Kotak Mahindra Bank elevates Paritosh Kashyap to ED; Shanti Ekambaram to retire as DMD on Oct 31
Private sector lender Kotak Mahindra Bank on Saturday announced the promotion of Paritosh Kashyap, currently group president, to the post of executive director (ED), subject to regulatory approvals.
Kashyap has been with the Kotak Group for over three decades and has been heading the wholesale banking business since 2022.
He has led several key businesses including Structured Finance, Real Estate, and Debt Capital Markets during his long career with the Group.
The bank also said that Shanti Ekambaram, Deputy Managing Director, will be retiring from her role effective October 31, 2025, upon completion of her current term.
The board expressed its deep appreciation of Ekambaram's contributions to the Kotak Group, Kotak Mahindra Bank said in a statement.
Ekambaram has been with the Kotak Group since 1991 and has played a pivotal role in shaping the Group's growth and evolution of the institution over the past three decades. Commenting on the transition, Kotak Mahindra Bank MD and CEO Ashok Vaswani said, "Shanti has been a cornerstone of Kotak's journey. Her leadership has been marked by entrepreneurial thinking, deep customer insight, bold actions and an unwavering commitment to excellence." PTI DP DRR
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The Wire
24 minutes ago
- The Wire
How India's New FTAs Reflect a Particular Geopolitical Vision
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Economy How India's New FTAs Reflect a Particular Geopolitical Vision Sharmila Kantha 3 minutes ago As India inks a landmark trade deal with the UK, it's clear: a decisive pivot is underway. FTAs are no longer just economic instruments – they're now central to India's global power play. Representative image. Photo: Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now India is according a ' high degree of urgency ' to entering into free trade agreements (FTAs) with the United States, the European Union (EU), the United Kingdom and other advanced nations, which are seen as complementary, more competitive and open-market economies with conducive business environments. The process of negotiations has gained intensity since US President Trump's announcements on 'reciprocal tariffs' to be imposed on all its trading partners. While the stated additional tariffs of 26% on Indian goods have been deferred by 90 days as with other countries, during Prime Minister Modi's visit to the US in February 2025, India and the US had already decided to finalise the first phase of a Bilateral Trade Agreement by the fourth quarter of 2025. They further agreed upon the terms of reference for the negotiations during US Vice President Vance's visit to India in April 2025. The renewed focus on FTAs with developed countries is part of a shift in India's global economic strategy over the last few years, where it has prioritised leveraging its own large market for better access to partner markets with transparent trading mechanisms. Accordingly, trade and economic agreements have been inked with the European Free Trade Association (EFTA), United Arab Emirates, Australia, and Mauritius over the last five years. The India-UK FTA was concluded this month, with the text of the many chapters yet to be finalised. In addition, negotiations are ongoing with New Zealand, Qatar, and Oman. Act East policy and the evolution of India's trade agreements India's first economic agreement took place with Sri Lanka in 1999, followed up with a spate of pacts with Japan, Malaysia, South Korea, Association of Southeast Asian Nations (ASEAN), Singapore, and others. While some of the agreements were comprehensive in scope, covering trade in goods and services and investments, others related to preferential trade agreements with limited concessions on both sides. Agreements with both developed and middle-income countries to the east of India were aimed at enhancing India's participation in global value chains, lowering tariff and non-tariff barriers in rapidly growing markets, and building strategic partnerships beyond trade. For example, the ASEAN-India Trade in Goods Agreement came into force on 1 January 2010, followed by the ASEAN-India Trade in Services Agreement and the ASEAN-India Investment Agreement, both signed in November 2014. These pacts solidified India's 'Look East' policy, which was later upgraded to the 'Act East' policy. At the same time, many rounds of discussions were held, including with the EU, Gulf Cooperation Council (GCC), Australia, and New Zealand, which did not yield outcomes and were shelved. Thus, there was a gap of several years before India revisited its FTA policy (Kumar 2025). India's trade performance with major partners This gap arose as data on existing agreements revealed that India's imports from its FTA partners rose at a faster pace than its exports, leading to growing trade deficits with these countries (Srivastava 2025). Over a longer term, it has been found that the compound annual growth rate (CAGR) of India's imports and exports for the period 2009-10 to 2023-24 has varied greatly, and within this, trade with FTA partners has been relatively subdued as compared to trade with other major partners. Table 1. India's imports and exports with select economies, 2009-10 and 2023-24, in US$ million Imports Exports Country/Region 2009-10 2023-24 CAGR % 2009-10 2023-24 CAGR % EU 34 61.5 4.3 29.9 75.9 6.9 ^ EFTA 15.6 22 2.5 0.8 1.9 6.2 UK* 4.5 8.4 4.6 6.2 13 5.4 US 17 42.2 6.7 19.5 77.5 10.4 ^ Australia* 12.4 16.2 1.9 1.3 7.9 13.3 ^ ASEAN # 25.8 79.7 8.4 18.1 41.2 6.1 Indonesia # 8.7 23.4 7.4 3.1 6 4.9 Malaysia # 5.2 12.8 6.7 2.8 7.2 7 ^ Singapore # 6.5 21.2 8.9 7.6 14.4 4.7 Thailand # 2.9 9.9 9.1 1.7 5 7.9 ^ Vietnam # 0.5 9.3 22.9 1.8 5.5 8.1 ^ GCC 53.5 105.5 5 30.8 56.3 4.5 China 30.8 101.7 8.9 11.6 16.7 2.6 Japan # 6.7 17.7 7.1 3.6 5.2 2.5 South Korea # 8.6 21.1 6.7 3.4 6.4 4.6 SAARC 1.7 5.2 8.5 8.4 25.6 8.3 ^ India's Total 288.4 678.2 6.3 178.8 437.1 6.6 Source: Author's calculations based on data from the Department of Commerce, Government of India. Note: * denotes countries with recent agreements # denotes countries/regions with which FTAs have been in place for several years ^ denotes countries with which India has a higher export CAGR than its overall export CAGR India's export CAGR for 2009-10 to 2023-24 was 6.6%. In Table 1, it may be seen that the pace of India's exports has been particularly brisk for countries/regions with which India does not yet have an FTA. For example, exports to the US grew by over 10% CAGR during the period 2009-10 to 2023-24. In Australia, where the FTA was not implemented until the end of December 2022, the CAGR stood at over 13%. A significant concern is the poor growth in exports to Japan and South Korea at a rate of just 2.5% and 4.6% respectively, far below India's overall CAGR. Despite a comprehensive agreement in place with South Korea since 2010 and with Japan since 2011, exports to these countries have been slow to grow, even for goods where India has a comparative advantage, such as garments and pharmaceuticals. However, both countries have preferred the investment route in economic engagement with India and have seen high success in manufacturing in India across sectors such as consumer durables and automobiles. Storied brands operating in the country, including Suzuki, Toyota, Samsung and LG, among many others, have also built significant exports from India. Trade with SAARC (South Asian Association for Regional Cooperation) countries, where the South Asian Free Trade Agreement (SAFTA) is in place, expanded significantly faster than India's overall trade, for both exports and imports, although the trade balance is overwhelmingly in India's favour. As a large economy of the region, it should attempt to build and diversify its imports from these countries to address the trade imbalance as well as to build its own regional value chains with its friendly neighbours. The fact that the CAGR for India's imports is a little higher than the CAGR for exports to these countries is encouraging, with Bangladesh seeing a CAGR of 15% and Sri Lanka at close to 10%, although the value is below US$ 2 billion for each. On the import side, India's imports from its FTA partners have certainly grown faster than its exports to these countries and also faster than its total imports. The five large ASEAN economies were particularly successful in addressing the Indian market, especially Vietnam, from where imports increased almost 18 times during the period. The non-FTA partner countries with which imports grew faster than total imports include China and the US. Barriers to trade and the way forward India is currently reviewing the older FTAs with its Act East partners, ASEAN, Japan and South Korea. However, the negotiations have not concluded even after several years of discussions. In most cases, the non-tariff barriers that India faces vis-à-vis these partners relate to standards and certifications which apply to their imports from all their source partners, and it is unlikely that these would be scaled down for India. In addition, some of the countries export primary or intermediate goods to India, which are needed for its manufacturing sector. Further, India's tariffs were higher at the outset than the tariffs prevalent in these partner countries, and hence the concessions were deeper, encouraging faster growth in imports from these countries. The discussions with the US and the EU, which are keenly eyeing the large and growing Indian market, are also posing certain challenges, which are present in the India-UK FTA as well. First, the FTAs necessitate deeper tariff cuts from India as the tariff rates in these economies are already quite low (before the US reciprocal tariffs take effect). Two, India faces stringent non-tariff measures and non-trade-related issues in these countries. For instance, India has stressed that the EU's carbon border adjustment mechanism (CBAM) and Deforestation Regulation (EUDR) go beyond trade, and if the EU continues to insist on these issues, an FTA would be difficult to finalise. Three, sectors such as dairy products, agricultural goods, automobiles, and alcohol are also sticking points in these negotiations. Again, the India-UK FTA will set a precedent in these sectors. Finally, the Western countries are keen to include issues such as labour, intellectual property, sustainability, and data management, among others, that could be onerous for India to meet (Kumar 2025). Carbon tax, immigration, and investment regulations were issues of fervent discussions with the UK, and several of the chapters included in the agreement such as government procurement, anti-corruption, and gender equity are a first for India. The extent to which India cedes policy space in these areas will be known only after the legal texts are finalised. Thus, there could be a repeat of the earlier experience of FTAs with low utilisation rates by Indian exporters (Choudhury 2023). Following the US tariff shock, there may be a softening of stance in these partners as well as in India's position. However, the new FTAs are likely to be more complex and demanding for India, and their optimal utilisation will depend largely on India's own internal reforms. While India intensifies its FTA negotiations with Western countries, its Act East policy must also remain proactive to enhance the country's strategic presence in its proximate neighborhood. Among the Asian economies, Japan and South Korea have been staunch partners for India's growth, and other economies continue to grow rapidly and deepen their integration into global value chains. As global trade shifts, India needs to be strongly linked to these value chains. Deeper economic engagement with these countries will help strengthen the gains of the decades-long policy. In a changing global trade regime, India must tread with care to balance the markets to its West and East and align its geopolitical and geo-economic objectives. Sharmila Kantha is an industrial policy specialist with Confederation of Indian Industry (CII). Associated with Indian industry for over 20 years, she has worked extensively on issues relating to economic policy and India's international economic engagement. She is the author of three books on Indian business history and her articles have been published on several websites. This article was originally published on Ideas for India. Make a contribution to Independent Journalism Related News India's Little-Known Role in African Slave Trade The World's 'Fourth Largest Economy' and its Deepest Divide Has India Really Become the World's Fourth-Largest Economy? India Rejects Claim That Trump's Trade Threat Averted War With Pakistan 'Trade Offer Averted India-Pakistan War': Trump Administration Tells US Court Watch | India Overtakes Japan as the Fourth-Largest Economy: Is the Excitement Justified? FTA: UK to Remove 99% of Tariffs on Indian Goods; India to Cut Duties on Whiskey, Autos India and China: Two Contrasting Models of Dealing With Trump's US India Out of Work: Unemployed Youth Become 'Discouraged Workers' View in Desktop Mode About Us Contact Us Support Us © Copyright. All Rights Reserved.
The Hindu
24 minutes ago
- The Hindu
World Bicycle Day: Revisiting two initiatives aimed at encouraging people to reduce the carbon footprint
'Manufacturing' a cycling movement in Manali Kothari Petrochemicals in Manali did not just tell its employees to cycle to work; it enabled them to do so. It gifted Hercules cycles to over 140 employees on its rolls on National Safety Day in March 2022. The management's request to its staff: pedal to work at least once a week. Incentives nudging employees to take the eco-friendly route followed. And that 'route' is well-travelled. In addition, the company has been taking other routes to energy conservation and pollution control. All these efforts have resulted in a plethora of recognitions for Kothari Petrochemicals including the National Award for Excellence in Energy Management 2024 by the Confederation of Indian Industries. The biggest encouragement however comes from the fact that neighbouring companies in Manali emulate its example by gifting bicycles to their employees. 'Once a month, usually on the fourth Saturday, we observe 'No Bike Day' encouraging employees to pedal to work or use public transport,' says Premapiriyan P., vice-president, Kothari Petrochemicals. Next, the company switched to vehicles running on liquefied natural gas (LNG) for employee transportation. Two electrical cars were added to the fleet, and a fork lift was converted from diesel to electrical. Employees who bicycle to work the maximum number of days in a month are incentivised with cash awards and carbon offset certificates. Carbon dioxide emission has been reduced by 650 kilos on account of employees commuting by bicycle, says data shared by the company. With a good number of employees living within a five to seven km radius of the plant, the management had a solid reason to push for a bicycle commute. Once an employee pedals to work for a minimum of 10 days, a carbon dioxide math is done and certificates and gifts are given accordingly. M. Rajavel, whole time director, Kothari Petrochemicals, says currently 20-25% of employees bicycle to work on a regular basis and they want to raise this percentage by another 50% this year. 'It is also important to understand the bottlenecks that employees face while cycling, which could be due to bad roads or chaotic traffic in the city, so I have asked the team to study the reasons. If their concerns can be addressed by the company then we will take it up or we can represent it to the Corporation,' says Rajavel. The management will be purchasing another round of bicycles to be given to employees who have joined the organisation in the recent years. A feeder service between a Metro station and a college When the new academic year kicks off at M.O.P. Vaishnav College in June, the students and staff will have the advantage of taking a feeder service from the closest Metro Rail station to the college campus on Nungambakkam. Chennai Metro Rail Limited is offering this service to support the college's 'No Vehicle Day' launched in August 2024. 'CMRL authorities got in touch with us and wanted a schedule in advance for them to arrange a service for the benefit of students, which we plan to take up from June,' says Archna Prasad, principal, M.O.P. Vaishnav College for Women. Currently, DMS or Thousand Lights are the closest metro stations accessed by a majority of the students. The shuttle service, if implemented well, would encourage more students to ditch their vehicles on other days of the week as well to rely on public transport - which was also the larger goal of keeping vehicles off the campus every last Thursday of the month, later changed to any one day in the month, based on students' feedback . The principal notes that students' comfort level had to take precedence: if No Vehicle Day fell on an exam day, students would be handicapped by not using their own vehicle. There could be delay in reaching the college. So, the date and day of No Vehicle Day have been kept flexible. The initiative runs on the steam of flash mobs and messages on social media earlier on. No campaigns are needed today: just an announcement a day before No Vehicle Day. Archna says the initial two months the departments tried not to schedule visitors on the campus on the D-Day but now guests are also asked to switch to public transport. The agenda for the coming academic year is to encourage students to pedal to college and also to get students and staff to switch to e-vehicles, says the principal, adding 'on No Vehicle day, e-vehicles are allowed.'
United News of India
27 minutes ago
- United News of India
Sensex crashes over 600 pts
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