General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Dec 07, 2021

Mr Sanjiv Mehta - President of FICCI

Mr Sanjiv Mehta, Chairman and Managing Director, Hindustan Unilever Limited (HUL) will be appointed as the President of Federation of Indian Chambers of Commerce and Industry (FICCI) at the conclusion of FICCI's 94th Annual General Meeting on 18th December 2021.
Mr Mehta, currently, the Senior Vice President of FICCI, will be succeeding Mr Uday Shankar, the current President of FICCI.
Mr Mehta is also the President of Unilever South Asia (India, Pakistan, Bangladesh, Sri Lanka & Nepal), and is a member of the 'Unilever Leadership Executive' which is Unilever's Global Executive Board.
During his eight years at the helm, HUL's market capitalisation has increased by over $55 billion making it one of the most valuable companies in the country. In this period, HUL has won several awards and recognitions including the prestigious Economic Times 'Company of the Year' & 'Corporate Citizen of the Year' awards, Business Standard's 'Company of the year' award and the 'Best Governed Company' award by the Asian Centre for Corporate Governance and Sustainability. Forbes rated HUL as the most innovative company in India and the 8th most innovative company in the world. Aon Hewitt in a global study rated HUL as the 3rd best company globally for building leaders.

Dec 06, 2021

Delhi-Dehradun Economic Corridor

Prime Minister Narendra Modi on 4th December, 2021 inaugurated and laid the foundation stone for multiple development projects worth around Rs.18,000 crores in Dehradun, Uttarakhand. The Prime Minister laid the foundation stone of eleven development projects including the Delhi-Dehradun Economic Corridor (from Eastern Peripheral Expressway Junction to Dehradun) which will be built at a cost of around Rs.8300 crore
In major highglight, the corrirdor will significantly reduce the travel time from Delhi to Dehradun from six hours to around 2.5 hours.
The corridor will have seven major interchanges for connectivity to Haridwar, Muzaffarnagar, Shamli, Yamunagar, Baghpat, Meerut and Baraut. It will also have Asia's largest wildlife elevated corridor (12 kilometres) for unrestricted wildlife movement. Also, the 340 metres long tunnel near Dat Kaali temple, Dehradun will help reduce impact on wildlife.

Dec 05, 2021

ONGC Signs with MoU with SECI

In a bid to strengthen its footprint in the renewable space, particularly solar energy, state-owned Oil and Natural Gas Corporation (ONGC) signed an agreement with Solar Energy Corporation of India (SECI) to scale up its clean energy projects.
The Memorandum of Understanding (MoU) was signed by ONGC Chairman and Managing Director Subhash Kumar and SECI Managing Director Suman Sharma.
The MoU provides a broad, overarching framework for ONGC and SECI to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks, EV value chain, green hydrogen, storage, etc.

ADB Approves $500 Million Loan to Improve Quality of School Education

The Asian Development Bank (ADB) approved a $500 million loan to the Government of India to help improve the quality of the country's school education and mitigate the impact of the (Covid-19) pandemic on students' learning.
The loan supports the Integrated Scheme for School Education (Samagra Shiksha) and the new Exemplar School Initiative of the Ministry of Education (MOE) to improve education quality by focussing on inclusive and equitable learning outcomes.
ADB's assistance will support the government's commitment to providing high-quality education to all by accelerating quality education initiatives across the participating States," said Sunhwa Lee, ADB Principal Social Sector Specialist for South Asia. The loan will help scale up foundational learning for primary students and enhance the relevance of secondary education by introducing science, technology, engineering, the arts, and mathematics (STEAM) and integrated vocational education.

Dec 04, 2021

HDFC Bank Quickest to List among 100 Global Firms

HDFC Bank is the fastest among 100 global companies to have gone public. The gap between its incorporation and listing was less than a year, shows a study done by Tide, a UK-based financial platform. The second quickest was Chinese beverage firm Kweichow Moutai, which took two years to launch an IPO.
E-commerce giant Amazon also is among the fastest as it went public in just three years.
Meanwhile, the slowest was luxury goods firm Hermès, founded in 1837 and listed 162 years later. The other Indian firms in the top 100 global list are Reliance Industries (RIL) and Tata Consultancy Services (TCS).

Dec 03, 2021

Honda Motor Sets up Battery Sharing Service Subsidiary in India

Japanese auto major Honda Motor Co set up a battery sharing service subsidiary in India with a capital of Rs. 135 crore.
The new subsidiary, Honda Power Pack Energy India Pvt Ltd, would offer battery sharing service for small mobility, which will accelerate the penetration of electric vehicles (EV), and will also provide technical support to vehicle OEMs.
In addition to the battery sharing service, the new company will closely work with multiple vehicle OEMs (Original Equipment Manufacturers), who wish to integrate Honda's battery into their vehicles, by providing necessary technical information for interface.

PhonePe Launches Health Insurance Plan for Young First-time Buyers

Walmart-owned digital payments firm PhonePe, announced the launch of its latest health insurance plan, Health@999 catering to young first-time health buyers. As per PhonePe, the latest offering is the first such in the Indian digital payments space and provides comprehensive health coverage at an affordable price. The highlight of the product is the simple 3-step process that only requires the user to provide details like name, age, gender, and email ID to buy the policy, eliminating the cumbersome processes new and young buyers are deterred by.
Health @999, at its low price point, offers coverage for hospitalization expenses including in-patient and ICU hospitalisation, daycare procedures, ambulance charges, and Ayush treatment among others. The cashless hospital network for the plan stretches across 7600 hospitals in the country. Health @999 can be availed via PhonePe instantly and comes with the lifetime renewability feature.

OYO Appoints Former SBI Chairman Rajnish Kumar Strategic Group Advisor

Oravel Stays Limited (OYO) appointed State Bank of India's (SBI's) former Chairman Rajnish Kumar strategic group advisor, in an attempt to strengthen its leadership ahead of its stock market debut.
Kumar, who has spent over 40 years in the financial sector, will play a key role in advising OYO's management on short-term and long-term strategy, regulatory and stakeholder engagement, and enhancing the brand of the company globally.
Kumar, who had joined SBI as a probationary officer in 1980 retired as chairman in October 2020 after 40 years at the bank. He is credited with overseeing the mega-merger of seven banks with India's largest lender.

Federal Bank Launches Rich Saving Scheme for Women

Private sector lender Federal Bank launched a feature-rich savings bank product for women.
The savings scheme is called Mahila Mitra Plus and provides a curated set of features, designed to make financial planning and investments easy for women.
The special features include exclusive preferential interest rates on housing loans, processing fee waiver for home loans, complimentary and customised insurance cover.

Dhanlaxmi Bank Part-Time Chairman G. Subramonia Iyer Submits His Resignation

Dhanlaxmi Bank's part-time Chairman G. Subramonia Iyer resigned, on personal grounds.
Dhanlaxmi Bank Ltd is an Indian private sector bank headquartered in Thrissur, Kerala.
Dhanlaxmi Bank Ltd was incorporated on 14 November 1927 as Dhanalakshmi Bank at Thrissur with a capital of Rs. 11,000 and seven employees. It became a Scheduled Commercial Bank in the year 1977.

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