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India Business Briefs for May 17: Reserve Bank hosts talks on governance in asset reconstruction firms

Reserve Bank of India governor Shaktikanta Das (Photo by PUNIT PARANJPE/AFP via Getty Images)

By: Shubham Ghosh

HERE are news in brief on Indian economy and business for Friday, May 17, 2024:

The Reserve Bank of India (RBI) on Friday convened a conference for the directors and MD/CEOs of Asset Reconstruction Companies (ARCs) in Mumbai. According to a press release, the event, themed ‘Governance in ARCs – Towards Effective Resolutions’, saw the participation of over 80 representatives from all 27 ARCs across the country. This conference is part of a series of supervisory engagements the RBI has been conducting over the past year with its regulated entities, including previous meetings with the boards of Scheduled Commercial Banks and Urban Co-operative Banks. The conference was graced by deputy governors M Rajeshwar Rao and Swaminathan J, alongside executive directors S C Murmu, Saurav Sinha, J K Dash, and Rohit Jain.

Air India has partnered with aviation medical support provider MedAire to ensure emergency healthcare services to its passengers and crew on board its flights. “MedAire, through its app Medlink, will provide round-the-clock access to a team of on-duty emergency physicians with aviation expertise for consultation in the event of an inflight medical situation. The medical team will assist in assessing the medical situation and recommend the course of care,” the airline said in a release on Friday. Besides handling medical crises, the collaboration will reduce medical diversions with real-time professional assistance – minimising inconvenience to passengers. Air India CEO and MD Campbell Wilson said MedAire’s expertise in providing medical support services for airlines will meet the requirements of the airline’s expanding operations.

Dr Arvind Panagariya, chairman of the 16th Finance Commission of India, delivered an address at the Confederation of Indian Industry (CII) Annual Business Summit 2024 in New Delhi on Friday, highlighting significant strides in overcoming extreme poverty concentrated in rural areas. “Extreme poverty concentrated in the rural areas has been largely conquered and the growth prospects are excellent,” Panagariya said, during the plenary session on “Future of Economic Transformation: Integrating Rural and Urban Economies” at the CII Summit. The summit, themed ‘Co-creating the Future Responsibly: Role of Business,’ brought together leaders and experts to discuss the future of India’s economic landscape.

Civil supplies and irrigation minister of the southern state of Telangana, Uttam Kumar Reddy, has vowed that state capital Hyderabad would be transformed into a truly global investment destination, competing with the world’s top metropolises.
Speaking on Friday after inaugurating the IGBC Green Property Show 2024 in the city, Reddy asserted that the current Indian National Congress-run state government aims to send a clear message to global investors, the country, and the state that Hyderabad will become a truly global city in every sense. He highlighted that the existing infrastructure in Hyderabad, including the international airport, Outer Ring Road, expressway, flyovers, and drinking water from the Godavari and Krishna Rivers, was primarily developed by the Congress government from 2004 to 2014.

Doorstep service provider Urban Company expects its operation in the UAE to become profitable soon while other international markets — Saudi Arabia and Singapore — may need more time, a senior company official said on Friday. While speaking at the CII Annual Business Summit, Urban Company co-founder Abhiraj Bhal said the foray in international markets takes focus away from India market and advised startups to do “reasonable justice to India before venturing out”. “UAE was our first market outside of India. We have been there for about 5 years and we have done fairly well there. Market is also at the brink of profitability. Kingdom of Saudi Arabia and Singapore are a much younger market for us, still in investment mode,” Bhal said.

(With agencies)

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