2024 in Review: A year of significant transformations for the global and Indian business sectors. From leadership changes to major IPO launches, the year marked pivotal developments that impacted industries, markets, and economic strategies. Let’s delve into the standout moments that defined the business landscape.
Leadership transitions in 2024
The business sector saw notable leadership changes in 2024. Revenue Secretary Sanjay Malhotra stepped up as RBI Governor, succeeding Shaktikanta Das. Similarly, C S Setty took over as SBI’s chief, while Manish Tiwary replaced Suresh Narayanan as Nestle India’s MD. These transitions highlight the evolving leadership dynamics in corporate and financial institutions.
IPO frenzy and market milestones
2024 was the year of IPOs, with giants like Hyundai launching India’s largest IPO. Startups such as Swiggy also drew massive investor attention. The SME IPO segment witnessed unprecedented subscription rates. Despite global economic turbulence, Sensex and Nifty soared to record highs, underscoring investor confidence.
Bitcoin reached an all-time high of $100,000, partly driven by Donald Trump’s return to the US presidency, signalling a bullish market sentiment across sectors.
Industrial and economic advances
The “Make-in-India” initiative achieved a significant milestone with the launch of Tata Aircraft Complex in Vadodara. This collaboration with Airbus is set to enhance India’s defence manufacturing capabilities. Additionally, the inauguration of the Mumbai Trans-Harbour Link, India’s longest sea bridge, demonstrated the country’s infrastructure development prowess.
Challenges faced by the business sector
The year wasn’t without turbulence. Allegations of financial impropriety against SEBI Chairperson Madhabi Puri Buch sparked controversy. A strike at Samsung’s Sriperumbudur unit highlighted wage and union recognition issues, while Jet Airways’ saga ended in liquidation. The Sony-Zee merger fell through, marking a missed opportunity for creating a media powerhouse.
Tech disruptions also made headlines, with a faulty CrowdStrike update causing global Windows PC shutdowns, reminding businesses of the importance of robust cybersecurity measures.
A transformative year in retrospect
2024 in Review: The business sector experienced a year of contrasts—marked by innovation, resilience, and challenges. From IPO booms to leadership changes and infrastructure milestones, 2024 was a transformative year, setting the stage for growth and evolution in 2025.
