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BUSINESS AND ECONOMY - December 2015

Dec 2015

Oct 21, 2019

FPIs Pour In Rs 5,072 Crore In Indian Capital Markets

  •  Foreign portfolio investors (FPIs), have infused a net sum of  Rs.5,072 crore rupees into the Indian capital markets in October 2019 so far, amid the government's efforts to revive domestic demand.
  • As per the latest depositories data, foreign investors put in a net sum of 4,970 crore rupees in the equities and a net 102 crore rupees in the debt market.
  • FPIs had invested about 6,558 crore rupees in the domestic capital markets (both equity and debt).  

MMTC Offers Discount On India Gold Coin To Mark 150th Birth Anniversary Of Mahatma Gandhi

  •  The Public sector Metals and Minerals Trading Corporation of India (MMTC) is offering a three per cent discount on the India Gold Coin to mark the celebrations of the 150th birth anniversary of Mahatma Gandhi. 
  • MMTC Chairman Ved Prakash said that despite the global slow down, MMTC witnessed a record selling of gold. MMTC is geared up to cater to the city's festive season demand of gold and silver with a brand new edition of its festival of Gold Exhibition-cum-sale.   

Sovereign Gold Bond Scheme 2019-20 (Series-6) Opens

  •  The Sovereign Gold Bond Scheme 2019-20 (Series-6) opened from 21 October 2019. It will continue till 25 October, 2019.
  • The issue price of the Bond during this subion period will be three thousand eight hundred and 35 rupees per gram, with the settlement date of 30th October, 2019.
  • The Centre, in consultation with the Reserve Bank of India, has decided to allow a discount of 50 rupees per gram from the issue price to those investors who apply on-line and make the payment through the digital mode.
  • For such investors, the issue price of Gold Bond will be three thousand seven hundred and eighty five rupees per gram of gold.

Oct 20, 2019

India expresses disappointment over lack of support for IMF quota increase

  •  India expressed its disappointment over the lack of support to increase the quota structure of the International Monetary Fund (IMF).
  • IMF quotas, which are the primary source of IMF funds, determine voting shares. Quotas are supposed to be reviewed every five years although these reviews can be delayed.
  • India views "the lack of adequate support for a quota increase under the 15th GRQ (General Review of Quotas) as somewhat disappointing", Union Finance Minister Nirmala Sitharaman said in her address to the annual meeting of the IMF in Washington.
  • The quotas are distributed according to a four pronged formula that considers a member country's GDP, its economic openness, its "economic variability" and international reserves.
  • India's quota is 2.76% and China's is 6.41%, while the U.S.' quota is 17.46%, which translates to a vote share of 16.52%, giving it a unique veto power over crucial decisions at the IMF, many of which require a super majority of 85%.
  • According to Ms. Sitharaman, to ensure the stability of the international monetary and financial system, it is imperative that the IMF continues to remain at the centre of the Global Financial Safety Net.
  • For this to happen, the IMF should be able to maintain its current lending capacity to meet the needs of its members as well as meet such needs should a financial crisis occur.

Oct 19, 2019

CSCs Can Now Open Amul Cafe

  •  Common Service Centres that provide digital government services in rural area will be able to open Amul Cafe on their centre to sell ice-creams and other product of the Gujarat-based dairy.
  • CSC e-governance India Limited, which manages over 3.5 lakh Common Service Centres across country, has signed agreement with the Indian dairy giant Amul for opening their product outlet at CSCs.
  • The first 100 Amul Cafe at CSCs are proposed to be set-up in Gujarat. The VLE will need to keep two freezers, one for ice-creams and second for other dairy products to store Amul dairy products and pay deposit of Rs 25,000.

India's Adani Awards Rail Contract To Support Australian Thermal Coal Mine

  •  India's Adani Enterprises has awarded a contract to an Australian rail company as the conglomerate steps up infrastructure spending to support its new thermal coal mine in Queensland state.
  • The A$100 million ($68.30 million) contract was awarded to privately held Martinus Rail, based in the regional city of Rockhampton.
  • Adani Mining Chief Executive Lucas Dow said more than A$450 million worth of contracts had already been awarded on the Carmichael Project, the majority to regional Queensland areas.
  • The Carmichael mine has been a lighting rod for climate change concerns in Australia, and was seen as a factor in the surprise return to power of the conservative Liberal/National coalition in a national election in May 2019 because of the jobs it promised.
  • First acquired by Adani in 2010, the project is slated to produce 8 million-10 million tonnes of thermal coal a year initially, and cost up to $1.5 billion.

US Imposes Tariffs On EU Goods, Targeting Airbus, Wine And Whisky

  •  The United States imposed tariffs on a record USD 7.5-billion worth of European Union goods.
  • The tariffs took effect after talks between European officials and US trade representatives failed to win a last-minute reprieve.
  • Airbus, French wine and Scottish whiskies are among the high-profile targets with Europe ready to hit back against its own list of iconic or politically sensitive US products in 2020.
  • The WTO-endorsed transatlantic onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further.

RIL Becomes First Company To Hit Rs 9 Lakh Crore In m-Cap

  •  Oil-to-telecom major Reliance Industries (RIL) became the first company in India to hit the market capitalisation of Rs 9 lakh crore.
  • RIL was also the first company to reach Rs 8 lakh crore mark in August 2018.
  • The market-cap of Mukesh Ambani-led company stood at Rs 9.03 lakh crore. Rise in share price helped the company reach the milestone.
  • IT giant TCS, which has seen some selling lately, was at a distant second with a market-cap of Rs 7.66 lakh crore. It was the second company to reach the Rs 8 lakh crore mark.

No Charges On Digital Payments Made To Large Biz Establishments

  •  The government said banks or system providers will not impose charges or Merchant Discount Rate on customers as well as merchants on digital payments made to establishments having turnover in excess of Rs 50 crore from November 1, 2019.
  • Business establishments with annual turnover of more than 50 crore should offer low cost digital modes of payment to their customers and the RBI and banks should absorb cost of transactions.
  • Amendments have been made in the income tax act as well as in the Payment and Settlement Systems Act 2007.

US Imposes Tariffs On EU Goods, Targeting Airbus, Wine And Whisky

  •  The United States imposed tariffs on a record USD 7.5-billion worth of European Union goods.
  • The tariffs took effect after talks between European officials and US trade representatives failed to win a last-minute reprieve.
  • Airbus, French wine and Scottish whiskies are among the high-profile targets with Europe ready to hit back against its own list of iconic or politically sensitive US products in 2020.
  • The WTO-endorsed transatlantic onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further.

Oct 18, 2019

CCI Clears Edelweiss-Kora Deal

  • Shares of Edelweiss Financial Services were traded nearly 5 per cent higher following the Competition Commission's approval for the US-based Kora's proposed investment worth $75 million (about Rs 532 crore) in Edelweiss Group.
  • As per the share subscription agreement, Kora is to invest in Edelweiss Securities Ltd (ESL) and Edelweiss Global Investment Advisory (EGIA) business subsidiaries.
  • The deal was announced in August, 2019.

Ericsson, Qualcomm Complete First Live 5G Video Call In India

  •  Ericsson and an arm of US-based Qualcomm completed the first-ever live 5G video call in India using 28 GHz spectrum.
  • The call was made at the ongoing India Mobile Congress 2019. The achievement is a significant milestone in the country as India gets ready for 5G.
  • Ericsson is a Swedish telecom equipment manufacturer, while Qualcomm is the name behind chips that power most of the smartphones in the world.
  • Both companies demonstrated India's first 4K video streaming, video calling and 5G cloud-based gaming using the 5G commercial system in both sub-6 GHz and mmWave using 5G commercial devices, set up by Ericsson at its booth.

Oct 17, 2019

RBI Has Stopped Printing Rs 2,000 Currency Notes, Reveals RTI

  •  The Reserve Bank of India (RBI) has revealed in a reply to an RTI that the printing of Rs 2,000 currency notes has been stopped. Not a single Rs 2,000 note has been printed in 2019 financial year.
  • The RBI printed 3,542.991 million notes in the financial year 2016-17, which came down to 111.507 million notes in 2017-18 and was further reduced to 46.690 million notes in the year 2018-19, as revealed in a reply by the RBI to an RTI filed by The New Indian Express.

Bajaj Chetak Electric Scooter Unveiled

  •  Bajaj Auto has re-entered the scooter segment with the launch of the all-electric Chetak. The brand had made India's biggest two-wheeler company. 
  • The e-Chetak is modeled around original Chetak, the popular geared scooter of the 1960s and 70s. 
  • E-Chetak will be on sale from January 2020. Its manufacturing plant is at the Chakan plant near Pune. The plant also manufactures Bajaj's  KTM, Pulsar and Avenger range of bikes. 
  • Pilot production of the e-Chetak began in September, 2019. 

Mastercard Ambassador MS Dhoni Launches 'Team Cashless India' To Push Digital Payments

  •  Payment technology major Mastercard and its brand ambassador MS Dhoni  kicked-off campaign to bring more merchants and customers on board with an aim to boost digital payments in India.
  • The campaign - Team Cashless India - brings consumers and merchants to forefront of the digital payments dialogue.
  • It encourages all Indians to nominate one or more merchants who currently do not accept digital payments.
  • Mastercard will work together with Confederation of All India Traders (CAIT), acquirer banks and finance technology companies to support nominated merchants to deploy digital payments acceptance infrastructure.
  • Under Team Cashless India, anyone can either nominate merchants online or give a missed call to 9016861000.
  • Mastercard will provide select nominated merchants and consumers with a chance to join Mahendra Singh Dhoni's Team Cashless India.
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