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BUSINESS AND ECONOMY - December 2015

Dec 2015

Mar 27, 2020

Sameer Aggarwal Promoted As New Walmart India CEO

Sameer Aggarwal was appointed as the new CEO of Walmart India on March 25, 2020. His appointment will be effective from April 1.
Aggarwal will succeed Krish Iyer who is set to retire on March 31 after leading the retail giant for 8 years. With his retirement, Iyer's role will change from full-time management into an advisory one.
Aggarwal was promoted to the position of deputy CEO in January 2020. He has now been elevated again to the post of CEO of Best Price, Walmart India.

Mar 26, 2020

CCEA Approves Rs 1,340-Cr Recapitalisation For Weak Regional Rural Banks

The Cabinet Committee on Economic Affairs (CCEA) approved a Rs 1,340-crore recapitalisation plan for the weak regional rural banks (RRBs) to help improve their capital to risk weighted assets ratio (CRAR) during 2020-21. RRBs are mandated to maintain a minimum CRAR of 9 per cent by the regulator.
Of this, Rs 670 crore each would be provided by the Centre and sponsor banks, Information and Broadcasting Minister Prakash Javdekar told reporters after the Cabinet meeting. This is, in a way, an extension of the recapitalisation plan that was to end this financial year (April 2019 to March 2020, of FY20).
The release of the government's share of funds would be contingent upon the release of the proportionate share by the sponsor banks

Indian Bank, UBI Launch Emergency Loans For Customers Amid COVID-19 Outbreak

To help people and businesses affected by coronavirus outbreak, state-owned lenders, including Indian Bank and Union Bank of India, on Wednesday announced the launch of special emergency loan products like personal loans and soft loan for members of Self Help Groups.
Besides, the bank has taken steps to ensure the safety of its staff and uninterrupted banking services to customers.

ARCI Develops Technology To Improve Fuel Efficiency Of Internal Combustion Engines

International Advanced Centre for Powder Metallurgy & New Materials (ARCI), an autonomous R&D Centre of Department of Science and Technology (DST), has developed ultrafast laser surface texturing technology, which can improve the fuel efficiency of internal combustion engines.
Laser surface micro-texturing, which offers precise control of the size, shape and density of micro-surface texture features has gained momentum as a way to control friction and wear. In this technology, a pulsating laser beam creates micro-dimples or grooves on the surface of materials in a very controlled manner. Such textures can trap wear debris when operating under dry sliding conditions and sometimes provide effects like enhancing oil supply (lubricant reservoir) which can lower friction coefficients and may enable reduced wear rate.
The texture surfaces were created on automotive internal combustion engine components, piston rings and cylinder liners using 100 fs pulse duration laser. The micro dimples of 10-20 μm diameter and about 5-10 μm deep which have been created with laser beams had a regular pattern. The created textures were tested in an engine test rig under different speeds and temperatures of coolant and lubrication oil, and it was observed that there was a 16% reduction in the lube oil consumption with the use of texture on the piston rings. The 10-hour lube oil consumption test shows that the blowby substantially reduced with textured rings.

India Bans Export Of Hydroxychloroquine Amid Coronavirus Outbreak

The Indian government on 25 March, 2020 that it is banning the export of hydroxychloroquine and formulations made from the medication, as experts test the efficacy of the drug in helping treat patients infected with COVID-19.
There are currently no approved treatments, or preventive vaccines for COVID-19, the highly contagious, sometimes deadly respiratory illness caused by the new coronavirus. Researchers are studying existing treatments and working on experimental ones, but most current patients receive only supportive care such as breathing assistance.
Hydroxychloroquine, a malaria drug, is among the medications that are being tested, as a potential treatment for patients with the disease.

Mar 25, 2020

Govt Bans Export Of Sanitisers, Ventilators With Immediate Effect

The government banned export of all sanitisers and ventilators with immediate effect in wake of the coronavirus outbreak.
It also banned exports of all types of ventilators, including any artificial respiratory apparatus or oxygen therapy apparatus or any other breathing appliance or device.

Mar 24, 2020

RBI Advances Second Tranche Of OMO

The Reserve Bank of India (RBI) has advanced its liquidity infusion plan by purchasing government bonds following a review of 'current liquidity and financial conditions'.
The RBI had announced open market operations (OMOs) of Rs. 30,000 crore in March 2020 — the first tranche was scheduled for March 24 and the second tranche for March 30.
On a review of current liquidity and financial conditions, the Reserve Bank has decided to advance the second tranche of purchase of government securities under OMOs for Rs. 15,000 crore to March 26, 2020.

Singapore Tops Economic Freedom Index

Singapore overtook Hong Kong as the world's freest economy for the first time since 1995 in the 2020 Heritage Foundation Index of Economic Freedom.
Created by the Heritage Foundation and The Wall Street Journal, the annual index measures the degree of economic freedom in the world's nations. The creators of the index took an approach like Adam Smith's in The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society."
The Heritage Foundation is an American conservative research and educational institution founded in 1973 to promote public policy based on principles including that of free enterprise, limited government and individual freedom. In the 26 years since the Index was published, it claims a positive correlation between economic freedom and progress.
Although India is ranked in 120th position in the study, it has been slowly but steadily making progress. It improved its score by 1.3 points from 2019 to tally 56.5 in 2020 due to improvements in the business freedom score. India's score in 2017 was 52.6. It is the 28th freest economy among 42 countries in the Asia-Pacific region in the 2020 study.

IDFC First Bank CEO Sells Rs.93 Crore Worth Shares

IDFC First Bank Ltd managing director (MD) and chief executive officer (CEO) V Vaidyanathan sold 2.75 crore shares for about Rs 93 crore to close employee stock option plan (ESOP) loan availed by him, the private lender informed the stock exchanges.
Vaidyanathan's move comes at a time when Indian and global equities face massive sell-off stemming from the fear of the impact of the coronavirus outbreak on economic activity.
An ESOP refers to an employee benefit plan, which offers employees an ownership interest in the organisation.

Mar 23, 2020

Cabinet Nod For Bulk Drug Parks' Promotion Scheme

The Union Cabinet has approved a scheme for promotion of bulk drug parks with a financial assistance of 3,000 crore for the next five years.
It has also approved a Production Linked Incentive (PLI) Scheme for promotion of domestic manufacturing of critical drug intermediates and active pharmaceutical ingredient (API) with a financial assistance of 6,940 crore for the next eight years.

Karur Vysya Bank Launches Pre-Paid Card Enkasu In Karur

Karur Vysya Bank has launched Enkasu, a pre-paid card in Karur. In response to the digital initiative of the Government of India, the bank undertook a Quit Cash Movement in Karur - a movement to reduce the usage of cash in the district of Karur.
Enkasu works on Near Field Communication Technology in a semi closed loop. The cardholder can make tap & go payments for even small purchases to merchants - as little as Re. 1/-. Doing away with the need for cash and small change, the Enkasu card will be beneficial to both merchants and customers alike.
In addition, Enkasu cards are unique in that they can be accepted 'online' as well as 'offline', thereby increasing its utility manifold as internet access is not mandatory for usage.

DBS Bank, Bharti AXA Join Hands For Insurance Plan Covering Covid-19

DBS Bank India has tied-up with Bharti AXA to roll out a complimentary insurance plan covering all medical conditions, including Covid-19.
The plan would cover all medical conditions, including Covid-19, and up to 10 days of hospitalisation, with a cover of Rs 5,000 per day, for a 30-day period.
Additionally, all DBS customers can purchase health insurance products that are currently offered on the digibank app through their general insurance partners.
The bank is conducting periodic meetings with its insurance partners to ensure seamless and end-to-end online access to these facilities and improvisation to the products, it said.
This includes guarantee of payments for hassle-free hospitalization and arrangement of emergency medical evacuation for NRIs with dependents in the country.
It is also offering an Emergency Global Medical Assist Program that provides 24x7 access to medical support.

Cabinet approves Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme

The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved financial assistance to the Modified Electronics Manufacturing Clusters (EMC2.0) Scheme for development of world class infrastructure along with common facilities and amenities through Electronics Manufacturing Clusters (EMCs). It is expected that these EMCs would aid the growth of the ESDM sector, help development of entrepreneurial ecosystem, drive innovation and catalyze the economic growth of the region by attracting investments in the sector, increasing employment opportunities and tax revenues.
The Modified Electronics Manufacturing Clusters (EMC 2.0) Scheme would support setting up of both Electronics Manufacturing Clusters (EMCs) and Common Facility Centers (CFCs). For the purpose of this Scheme, an Electronics Manufacturing Cluster (EMC) would set up in geographical areas of certain minimum extent, preferably contiguous, where the focus is on development of basic infrastructure, amenities and other common facilities for the ESDM units.
For Common Facility Centre (CFC), there should be a significant number of existing ESDM units located in the area and the focus is on upgrading common technical infrastructure and providing common facilities for the ESDM units in such EMCs, Industrial Areas/Parks/industrial corridors.

India To Become Electronic Manufacturing Hub, Cabinet Approves Scheme

With the aim to boost domestic manufacturing along with attracting investment in electronic component manufacturing, the Union Cabinet has approved three schemes. Chaired by Prime Minister Narendra Modi, the cabinet has approved the Production Incentive Scheme (PLI) for Large Scale Electronics Manufacturing, financial assistance to the Modified Electronics Manufacturing Clusters (EMC2.0), and financial incentive of 25 per cent of capital expenditure for the manufacturing of goods.
The Production Incentive Scheme (PLI) for Large Scale Electronics Manufacturing proposes production linked incentive to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components including Assembly, Testing, Marking and Packaging (ATMP) units. The total cost of the proposed scheme is approximately Rs 40,995 crore, which includes an incentive outlay of approximately Rs 40,951 crore and administrative expenses to the tune of Rs 44 crore.

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