General Awareness

BUSINESS AND ECONOMY - February 2017

Feb 2017

Sep 27, 2018

Thyssenkrupp Inks Contract with MDL

Germany-based diversified industrial company Thyssenkrupp has inked a Rs. 410 crore contract with Mazagon Docks Shipbuilders Limited (MDL) to refit the Indian Navy's Shishumar-class non-nuclear submarine, INS Shishumar.

The Medium Refit and Life Certification (MRLC) contract for the submarine will commence in October this year and is expected to be completed by 2021.

India to Cut Imports of Iranian Oil

India isn't planning to buy any Iranian oil in November, raising the prospect that Tehran will lose another major customer as US sanctions hit and spurring speculation over whether China will follow suit.

India is joining other Asian buyers such as South Korea and Japan that have already halted imports from the Persian Gulf state before American restrictions take effect in early November.

Jan Dhan Darshak Mobile App

The government launched a mobile app called Jan Dhan Darshak to provide guidance to the common people in locating a financial service touch point at a given location in the country.

The mobile app called Jan Dhan Darshak has been has jointly developed by the Department of Financial Services, Ministry of Finance and National Informatics Centre a as a part of financial inclusion initiative.

100% Government Stake in GST Network

The Union Cabinet approved increasing the government's ownership in the Goods and Services Tax Network (GSTN) to 100% from the existing 49% and also changed the existing structure in line with a transition plan. The Union Cabinet approved acquisition of the entire 51% equity held by the non-government institutions in GSTN equally by the Centre and the State governments.

Import Duty on Select Goods Hiked

The government released a list of 19 categories of items on which it would be hiking import duties, which include white goods such as air-conditioners, refrigerators and washing machines as well as non-essential items such as gems, travel bags and aviation turbine fuel (ATF).

The new rates will be applicable from September 27.

Sep 26, 2018

Option on Capping Exports to U.S. is Still Open

According to Commerce Secretary Anup Wadhawan, India is not foreclosing the option of capping exports to the U.S.

The effect of any such option would, however, be minimal on the domestic industry.

Capping exports is among the demands raised by the U.S. in exchange for it waiving import duties on steel and aluminium from India.

Mr. Wadhawan said that India had the right under the World Trade Organisation rules to implement import tariff increases within a band.

India Eases Oil Import Rules

India has for the first time allowed state refiners to buy 35 per cent of their oil imports in tankers arranged by the seller, enabling them to swiftly tap cheaper cargoes.

The measure is part of a series of attempts by the world's third-biggest oil importer and consumer to cut its surging oil import bill in the face of rising oil prices and a weaker Indian rupee.

Mukesh Ambani Tops Barclays Rich List

Industrialist and Reliance Industries Ltd chairman Mukesh Ambani has topped the Barclays Hurun India Rich List-2018 for the seventh consecutive year, with his wealth estimated at Rs. 3,71,000 crore.

Others on the list are: S. P. Hinduja and family of Hinduja Group, Arcelor Mittal's L. N. Mittal and family, Wipro's Azim Premji, Sun Pharmaceuticals Ltd's Dilip Shanghvi, Kotak Mahindra Bank's Uday Kotak, Serum Institute of India's Cyrus Poonawalla, Adani Group's Gautam Adani and family and Shapoorji Pallonji Mistry's Cyrus P. Mistry.

Sep 25, 2018

Hotstar CEO to Join Facebook

Facebook announced that it has appointed Ajit Mohan as managing director and vice president of its India unit. Mohan, who earlier was working with Hotstar as chief executive officer, will join Facebook early next year.

Hyderabad Metro Rail's Second Phase Becomes Operational

The Hyderabad Metro Rail Limited's much-awaited 16-km long second phase of Corridor-1, one of the city's high traffic density routes has been inaugurated.

Governor ESL Narasimhan flagged off the metro train from Ameerpet in the heart of the city to LB Nagar on the eastern suburbs.

With the commencement of operations between Ameerpet and L B Nagar, the entire 30 km long corridor-1 from L B Nagar to Miyapur, has come into operation now.

Infosys Arm Awarded Canadian Contract

Infosys Public Services on announced that it has been awarded a computer-aided design contract worth Canadian $80.3 million by Public Services and Procurement Canada (PSPC) to modernise and automate their procurement processes.

IPS is working with Ernst & Young and SAP Canada to digitise PSPC procurement system through the implementation and management of a cloud-based electronic procurement solution.

Dena Bank Board Clears Merger Proposal

The board of state-run Dena Bank approved its merger with Bank of Baroda along with another state-run lender Vijaya Bank.

The consolidation would enable creation of a bank with business scale comparable to global banks and capable of competing effectively in the country and globally.

The combined business of amalgamated entities would make it second largest state-run bank, after State Bank of India.

L&T Technology Bags Deal in Europe

L&T Technology Services (LTTS) won a deal worth $40 million over five years to provide digital content management services to a leading technology company's industrial products segment.

The deal will cover engineering content management programmes in the U.S. and European regions.

OBOPAY Acquires Mubble

OBOPAY, a global financial technology firm, announced it has acquired technology start-up Mubble, which is backed by venture capital firm Accel Partners and tech entrepreneur Nandan Nilekani.

Sep 24, 2018

Consolidation of Regional Rural Banks

The government has also initiated consolidation of regional rural banks along with the public sector lenders and intends to bring down their number to 36 from the existing 56. In this regard, the Centre has begun consultations with states as they are one of the sponsors of the regional rural banks (RRBs) in the country.

Kyraid Brand in India

Louvre Hotels Group has introduced Kyraid mid-scale full serve hotel brand in India by appointing Orange Tiger Hospitality Pvt. Ltd. as its master franchisee for this market. The firm has signed up with eight asset owners, whose hotel properties have been rebranded as Kyraid Hotel, and by the end of this financial year, seven more properties will be added.

Curb On Imports

According to Economic Affairs Secretary Subhash Chandra Garg, the Centre will implement the second set of measures to shore up rupee to 68-70 level against the U.S. dollar.

The Centre has prepared a list of non-essential items whose imports could be curbed and drawn up a separate list of goods whose exports can be boosted with a little policy intervention.

TSL Inks Pact with Usha Martin

Tata Steel Limited (TSL) has executed definitive agreements for acquisition of the steel business of debt-ridden Usha Martin for a cash consideration between Rs. 4,300-4,700 crore.

The transaction comprises one mtpa specialised alloy-based manufacturing capacity of UML in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants.

Sep 23, 2018

Fitch Ratings Ups India's Growth

Fitch Ratings upped India's growth forecast for the current fiscal to 7.8 per cent, from 7.4 per cent earlier, but flagged rising oil bill and higher interest rates as key concerns.

Shell Firms Struck Off in 2nd Phase

The government has struck off around 55,000 shell companies in the second phase of its efforts to curb illicit fund flows and some of the companies have been served notices and are under scrutiny.

The corporate affairs ministry has already struck off over 2.26 lakh firms for non-filing of financial statements or annual returns for a continuous period of two years or more as part of the first phase of the drive.

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