General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Oct 02, 2018

The Growth in Infrastructure Sectors Slowed

The growth of eight infrastructure sectors slowed down to 4.2 per cent in August against 4.4 per cent in the year-ago month on account of decline in production of crude oil and fertiliser.

RBI to Inject Liquidity into System

The Reserve Bank announced that it will inject Rs. 36,000 crore liquidity into the system through purchase of government bonds later this month to meet the festival season demand for funds.

The auctions to purchase government bonds as part of the Open Market Operations (OMO) to manage liquidity in the system will be conducted in the second, third and fourth week of October.

Government Takes over Indebted Lender IL&FS

The government will immediately seize control of a shadow lender whose defaults have caused widespread upheaval at mutual funds.

Officials were granted approval to oust Infrastructure Leasing & Financial Services Ltd.'s board and a new six-member board will meet, the National Company Law Tribunal.

India's richest banker Uday Kotak and ICICI Bank Chairman G. C. Chaturvedi will be part of the proposed board, which will elect a chairperson themselves.

Oct 01, 2018

Factory Growth Picks Up Pace

As per a business survey, the Indian factory activity expanded more quickly in September on strong domestic and export order growth.

This is a welcome sign of strength as policy makers worry about a sharp drop in the rupee and fallout from global trade frictions.

The Nikkei Manufacturing Purchasing Managers` Index, compiled by IHS Markit, rose to 52.2 in September from 51.7 in August.

Sale of Micro Insurance via PoS

With an aim to further increase insurance penetration in the country, IRDAI has allowed the distribution of all micro-insurance products through point-of-sales (PoS).

The Insurance Regulatory and Development Authority of India (IRDAI) has created a special category of insurance policies called micro-insurance policies to promote insurance coverage among economically vulnerable sections of the society. A micro-insurance policy is a general or life insurance policy with a sum assured of Rs. 50,000 or less.

Bhushan Production to Be Raised

After acquiring debt-laden Bhushan Steel through the insolvency and bankruptcy process, Tata Steel is now aiming to raise its production to 4 million tonne (MT) by the end of the current fiscal.

Bhushan Steel's Odisha plant is presently operating at 3.5 MT against a capacity of 5 MT.

Sep 30, 2018

Import Duty Waived on Capital Goods

According to an official notification, the government has exempted 35 machine parts used for manufacturing mobile phone components from the basic customs duty to promote handset production in the country.

HAL Records Highest-ever Turnover

India's aerospace major, Hindustan Aeronautics Limited (HAL), has recorded its highest turnover.

The company achieved significant growth in revenue and profits despite several challenges.

The company recorded the highest ever turnover of Rs. 18,28,386 lakh in the financial year 2017-18 compared to previous year's turnover of Rs. 17,60,379 lakh.

Sep 29, 2018

Uptick in Corporate Loan Demand

According to SBI managing director, the banking sector has begun seeing an uptick in demand for loans from the corporate sector across most segments.

Bonfiglioli to Double Its Investments

The Indian subsidiary of Italy's Bonfiglioli Riduttori is planning to double its investments in the Indian operations in the next three years.

So far the company has invested Rs. 50 crore in expanding Thirumudivakkam plant in Chennai.

Over the next three years, another Rs. 100 crore will be invested in machineries in either of the plants at Thirumudivakkam and Mannur.

New Terminal at Chennai Airport

The Airport Authority of India (AAI) confirmed the construction of a new terminal in Chennai at a cost of Rs. 2,500 crore under phase II of the Chennai airport modernisation programme.

The new terminal, coming up under the Phase II modernisation programme, would be able to handle the increase in arrivals and departures.

Sep 28, 2018

Walmart Foundation to Invest Rs. 180 crore

Walmart Foundation announced that it would invest Rs. 180 crore in India over the next five years to improve farmers' livelihood.

The funds would be used to support farmer organisations to develop knowledge of sustainable farming practices, share business best practices and add value to primary agricultural commodities. The money will also be used to improve access to finance and markets, the Foundation said in a statement.

Tata Power, HPCL to Set Up EV Charging Stations

Tata Power has inked MoU with state-run oil marketing company Hindustan Petroleum (HPCL) for setting up commercial-scale electric vehicle (EV) charging stations at latter's retail outlets and other locations across the country.

Banks to Dip into Cash Reserves Further

The Reserve Bank of India allowed banks to dip further into statutory cash reserves in a bid to ease a liquidity squeeze afflicting the nation's money markets.

RBI said that banks could 'carve out' up to 15 per cent of holdings under the statutory liquidity reserves to meet their liquidity coverage ratio (LCR) requirements as compared to 13 per cent now.

The move by the central bank follows concerns over tight liquidity conditions and banks' unwillingness to lend to NBFCs.

Sanjeev Gupta Named 21st Century Icon in UK

Indian-origin steel tycoon Sanjeev Gupta has been awarded the title of 21st Century Icon at an awards ceremony in London in recognition of his success in building a flagship UK-based international metals, industrials, energy and financial services group.

IL&FS Arm Defaulted Rs. 440.46 crore

IL&FS Financial Services, the non-banking finance company which is a 100% subsidiary of Infrastructure Leasing and Financial Services Limited (IL&FS), has defaulted on loans worth Rs. 440.46 crore since September 12.

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