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BUSINESS AND ECONOMY - December 2015

Dec 2015

Mar 14, 2021

Trader Body CAIT Launches Vendor Onboarding App ahead of E-Commerce Portal

  • Traders' body CAIT launched a vendor onboarding mobile app for its upcoming e-commerce portal 'Bharat e Market'. The app will enable businesses and service providers to register on the portal and create their own "e-dukaan".
  • The Confederation of All India Traders (CAIT) said its 'purely Indian' Bharat e Market portal will comply with all the rules and regulations of the country.
  • CAIT has been engaged in a tirade against foreign e-commerce companies, accusing them of violating the country's FDI policy norms -- a charge denied by the firms.
  • The traders' body aims to onboard 7 lakh traders on the portal by December this year and 1 crore traders by December 2023.

IndoSpace and METL in Pact for Logistics Park in Haryana

  • Everstone-backed IndoSpace has formed a partnership with Reliance Industries arm METL to develop a 55-acre logistics park at Farukhnagar in Haryana.
  • Model Economic Township Ltd (METL) is a 100% subsidiary of Reliance Industries. The land parcel has a development potential of 1.28 million sq ft.
  • IndoSpace has acquired 55 acres at Farukhnagar in Haryana and this acquisition is a joint venture with the METL. METL will have a minority stake in the JV.

Govt. Okays 33 API Applications under PLI Scheme

  • The government has approved a total of 33 applications with a committed investment of Rs. 5,082.65 crore under the production linked incentive scheme for active pharmaceutical ingredients.
  • Setting up of these plants will make the country self-reliant to a large extent in respect of these bulk drugs.
  • The Department of Pharmaceuticals has launched a PLI scheme for the promotion of domestic manufacturing by setting up greenfield plants in four different target segments with a total outlay of R. 6,940 crore for the period 2020-21 to 2029-30.

Aquaconnect Partners with Bank of Baroda for Loans to Fish Farmers

  • Aquaculture technology venture Aquaconnect partnered with state-owned Bank of Baroda to provide loan access to 1.6 million aquaculture farmers.
  • Bank of Baroda in partnership with Aquaconnect will provide credit access under the Kisan Credit Card scheme at an annualised rate of as low as 10 per cent, according to a statement.
  • The fish and shrimp farmers can also avail the advisory services and quality farm inputs from Aquaconnect platform.
  • Under this partnership, Bank of Baroda has extended loan for up to Rs. 10 lakh under KCC scheme and fisheries loan.
  • Higher credit limits can also be availed under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) schemes on case-to-case basis.
  • The company aims to target Andhra Pradesh, Tamil Nadu, Gujarat and Odisha and later extend it to other states across the country.

Mar 13, 2021

Infosys BPM, Newmont Corp Extend Collaboration to Digitise Delivery Models

  • Infosys BPM, the business process management arm of Infosys, announced a five-year extension of its strategic collaboration with Newmont Corporation to standardise and digitise delivery models across the latter's mine sites.
  • Founded in 1921, the Colorado, US-based Newmont Corporation is a leading gold mining company.
  • Through this renewed engagement, Infosys BPM will drive operational excellence leveraging automation, artificial intelligence (AI), and design thinking, to deliver increased business value for Newmont, a statement said.
  • As part of the engagement, Infosys BPM will provide an enhanced end-to-end digital service to Newmont with its analytics-driven platform-as-a-service offering.

Aquaconnect Partners with Bank of Baroda for Loans to Fish Farmers

  • Aquaculture technology venture Aquaconnect partnered with state-owned Bank of Baroda to provide loan access to 1.6 million aquaculture farmers.
  • Bank of Baroda in partnership with Aquaconnect will provide credit access under the Kisan Credit Card scheme at an annualised rate of as low as 10 per cent, according to a statement.
  • The fish and shrimp farmers can also avail the advisory services and quality farm inputs from Aquaconnect platform.
  • Under this partnership, Bank of Baroda has extended loan for up to Rs. 10 lakh under KCC scheme and fisheries loan.
  • Higher credit limits can also be availed under the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and the Fisheries and Aquaculture Infrastructure Development Fund (FIDF) schemes on case-to-case basis.

Axis Bank Launches "Wear N Pay" Contactless Payment Wearable Devices

  • Axis Bank launched a range of wearable contactless payment devices under the brand Wear 'N' Pay. These devices come in different forms of wearables like a band, key chain and watch loop and are available starting at Rs 750. The wearables are directly linked to the bank account of an Axis Bank customer and function like a regular debit card. It allows purchases at any merchant store which accepts contactless transactions.
  • Axis Bank's new 'Wear N Pay' devices are available in a variety of accessories like the band, keychain, and watch loop. Users do not need to carry their smartphones and wallet for payments anymore. These wearable devices can be worn easily to carry out contactless transactions on the go.
  • Customers can use these devices at any merchant that accepts contactless transactions. Users need to wave the device at a POS machine for transactions up to Rs. 5,000. For transactions of more than Rs. 5,000, a PIN is required.
  • The program also provides a host of features for its customers, which include 10% cashback, offers across dining partners as well as a fraud liability cover up to 100% of the purchase limit.

Kamuthi Solar Plant Becomes Water Positive

  • Adani Green Energy Limited (AGEL) said that its Kamuthi solar plant in Tamil Nadu has become water positive.
  • A plant of a company becomes water positive when it harvests and recycles more water than what it consumes, AGEL said in a statement explaining the terminology 'water positive'.
  • The 648 MW Kamuthi Solar Plant, a flagship asset of AGEL, has become the first plant of its class to turn water positive. DNV, an independent global assessment and certification agency, issued the certification following a rigorous audit conducted on the plant's water management in 2020-21.
  • The plant is world's one of the largest single location solar projects spanning 2,500 acres and the power generated at Kamuthi solar power plant provides clean green electricity to 2.65 lakh homes.

Mar 12, 2021

RBI to Conduct Simultaneous Purchase and Sale of Government Securities

  • The Reserve Bank will conduct simultaneous purchase and sale of government securities for Rs. 10,000 crore each under Open Market Operations (OMOs) on March 18, 2020.
  • The decision was taken after a review of the current liquidity and financial conditions.
  • The Reserve Bank will continue to monitor evolving liquidity and market conditions and take measures as appropriate to ensure orderly functioning of financial markets.
  • Simultaneous purchase and sale of government securities under OMOs, popularly known as Operation Twist, involves purchasing G-Sec of longer maturities and selling equal amount of G-Sec of shorter maturities.
  • On March 18, the RBI will purchase three government securities of different maturity dates aggregating to Rs 10,000 crore and sell two gilts of the same amount using the multiple price auction method.

China Approves $1.5 billion Currency Swap with Sri Lanka

  • China has approved a 10 billion yuan ($1.54 billion) currency swap with Sri Lanka, giving some respite from concerns about public finances.
  • The deal will allow the island to weather present difficulties.
  • Dwindling foreign reserves, a tumbling currency and rising debt levels have dogged Sri Lanka over the last year, leading to increasing fears of a default.

Mar 11, 2021

IDBI Bank out of PCA Framework, Subject to Certain Conditions

  • According to the Reserve Bank of India, IDBI Bank has been taken out of the Prompt Corrective Action (PCA) framework, subject to certain conditions and continuous monitoring.
  • The performance of IDBI Bank Limited was reviewed by the Board for Financial Supervision (BFS) in its meeting held in February 2021, and it was decided that the lender will be taken out of PCA framework.
  • The bank has provided a written commitment that it would comply with the norms of minimum regulatory capital, Net NPA and Leverage ratio on an ongoing basis and has apprised the RBI of the structural and systemic improvements that it has put in place which would help the bank in continuing to meet these commitments.
  • IDBI Bank was placed under PCA in May 2017. Under the PCA framework, lenders which slip below certain financial parameters such as capital ratios, asset quality and profitability will be under the close watch of RBI.

REC, PFC Sign Pact to Finance Hydropower Project in Bhutan

    • State-owned entities REC Ltd and Power Finance Corporation (PFC) have entered into a pact with Bhutan-based Kholongchhu Hydro Energy Ltd (KHEL) to finance a 600-megawatt hydroelectric project at Trashiyangtse in the neighbouring country.
    • KHEL is a 50:50 joint venture between SJVN India and Druk Green Power Corporation (Bhutan) set up for developing the 600-MW Kholongchhu hydroelectric project in the eastern Bhutan.
    • The project is proposed to be funded in a debt-equity ratio of 70:30 and as per the MoU, REC would extend a rupee term loan of Rs. 2,029 crore. The balance debt shall be extended by PFC (Rs. 2,029 crore), NPPF, Bhutan (Rs. 200 crore) and Bank of Bhutan (Rs. 200 crore).
    • KHEL is the first JV being undertaken between the two governments for implementation of the 4x150 MW Kholongchhu hydroelectric project.

ONGC Acquires Stake in Indian Gas Exchange

  • State-owned Oil and Natural Gas Corp (ONGC) acquired a 5 per cent stake in Indian Gas Exchange (IGX), joining likes of Adani Total Gas, Torrent Gas and GAIL in nation's first gas exchange.
  • The Indian Gas Exchange is a subsidiary of the IEX - India's premier nationwide, automated electricity trading platform.
  • ONGC signed a Share Purchase and Shareholders Agreement (SPSHA) with the Indian Gas Exchange (IGX) and the Indian Energy Exchange (IEX) in the presence of Oil Secretary Tarun Kapoor and ONGC head Shashi Shanker.
  • IGX is India's first automated national-level gas exchange for trading in natural gas in the country. It started operations on June 15, 2020 as a gas trading platform and has been operating as the gas exchange since December 2020.

Mar 10, 2021

Puravankara Forays into Mumbai with Ultra-luxury Project

  • Marking its entry into the Mumbai-market, Bengaluru-based realty player Puravankara is investing Rs. 450 crore to launch a residential-cum-commercial luxury project in the city's Chembur suburb. This project will have four towers with a total of 233 residential units with 2-,3- and 4-BHKs and one tower of 79 commercial units.
  • Puravankara has already launched two luxury projects under its World Home Collection brand in Bengaluru and Chennai.

Ministry of Electronics & Information Technology (MeitY) Releases Scorecard

  • The Ministry of Electronics & Information Technology (MeitY) has released the list of "Digital Payment Scorecard". In the list, the State Bank of India (SBI) has topped for the third consecutive month.
  • The digital payment scorecard tracks the performance of the Commercial Banks on several digital parameters. SBI maintained the top remitter bank by recording the highest UPI transaction volume which accounted for nearly Rupees 640 million.
  • SBI has also emerged as the largest issuer of debit cards. It issued over 290 million debit cards with a 30% market share with respect to card spends and 29% share with respect to transaction volume. The Bank has also made steady progress with respect to increasing payment acceptance infrastructure.

Threshold for Mandatory E-invoicing Lowered

  • The Central Board of Indirect Taxes and Customs (CBIC) notified that the finance ministry has decreased the threshold for mandatory e-invoicing from rupees 100 crores to rupees 50 crores. This new rule will come into effect from April 1, 2021.
  • E-invoicing involves the reporting details of the specified Goods and Services Tax documents to the government-notified portal and to obtain a reference number. The IT systems provider for GST called GSTN claims that there exists not a larger difference between the present system and the new one. The registered persons also seek to create the GST invoices on their own accounting or billing or ERP systems. These invoices are reported to the "Invoice Registration Portal (IPR)". When the reporting is done, the IRP returns the e-invoice with unique Invoice Reference Number (IRN) after the e-invoice is signed digitally and a QR Code ID added. This invoice was issued to the receiver along with the QR Code. This GST invoice will be valid only with the valid IRN.

Indian Oil Corp, IDCO sign MoU for Paradip Plastic Park

  • The state-run Odisha Industrial Infrastructure Development Corporation (IDCO) and Indian Oil Corpration Limited (IOCL) signed a Memorandum of Understanding (MoU) to develop a plastic park in Paradip, Odisha.
  • As per the MoU, Indian Oil announced a special strategic incentive scheme to attract investments in downstream polymer industries at Paradip Plastic Park.
  • An incentive of Rs 2000 for each metric tonne of polypropylene granules from Paradip Refinery shall be offered to the manufacturing units located in the Paradip Plastic Park till March 31, 2030.

OECD Interim Economic Outlook

  • The Organisation for Economic Co-operation and Development (OECD) published its interim Economic Outlook in March 2021. It has projected that the Indian economy will grow at the rate of 12.6% in Financial Year 2022. This will be the highest among G20 countries.
  • Economic Outlook is the twice-yearly analysis, published by Organisation for Economic Co-operation and Development (OECD). It comprises economic analysis and the forecasts for future economic performance of the member countries of OECD. The main version of the report is published in English however, it is also published in French and German languages. Apart from the economic outlook, OECD also publishes Monthly Economic Indicators to complement the Economic Outlook.
  • Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation comprising 37 member countries. It was founded in the year 1961 to look after the economic progress and the world trade. It is also an official United Nations observer.
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