General Awareness

BUSINESS AND ECONOMY - January 2018

Jan 2018

May 10, 2025

World Bank Unveils $1 bn Support Plan to Boost Sri Lanka's Economy

The World Bank announced a package of USD one billion over three years to support job creation and develop private sector growth in Sri Lanka, a press release said.
The announcement came after a meeting between World Bank President Ajay Banga and President Anura Kumara Dissanayake here.
The initiative aims to expand economic opportunity, strengthen local industry and attract private capital to support long term growth.

May 09, 2025

RBI Grants SRO Status to FIMMDA for Oversight of Financial Markets

The Reserve Bank recognised the Fixed Income Money Market and Derivatives Association of India (FIMMDA) as a Self-Regulatory Organisation (SRO) in financial markets regulated by the central bank.
In August last year, the RBI had issued the framework for recognition of Self-Regulatory Organisations (SROs) in financial markets.
FIMMDA, an association of commercial banks, public financial institutions, primary dealers, and insurance companies was incorporated as a company in May 1998.
FIMMDA is a voluntary market body for the fixed income, money and derivatives markets.

May 08, 2025

SBI Launches Largest Staff Engagement Initiative to Empower Workforce

The State Bank of India (SBI), India's largest public sector bank, launched a massive employee engagement and skill development initiative titled 'Next LEAP' and 'SuPer SBI: Great to Greater' to make its workforce future-ready and boost performance, pride, and productivity. This marks the largest such initiative in the Indian banking sector.
'Next LEAP' Initiative
Focused on direct engagement of top management with employees
Emphasises skill adequacy and collecting ground-level feedback
'SuPer SBI: Great to Greater' Training Program:
Engaged 1.75 lakh employees across departments
Designed to inspire pride and provide modern skills and the right attitude

FSIB Recommends Sanjay Joshi as CMD of Oriental Insurance

The Financial Services Institutions Bureau (FSIB) recommended Sanjay Joshi, a seasoned officer from the 1989 batch, for the post of Chairman-cum-Managing Director (CMD) of the Oriental Insurance Company Limited (OICL). This decision came after the retirement of R. R. Singh in February 2025, with Joshi currently serving as General Manager at United India Insurance Company.

Tesla's India Country Head Steps Down

Tesla's India country head, Prashanth Menon, resigned at a time when the U.S. electric carmaker is getting closer to launching its cars in the world's third-largest car market.
Tesla's China teams will oversee India operations, with no immediate successor named.
Menon stepped down as the Chairman of Tesla India's board after working with the Elon Musk-led company for nearly nine years.

May 07, 2025

FMCG Major Marico Extends CEO Saugata Gupta's Tenure for Two Years

The Board of Directors of home-grown FMCG major Marico approved the reappointment of Saugata Gupta as the Managing Director and Chief Executive Officer for a further period of two years, from April 1, 2026 till March 31, 2028.
Gupta had joined Marico, which owns popular brands including Saffola, Parachutte and Livon, in 2004 as the Head of Marketing.
He was elevated as CEO of India business in 2007.
Since 2014, Gupta has been continuing as the Managing Director and Chief Executive Officer of the company.

India Breaks Records in Mineral (Mining) Production in FY 2024-25

India's mining and non-ferrous metal sectors achieved record-breaking production levels in FY 2024-25, building upon the momentum of the previous year. According to provisional data released by the Ministry of Mines, key minerals such as iron ore, manganese ore, and bauxite, as well as non-ferrous metals like aluminium and copper, registered significant year-on-year growth. This surge is driven by strong demand from core sectors including steel, construction, infrastructure, and automotive manufacturing.
The production reached 289 million metric tonnes (MMT) with a 4.3% increase over 277 MMT in FY 2023-24.

India and U.K. Seal Historic Free Trade Agreement

In May 2025, India and the United Kingdom concluded a landmark Free Trade Agreement (FTA) described by both governments as a 'historic milestone.' This comprehensive and mutually beneficial trade pact aims to enhance economic cooperation, eliminate trade barriers, and boost investment and job creation.
Coming after over two years of negotiations, the agreement covers goods, services, investment facilitation, and mobility of professionals, and is set to significantly transform the economic landscape between the two countries. The deal also includes a Double Contribution Convention to resolve long-standing concerns related to social security contributions for Indian workers in the UK.

Skoda Auto Volkswagen India Announces Key Leadership Appointments

Skoda Auto Volkswagen India (SAVWIPL) announced key leadership changes, appointing Ashish Gupta as Brand Director of Skoda India and Nitin Kohli as Brand Director of Volkswagen Passenger Cars.
Ashish Gupta succeeded Petr Janeba, who returns to Skoda Auto in the Czech Republic. Gupta has over 20 years of experience in the automotive sector, including more than 12 years within the Volkswagen Group and five years leading the Volkswagen brand in India.
Nitin Kohli has 25 years of experience in the automotive sector — including over a decade at SAVWIPL.

May 06, 2025

India's First Mortgage Backed Pass through Certificates Listed on the National Stock Exchange

M. Nagaraju, Secretary, Department of Financial Services, Ministry of Finance listed India's first Mortgage backed Pass Through Certificates (PTC) structured by RMBS Development Company Limited on the National stock Exchange. The listing ceremony was attended by several Heads of Banks, Housing Finance Companies and other financial institutions.
These PTCs are backed by pool of housing loans originated by LIC Housing Finance Limited.
The final maturity of the PTC issued will be nearly twenty years and the coupon is 7.26% per annum. The rating of the Instrument is AAA(SO) by CRISIL and CARE Ratings. These PTCs are issued in demat form and are transferable. As the PTC is listed on a stock exchange, they can be traded in the secondary market.

Amplus Solar Rebrands to Gentari

Clean energy solutions company Gentari announced the integration of its Commercial & Industrial (C&I)-focused platform, Amplus Solar, into the Gentari brand, marking a significant milestone in its journey in India. This strategic move not only reflects a unified brand identity but also signals the consolidation of Gentari's renewable energy (RE) business in the country.
Amplus Solar has been part of the Gentari Group since 2023, contributing significantly to Gentari's renewables portfolio.

Shell-Reliance-ONGC JV Completes India's 1st Offshore Decommissioning

A joint venture of Shell, Reliance Industries Ltd and ONGC successfully completed India's first offshore facilities decommissioning project with the safe removal of installations on the mid and south Tapti gas field in the Arabian Sea.
The Tapti field, lying 160 km north-west of Mumbai, stopped producing in 2016. Certain facilities at the mid and south Tapti fields, known as the Tapti Part A Facilities were handed over to state-owned ONGC while the remaining facilities, which included 38 wells, 5 wellhead platforms and four pipelines, known as Tapti Part B Facilities were abandoned by the joint venture.

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