Events that shaped 2018

Gitanjali Diwakar | Updated on December 31, 2018

Here is a look at some of events that made and shaped 2018

1. Debts and frauds

Debt-traps have hampered the functioning of some of the nation’s most sought after financial organisations.

Infrastructure Leasing and Financial Services (IL&FS) had defaulted on a few payments and failed to service its commercial papers (CP) on the due dates.

Here is the story in detail: THE IL&FS CRISIS AND AFTER

This was followed by the scam, which involved the Punjab National Bank (PNB) and the fraudulent letter of undertaking worth Rs 14,356.84 crore (US$ 2.1 billion). Nirav Modi, a jeweller and designer was alleged to key player in the case.

Read more: Deconstructing the PNB scam


2. Exits and unfair play

India also saw many prominent personalities passing the baton for reasons that they were unable to articulate. Some, however, had to face the music for being unethical.

The resignation of Urjit Patel, from the post of RBI Governor, made headlines. He was the first governor since 1992, to have served shortest term.

Read the report: RBI governor Urjit Patel resigns

This was followed by the resignation of Surjit Bhalla from the PMEAC

Click here for more: Surjit Bhalla resigns from PMEAC

From the corporate world, Binny Bansal, the Co-Founder of e-commerce major Flipkart, stepped down from the post months after the firm was acquired by Walmart.

Do you know why? Read More : Binny Bansal resigns as Chairman & Group CEO of Flipkart

Automobile maker Nissan saw a few rough roads with the arrest of its CEO, Carlos Ghosn.

Read more: Ghosn formally charged for financial misconduct, Nissan also indicted

Pepsi Co’s Indira Nooyi announced her exit from the post of CEO of the company. However, she would be formally quitting in January 2019.

Take a look:  After 12 years, Indra Nooyi steps down as Pepsi CEO

The beverage firm also saw the exit of Poonam Kaul, who joined Apple India as its Marketing Director.

Here are the details: Poonam Kaul quits PepsiCo to join Apple India as Marketing Director

State Bank of India (SBI) had bid farewell to its managing director B Sriram, after he was appointed as the Chief Executive Officer (CEO) of the IDBI Bank.

Find out why: SBI MD Sriram resigns amid IDBI stake sale buzz


3. Foreign entries

Swedish furniture brand IKEA sets up its first Indian store in Hyderabad, Telangana. The firm continues to expand its operations in the country and will be establishing a store in Noida as well.

Read here: IKEA all set to open shop in India

Walmart Inc. and Flipkart Group announced the closing of the agreements for Walmart to become the largest shareholder in the Flipkart Group.

Here’s what happened: In first infusion, Walmart invests ₹2,190.64 cr in Flipkart


4. Telecom tales

The Ambani brothers seems to have grabbed the attention of telecom users across the country after Mukesh Ambani plays saviour to Anil Ambani.

Here’s the whole story: 12 years after Ambani brothers split, Mukesh to Anil’s rescue

Mobile operator Aircel filed for bankruptcy in February 2018 and is looking at scaling down its operations. The move has compelled many customers of the telecom service provider to port out.

For more details: Aircel applies for protection under bankruptcy code


5. Appointments, comebacks, strikes

Jawa, the ace rival of the Royal Enfield motorbike, makes a comeback to the Indian automobile scenario.

Read more: India’s two-wheeler industry gears up for the next wave of change

Tata Sons’ former Chairman Cyrus Mistry made his comeback into the corporate world. He started a firm, Mistry Ventures LLP, that will invest in and nurture start-ups in India and across the world.

Here is a glimpse: Cyrus Mistry makes a comeback, starts VC firm

Anshula Kant was appointed as the new Managing Director (MD) of the State Bank of India (SBI).

Read more: SBI appoints Anshula Kant as Managing Director

Renowned scientist Sivan K was appointed as the chairman of Indian Space Research Organisation (ISRO). He was the former Director of the Vikram Sarabhai Space Centre.

Read: ISRO names Sivan K as new chairman

Shaktikanta Das was appointed as the new RBI Governor. He succeeded Urjit Patel to become the 25th Governor of the apex bank.

More: Shaktikanta Das assumes charge as RBI Governor

As many as 21 Public Sector Banks (PSBs) were shut on December 26 as bank union go on strike in response to the merger of Bank of Baroda, Vijaya Bank and Dena Bank. The bank employees also demanded an early and justified wage revision.

Read More on the years happenings at Public Sector Banks


6. India’s first

With the inauguration of the Kannur International Aiport, Kerala becomes the first state in India to have four international airports. The others include – Thiruvananthapuram, Kochi, and Kozhikode.

More on the story: Kerala becomes first state to have four international airports

The Bogibeel Bridge constructed on the Brahmaputra River become India’s first road-cum-rail bridge. The bridge hopes to improve the connectivity between North-East India and the rest of the country.

For the detailed report, click here: PM Modi opens Bogibeel bridge


7. Stake talks

Discussions were triggered over talks of  stake sales in the cash-crunched airline, Jet Airways. The airline would also be shutting down  services to 9 airports from February 2019, namely - Jorhat, Silchar, Imphal, Aizawl, Raipur, Sharjah Muscat, Madurai and Vizag.

More: Jet Airways to shut services to 9 airports from February

The Central Government plans to complete the sale of Air India ground handling subsidiary AIATSL by March 2019.

Click to know why: Govt plans to complete sale of Air India subsidiary AIATSL by March

Warren Buffett’s Berkshire Hathaway Inc. bought a stake in One97 Communications Ltd, the parent of Paytm, making it the billionaire investor’s first investment in an Indian company.

Read more here: Berkshire Hathaway plans Rs 2,500-cr stake buy in Paytm


8. Natural calamities

2018 witnessed the wrath of nature from the months of August to December.

It began with the unpredictable flood of Kerala, which destroyed life and property across several parts of the state.

For the story in-depth, go here: Kerala Floods

Cyclones Gaja and Phatai  in the November and December, disrupted life in several parts of coastal Tamil Nadu as well as Andhra Pradesh.

Read more:Cyclone Gaja: Underestimating the intensity resulted in extensive damage

Indonesia recenlty raised the danger alert level for a volcano that sparked a killer tsunami at the weekend, after previously warning that fresh activity at the crater threatened to trigger another deadly wave.

The latest: Bali’s Agung volcano spews ash in fresh eruption


9. Education & sports

The Centre also stated that the National Council of Educational Research and Training (NCERT) has been instructed to reduce the syllabus to ‘half’.

More on the story: NCERT syllabus to be reduced by half: Javadekar

Hima Das become the first Indian woman to win gold in World Junior Athletic Championships.

This is the story: Hima Das becomes first Indian woman to win gold in World Jr Athletics Championships


10. Controversies, extraditions and celebrations

The LGBT community in India let out a cheer after Section 377 had been scrapped from the Indian Penal Code.

More here: Supreme Court strikes down law criminalising homosexuality

However, it was not long before the Supreme Court’s verdict on the entry of young girls (between 12 and 17) and women (up to the age of 50) became the most talked of controversy which saw agitations and protests.

Here is the story: Sabarimala temple open for women of all ages, rules SC

Alcohol baron and former Kingfisher Airlines-owner, Vijay Mallya, made the front page after a United Kingdom (UK) court ordered his extradition to India.

Read more here: Vijay Mallya should be extradited, rules UK court

Published on December 31, 2018

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