General Awareness

BUSINESS AND ECONOMY - June 2017

Jun 2017

Oct 01, 2022

Adani Green Commissions World's Largest 600 MW Wind-solar Plant in Rajasthan

Adani Green Energy Ltd (AGEL) commissioned the world's largest wind-solar power plant of 600 MW capacity in Jaisalmer, Rajasthan.
The plant has a power purchase agreement with Solar Energy Corporation of India (SECI) at Rs. 2.69/kwh for 25 years.
The project consists of 600 MW solar and 150 MW wind plants, it said adding it shall not only reduce intermittency of renewable energy power, but also help the country in optimal utilisation of transmission network.
In May 2022, AGEL operationalised India's first hybrid power plant with a capacity of 390 MW in Jaisalmer.

Yubi Partners SBI to Provide Credit Access to Priority Sector

Yubi (earlier, CredAvenue) partnered with the State Bank of India (SBI) to help grow the bank's co-lending portfolio. SBI would be integrated with Yubi Co.Lend, a co-lending marketplace that enables lenders to collaborate with multiple partners and disburse joint loans to the priority sector.
Yubi is a unified credit platform with a comprehensive product suite catering to all stages of the debt lifecycle.

Akash Ambani on Time's 100 Emerging Leaders' List

Akash Ambani, son of billionaire Mukesh Ambani and head of India's largest telecom firm Jio, was named in the Time100 Next -- the magazine's list of world's rising stars.
He is the only Indian on the list. There is, however, another Indian-born American business leader, Amrapali Gan, also on the list.
The list highlights 100 emerging leaders who are shaping the future of business, entertainment, sports, politics, health, science and activism.

TVS Motor Signs MoU with FCDO to Offer Chevening Scholarships for Students

Two and three-wheeler major TVS Motor Company signed a memorandum of understanding with The Foreign, Commonwealth and Development Office to offer Chevening TVS Motor Company Scholarships to candidates who show great potential to become decision-makers.
The Chevening Programme, is a scholarship programme that aims to attract select students around the world who demonstrate greatest potential to become leaders, decision-makers in their own country.
The United Kingdom government's global scholarship programme is awarded to those individuals with strong academic backgrounds who can also demonstrate their leadership potential.

Sep 30, 2022

Dabur Makes an Entry into Premium Tea Market with Vedic Tea

Dabur India entered the Rs. 5,600-crore premium tea market with the launch of Dabur Vedic Tea, a premium category black tea under the health supplements segment, as it looks to get aggressive in the competitive packaged tea market.
It entered the Rs. 19,500-crore tea market back in 2020 with the launch of Dabur Vedic Suraksha tea, taking on leading brands like Brooke Bond Red Label Natural Care, Tata Tea Gold, and Taj Mahal from the stables of Hindustan Unilever and Tata Tea. According to Nielsen MAT data, the packaged tea market is growing at a compound annual growth rate (CAGR) 8 per cent.
Dabur Vedic Tea is available in three stock keeping units — 100 gm, 250 gm and 500 gm. Dabur is positioning the product at the premium end of the market, which is growing around 15 per cent.

Union Bank of India Inaugurates Ethical Hacking Lab

The Union Bank of India inaugurated the Ethical Hacking Lab at the Cyber Security Centre of Excellence (CCoE) in Hyderabad. The lab with a cyber defence mechanism will protect the bank's information system, digital assets, and channels, against potential cyber threats. The lab was inaugurated by the bank's managing director and CEO, A. Manimekhalai. Union Bank is adopting Digital Products in a big way. Various new initiatives are taken by the Bank to increase Digital Footprints. The IT assets are increasingly exposed to the Internet.
Union Bank's Cyber Security Centre of Excellence (CCoE) in Hyderabad is in the process of establishing multiple cyber security centres to strengthen the Bank's security posture and collaborate with cyber defence industries, Government bodies, etc., for implementing new technologies.

RBI Hikes Repo Rate by 50 bps

The Reserve Bank of India (RBI) announced a 50 basis points hike in the repo rate stepping up its fight against persistently high inflation. Repo is the rate at which the central bank lends short-term funds to banks. One bps is one-hundredth of a percentage point. With the latest rate hike, the repo rate now stands at 5.9 per cent. Announcing the policy decision, RBI Governor Shaktikanta Das highlighted the worry of the rate-setting panel on inflation and said the central bank is watching the price situation closely,
The 50 bps increase in the repo rate in September is the fourth consecutive one since May 2022.

Sep 29, 2022

India and Maldives Sign MoU Hanimaadhoo International Airport

A contract for Maldives Hanimaadhoo International Airport Development Project was signed between Government of Maldives and JMC Projects (India).
It is the first ever major infrastructure project to be undertaken outside Greater Male' region and is funded under the USD 800 million concessional Line of Credit (LoC) extended by Government of India to the Maldives. The total contract value is approximately USD 136 million.
The scope of the project includes major infrastructure and operational upgrade on the airside, landside and building infrastructure to meet the future growth of traffic to the Maldives in general, and the northern region of Maldives in particular.

UCO Bank and Yes Bank Tie up with Russian Banks for Payments

UCO Bank and Yes Bank put in place arrangements with two Russian banks as India seeks to step up trade with the sanctioned nation.
UCO Bank tied up with Gazprom Bank and apart from UCO Bank, Yes Bank also signed an agreement with Petersburg Social Commercial Bank (PSCB) of Russia.
As per reports, the country's largest state-owned bank State Bank of India (SBI) is also finding payment options with Russian banks.

Airtel Payments Bank Introduces Micro ATMs

Airtel Payments Bank announced the launch of Micro ATMs – a step towards better facilitating convenient cash withdrawals for debit card users residing beyond the metro and Tier 1 cities in India.
The bank will leverage its strong network of over 500,000 banking points across India to give users access to easy cash withdrawals through this initiative. To facilitate the Micro ATM transactions, Airtel Payments Bank now integrated with the National Payments Corporation of India's (NPCI) National Financial Switch (NFS).
Customers associated with any bank will now be able to use the Micro ATM facility at the neighbourhood banking point of Airtel Payments Bank. They can now make instant cash withdrawals and check their account balance using their debit card of any bank at the designated banking point.

Nikhil Kamath Tops Hurun's Under 40 Rich List

With a wealth of Rs. 17,500 crore, Zerodha's founder Nikhil Kamath topped a self-made rich list of individuals under 40 years. According to 'IIFL Wealth Hurun India 40 & Under Self-Made Rich List 2022', Kamath was followed by Bhavish Aggarwal of Ola Electric with a wealth of Rs. 11,700 crore and Media Network's Divyank Turakhia with a wealth of Rs. 11,200 crore. The Hurun India rich list had 53 entrepreneurs under 40 years of age.

Sep 28, 2022

Google's India Policy Head Archana Gulati Resigns

Google India's government affairs and public policy head Archana Gulati, who had joined the tech giant just five months back after quitting government service, resigned from her post.
An economics graduate and a PhD from IIT-Delhi, Gulati was Joint Secretary (Digital Communications) at NITI Aayog, a government think tank that advises the Union government on policy, before she joined Google India.
The resignation comes at a time when Google is facing a series of antitrust cases in India and stricter tech-sector regulations.

Samsung India, Axis Bank Launch Co-branded Credit Card

Samsung India and Axis Bank partnered and launched a Visa-powered credit card. The co-branded Samsung Axis Bank credit card offers ten per cent cashback on every Samsung product purchased and service used. Moreover, users would be able to claim the ten per cent cashback on top of existing offers.
Those interested can choose between two variants, namely, Visa Signature and Visa Infinite. Users will be eligible for cashback up to Rs. 10,000 annually, with the monthly limit set to Rs. 2,500 for the Signature card. In case you are interested in the Visa Infinite Samsung Axis Bank credit card, you will be able to avail of a maximum cashback of Rs. 25,000 with the monthly limit set to Rs. 5,000.

Sep 27, 2022

Uttar Pradesh Tops GeM Chart with GMV of more than Rs. 24,000 crore

The Uttar Pradesh government emerged as the top buyer on the Government e-Marketplace (GeM) portal with a gross merchandise value (GMV) of more than Rs. 24,000 crore.
The central government's GeM portal, launched by Prime Minister Narendra Modi in August 2016, is an end-to-end e-marketplace, where commonly used goods and services are procured by the central and different state government organisations and wings.
The move aims to promote indigenous industries and new micro, small and medium enterprises and usher in transparency and competition in the government purchase spectrum.
Across India, the GeM portal reported a total GMV of Rs. 1 trillion in 2021-22, while the total value of the procurement since its commissioning crossed its Rs. 3-trillion benchmark. At present, about 62,000 government sector buyers and 5.1 million sellers and service providers are registered with GeM.

HCL Technologies Now HCLTech as Firm Set for 'Supercharging Progress'

HCL Technologies, India's third largest IT services player, launched its new brand identity and logo, HCLTech, with a new brand statement 'Supercharging Progress'.
The company's new 'HCLTech' brand and logo would be at the heart of its go-to-market strategy and represent its differentiated portfolio of services and products that supercharge digital transformation for enterprises at scale.
HCLTech is headquartered in Noida, Uttar Pradesh.

Piramal Financial, Zurich Insurance to form Partnership for Reliance General Insurance Company

Piramal Financial and Zurich Insurance, who have submitted separate bids for the general insurance business of Reliance Capital, decided to form an equal partnership to bid for the Reliance General Insurance.
As per reports, both Piramal and Zurich will hold 50 per cent each in the proposed joint venture company.
In the independent bids submitted at the end of August, Piramal had valued Reliance Capital's general insurance business at Rs. 3,600 crore, while Zurich had quoted Rs. 3,700 crore for the same. The third bidder, Advent had submitted a Rs. 7,000 crore resolution plan for RGIC.
By partnering, Zurich and Piramal would not compete with each other, and thus for RGIC, it will only be a two horse race between Advent and Zurich-Piramal consortium.

Centre Extends Foreign Trade Policy (2015-20) for Six Months

Days ahead of unveiling the much-awaited new foreign trade policy (FTP) document, the Centre announced extension of the existing policy by another six months due to global headwinds.
As per Amit Yadav, additional secretary at the department of commerce, the decision was taken after consultations with export promotion councils. It was felt that the time was not ripe to roll-out the new policy, especially when the global economy is headed towards a recession.
The government had received requests from various quarters that the existing policy should be continued due to prevailing geopolitical tensions, currency volatility, and monetary conditions.

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