General Awareness

BUSINESS AND ECONOMY - December 2017

Dec 2017

Aug 05, 2023

Govt Restricts Import of Laptop, Tablets and Computers with Immediate Effect

The government took decisive action by imposing immediate restrictions on the import of laptops, tablets, and personal computers, with the primary objective of promoting local manufacturing.
According to the notice shared by the government, these products can now only be imported if a valid license for restricted imports is obtained.
This move aligns with India's ambitious vision to establish itself as a global manufacturing hub, focusing particularly on the electronics sector. In fact, the government is trying to boost local manufacturing across sectors, ranging from automobiles to technology.
As a consequence of this policy change, the costs associated with importing laptops, personal computers, and tablets are expected to experience a significant decline.
However, this move may pose challenges for companies like Dell, Acer, Samsung, Panasonic, Apple, Lenovo, and HP.
These firms are major players in the Indian market and heavily rely on imports, particularly from countries like China, to meet consumer demands.

Reliance Jumps 16 Places, Now at Number 88 on Fortune Global 500 List

Billionaire Mukesh Ambani's Reliance Industries maintained its highest ranking among Indian corporates in the latest Fortune Global 500 list, jumping 16 places to rank at number 88. Reliance was ranked at number 104 in the 2022 ranking.
The company gained 67 places in the last two years from number 155 in 2021.
As many as eight Indian companies feature in this year's Fortune Global 500 ranking. State-owned Indian Oil Corporation (IOC) jumped 48 places to rank at number 94.
Life Insurance Corporation of India (LIC) slipped nine places to rank at 107. Oil and Natural Gas Corporation (number 158), Bharat Petroleum Corporation Ltd (number 233), and State Bank of India (number 235) were the other state-owned firms on the list.
Tata Motors rose 33 places to rank at number 337 and Rajesh Exports jumped 84 spots to number 353.
The ranking of number 88 is the best-ever achieved by Reliance Industries on the Fortune Global 500 ranking list.

Aug 04, 2023

Cashfree Payments Rebrands Zecpe as Ecom360

Payments and banking technology firm Cashfree Payments announced the rebranding of its subsidiary Zecpe to Ecom360. The entity addresses end-to-end growth challenges that direct-to-consumer (D2C) businesses face.
Cashfree Payments acquired Zecpe, a one-click checkout company, in February this year (2023). With the rebranding exercise, Ecom360 aims to address a broader set of core problems that D2C businesses face.

Cabinet Approves PLI Scheme worth Rs 1.97 Trillion for 14 Sectors

Keeping in view India's vision of becoming 'Atmanirbhar', Production Linked Incentive (PLI) Schemes for 14 key sectors were announced with an outlay of Rs. 1.97 lakh crore (over US$26 billion) to enhance India's manufacturing capabilities and exports.
The 14 sectors are: (i) Mobile Manufacturing and Specified Electronic Components, (ii) Critical Key Starting Materials/Drug Intermediaries & Active Pharmaceutical Ingredients, (iii) Manufacturing of Medical Devices (iv) Automobiles and Auto Components, (v) Pharmaceuticals Drugs, (vi) Specialty Steel, (vii) Telecom & Networking Products, (viii) Electronic/Technology Products, (ix) White Goods (ACs and LEDs), (x) Food Products, (xi) Textile Products: MMF segment and technical textiles, (xii) High efficiency solar PV modules, (xiii) Advanced Chemistry Cell (ACC) Battery, and (xiv) Drones and Drone Components.
The purpose of the PLI Schemes is to attract investments in key sectors and cutting-edge technology; ensure efficiency and bring economies of size and scale in the manufacturing sector and make Indian companies and manufacturers globally competitive.
These schemes have the potential of significantly boosting production, employment and economic growth over the next five years or so.

Aug 03, 2023

RBI Fines 4 PSUs for Late Reporting of Overseas Investments

The Reserve Bank of India (RBI) imposed late submission fees (LSF) of Rs. 2,000 crore on ONGC Videsh Ltd (OVL), Indian Oil Corp, GAIL (India) and Oil India for delayed reporting of their overseas investments. The firms are now making efforts to secure an extension from the central bank.
The hefty fines could impact the overseas work commitments of the four state-run energy companies. The central bank could relent so that operations are not affected.
The Oil Ministry reportedly believes responsibility to report overseas investments lies with authorised dealer bank, which is State Bank of India (SBI) for the 4 PSUs.
According to RBI's Foreign Exchange Management (Overseas Investment) Regulations, 2022, those failing to submit investment evidence within the stipulated timeframe can do so with a late submission fee.

Tata Power Renewable Signs Pacts with Maharashtra Discom for Two Solar Projects

Tata Power announced that its subsidiary Tata Power Renewable Energy Ltd. (TPREL) entered into power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL).
The subsidiary of Tata Power signed two PPAs with MSEDCL for the commissioning of two solar projects of 200 MW and 150 MW capacities, respectively.
These projects are located in Maharashtra and will help in meeting the state's targets of renewable energy, along with taking a significant step in acknowledging India's efforts to accelerate the adoption of renewable energy and challenges related to combat climate change.

Aug 02, 2023

Franklin AMC Appoints Debt Head, Explores to Foray into Alternatives Business

Franklin Templeton appointed Rahul Goswami as the Chief Investment Officer (CIO) & Managing Director (MD) – India AMC Fixed Income. Rahul will oversee the fixed income functions of the locally managed and distributed debt schemes of Franklin Templeton Mutual Fund. Prior to joining Franklin Templeton, Rahul was the CIO of fixed income at ICICI Prudential Asset Management.
Rahul Goswami has over 24 years' experience managing fixed income funds investing in government securities, corporate bonds, besides monitoring key economic developments.
Santosh Kamath, current Chief Investment Officer (CIO) of India AMC Fixed Income funds, assumed a new role as the President and CIO of Franklin Templeton Alternative Investments India Pvt. Ltd (Alternatives). The India Alternatives business led by Santosh will initially focus on alternative credit, covering listed and unlisted corporate bonds and structured credit.

Reliance Signs MoU with Brookfield for Renewable Power Equipment Manufacturing in Australia

Reliance Industries and Brookfield Asset Management signed a Memorandum of Understanding (MoU) to explore opportunities to manufacture renewable energy and decarbonisation equipment in Australia.
The MoU aims to accelerate and de-risk Australia's energy transition by enabling it to locally produce clean energy equipment such as photovoltaic modules, long-duration battery storage, and components for wind energy.
According to the initial agreement, Brookfield will collaborate with Reliance to explore avenues for direct capital investment and the development of skills, knowledge, and expertise in the renewable energy sector of Australia. This collaboration aims to facilitate the nation's journey towards a net-zero future.
The MoU with Reliance forms a significant part of Brookfield's efforts to bring global manufacturing technology and expertise to Australia.

Microsoft Appoints Puneet Chandok to Lead India Operations

Microsoft appointed Puneet Chandok as the new Corporate Vice President of Microsoft India and South Asia, effective from September 1, 2023. He will take over operational responsibilities from Anant Maheshwari and will lead the integration of Microsoft's businesses across South Asia, including countries like Bangladesh, Bhutan, Maldives, Nepal, and Sri Lanka. Puneet aims to strengthen Microsoft's presence in the region and focus on key industries through a customer-centric approach, with generative AI as a core technology.
This appointment came during a period of significant market expansion for Microsoft, especially in cloud technology and digital innovation.
Puneet joined Microsoft after leading the India and South Asia business for AWS, where he worked closely with enterprises, digital businesses, start-ups, and SMBs to drive innovation and agility. Before that, he held senior roles at McKinsey and IBM.

Aug 01, 2023

Foxconn Inks Pact with TN Govt. to Set up Mobile Component Manufacturing Facility

Taiwan's Foxconn signed a letter of intent (LoI) with the Tamil Nadu government to establish a new mobile component manufacturing facility for Rs. 1,600 crore in Kancheepuram with potential to generate 6,000 jobs. The LoI was signed, in his presence, between the state government and Foxconn Group represented by its chairman Young Liu.
With this proposed investment and many more to come, Tamil Nadu is poised to not only remain the top electronics exporter in the country but also significantly increase its electronics exports in the coming years.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

August GK, July GK, June GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services And Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26