General Awareness

BUSINESS AND ECONOMY - January 2016

Jan 2016

Dec 20, 2023

UP Now Second Largest Economy in India

Uttar Pradesh became India's second-largest economy, surpassing key states and surging ahead in a commendable stride toward Chief Minister Yogi Adityanath's ambitious goal of achieving the $1 trillion mark by 2027.
According to a report from the prominent online blogging platform soic.in or SOIC Finance, which meticulously tracked investments and the stock market, Uttar Pradesh has the second-largest share in the country's GDP after Maharashtra.
Maharashtra is the largest contributor to India's GDP and is followed by Uttar Pradesh, Tamil Nadu, Gujarat and West Bengal.

India's Wealthiest Woman Savitri Jindal

India's richest woman, Savitri Jindal, witnessed an unparalleled surge in her wealth in 2023, outpacing the country's richest individuals such as Mukesh Ambani and Gautam Adani, according to data from the Bloomberg Billionaires Index.
The 73-year-old saw her net worth skyrocket by a staggering $9.6 billion in the calendar year 2023. In contrast, Mukesh Ambani, the chairman of Reliance Industries (RIL) and India's richest individual, experienced a comparatively modest increase of around $5 billion in the same period.
With her net worth measured at $25.3 billion, the widow of Om Prakash Jindal is the 5th richest Indian and the richest woman from the sub-continent. The conglomerate, controlled by her, runs listed companies like JSW Steel, Jindal Steel & Power, JSW Energy, Jindal Saw, Jindal Stainless and investment company JSW Holdings.

Kotak Mahindra Bank Appoints Eli Leenaars as Additional and Independent Director

The Board of Directors of Kotak Mahindra Bank Limited appointed Eli Leenaars as an additional director and an independent director of the bank for a period of four years.
With over 35 years of extensive experience in the financial services sector, Leenaars has experience in managing businesses through a wide range of matters, including mergers and acquisitions, complex corporate restructurings, strategic initiatives, and challenging financial environments.

AkzoNobel Appoints Rajiv Rajgopal as Decorative Paints South Asia Head

AkzoNobel, renowned for Dulux paints, has announced significant changes in the organisational structure of its paints business in South Asia, designating India as the regional headquarters. The company also appointed Rajiv Rajgopal as business unit director and Rohit Totla as sales and marketing director.
Rajiv Rajgopal appointed the new business unit director for decorative paints in the South Asia region. He will concurrently continue his role as the Chairman and Managing Director of Akzo Nobel India Ltd. Rajgopal who has been with AkzoNobel since 2013, has held various leadership roles, including regional director for performance coatings for West Asia & Africa.

Tamil Nadu Retains 'Achiever' Status in Logistics Infra Rankings of States

Tamil Nadu is this year's (2023) top performer in a central government tool ranking states and union territories in terms of logistics infrastructure.
The state maintained its 'achiever' status within the coastal group in the Logistics Ease Across Different States (LEADS) 2023 rankings by the Ministry of Commerce and Industry.
According to the LEADS 2023 report, Tamil Nadu demonstrated exceptional performance, particularly in the logistics infrastructure.

Dec 19, 2023

India Leads Global Remittance Charts with $125 Billion in 2023: World Bank Report

The World Bank's latest Migration and Development Brief revealed a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years.
According to the World Bank, India's significant position as the top remittance recipient, drew attention to the evolving dynamics in the remittance landscape.
The Indian economy, buoyed by a tight labour market in the United States and robust employment growth in Europe, outperformed previous forecasts by reaching USD125 billion in remittances for the year.

Saudi Arabia Emerges as Top Destination for Skilled Workers: Govt to LS

Every second candidate trained under the Skill India International Centres (SIIC) and got employment abroad between April 2022 and December 2023 landed in Saudi Arabia, Union Skill Minister of State Rajeev Chandrasekhar told the Lok Sabha.
In response to a question on whether the government has any plan to partner other countries that need skilled employees, the minister said 25,300 candidates got employment abroad thanks to the efforts of the skill ministry's SIICs.
According to the data, 13,944 skilled candidates got jobs in Saudi Arabia, followed by Qatar (3,646), the United Arab Emirates (2,832), and the United Kingdom (1,248).
Currently, two SIICs — one each in Varanasi and Bhubaneswar — have been established.
Besides, the minister said that the ministry had active government-to-government memoranda of understanding (MoUs) with eight countries like Australia, Denmark, France, Germany, Japan, Qatar, the UAE, and the UK.

Dec 18, 2023

SBI Ventures into Paper Packaging with Rs. 49.99 Crore Investment in Canpac Trends

State Bank of India (SBI) made a strategic move into the paper packaging industry by investing Rs. 49.99 crore in Canpac Trends Private Limited, an Ahmedabad-based company specialising in paper-based packaging solutions.
SBI's investment in Canpac Trends is driven by the objective of capital appreciation, emphasising the potential growth and profitability of the paper packaging sector.
Canpac Trends Private Limited, established in 2004, operates in the paper packaging industry.
The company offers diverse paper-based packaging solutions, including folding cartons, corrugated cartons, flexible packaging, paper bags, and luxury boxes.

IndusInd Bank Introduces 'Indus Solitaire Program' for the Diamond Industry

IndusInd Bank launched the 'Indus Solitaire Program,' an innovative community banking initiative specifically designed to cater to the unique needs of the diamond industry. This comprehensive program is set to provide an array of exclusive benefits and features, reinforcing the bank's commitment to serving the diamond community.
The program will be accessible through IndusInd Bank's flagship branches strategically located in key cities, with a particular focus on Mumbai and Surat.

Adani Acquires Majority Stake in News Agency IANS

Billionaire Gautam Adani's group acquired a majority stake in news agency IANS India Pvt Ltd for an undisclosed sum as the group expanded its presence in the media space.
Adani Enterprises, the firm that holds the group's media interest, said that its subsidiary 'AMG Media Networks Ltd' acquired a 50.50 per cent stake constituting equity shares of IANS India Pvt Ltd.
Adani had forayed into media business in March 2023 when it acquired Quintillion Business Media, which operates business and financial news digital media platform BQ Prime. It thereafter in December took nearly 65 per cent stake in broadcaster NDTV.

Cabinet Approves Industrial Property Rights MoU between India, Italy

The Union Cabinet approved a Memorandum of Understanding (MoU) between India and Italy for cooperation in the field of industrial property Rights.
The cabinet chaired by Prime Minister Narendra Modi gave its approval for the signing of the MoU between the Department for Promotion of Industry and Internal Trade, Ministry of Commerce & Industry of India and the Directorate General for the Protection of Industrial Property-Italian Patent and Trademark Office of the Ministry of Enterprises and Made in Italy of the Italian Republic.
Moreover, the MoU will promote the establishment of a mechanism that will allow India and Italy to develop cooperation activities in the field of Industrial Property (IP) and information technology services related to this field.
The purpose of the MoU is to support enterprises, especially start-ups and SMEs, in accessing and participating in the national and international IPR systems.

Dec 17, 2023

Nippon Paint Announces Acquisition of VIBGYOR Paints and Chemicals

Nippon Paint announced the 100% acquisition of VIBGYOR Paints and Chemicals Pondicherry, a major supplier of paints and coatings in South India. Through the strategic acquisition, Nippon Paint will gain a strong foothold in the growing industrial coatings portfolio especially focusing on Indian Railways.
After this acquisition, VIBGYOR Paints and Chemicals Pondicherry, with its established reputation and expertise in supplying high-quality paints to Indian Railways, will become a division of Nippon Paint India, leveraging its resources and reach to further its growth and market leadership. As part of the acquisition, the key members of the VIBGYOR team will join Nippon Paint as employees, ensuring a seamless transition and the retention of valuable industry expertise within the Nippon Paint India family.

Bihar Business Summit 2023: Massive Investment Inflows of Rs. 50,530 Crore through MoUs

Memorandums of Understanding (MoUs) worth Rs. 50,530 crore were successfully inked with approximately 300 companies, reflecting a resounding success for Bihar. These agreements span diverse sectors, underlining the state's appeal to investors.
Chief Minister Nitish Kumar, a key participant in the summit, took a significant step towards bolstering Bihar's economic landscape. He unveiled the Bihar Logistics Policy 2023, with a vision to establish world-class infrastructure for both industrial and social advancement.
The Adani Group, a major player in the investment surge, has declared an additional investment of Rs. 8,700 crore in Bihar. The commitment extends across sectors such as cement manufacturing, logistics, and agro-industry. Pranav Adani, Director of Adani Enterprises, highlighted the group's existing investment of Rs. 850 crore in the state.
Several prominent companies entered into significant agreements, including Bharat Petroleum Corporation Limited (Rs. 7,386.15 crore), Patel Agri Industries Private Limited (Rs. 5,230 crore), Holtech International Inc (Rs. 2,200 crore), and Indo European Heart Hospitals and Research Institute Private Limited (Rs. 2,000 crore).

JM Financial Appoints Axis Capital's Chirag Negandhi as Managing Director

JM Financial, an integrated and diversified financial services group, appointed Chirag Negandhi as Managing Director.
Chirag brings with him over two decades of leadership expertise in capital markets. Prior to joining JM Financial, he worked with Axis Capital. Chirag has led some of India's largest equity raises and worked closely with several leading corporates. A management graduate from Purdue University, Indiana, USA. Chirag is also a recipient of the prestigious '40 under 40'Award by the Economic Times.
He is a management graduate from Purdue University, USA. And is also a recipient of the prestigious '40 under 40' Award by the Economic Times.

Dec 16, 2023

ICICI Pru Life, Ujjivan SFB Enter into Bancassurance Tie-up

ICICI Prudential Life Insurance (ICICI PruLife) and Ujjivan Small Finance Bank (Ujjivan SFB) have entered into a bancassurance partnership for the distribution of life insurance products.
Under the partnership, Ujjivan SFB will offer the entire suite of ICICI PruLife's entire suite of protection, long-term savings and retirement products to its customers through its network of 700+ branches across 26 states and Union Territories.

IDFC First Bank, LIC Cards and Mastercard Collaborate Launch a Co-branded Credit Card

IDFC First Bank, LIC Cards, and Mastercard unveiled two co-branded credit cards — LIC Classic and LIC Select. From low-interest rates to zero-joining fees to reward points to personal accident covers of up to Rs. 5 lakh, both cards have multiple benefits and offers.
Available in two variants – LIC Classic and LIC Select, the credit cards provide more than 27 crore policyholders across the country an opportunity to save in the form of reward points on every LIC insurance premium payment. It will also come with other benefits, including up to Rs. 50,000 cover for lost card liability and a personal accident insurance cover of up to Rs. 5 lakh. Cardholders will also be able to redeem reward points against any online purchase, including upcoming LIC insurance premiums, making it as good as cash.

Zepto Founders top Hurun India's List of 'Top 100 under 30'

The young entrepreneurs Kaivalya Vohra (21) and Aadit Palicha (22), founders of the Quick Commerce app Zepto, claimed the top spots in the Hurun India Top 100 Under 30 List 2023. The list showcased 100 entrepreneurs aged 30 and below who have demonstrated exceptional prowess in their respective fields.
Zepto, the brainchild of Vohra and Palicha, stands out for its commitment to delivering a diverse array of products within minutes. The app caters to a wide spectrum of consumer needs, ranging from online groceries and fresh produce to personal care items and electronics.
Youngest 'Top 100 Under 30 List 2023' Women:
Devanshi Kejriwal: Being just 27 years old, she holds the top seat when it comes to women entrepreneurs who were shortlisted for the Huran India Top 100 under 30 list. She has co-founded Skillmatics, an edtech start-up which has products that focus on reading, logical reasoning, STEM and social-emotional skills in children through games. She ranks 22nd position in overall list.

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