Business

Index of Eight Core Industries for June 2024

The Index of Eight Core Industries (ICI) recorded a provisional increase of 4.0% in June 2024 compared to June 2023. Positive growth was noted in the production of Coal, Electricity, Natural Gas, Steel, Fertilizers, and Cement. The final growth rate...

UGRO Capital and SIDBI Forge Co-Lending Partnership

UGRO Capital, a data-tech non-banking financial company (NBFC), has entered into a co-lending agreement with the Small Industries Development Bank of India (SIDBI) to provide timely and affordable credit to micro, small, and medium enterprises (MSMEs). This initiative aligns with...

Insurtech Startup Covrzy Secures IRDAI Broking License

Bengaluru-based insurtech startup Covrzy has recently achieved a significant milestone by obtaining a direct broking (general) license from the Insurance Regulatory and Development Authority of India (IRDAI). This license permits Covrzy to function as a direct insurance broker, allowing it...

India Elected Vice-Chair of IPEF’s Supply Chain Council

India has been elected as the Vice-Chair of the Supply Chain Council under the Indo-Pacific Economic Framework for Prosperity (IPEF). This appointment highlights India's critical role in developing a resilient supply chain in the Indo-Pacific region. The election, part of...

Shriram Capital Receives RBI Approval to Launch ARC

Shriram Capital has received in-principle approval from the Reserve Bank of India (RBI) to establish an Asset Reconstruction Company (ARC). The approval, granted after Shriram Capital’s application in November 2023, marks a significant step for the company. ARC Establishment Approval...

Single National Software Network for PACS Computerization

The Government of India is implementing a ₹2,516 Crore project for the computerization of functional Primary Agricultural Credit Societies (PACS). This initiative aims to integrate PACS with an ERP-based national software, linking them with NABARD through State Cooperative Banks (StCBs)...

Aditya Birla Group Launches Indriya To Enter Indian Jewellery Market

Aditya Birla Group Chairman, Mr. Kumar Mangalam Birla on July 30, announced the launch of the Group’s jewellery retail business, marking the Group’s foray into the rapidly expanding Rs.6.7 lakh crore Indian jewellery market. This strategic move marks another significant...

Amazon Pay, Adyen, and BillDesk Obtain RBI Cross-Border Payment License

Three prominent payment companies—Amazon Pay, Adyen, and Mumbai-based BillDesk—have secured the Reserve Bank of India’s (RBI) cross-border payment aggregator license. This follows Bengaluru-based Cashfree’s earlier acquisition of the same license. Cashfree received its license on July 22, Adyen and Amazon...

UltraTech Acquires 32.7% Stake in India Cements for ₹3,945 Crore

UltraTech Cement, a flagship of the Aditya Birla Group, will acquire a 32.72% equity stake in India Cements for ₹3,945 crore. The acquisition will be finalized through a Share Purchase Agreement with the promoters of India Cements, led by N....

India Assumes Chair of Asian Disaster Preparedness Centre (ADPC)

India has taken over the Chair of the Asian Disaster Preparedness Centre (ADPC) for the year 2024-25, succeeding China. This transition was formalized on July 25, 2024, in Bangkok, Thailand. The appointment underscores India's growing global and regional leadership in...