General Awareness

BUSINESS AND ECONOMY - December 2016

Dec 2016

Sep 05, 2022

Karnataka Launches the VentuRISE Global Start-up Challenge

The Government of Karnataka launched – the Global Start-up Challenge – "VentuRISE" to recognise, reward, and support growth stage start-ups in manufacturing and sustainability-related sectors.
"VentuRISE" – is a part of the flagship event Global Investors Meet – "Invest Karnataka 2022″ from 2nd – 4th November 2022 at the Bangalore Palace. The Global Challenge will provide budding entrepreneurs across the globe with a platform to showcase their innovative products/solutions and connect with potential investors.
A cash prize of USD 100,000 is earmarked for the winners. The winners get access to customers, exclusive pitch sessions at Invest Karnataka & curated One on One investor meetings, and mentoring sessions. Marquee PEs, VCs, and Angel Investors are expected to participate.

IndusInd Bank, ADB Partner to Support Supply Chain Financing

IndusInd Bank announced a strategic partnership with Asian Development Bank (ADB) to support and promoter Supply Chain Finance (SCF) solutions in India. The Bank entered into a partial guarantee programme with ADB with an initial outlay of USD 70 million (Rs. 560 crore), exclusively towards promoting SCF solutions in India.
IndusInd Bank aims to grow its presence in MSME financing and this partnership will further strengthen various initiatives of the Bank in this domain.
With SCF being a focus area, the Bank has initiated a host of strategic efforts including the launch of new product structures for SCF. In addition to this, the Bank recently launched a state-of-the-art digital portal for SCF -'earlyCredit' enabling 24*7 seamless processing of SCF transactions for corporates, suppliers & dealers.

RBI Takes Up Project to Digitise Farm Loan Delivery under Kisan Credit Card (KCC) Scheme

The Reserve Bank of India (RBI) would take up a pilot project for end-to-end digitization of Kisan Credit Card (KCC) lending, developed by the central bank and its subsidiary Reserve Bank Innovation Hub (RBIH), aiming to accelerate loan turnaround times
Commencing in September, the project would entail automation of various processes within banks and integration of their systems with the service providers. The proposed digitization aims to make it more efficient and reduce costs for borrowers.
This pilot project on digitization of KCC lending is expected to play a pivotal role in facilitating credit flow to the unserved and underserved rural population by making the credit process faster and more efficient.
The Kisan Credit Card (KCC) scheme was introduced in 1998 to issue such cards to farmers based on their land holdings for uniform adoption by the banks.

India Overtakes the UK as World's Fifth-largest Economy

India became the world's fifth-largest economy after it overtook the United Kingdom in end-March 2022, according to the latest calculations by Bloomberg. While this was anticipated for a while, Bloomberg reached this conclusion by using the IMF database and historic exchange rates.
The news came close on the heels of Prime Minister Narendra Modi urging countrymen to resolve to become a "developed" country by 2047 — the centenary of India's Independence. As such, moving past one of the biggest economies in the world, especially one that ruled over the Indian sub-continent for two centuries, is a major milestone.

Bank of Baroda's Arm Launches Snapdeal BoB JCB RuPay Credit Card

BOB Financial Solutions Ltd (BFSL), the wholly-owned subsidiary of Bank of Baroda (BoB), and Snapdeal in partnership with National Payments Corporation of India (NPCI) and Japan's JCB International Co. Ltd. have launched the "Snapdeal BoB JCB RuPay Credit Card".
Users of the co-branded contactless credit card will receive up to 5 per cent unlimited cashback (accrued as 20 reward points on every Rs. 100 spent) on the Snapdeal app and website.

Sep 04, 2022

Mike Frank Elevated as CEO of UPL Ltd, to be a Member of Board of Directors

Agriculture solutions provider UPL Corporation elevated Mike Frank as the Chief Executive Officer (CEO) of UPL Ltd.
Frank would also be a member of the UPL Crop Protection Board of Directors.
UPL's Global Crop Protection (CP) business manages all CP assets outside of India.
Frank joined UPL Ltd in early 2022 as president and Chief operating officer of UPL's Crop Protection business based out of its London headquarters.

Yamuna Kumar Chaubey Takes over as NHPC CMD

State-owned hydro power giant NHPC said that its Director (Technical) Yamuna Kumar Chaubey was given the charge of Chairman and Managing Director for three months beginning September 1.
Abhay Kumar Singh ceased to be the Chairman and Managing Director (CMD) of the company with effect from August 31, 2022, upon attaining the age of superannuation.
Chaubey is a graduate in Civil Engineering from IIT, Kharagpur. He joined NHPC Limited in 1985 as a Probationary Executive (Civil) at 540 MW Chamera Hydro-Electric Project, now Chamera-I Power Station, Himachal Pradesh.

Department for Promotion of Industry and Internal Trade Develops User-interactive Dashboard for I...

The Department for Promotion of Industry and Internal Trade (DPIIT) developed a user-interactive dashboard for industry associations and trade bodies. This new digital initiative would allow authorised user associations to lodge issues and suggestions for the Government so that their issues related to various departments can be resolved in a transparent manner.
The initiative is expected to help in the identification of procedural issues that lead to lower efficiency in logistics and higher logistics costs. The dashboard is expected to be launched for all authorised associations soon.

RBI Unlikely to Accept NBFCs' Requests for Bad-loan Exemptions

India's central bank is unlikely to give "shadow banks" exemptions from stricter bad-loan rules coming into force, essentially ending an advantage the non-bank financial firms have had over standard banks.
Non-banking financial companies (NBFCs) have asked the Reserve Bank of India to exempt smaller loans from the rules taking effect next month that are in line with those covering banks.
India had 10,000 shadow banks as of March 2021, the latest RBI data available, with assets of Rs. 54 trillion ($680 billion) or about one-fourth that of the banking sector.
Under the new norms, shadow banks will have to recognise bad loans on a daily basis, rather than monthly, as some now do. Non-performing loans can only be upgraded to performing after borrowers have paid all arrears.

Sep 03, 2022

Reckitt Benckiser CEO Laxman Narasimhan Steps Down

Reckitt Benckiser Group announced that its CEO Laxman Narasimhan will step down from his position on September 30, 2022, and would relocate to the United States, for personal and family reasons. He was also approached for a new opportunity. Narasimhan had previously worked at PepsiCo and McKinsey, before joining Reckitt in September 2019.
The maker of Dettol and Lysol disinfectants, in the announcement, said that Nicandro Durante who is the current Senior Independent Director, would step into the role of CEO, as the Board evaluates and selects the future leadership.

Indian-origin Laxman Narasimhan is New CEO of Starbucks

Indian-origin Laxman Narasimhan was named as the new Chief Executive Officer (CEO) of coffee giant Starbucks. Laxman Narasimhan was the CEO of Reckitt, which also makes Durex condoms, Enfamil baby formula and Mucinex cold syrup. The 55-year-old, who previously worked at PepsiCo as its global chief commercial officer, replaced Howard Schultz.
Laxman Narasimhan will join the company on October 1 but will take the helm in April 2023. Until then, interim CEO Howard Schultz will continue to lead the company and Laxman Narasimhan will work closely with Howard Schultz through April 1.

Rajasthan Announces Amnesty Scheme for Mining

The Rajasthan government announced an amnesty scheme for miners.
The mines department's Arrears and Interest Waiver Scheme, 2022, would be applicable to the outstanding dues of those in the business of minor minerals.
This scheme is being implemented on mining leases, quarry licences, dead rent on a temporary work permit for river sand, royalties, penalties, etc up to March 31, 2021.
A maximum relief of 90 per cent and a minimum of 40 per cent on the principal in different slabs would be given in accordance with the outstanding period.

Ashok Leyland Bags Order for Supplying 1,400 School Buses in UAE

Ashok Leyland, the flagship brand of the Hinduja Group, would supply 1,400 school buses in the United Arab Emirates (UAE), the company's largest ever such deal in the West Asian nation.
The 55-seater Falcon and 32-seater Oyster models will be supplied from Ashok Leyland's $50 million manufacturing facility in Ras Al Khaimah, UAE, which is the only certified local bus-making facility in the entire GCC (Gulf Cooperation Council).
The fleet deal was bagged by Ashok Leyland's UAE distribution partners, Swaidan Trading-Al Naboodah Group.

Sep 02, 2022

LIC Not among Top-10 Valued Companies

State-run insurance behemoth Life Insurance Corporation of India (LIC) is no longer part of the top ten companies by market capitalization as it was replaced by Bajaj Finance and Adani Transmission. LIC holds 11th spot in the list, whereas Bajaj Finance and Adani Transmission took 10th and 9th spot, respectively, in the overall ranking.
Adani Transmission entered the coveted list of top 10 most valued companies with a market value of Rs. 4.43 lakh crore on the BSE, higher than Bajaj Finance's total mcap of ₹4.42 lakh crore and LIC's Rs. 4.26 lakh crore.

Kerala's Alappuzha Declared Full Digital Banking District

Alappuzha became the fifth fully digital banking district in the state of Kerala.
A declaration in this regard was made by Reserve Bank of India (RBI) Kerala and Lakshadweep Regional Director Thomas Mathew.
As part of the initiative, at least one digital transaction facility, such as debit-credit card, Internet banking, mobile banking, unified payment interface, and so on, has been enabled in 26 lakh savings/current bank accounts in 29 banks in the district.
Banking services in Thrissur, Kottayam, Palakkad and Kasaragod have already become digital.
The project was initiated by the RBI with the support of the State Level Bankers' Committee (SLBC) and respective district administrations as part of the Union government's Digital India project.

Sep 01, 2022

Reliance Industries to Build World's Largest Carbon Fibre Plant

Reliance Industries chairman Mukesh Ambani announced to build India's first and one of the world's largest Carbon Fibre plants at Hazira, Gujarat. The plants will have a capacity of 20,000 MTPA based on Acrylonitrile feedstock. Overall, in the Oil to Chemical segment (O2C), Ambani Ambani announced an investment of Rs. 75,000 crore over the next five years to expand capacities in existing and new value chains. These value chains are – Polyester value chain, Vinyl chain, and New Materials. The first phase of the plant will be completed in 2025.
The company will further integrate its composites business with Carbon Fibre to produce Carbon Fibre composites. Apart from other applications, Carbon Fibre composites are also used to meet the rapidly growing light-weight requirements of Mobility and Renewable Energy. Thus, Carbon Fibre promises to be a multi-decade growth engine for O2C, Ambani highlighted. Reliance has commenced its journey to becoming net carbon zero by 2035 with a set of concrete actions.

Virgin Atlantic Expands India Presence with Codeshare Agreement with IndiGo

The country's largest airline IndiGo and British carrier Virgin Atlantic announced a codeshare agreement.
The agreement will allow Virgin Atlantic to sell seats to passengers connecting onto IndiGo flights.
The initial codeshare destinations in India include Chennai, Bengaluru, Hyderabad, Kolkata, Ahmedabad, Amritsar, Goa, Delhi and Mumbai.
The additional destinations will include Kochi, Chandigarh, Jaipur, Pune, Coimbatore, Nagpur, Vadodara, Indore and Visakhapatnam.
Under the codeshare partnership, customers booking a Virgin Atlantic ticket will be able to fly on the airline's London Heathrow to Delhi and Mumbai flights and connect to and from 7 additional cities in India.
Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

ONGC Gets Rajesh Kumar Srivastava as Third Interim Chairman

India's top oil and gas producer ONGC got a record third interim chairman in Rajesh Kumar Srivastava as the government has not made a full-time appointment yet.
Srivastava, who is the senior-most director on the ONGC board, has been given additional charge of chairman and managing director after current acting head Alka Mittal superannuated.
Oil and Natural Gas Corporation (ONGC) is without a regular chairman and managing director since April 2021. Subhash Kumar, the then senior-most director on the company board and the director for finance, was named officiating head after Shashi Shanker superannuated on March 31, 2021.

Telangana Tops Inflation Chart At 8.32%

India's retail inflation has been a bugbear for the economy since it surged past 6% in January, but there are wide disparities in the pace of price rise experienced by consumers across the country, with a dozen States clocking an average inflation of less than 6% and another 12 States averaging over 7% through 2022 so far.
As many as 14 States, along with the erstwhile State of Jammu & Kashmir, have witnessed price rise higher than the national average through 2022, with all but two of these States seeing higher than 7% inflation. Consumers in Telangana, West Bengal and Sikkim faced the steepest spike in prices, with their combined retail inflation for rural and urban areas averaging 8.32%, 8.06%, and 8.01%, respectively.
Some of the other major States where inflation has stayed sharply elevated include Maharashtra and Haryana (7.7%), Madhya Pradesh (7.52%), Assam (7.37%), Uttar Pradesh (7.27%), Gujarat and J&K (7.2%), as well as Rajasthan (7.1%).

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