The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) marks its third anniversary of signing, a landmark achievement that has enhanced the economic partnership between India and Australia. Since the agreement's signing on 2nd April 2022, it has created pathways for robust trade, offering new avenues for businesses, entrepreneurs, and,
employment across both nations.
With the signing of the ECTA, India and Australia have fostered new economic opportunities, underlining the complementary strengths of both economies.
India has emerged as a global leader in railway locomotive manufacturing, achieving a record production of 1,681 locomotives in the financial year 2024-25. This milestone surpasses the total locomotive production of regions such as the United States, Europe, South America, Africa, and Australia, reaffirming India’s growing dominance in the global railway sector.
The Reserve Bank of India appointed Poonam Gupta, formerly a World Bank economist, as deputy governor, ahead of its bi-monthly monetary policy committee meeting due to be held between April 7-9, 2025.
She will hold the position for a period of three years.
Gupta currently serves as the Director General of the National Council of Applied Economic Research (NCAER).
She is also a member of the Economic Advisory Council to the Prime Minister and acts as the Convener for the Advisory Council to the 16th Finance Commission.
Gupta joined NCAER in 2021, bringing with her nearly two decades of experience in senior roles at the International Monetary Fund (IMF) and the World Bank in Washington, D.C.
Moreover, Gupta has held teaching positions at the Delhi School of Economics, University of Maryland (USA), and as a visiting faculty member at the Indian Statistical Institute (ISI) in Delhi.
She is also part of the Development Advisory Committee of NITI Aayog and serves on the Executive Committee of FICCI. Notably, she chaired the Task Force on Macroeconomics and Trade during India’s G20 Presidency.
She was honored with the 1998 EXIM Bank Award for her doctoral work on international economics.
At RBI, she will be replacing Michael Patra as deputy governor.
NITI Aayog, in partnership with the National Council of Applied Economic Research (NCAER), has developed a comprehensive digital repository that consolidates crucial data on social, economic, and fiscal parameters. Covering a span of nearly 30 years (from financial years 1990-91 to 2022-23), the portal will be launched on April 1 by Finance Minister Nirmala Sitharaman.
The famous Kumbakonam vetrilai (Kumbakonam betel leaf) and Thovalai maanikka maalai have been given the Geographical Indications (GI) tag.
The Kumbakonam betel leaf is found in the Cauvery Delta region specifically in regions like Thiruvaiyaru, Papanasam, Thiruvidaimarudhur, Kumbakonam, and Valaigaman blocks of Thanjavur and Tiruvarur.
Kumbakonam betel leaves’ history can be traced back to centuries. According to details in the GI journal, besides paddy, the crops generally grown on wetlands are sugarcane and betel vine.
The Thovalai maanikka maalai is a special type of garland that is made only in Thovalai.
It comes in a range of shapes and sizes, standing out from other garlands due to its unique technique and gem-like appearance.
The application for the betel leaf was filed by the Vettrilai Urpathiyalargal Nalasangam and was facilitated by the Tamil Nadu Agricultural University, Coimbatore.
And, the application for the Thovalai Maanika Maalai was filed by the Thovalai Maanikkamaalai Kaivinai Kalaingargal Nalasangam and was facilitated by Tamil Nadu handicrafts Development Corporation and the Intellectual Property Facilitation Centre – Chennai, MSME- Technology Development Centre, Chennai.
Federal Bank has launched its latest credit card product, Fed StarBiz, specifically for business customers. Designed in collaboration with the National Payments Corporation of India (NPCI) and Visa, this new credit card is designed to meet the distinct financial requirements of India’s dynamic small and medium-sized enterprises (SMEs).
Life Insurance Corporation of India (LIC), the country’s largest insurer, is in advanced discussions to acquire up to a 50% stake in ManipalCigna Health Insurance, signaling its strategic entry into the fast-growing health insurance market.
The deal, valued at approximately Rs. 3,500–4,000 crore, could significantly reshape the health insurance landscape and unlock new growth opportunities for LIC.
ManipalCigna Health Insurance is a joint venture between Bengaluru-based Manipal Education & Medical Group (holding 51%) and US-based Cigna Corporation (holding 49%).
The acquisition would involve both shareholders proportionally reducing their stakes to accommodate LIC’s entry into the venture. Analysts believe this move aligns with LIC’s diversification strategy beyond its traditional life insurance portfolio.
LIC’s entry into health insurance comes at a time when medical expense coverage accounts for 37% of India’s Rs. 3 trillion general insurance industry. By acquiring a stake in an established player like ManipalCigna, LIC avoids the complexities of building a health insurance vertical from scratch.
Instead, it can leverage its expansive agency network of 1.4 million agents and vast policyholder base to scale operations swiftly.
A critical regulatory backdrop is the pending approval of composite insurance licensing under India’s Insurance Act of 1938.
President Droupadi Murmu will be attending the final day of the Reserve Bank of India’s (RBI) 90th-anniversary celebrations in Mumbai, April 1, 2025. The event is the highlight of a year-long celebration of the RBI’s founding, which took place on April 1, 1935.
RBI has been the backbone of India’s financial sector, with responsibilities including monetary policy, issue of currency, and banking supervision. The creation of RBI was necessitated by the requirement of a central government to regulate the nation’s currency and provide stability in the economy.
IDFC FIRST Bank said it has been authorised by Central Pension Accounting Office (CPAO) to disburse pensions on its behalf. This allows the bank to disburse pensions to central government pensioners including, All India Service Officers, former Members of Parliament, retired Judges of High Courts and Supreme Court, former Presidents and Vice Presidents of India,
and officials of Civil Ministries and Departments (other than Railways, Posts, Telecom and Defence), the lender said in a release.
From a technical point of view, the integration between the CPAO, GoI and IDFC FIRST Bank is complete and is ready for such pension disbursements, IDFC FIRST Bank said.
Pensioners can also open an IDFC FIRST Bank Savings Account jointly with their spouse to receive pension. In the event of the primary pensioner's demise, the spouse can continue receiving the family pension in the same account.
The bank has a deposit base of Rs 2,27,316 crore and loans and advances of Rs 2,31,074 crore.
UBS said it has concluded the merger of Credit Suisse Service Company entities with UBS Business Solutions in India. This marks a milestone in UBS's broader integration journey, bringing together a 24,000-strong team under one unified structure, UBS said.
The integration steps in India began in May 2023, covering Credit Suisse's shared services presence in Mumbai and Pune.
As part of the merger, Credit Suisse Services (India) Private Limited, Credit Suisse Business Analytics (India) Private Limited, and Credit Suisse Services AG, Pune Branch have been integrated into UBS Business Solutions (India) Pvt. Ltd, it said.
As one of the largest locations for UBS (about 16 per cent of the global headcount), India brings together extensive capabilities in technology, operations, human resources, finance, legal, compliance, risk, and procurement, it said.
The country's teams drive innovation and excellence, delivering critical value to UBS globally and enhancing client experience, it added.
