General Awareness

BUSINESS AND ECONOMY - January 2015

Jan 2015

Nov 26, 2024

India-EFTA Trade Deal: $100 Billion Investment & Boost to Exports

India signed a historic Trade and Economic Partnership Agreement (TEPA) with four European countries, Switzerland, Iceland, Norway, and Liechtenstein, forming the European Free Trade Association (EFTA). This agreement is expected to provide India access to 99.6% of EFTA's market, generating $100 billion in foreign direct investment (FDI) and creating 1 million direct jobs over the next 15 years. With strong commitments from both sides, the deal aims to enhance India's global market position and reinforce initiatives like "Make in India" and "Atmanirbhar Bharat."
The pact is set to create 1 million direct jobs in India, supporting its young workforce. This aligns with India's projected economic rise, with expectations to become the third-largest economy in the world in the next 3-4 years. The agreement also focuses on promoting sectors like IT, pharmaceuticals, chemicals, renewable energy, and banking.
TEPA will expand India's service exports, particularly in IT, business, and educational services, by improving access to EFTA countries. Additionally, the deal facilitates technological collaboration, offering India access to advanced technologies in precision engineering, health sciences, and renewable energy.

Nov 25, 2024

FSIB Recommends Binod Kumar for the Post of MD and CEO of Indian Bank

Financial Services Institutions Bureau (FSIB), the selector of top executives in public sector banks and financial institutions, recommended Binod Kumar for the position of Managing Director & CEO in Indian Bank.
Kumar is serving as Executive Director of Punjab National Bank.

Govt. Should Include Coking Coal in Critical Minerals List: NITI Aayog

The NITI Aayog recommended adding coking coal to India's critical minerals list, emphasising its importance in steel production and infrastructure development. This aligns with global trends, such as the European Union's declaration of coking coal as a critical raw material. India's heavy reliance on imports (85% of its coking coal) underscores the need to enhance domestic production.
The report "Enhancing Domestic Coking Coal Availability to Reduce the Import of Coking Coal" advocates for policy changes to leverage India's 16.5 billion tonnes of medium coking coal reserves and achieve self-reliance while adhering to Net Zero commitments by 2070.

Nov 24, 2024

RBI Doubles UPI 123Pay Limit to Rs. 10,000 for Feature Phones

The Reserve Bank of India (RBI) increased the transaction limit for UPI 123Pay from Rs. 5,000 to Rs. 10,000. This change is set to benefit millions of feature phone users across India who have limited access to the internet.
UPI 123Pay is a unique service that allows digital payments on feature phones without the need for internet connectivity.

Nov 23, 2024

World Bank Launches 'Jobs at Your Doorstep' Report in Delhi

The Union Minister for Education, Dharmendra Pradhan, along with Minister of Labour and Employment, Youth Affairs and Sports Mansukh Mandaviya, launched the World Bank's report titled 'Jobs at Your Doorstep: A Jobs Diagnostics for Young People' in six states in New Delhi. The report focuses on bridging skill gaps in young people and aligning school curricula with industry needs.

DPIIT Approves Hinduja Group's IIHL Acquisition of Reliance Capital

The Department for Promotion of Industry and Internal Trade (DPIIT) granted approval for the Rs. 10,000-crore acquisition of Reliance Capital Ltd. (RCAP) by IndusInd International Holdings Ltd. (IIHL), a Hinduja Group-backed firm.
This marks a significant development in the resolution of the debt-ridden Reliance Capital, which had accumulated liabilities exceeding Rs. 40,000 crore. The deal, which has passed through the necessary regulatory clearances, paves the way for the finalisation of the acquisition, resolving one of the key challenges facing the troubled financial entity.

Nov 22, 2024

Tata Power Signs Historic $4.25B Agreement with ADB

Tata Power, a leading integrated power company in India, signed a memorandum of understanding (MoU) with the Asian Development Bank (ADB) for $4.25 billion to finance various clean energy projects. This collaboration aims to promote renewable energy sources, improve India's power infrastructure, and contribute to achieving the country's ambitious renewable energy goals. The partnership includes financing for large-scale solar-wind hybrid projects, pumped hydro storage systems, and enhancing power distribution networks.

RBI, Maldives Monetary Authority Sign Pact to Promote Use of Local Currencies

The RBI and the Maldives Monetary Authority signed an MoU in Mumbai for establishing a framework to promote the use of local currencies — the Indian Rupee and the Maldivian Rufiyaa (MVR) for cross-border transactions.
The Memorandum of Understanding (MoU) was signed by Governor of Reserve Bank of India Shaktikanta Das and Governor of Maldives Monetary Authority Ahmed Munawar.
Use of local currencies in bilateral transactions will eventually contribute to promoting trade between India and Maldives as well as deepen financial integration and strengthen the economic relations between India and Maldives.

Kenya Cancels Airport, Energy Deals with Adani Group

The Kenyan government scrapped its airport and energy deals with the Adani Group, hours after the conglomerate's chairperson Gautam Adani was indicted in New York over his role in an alleged multibillion-dollar bribery and fraud scheme.
Kenyan President William Ruto directed the relevant agencies to "immediately cancel" the ongoing procurement process related to Nairobi's Jomo Kenyatta International Airport (JKIA) and a state-owned electricity service with Adani Group.

Nokia Wins Multi-billion Dollar Deal in India

Finland-based telecom gear maker Nokia won a "multi-year, multi-billion" extension deal by Bharti Airtel to deploy 4G and 5G equipment across key Indian cities and states.
Nokia will also help Airtel modernise its existing 4G network with multiband radios and baseband equipment, which can support 5G.
Airtel will also use Nokia's MantaRay Network Management for network monitoring and management that uses artificial intelligence (AI)-based tools covering digital deployment, optimisation, and technical support.

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