General Awareness

BUSINESS AND ECONOMY - September 2017

Sep 2017

Aug 30, 2024

Kaivalya Vohra, Youngest Indian on Hurun Rich List 2024

In a major sign of quick commerce firms' electric rise in India, 21-year-old Zepto co-founder Kaivalya Vohra retained the tag of youngest billionaire on the Hurun India Rich List 2024 with a total net worth of Rs. 3,600 crore.
The 2003-born entrepreneur made his debut for the first time on the IIFL Wealth Hurun India Rich 2022 at the age of 19.
Vohra's friend and 22-year-old co-founder Aadit Palicha is the second youngest billionaire in the country with a net worth of Rs. 4,300 crore, according to the 2024 rich list.
Apart from Palicha and Vohra, Shashvat Nakrani of BharatPe (Rs. 1,300 crore, age 26), Ritesh Agarwal of Oyo (Rs. 1,900 crore, age 30), Alakh Pandey of Physics Wallah (Rs. 4,500 crore, age 32), and Harshil Mathur (Rs. 8,700 crore, age 33) and Shashank Kumar (Rs. 8,700 crore, age 33) of Razorpay make the list. Most of these billionaires run payment services firm, online hotel booking website, and edtech company.

Cabinet Approves Setting up of 12 Industrial Smart Cities across 10 States

The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi approved setting up of 12 industrial smart cities under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs. 28,602 crore.
The project spans across 10 states and is strategically planned along six major corridors. These industrial areas will be located in Khurpia in Uttrakhand, Rajpura-Patiala in Punjab, Dighi in, Maharashtra, Palakkad in Kerala, Agra and Prayagraj in Uttar Pradesh, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthy in Andhra Pradesh and Jodhpur-Pali in Rajasthan.
The move is set to transform the industrial landscape of the country creating a robust network of industrial nodes and cities that will significantly boost economic growth and global competitiveness.

Shah Rukh Khan Makes Debut on Hurun India Rich List 2024

Bollywood superstar Shah Rukh Khan, often hailed as the 'King of the Indian Entertainment Industry,' made his debut on the 2024 Hurun India Rich List.
Khan's wealth is estimated at a whopping Rs. 7,300 crore, a milestone driven by his successful stakes in Kolkata Knight Riders and Red Chillies Entertainment.
Following Shah Rukh Khan in the list, actress Juhi Chawla sits on the second spot of silver screen pioneers boasting wealth of Rs 4,600 crore.
Actor Hrithik Roshan holds the third position, with wealth of Rs. 2,000 crore aided by his athleisure company HRX.
Meanwhile, Amitabh Bachchan and family, and actor, producer and director, Karan Johar, are positioned fourth and fifth, respectively.

Aug 29, 2024

Subhasri New MD & CEO of Shriram Capital

Shriram Capital, the holding company of the Shriram Group, appointed Subhasri. S as its new Managing Director and CEO, effective 1 September. Subhasri, who previously served as Joint Managing Director, has been a key figure in the company since joining as an Officer in the NBFC business in 1991.
She is a Fellow of the Institute of Company Secretaries of India and the Institute of Cost & Works Accountants of India. Previously, she held positions as Executive Director and CFO of Shriram City Union Finance (now Shriram Finance) and Joint MD of Shriram Capital Pvt Ltd.

ESAF Small Finance Bank Launches Inori RuPay Platinum Credit Card

ESAF Small Finance Bank, in collaboration with the National Payments Corporation of India (NPCI), introduced the Inori RuPay Platinum Credit Card. This premium financial product offers cardholders exclusive benefits and privileges.
The card's name "Inori" is derived from the Japanese word for 'wish', symbolising the bank's aspiration to fulfil the desires and expectations of customers.
Cardholders can enjoy a range of rewards, including exciting cashback offers on monthly transactions and comprehensive insurance coverage of up to Rs.2 lakh. Additionally, the card provides access to exclusive merchant offers and global acceptance.

Government Approves 4 Start-Ups in the Field of Technical Textiles

Secretary, Ministry of Textiles chaired the 8th Empowered Programme Committee (EPC) meeting under the National Technical Textiles Mission, at Udyog Bhawan, New Delhi. The committee approved 4 Start-Ups with a grant of approx. INR 50 Lakh, each, under the 'Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)' scheme.
The committee also approved a grant of approx. INR 20 Cr. to 5 Education Institutes to introduce courses in Technical Textiles under the 'General Guidelines for Enabling of Academic Institutes in Technical Textiles'.
The approved Start-Up projects are focused on key strategic areas of Composites, Sustainable Textiles, and Smart Textiles. The approved Education Institutes proposed to introduce new B.Tech courses in different fields and applications of technical textiles including Geotextiles, Geosynthetics, Composites, Civil Structures, etc.

Aug 28, 2024

TCS Launches Pace Studio in Philippines to Drive digital Innovation

IT services major Tata Consultancy Services (TCS) announced the launch of TCS Pace Studio in Manila, Philippines. This facility is designed for TCS to co-innovate with customers to develop tailored solutions for their unique business needs, boosting digital innovation in the Asia-Pacific region.
TCS Pace Studio in Manila, the fifth of its kind globally, is part of an extensive innovation ecosystem of TCS Pace spanning major global cities.

Piramal Finance and Central Bank of India Partner to Reach Underserved Markets

Piramal Finance, a subsidiary of Piramal Enterprises Limited, partnered with the Central Bank of India to expand co-lending operations aimed at supporting underserved markets. This collaboration merges the Central Bank of India's extensive branch network with Piramal Finance's technological approach to lending, focusing on digital efficiency and personalised service.
The partnership leverages Piramal Finance's network of over 500 branches across 600 districts in 26 states to offer competitive interest rates and tailored credit solutions. The focus is on providing loans to middle and low-income borrowers, particularly in rural and semi-urban areas, who are often new to credit or underserved by traditional institutions. This initiative is designed to enhance access to formal credit in regions that typically face barriers due to limited income documentation.

Aug 27, 2024

Tata AIA Life Launches 'Sampoorna Raksha Promise'

Tata AIA Life Insurance unveiled its latest offering in the term insurance segment – 'Sampoorna Raksha Promise'. This innovative product is designed to provide enhanced financial security to policyholders and their families, addressing various aspects of life insurance needs.
One of the standout features of Sampoorna Raksha Promise is its instant payout feature. Upon intimation of a death claim, the plan provides an immediate payout of ₹3 lakh. This quick disbursement is intended to cover urgent expenses that families may face in the unfortunate event of the policyholder's demise.

RBI Announces Premature Redemption for SGB Issued between 2017 to 2020

The Reserve Bank of India (RBI) announced an early redemption for Sovereign Gold Bonds (SGBs) issued between May 2017 and March 2020. The redemption process will take place in two phases, starting from October 11, 2024, and extending to March 1, 2025.
Sovereign Gold Bonds have a maturity period of eight years, but investors have the option of premature redemption after 5, 6, and 7 years.
The RBI's announcement details a structured schedule for the redemption of 30 different SGB tranches. The first tranche, issued on May 12, 2017, will have its redemption window open from October 11 to November 2, 2024.
The subsequent tranches will follow suit, with specific windows for each tranche.

NASSCOM Appoints Sindhu Gangadharan as New Chairperson

The National Association of Software and Service Companies (NASSCOM), India's premier IT industry body, announced a significant change in its leadership. Sindhu Gangadharan, the Managing Director of SAP Labs India, was appointed as the new Chairperson of NASSCOM. This appointment marks a crucial moment in the organisation's history and sets the stage for new directions in India's technology sector.
Gangadharan's ascent to the role of chairperson comes after serving as the vice Chairperson of NASSCOM. Her promotion to this pivotal position underscores her leadership capabilities and vision for the Indian IT industry.

Aug 26, 2024

Gujarat Has Asia's Richest Village

Madhapur, a village on the outskirts of Bhuj in Gujarat, is dubbed 'Asia's richest village.' With a population of around 32,000, up from 17,000 in 2011, its residents hold fixed deposits worth Rs. 7,000 crore. The village's prosperity is attributed to its NRI (non-resident Indian) families who deposit crore every year in local banks and post offices.
Madhapur is home to the Patel community and boasts 17 banks, including major public and private banks like HDFC Bank, SBI, PNB, Axis Bank, ICICI Bank, and Union Bank. This is unusual for a single village, but more banks are interested in opening branches here.
The significant deposits are primarily from families who live abroad, particularly in African countries where Gujaratis dominate the construction business. Many residents also reside in the UK, Australia, America, and New Zealand.

Aditya Birla Finance and AU Small Finance Bank Launch Co-branded Credit Cards

Aditya Birla Finance Limited (ABFL), a subsidiary of Aditya Birla Capital, and AU Small Finance Bank launched a new range of co-branded credit cards.
The cards, available on Visa and RuPay networks, aim to cater to a broad spectrum of customer needs with four distinct variants.
ABC AU Flex: This card offers an affordable option designed for the mass market in India.
ABC AU Nxt: Aimed at millennials, this card includes specialised features tailored for younger customers.
ABC AU Pro: This high-end card is targeted at affluent individuals, offering premium benefits.
ABC AU Biz: Designed for entrepreneurs and business owners, this card includes features beneficial for business-related expenses.
The Aditya Birla Finance AU credit cards come with various reward points across categories such as lifestyle, travel, dining, education, entertainment, utilities, insurance, grocery, and government-related spends.

Food Safety Authority India Bans Use of A1, A2 Milk Claims on Milk Product Packaging

The Food Safety and Standards Authority of India (FSSAI) prohibited the use of A1 and A2 milk claims on milk product packaging.
The authority stated that using A2 claims on milk fat products is misleading and violates its regulations. FSSAI explained that the difference between A1 and A2 milk is related to the structure of a protein called beta-casein.
The matter has been examined by FSSAI and it is opined that A1 and A2 differentiation of milk is essentially linked to differences in structure of the protein (beta-casein). Hence, use of any A2 claims on milk fat products is misleading and not in conformance with the provisions laid down under the FSS Act, 2006 and Regulations made there under.
The FSSAI also noted that it has found several Food Business Operators (FBOs) marketing milk products like ghee, butter, and curd with A1 and A2 labels.

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