up a committee to examine the financial structure of the <keyword id="6358354" type="ORGANIZATION" weightage="20" keywordseo="MSME">MSME</keyword> sector. The Department of Financial Services, under the Ministry of Finance, has set up the committee, which will have 15 members which includes experts from the private banking sector. 
	 “The Committee consists of 15 members including <keyword id="153298" type="PERSON" weightage="20" keywordseo="K-V-Kamath">K V Kamath</keyword>, chairman of <keyword id="6653" type="CITY" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> as Chairperson of the Committee and Joint Secretary (Institutional Finance), DFS as Member Secretary. The first meeting of the above committee was held on November 5, 2014,” said Giriraj Singh, Minister of State, MSME ministry. 
	 
	The biggest challenge faced by the players in the MSME sector is the shortage of sufficient funds to start their business. This is followed by issues such as getting basic infrastructure such as power connection, pollution, environment and labour clearances. But now the government is trying to resolve these issues. 
	 
	“The Government is conscious of the problems being faced by start-up units. The Ministry of MSME is implementing a number of schemes and programmes to address the credit, infrastructure, technology &amp; marketing needs of the start-ups. Some of the important schemes include Credit Guarantee Scheme, Credit Linked Capital Subsidy Scheme, Cluster Development Programme and National Manufacturing Competitiveness Programme,” stated Singh. 
	 
	He further added, “The Ministry of MSME has been interacting with various concerned ministries, departments, state governments, banks and other Stake holders to streamline the mechanism for grant of loans, simplify labour laws and other procedures to facilitate the setting up of start-up units. The State Governments have made varied degree of progress in this direction”.

Govt Sets Up Committee To Boost
Credit Supply To MSME Sector

<keyword id="6360386" type="PERSON" weightage="100" keywordseo="Jawaharlal-Nehru">Jawaharlal Nehru</keyword> wrote eight letters to his daughter Indira Gandhi educating her about Indian history and civilisation during his years in prison. Those letters are testimony to people’s belief in hope during dark times in their lives. But in this digital age, sms and whatsapp have overpowered the art of writing letters. Even telegram died in 2013. During such times letters written by <keyword id="45875" type="PERSON" weightage="100" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword> to her daughter Aarti or <keyword id="396965" type="ORGANIZATION" weightage="100" keywordseo="KV-Kamath">KV Kamath</keyword> to his daughter Ajnya or Prakash Padukone to his daughter Deepika Padukone come as refreshing break from the digital age back to the age where paper and ink shared an adorable relationship. 

	Here are 5 letters written by eminent personalities passing on their wisdom to the next generation.
 

	
		1. The letter by the MD and CEO of ICICI, <a href="http://www.businessinsider.in/We-can-do-a-lot-more-if-we-focus-on-e-governance-says-Chanda-Kochhar/articleshow/50902901.cms">Chanda Kochhar</a>, to her daughter Aarti, a young girl on the threshold of beginning her professional life, is inspirational and insightful. It talks of Kochhar’s personal and professional journey. She tells Aarti, “Even today I can remember the equanimity and calmness with which she (her mother) handled the crisis on hand when my father passed away. You have to handle challenges and emerge stronger from them, rather than allow them to bog you down. I remember how, in late 2008, we were faced with a situation where ICICI Bank’s survival was in jeopardy in the face of a global economic meltdown. The situation was being analysed with a hawk’s eye by major media platforms and debated widely in the public space. The problem started at the peak of the financial crisis in the United States and resulted in investors and customers expressing doubts about the bank, given its exposure to global financial institutions. I got down to work, systematically communicating with all stakeholders... Simultaneously, I also advised staff across the bank’s various branches to lend a sympathetic ear to those depositors who turned up to withdraw their money.” “Aim for the sky but move slowly, enjoying every step along the way. It is all about all “those little steps that make the journey complete.” 
	 
	
		2. Kochhar’s mentor and the architect of India’s largest private sector bank, <a href="http://www.businessinsider.in/Now-use-your-voice-to-operate-your-ICICI-Bank-account/articleshow/47418147.cms">ICICI</a>, K.V. Kamath, wrote to his daughter Ajnya how he is inspired by his mother. He says, "Often in the world, women who are homemakers are not given the same place in society that a working woman is given."
	 
	
		3. <keyword id="166683" type="PERSON" weightage="100" keywordseo="Shaheen-Mistri">Shaheen Mistri</keyword>, the founder of the NGO Akanksha and the venture Teach For India, chooses to write a profound poem to her daughters Samara and Sana, inspiring them to take on the challenges of life with poise and courage. 
	
		4. PP Chabbria proudly writes, “I grew up a poor unlettered man and it makes me proud to see you so immersed in a career that has the power to change people's lives.”
	 
	
		5. <a href="http://www.businessinsider.in/7-inspiring-stories-of-the-early-lives-of-Indias-most-successful-people/articleshow/51343288.cms">Narayana Murthy</a> tells his daughter, "The world admires a woman who brings a sense of balance to all the three responsibilities - being a loving wife, a caring mother and a competent career woman."
	 


	 
	(Image credits: indiatimes)

Lessons from the letters written by eminent personalities to their daughters

New Delhi [India], May 25 (ANI): While risk of global recession has receded but concerns of inflation is impending which re-ignites the risks of global financial stability. <keyword id="6355408" type="General" weightage="20" keywordseo="imf" source="Orion">IMF</keyword>, <keyword id="6354424" type="General" weightage="20" keywordseo="world-bank" source="Orion">World Bank</keyword> and prominent rating agencies have predicted further slow-down in global growth this year. Escalation of the recent conflict in the Middle East, financial stress, persistent inflation and a slowdown in international trade are downside risks for global growth. Adding to that a potential debt crisis is looming over the global economic landscape. The International Monetary Fund's (IMF's) Global Debt Monitor reported that the total global debt, private plus public, has risen to USD 235 trillion which is equivalent to 238 per cent of the global GDP. Also there is a grave concern that fiscal prudence may take a back seat, as more than half of the world's population is going to the election this year. But amid all this pessimism, India is seen by international agencies and top rating firms as an emerging economic superpower of the world. India's central bank in its monthly economic review says "There is a growing optimism that India is on the cusp of a long-awaited economic take-off." India is positioned to remain the fastest-growing major economy, demonstrating resilience amid geopolitical challenges and supply chain pressures. Organisation for Economic Cooperation and Development (OECD) has projected global growth at 3.1 per cent in 2024, and 3.2 per cent in 2025. But India is projected to grow at 6.6 per cent, the fastest among major emerging markets. China is projected to grow at 4.9 per cent and Brazil at 1.9 per cent. Among advanced economies, US, UK and Euro area growth is projected at a mere 2.6, 0.4 and 0.7 per cent respectively. Recently, the IMF, World Bank and rating agencies like Moody's, S&amp;P and many others have revised India's growth upwards. IMF's April 2024 World Economic Outlook highlights the expected robustness of the Indian economy in 2024 and 2025 and attributes it to strong domestic demand and a growing working-age population. RBI's in its monthly economic report highlighted the attention of global observers to the dramatic reduction of poverty in India. Prime Minister Modi has said in his election rallies that over the last 10 years, 23 crore people have come out of poverty in India. World Bank too has said that at the height of the COVID-19 pandemic in 2021, only 12.9 per cent of India's population lived on USD 2.15 a day, the benchmark for extreme poverty. Recent estimates suggest that extreme poverty in India is nearing extinction, a remarkable transformation for a country once synonymous with deprivation. If we talk about the development works done over the last ten years. In the infrastructure space, India's power sector has achieved 100 per cent electrification. As per government data, rural areas now enjoy 20 hours of daily power availability, while urban areas have 23.5 hours. Additionally, India has become the world's fourth-largest producer of <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>. India is aggressively pushing research and innovations in green hydrogen energy. The government has announced many incentive schemes for investment in the sector. According to the World Economic Forum (WEF) projections by the year 2030. Green energy will contribute 50 million net jobs and USD 1 trillion in economic impact. Over the last ten years, India's road and highways sector has grown with a rapid pace. By the end December 2023, India has about 66.71 lakh km of road network, which is the second largest in the world. The <keyword id="21755092" type="General" weightage="20" keywordseo="digital-revolution-in-India" source="keywords">digital revolution in India</keyword> is another sector where the country has taken a lead, seven countries including France, UAE, Sri Lanka and Mauritius have adopted India's UPI for financial transactions. India is rapidly becoming a digital powerhouse of the world with the highest number of digital transactions globally and broadband connectivity reaching over 93 per cent of villages. E-commerce platforms like the Open Network for Digital Commerce (ONDC) are expanding online market access for small businesses. Government thrust on digital public infrastructure is not only enhancing productivity, efficiency, and employment but also adding hidden revenue to the government exchequer. On the trade front, despite a slowdown in international trade, India's exports marked an all-time high exports of USD 778 billion in FY24. India has become the seventh-largest exporter of services globally and the second-largest among developing countries. According to UNCTAD, India beat the world average in services exports in 2023. According to fDi intelligence, India is anticipated to be among the top 10 economies for foreign direct investment (FDI) momentum in the year 2024. Despite a net outflow of USD 1.1 billion from Indian equities in April, the country's foreign exchange reserves have increased by USD 21.7 billion in 2024, the highest among major reserve-holding nations. Forex reserves now stand at USD 644.2 billion, covering more than 10 months of projected imports for 2024-25 and nearly all external debt as of the end of December 2023. Gross inward foreign direct investment (FDI) remained stable at USD 71.0 billion during 2023-24, it was USD 71.4 billion a year ago. RBI data shows that more than 60 per cent of the FDI equity flows were directed towards manufacturing, electricity and other energy, computer services, financial services and, retail and wholesale trade. Singapore, Mauritius, the US, the Netherlands, Japan and the UAE contributed to more than 80 per cent of the flows. However, net FDI declined to USD 10.6 billion during 2023-24 from USD 28.0 billion a year ago, mainly reflecting higher repatriation. Speaking at the annual Summit of industry body CII on May 17th, finance minister Nirmala Sitharaman asked the Industry not to ignore manufacturing as some economists suggest. She said, "India must also increase manufacturing with the help of policies, its share in manufacturing in global value chains. So we need to have greater sophistication in our product manufacturing and we also need to see how this can be given the best policy support, IMF estimated that India's contribution to the global growth for five years beginning 2023, will be 18 per cent, So, between 2023 and 2028 we are looking at an India which will be dynamic contributing to 18 per cent to the global growth." Reacting on FM's push on manufacturing, esteemed banker K V Kamath, told "If India grows at 7-7.5 per cent, manufacturing will happen on its own. It will happen on its own. I look at all that has been done, the clean balance sheets, (of banks) the opportunities before them, the growth that we see, the Indian economy should do extremely well." On India's growth story Ajay Piramal, Chairman of Piramal Group told ANI that "We'll be the third-largest economy, maybe a USD 40 billion economy. Even now, in the next - I think by 2029, we'll be the third-largest economy. So only the U.S. and China will be ahead of us. So that's a big progress the country is making. " Government policies are pushing up new and innovative sectors in the manufacturing space. The Production Linked Incentive (PLI) schemes for 14 identified sectors, with a total outlay of about Rs 1.97 lakh crore are under various stages of implementation. Some of the beneficiary sectors include EV, EV Batteries, Hydrogen electrolysers, pharma, food processing and electronics among others. In the manufacturing space, the electric vehicle (EV) segment is a major disruptor. In March government came up with a new EV policy to attract investment in the sector. The new EV policy allows the import of completely built units (CBUs) at a concessional 15 per cent duty for five years if a company invest USD 500 million in setting up a manufacturing unit in India. The new policy is likely to be operationalised by the end of July. Companies will be given 120 days, window to apply under the scheme. This will open a window of opportunities for international EV manufacturers including Tesla to enter India. In electronics, India has become a major player in the mobile phone market. Over the last ten years, mobile phone manufacturing in India has jumped 21 times to Rs 4.1 lakh crore from Rs 18,900 crore in 2014-15. Powered by iPhone exports, India has become the world's fifth largest exporter of mobiles at USD 29.1 billion in FY24 from USD 11.1 billion in FY23. The recent CPI data of India indicates higher growth in consumer demand from the rural market, it indicates a bigger growth potential in years to come. Goods and services tax (GST) collections in April 2024 recorded a y-o-y growth of 12.4 per cent, surpassing the Rs 2 lakh crore mark for the first time. The S&amp;P global outlook report has said that the Indian consumer market is likely to double by 2031. Consumer spending on food is estimated to rise to USD 1.4 trillion in India, spends on financial services will climb to USD 670 billion. All this indicates that over the last one decade, India has become a prominent player in the global landscape, attracting the interest of investors, policymakers and businesses worldwide. With a growth rate of over twice of most emerging market economies, lower tariffs, lower labour cost, special incentives by the government of India will continue to be a major attraction for investors. (ANI)

India could emerge as an economic superpower amid dull global economic landscape

The Supreme Court on Thursday ordered setting up of a six-member committee headed by former apex court judge Justice A M Sapre to investigate the recent Adani Group shares crash triggered by the Hindenburg Research's fraud allegations and other regulatory aspects related to stock markets. The court asked the panel to submit its report in a sealed cover within two months. The top court observed that the PILs pertained to "the loss of investors' wealth over the past few weeks due to the steep decline of share prices of Adani group companies, precipitated by the Hindenburg Research report which alleged manipulations and malpractices by the Adani group companies" and also directed market regulator SEBI (Securities and Exchange Board of India) to complete its ongoing probe into the issue in two months and file a status report. Besides former apex court judge Justice Sapre, the other members of the court-appointed panel will be "O P Bhat (former Chairman of SBI), Justice J P Devadhar (retired judge of the Bombay High Court), K V Kamath, <keyword id="44604" type="General" weightage="80" keywordseo="nandan-nilekani" source="Orion">Nandan Nilekani</keyword>, Somasekharan Sundaresan". A bench headed by Chief Justice D Y Chandrachud directed the Centre, financial statutory bodies and the SEBI chairperson to render all cooperation to the Justice Sapre panel which will have to submit its report in a sealed cover within two months in the court. The remit of the Committee shall be to provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past, the court said. The committee will "suggest measures to strengthen investor awareness and to investigate whether there has been a regulatory failure in dealing with the alleged contravention of laws pertaining to the securities market in relation to the Adani Group or other companies," it said. It will suggest measures to strengthen the statutory or regulatory framework, and secure compliance with the existing framework for the protection of investors, it said. The court directed the SEBI to inform the court-appointed committee of domain experts about the steps taken by it so far during the ongoing probe. The bench, however, clarified that the constitution of the committee was not an "adverse reflection" on the functioning of the regulatory agencies. The bench, which also comprised Justices P S Narasimha and <keyword id="640961" type="General" weightage="80" keywordseo="j-b-pardiwala" source="Orion">J B Pardiwala</keyword>, in a judgement, said the panel will make an overall assessment of the situation, suggest measures to make investors aware and strengthen existing regulatory measures for stock markets. The court also asked it to examine if there was a violation of market regulations, short selling norms or stock price manipulations. On the ambit of the probe to be conducted by the panel, the bench said it would "provide an overall assessment of the situation including the relevant causal factors which have led to the volatility in the securities market in the recent past." The committee will also suggest measures to increase "investor awareness" besides investigating whether there was any regulatory framework to deal with the recent alleged violations of law in the securities market. The Justice Sapre panel will be suggesting "measures to strengthen the statutory framework and regulatory framework and secure compliance with the existing framework for the protection of existing investors." "The Committee is at liberty to seek recourse to external experts. The honorarium payable to the members of the committee shall be fixed by the Chairperson and shall be borne by the Union Government," it said. The Union Ministry of Finance shall nominate a senior officer to act as a nodal officer to provide logistical support to the panel, it said. The apex court said in order to protect Indian investors against the volatility of the kind which has been witnessed in the recent past, it was of the view that it is appropriate to constitute an expert committee for the assessment of the extant regulatory framework and for making recommendations to strengthen it. The top court requested the SEBI Chairperson to ensure that all requisite information is provided to the Committee. " All agencies of the Union Government including agencies connected with financial regulation, fiscal agencies and law enforcement agencies shall cooperate with the Committee. The Committee is at liberty to seek recourse to external experts in its work. "The honorarium payable to the members of the Committee shall be fixed by the Chairperson and shall be borne by the Union Government. The Secretary, Ministry of Finance shall nominate a senior officer who will act as a nodal officer to provide logistical assistance to the Committee," it said. The top court said all the expenses incurred in connection with the work of the Committee shall be defrayed by the Union Government. "The Committee is requested to furnish its report in a sealed cover to this Court within two months," it said. On February 17, the top court, while reserving its verdict on setting up of the panel, had said that it will maintain "fullest transparency" to protect investor interest and refused to accept the Centre's suggestion given in a sealed cover on it. On February 10, the top court had said the interest of Indian investors need to be protected against market volatility in the backdrop of the Adani Group stocks rout and asked the Centre to consider setting up a panel of domain experts headed by a former judge to look at strengthening the regulatory mechanism. The Centre had agreed to the apex court's proposal to set up a committee, to be headed by a former Supreme Court judge, to go into the regulatory regimes. SEBI, in its note filed in the top court, had indicated it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements. Till now, four PILs have been filed in the top court on the issue by lawyers M L Sharma, <keyword id="1126422" type="General" weightage="80" keywordseo="vishal-tiwari" source="Orion">Vishal Tiwari</keyword>, Congress leader <keyword id="2090997" type="General" weightage="80" keywordseo="jaya-thakur" source="Orion">Jaya Thakur</keyword> and <keyword id="6357005" type="General" weightage="80" keywordseo="mukesh-kumar" source="Orion">Mukesh Kumar</keyword>, who claims to be a social activist. Adani Group stocks have taken a beating on the bourses after the Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the business conglomerate. The Adani Group has dismissed the charges as lies, saying it complies with all laws and disclosure requirements. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/axis-bank-completes-acquisition-of-citibanks-consumer-business-heres-everything-to-know/articleshow/98337170.cms">Axis Bank completes acquisition of Citibank’s consumer business for ₹11,603 crore – here’s everything to know</a> <a href="https://www.businessinsider.in/india/news/moodys-upgrades-indias-2023-gdp-growth-estimates-to-5-5-on-account-of-resilient-economy-higher-capex-allocation/articleshow/98326620.cms">Moody’s upgrades India’s 2023 GDP growth estimates to 5.5% on account of resilient economy, higher capex allocation</a> <a href="https://www.businessinsider.in/business/corporates/news/gap-between-tcs-infosys-and-other-smaller-indian-it-companies-to-increase-in-fy24/articleshow/98308333.cms">Gap between IT sector’s leaders and laggards to widen further in FY24, says Kotak Institutional Equities</a>

SC panel to probe Adani-Hindenburg case will be headed by former-judge AM Sapre

New Delhi, Oct 10 (IANS) Citing Kamath Committee recommendations, the Reserve Bank of India (RBI) has informed the Supreme Court that it has accepted the recommendation for different treatment for sectors namely aviation, automobile manufacturing, roads and wholesale trading. In an affidavit, the RBI said: "Wherever the Committee felt that certain ratios were not relevant or not applicable based on the specific nature of the sector, the Committee itself had recommended a different treatment, for eg. aviation, automobile manufacturing, roads and wholesale trading, which has also been accepted by the Reserve Bank." Citing the September 7 special window notification, the RBI insisted that banks have sufficient flexibility to accommodate the impact of Covid-19 while specifying specific ratios for determining eligibility of loan resolution. The RBI said lending institutions are required to consider five key ratios while preparing the financial assumptions in respect of resolution plans under the "Resolution Framework". "The specific thresholds to be met for these ratios in respect of borrowers in 26 sectors have been prescribed, as recommended by the Expert Committee. As regards all other sectors, the lending institutions may make their own internal assessments with regard to the values of the five ratios to be considered", said the affidavit. In the second affidavit, the RBI said a long moratorium exceeding six months can also impact credit behaviour of borrowers and increase the risks of delinquencies post resumption of scheduled payments. "It may result in vitiating the overall credit discipline which will have a debilitating impact on the process of credit creation in the economy. It will be the small borrowers which may end up bearing the brunt of the impact as their access to formal lending channels is critically dependent on the credit culture", added the affidavit. The RBI said the cumulative reduction of 250 basis points in the repo rate since February 2019 is working its way through the economy, lowering interest rates in money, bond and credit markets, and narrowing down spreads. Financing conditions have eased considerably, enabling financial flows via financial markets and making improvements in different sectors, it added. Earlier this week, the apex court had asked the Centre and the RBI to place on record the actions taken on K V Kamath committee's report on debt restructuring and also asked the government to examine the issues raised by the real estate associations and power producers. --IANS ss/kr

RBI to SC: Freedom given for different treatment for aviation, automobile, roads

We are in the midst of tremendous changes in the IT industry as new technologies and new ideas are disrupting traditional business models, <keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword>' non-executive chairman <keyword id="2912855" type="PERSON" weightage="100" keywordseo="R-Seshasayee">R. Seshasayee</keyword> said on Monday. 
 "Chief Executive, <keyword id="6369763" type="PERSON" weightage="100" keywordseo="Vishal-Sikka">Vishal Sikka</keyword> and his management team have articulated a clear strategy to exploit these emerging opportunities," he told investors at the company's 34th annual general meeting. Seshasayee, 67, who took over the top post on June 5 from K.V. Kamath, has been an independent director of the global software major since January 2011 and its audit committee chairman. 

	"The board fully supports the strategic direction taken by the new management and we are confident of desired outcomes in the coming years," Seshasayee said in his first address to about 1,000 investors at a college auditorium in the city. 
	 
	 

	Acknowledging the efforts of the 1.76-lakh employees in shaping and growing the $8.7-billion company, the chairman said their dedication, hard work and sense of values had differentiated the company from others. 
	 
	 

	Noting that 2014-15 was a landmark year for the outsourcing firm during which three of the seven co-founders bid farewell and Sikka became the first non-founder executive, he said their vision, selfless efforts and fundamental values to build an institution had become the country's pride. 
 

	"The board of this company was chaired by two iconic leaders - co-founder N.R. Narayana Murthy and Kamath, who had set very high benchmarks in corporate governance and shareholder value creation," he .. 

	Kamath stepped down from the top post following his nomination as president of the $50-billion BRICS' development bank at Shanghai, 
 

	"Kamath has been a great source of guidance to all of on the board, bringing clarity of purpose and speed in execution, which helped in steering the troubled company through a time of change," Seshesayee noted. 
 Besides, Murthy, who was chairman, vice-chairman <keyword id="2913155" type="UNKNOWN" weightage="40" keywordseo="S-Gopalakrishnan">S.Gopalakrishnan</keyword> and chief executive S.D. Shibulal were the three co-founders who relinquished their executive posts in October and July last fiscal. The other four are <keyword id="44604" type="PERSON" weightage="60" keywordseo="Nandan-Nilekani">Nandan Nilekani</keyword>, N.S. Raghavan, K. Dinesh and <keyword id="336044" type="PERSON" weightage="40" keywordseo="Ashok-Arora">Ashok Arora</keyword>. 

	Though Raghavan retired in 2000 as joint managing director, and Arora, who was on the board till 1989, left for the US later, four co-founders steered the company from a $100 million to $8.7-billion IT behemoth as successive chief executives, with Shibulal being the last. 
 Nilekani, who was chief executive from 2002-07, quit the company as co-chairman in 2009 on becoming chairman of the <keyword id="86474" type="ORGANIZATION" weightage="40" keywordseo="Unique-Identification-Authority-of-India">Unique Identification Authority of India</keyword> ( UIDAI), which issues Aadhaar card to citizens. 

	Dinesh retired in 2011 as the company's head of quality, information systems and the communication design group. 

	 
	 
	(image credits: infosys)

2014-15 landmark year for Infosys: R. Seshasayee

In a bid to improve the strategic, economic and energy ties with the central Asian countries and <keyword id="6358826" type="COUNTRY" weightage="20" keywordseo="Russia">Russia</keyword>, Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> started his 8-day visit today. 
 As per an The Economic Times report, the PM, who will attend the BRICS and <keyword id="170281" type="ORGANIZATION" weightage="20" keywordseo="Shanghai-Cooperation-Organization">Shanghai Cooperation Organization</keyword> (SCO) summits, will also visit the five central Asian countries. 
 Starting from <keyword id="108488" type="COUNTRY" weightage="20" keywordseo="Uzbekistan">Uzbekistan</keyword> today, the Prime Minister will reach <keyword id="6380984" type="COUNTRY" weightage="20" keywordseo="Kazakhstan">Kazakhstan</keyword> tomorrow. After which he will travel to Russia on July 8, <keyword id="113695" type="COUNTRY" weightage="20" keywordseo="Turkmenistan">Turkmenistan</keyword> on July 10, <keyword id="47109" type="COUNTRY" weightage="20" keywordseo="Kyrgyzstan">Kyrgyzstan</keyword> on July 11 and <keyword id="169344" type="COUNTRY" weightage="20" keywordseo="Tajikistan">Tajikistan</keyword> on July 12. 
 
India is looking forward to securing a membership status of the six-nation group comprising China, Russia, Kazakhstan, Kyrgyzstan, Uzbekistan and Tajikistan in Russia’s Ufa. India, however, holds an observer status as of now. 
 On the other hand, the <keyword id="617785" type="UNKNOWN" weightage="20" keywordseo="BRICS-summit">BRICS summit</keyword>, world’s one of the most important economic summits will focus on increasing co-operation in economic field, which even includes the possibility of trade in local currency. 
 Apart from that, the summit might also look forward to the possibility of starting the credit facility in local currency as the <keyword id="989905" type="COMPANY" weightage="20" keywordseo="BRICS-Development-Bank">BRICS Development Bank</keyword> has already been set up. Noted Indian banker K V Kamath has been named as the first head of the bank. 
 As per a statement issued by the <keyword id="392303" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-External-Affair">Ministry of External Affair</keyword>, “During the visit to five central Asian nations, the first by an Indian Prime Minister to all of them together, the focus will be on enhancing trade, which is ‘not impressive’, and cooperation in energy and security.” 
 
Efforts to push the Turkmenistan- Afghanistan-Pakistan-India (TAPI) project have also been included in the program. The project, reportedly, is a crucial one for India's energy needs as it will carry gas from central Asia. However, it has also been hampered because of lack of physical connectivity. 
Image: indiatimes

First ever Indian PM to visit central Asian countries to boost economic and energy ties

<keyword id="6653" type="CITY" weightage="100" keywordseo="ICICI-bank">ICICI Bank</keyword>’s newly appointed chairman <keyword id="2891027" type="UNKNOWN" weightage="100" keywordseo="MK-Sharma">MK Sharma</keyword> criticised the “poorly-drafted” Companies Act and said that tightening of norms has made it a "curse" to be a promoter and everyone is being made to pay because of a few cases like Satyam and Sahara. 

	Sharma said there is an urgent need to completely re-write the Act as it lays stress on regulations rather than playing a developmental role and it appears to have been written for lawyers and chartered accountants, rather than for companies. 
 

	Talking about the enhanced compliance procedures, Sharma said it is a "curse" to be a promoter in the current times, while cap imposed on directorships has also increased the compliance requirements for individual board members. 
 

	Sharma, who himself has been on various boards, said every document has to be read from cover to cover and called the scope for action against directors as a "frightening feature" given the fact that an audit committee on which the director may sit meets only five times a year. 
 

	"A law should not seek to regulate the black-sheep. You must deal with them through penal action. Just because one Satyam happened and one Sahara happened, everyone else has to play penalty for that," he said. 
 Sharma, who was appointed non-executive chairman in June after his predecessor K V Kamath became first President of the recently launched <keyword id="989539" type="COMPANY" weightage="100" keywordseo="BRICS-Bank">BRICS Bank</keyword>, said that various stakeholders including the industry, ICAI and ICSI should be consulted again for rewriting the legislation. 

	"The law seems to have been drafted for lawyers and some chartered accountants and less for corporates. It is a very poorly-drafted piece of legislation...it is very unfortunate," Sharma said. 
 

	The Companies Act, 2013 came into force from April 1, 2014 after intensive consultations over several years to replace a nearly six-decade-old Companies Act, 1956. The new law has introduced a number of provisions to tighten corporate governance norms, check frauds and safeguard the investors. 
 

	However, the government has made various changes in this law in recent months to make compliance easier for companies. 
 Sharma, who has been a veteran in the financial services and <keyword id="34523" type="CITY" weightage="100" keywordseo="fmcg">FMCG</keyword> industries, further said that rather than taking corrective actions on a few points, which discomfort the industry, there is a need to completely re-write the law. 

	"A law must equally play a developmental role as it plays a regulatory role," he said. 
 

	Citing the example of Titan Industries, Sharma said the company was forced to suffer reverses due to a provision under which it could not keep deposits for over a year. 
 This forced the <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata group</keyword> company to liquidate all of their deposits resulting in heavy losses, he said, expressing a fear that travel companies who give over 20-year packages can suffer the same as the money taken for the future can be treated as a deposit. 

	On RBI, Sharma said he is all for the autonomy of the central bank but refused to elaborate further on the controversy triggered by the recent draft IFC.

	 
	 
	(Image credits: Indiatimes)

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