Why Is RBI Worried?
and more business news
Happy Monday!
I know Mondays can feel like a heavy start to the week, but today’s a fresh opportunity to take action and set the tone for the days ahead. Let’s dive into some important updates and strategies that can help you make the most of the week.
But before we start, here’s a dose of positivity for you:
Success is the sum of small efforts, repeated day in and day out
Now, let’s get started…
Top headlines of the day
📌 Ola Electric share price drops 3%
It reached ₹87.35 during early trading on December 30, following the resignation of Chief Marketing Officer Anshul Khandelwal and Chief Technology and Product Officer Suvonil Chatterjee. Both executives cited personal reasons for their departure, effective December 27, 2024.
These resignations add to a string of senior-level exits at the company, including the departures of its company secretary, compliance officer, and Chief People Officer earlier this year. The news comes shortly after Ola Electric announced plans to expand its retail footprint by adding 3,200 outlets in a single day, part of its strategy to enhance market presence.
📌 Vodafone Idea shares surge 7%
It surged to ₹8 on the BSE during Monday's intraday trade after the Department of Telecommunications (DoT) waived financial bank guarantees for spectrum acquired in auctions from 2012 to 2021. Previously, Vodafone Idea needed to provide ₹24,800 crore in guarantees for spectrum installments. This relief, announced on December 27, 2024, allows the company to redirect resources toward expanding 4G and 5G networks.
📌 Reliance's first-ever refinery completes 25 years of operations
On December 28, 1999, Reliance Industries launched its first refinery in Jamnagar, Gujarat, transforming India from a fuel-deficient nation into a self-sufficient and later surplus exporter of gasoline and diesel to global markets like Europe and the US. Today, the Jamnagar complex stands as the world's largest refining hub, an engineering marvel that reflects India's industrial ambition.
Despite skepticism from experts about Reliance's ability to build the world's largest grassroots refinery in just three years, the project was completed in a record-breaking 33 months. The refinery, initially with a capacity of 27 million tonnes annually, was later expanded to 33 million tonnes and built at 40% lower costs compared to similar refineries in Asia.
📌 Bharat’s economy to grow at 6.5-6.8%
This will happen by this fiscal year and will improve to 6.7-7.3% by FY2026, driven by domestic consumption, infrastructure development, and digitization, according to Deloitte. Growth in FY2025 was slower due to election uncertainties, heavy rainfall, and geopolitical challenges. However, resilience is evident in consumption trends, high-value manufacturing exports, and stable capital markets.
Key growth drivers include agricultural income improvements, welfare programs, and urban-rural demand. Despite global headwinds like geopolitical tensions and supply chain issues, India can leverage its demographic dividend, strengthen its manufacturing sector, and enhance its role in global value chains. Upcoming policy measures, particularly in the budget, will be critical for fostering self-reliance and economic stability.
📌 RBI raises concern over high attrition in private banks
The RBI has highlighted high attrition in private sector and small finance banks as a major risk, with turnover rates in private banks reaching around 25% over the past three years. This trend disrupts operations, increases costs, and hampers productivity due to the loss of experienced employees and institutional knowledge. High attrition, particularly at entry levels, stems from low salaries and limited career growth, causing instability and tarnishing banks' reputations as employers.
To address these challenges, the RBI stresses the need for strategic measures, including better onboarding, mentorship programs, career development opportunities, competitive compensation, and a supportive workplace culture. These steps are essential not only for employee retention but also to enhance customer satisfaction and maintain service quality.
⚠️ HOLD ON
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So, that’s it from me today!
See ya 👋
