General Awareness

BUSINESS AND ECONOMY - March 2018

Mar 2018

Oct 05, 2024

ICICI Bank and MakeMyTrip Launch a Co-branded Credit Card for Travel Enthusiasts

ICICI Bank partnered with MakeMyTrip to launch a 'premium' co-branded credit card, especially curated for the 'aspirational travellers' of the country.
According to the companies, the card offers myCash (MakeMyTrip's reward currency), where 1 myCash is worth Rs. 1 in spendable money. It offers 6% myCash on hotel bookings, 3% myCash on flights, holidays, cabs, and buses, and 1% on other retail spends in addition to applicable MakeMyTrip discounts.

Reliance Group Collaborates with Bhutan on Renewable Energy

Reliance Group entered into a strategic partnership with Druk Holding and Investments Ltd. (DHI), the commercial arm of Bhutan's government, to develop significant renewable energy projects in the country. The agreement, signed includes plans for a 500 MW solar plant and a 770 MW hydropower project.
The solar plant, to be built in Gelephu Mindfulness City, will be developed in two 250 MW phases over the next two years. Once completed, it will be Bhutan's largest solar installation. Simultaneously, Reliance Power Ltd. and DHI will jointly develop the 770 MW Chamkharchhu-1 hydro project, classified as a run-of-the-river facility.
To spearhead these initiatives, Reliance Group has established Reliance Enterprises, a new company dedicated to promoting and investing in Bhutan's clean and green energy sector. This venture is jointly promoted by Reliance Infrastructure Ltd. and Reliance Power Ltd.
The partnership marks one of the largest foreign direct investments in Bhutan's renewable energy sector by an Indian private company. It aligns with Bhutan's net-zero goals and aims to enhance the country's sustainable energy solutions.

PM Modi Inaugurates GAIL's First CBG Plant in Jharkhand

Prime Minister Narendra Modi inaugurated GAIL's first CBG Plant in Ranchi, Jharkhand, through a virtual ceremony. This 12,500 m³ per day capacity plant is designed to process 150 tonnes of Municipal Solid Waste to produce 5,000 kg Bio-CNG and 25 tonnes of fermented bio manure per day.
The plant is built in an area of 7.86 acres at Ranchi Jharkhand, Jhir Dumping Site Mouza Jhiri. The biogas generated in this facility is to be supplied to nearby CNG stations which can fuel over 600 vehicles per day in the region, contributing to the Atmanirbhar Bharat initiative and promoting the use of clean and green fuel.

Oct 04, 2024

Centre Reconstitutes Monetary Policy Committee ahead of RBI Rate Review

The central government reconstituted the Monetary Policy Committee (MPC) ahead of the monetary policy review of the Reserve Bank of India (RBI) on October 7-9. The government appointed three external members in the MPC — Ram Singh, Director, Delhi School of Economics, University of Delhi; Saugata Bhattacharya, Economist and Nagesh Kumar, Director and Chief Executive, Institute for Studies in Industrial Development.
The three external members have been appointed for a period of four years. Other members of the MPC are from RBI which include the Deputy Governor of the RBI in charge of monetary policy and one officer of the RBI nominated by the Central Board. The RBI Governor is the Chairperson of the MPC.
The reconstitution of the committee could see a change in the differing stance within the MPC as earlier members have cited their dissenting views against the majority decision.

India Sign MoU on Critical Minerals in 6th Commercial Dialogue with US

India and the US had signed a Memorandum of Understanding (MoU) on critical minerals to ensure open supply chains and promote collaboration between India's Ministry of Mines and the US government, Union Minister of Commerce and Industry, Piyush Goyal stated.
He also highlighted that the MoU focuses on creating resilient semiconductor supply chains.

Women Entrepreneurship Platform in Telangana Launched By NITI Aayog

In a groundbreaking initiative to further strengthen the ecosystem for women entrepreneurs in Telangana, NITI Aayog, in collaboration with Telangana government, launched the first State chapter of Women Entrepreneurship Platform (WEP), with WE Hub serving as the nodal organisation.
The aim is to promote and support women entrepreneurs across various sectors, providing them with resources, tools, and a robust network to enhance their business growth.
Key Objectives
The Women Entrepreneurship Platform (WEP) Telangana Chapter has been specifically designed to support women entrepreneurs in the region through several focused initiatives.
Digital Skilling: Offering training and resources to enhance digital literacy and technical skills among women entrepreneurs.
Access to Financial Services: Providing easy access to funding and financial services, including government-backed loans and grants.
Mentorship and Networking: Facilitating connections with industry leaders, potential investors, and other entrepreneurs for guidance and growth opportunities.
Market Linkages: Helping women-led businesses connect with markets to increase sales and expand their reach

Oct 02, 2024

A. K. Saxena Assumes Additional Charge as CMD in RINL

A. K. Saxena, CMD (Chairman and Managing Director), MOIL (Manganese Ore India Limited) assumed additional charge of the post of CMD (Chief Managing Director) at RINL (Rashtriya Ispat Nigam Limited), the corporate entity of Visakhapatnam steel plant.
Saxena is currently the Chairman and Managing Director (CMD) of MOIL, a PSU under the Ministry of Steel.
He took charge in the absence of Atul Bhatt who has been on leave.
Also Atul Bhatt will retire on November 30 that's why Saxena assumed additional charge to improve conditions and growth of RINL.

Shankh Air: India's Newest Airline Set to Launch

Shankh Air, India's latest airline, is poised to make its debut by the end of 2024 after receiving approval from the Civil Aviation Ministry. This marks a significant development for Uttar Pradesh as Shankh Air aims to become the state's first scheduled airline, establishing hubs in Lucknow and the upcoming Noida International Airport. The airline plans to focus on both inter- and intra-state routes, targeting areas with high demand and limited direct flight options.
Shankh Air is designed to connect major cities across India, with initial services planned for Lucknow, Varanasi, and Gorakhpur. The airline will operate as a twin-class, full-service carrier, utilising a fleet of new-generation Boeing 737-800NG aircraft.
Shankh Air received a No Objection Certificate (NOC) valid for three years, it must first secure clearance from the Directorate General of Civil Aviation (DGCA). The approval letter from the civil aviation ministry emphasises the necessity for Shankh Air to adhere to all regulatory requirements.

Oct 01, 2024

NSE, BSE Revise Transaction Fees

BSE and NSE announced revisions to their transaction fees, effective from October 1, 2024. The changes, which impact various segments, align with SEBI's July directive mandating a uniform fee structure across market infrastructure institutions (MIIs). This move eliminates the previous slab-based structure and ensures transparency for end clients.
BSE: Transaction charges for Sensex and Bankex options contracts will rise to Rs. 3,250 per crore of premium turnover. For other equity derivatives like Sensex Fifty and stock options, charges remain at Rs. 500 per crore of premium turnover.
NSE: The cash segment will see a charge of Rs. 2.97 per lakh of trade value on both sides, while equity futures will be charged at Rs. 1.73 per lakh. Equity options will incur Rs. 35.03 per lakh of premium value on both sides. Currency futures will see a fee of Rs. 0.35 per lakh, and currency and interest rate options will be charged Rs. 31.10 per lakh of premium value.
The revised fee structure follows SEBI's 'true to label' policy, ensuring that fees charged to end clients accurately reflect the costs paid by trading members, creating a more transparent and fair system for all market participants.

GST Council Establishes GoM on Compensation Cess

The Goods and Services Tax (GST) Council formed a 10-member Group of Ministers (GoM), chaired by Minister of State for Finance Pankaj Chaudhary, to address the future taxation of luxury, sin, and demerit goods as the compensation cess is set to expire in March 2026. The GoM comprises representatives from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal, with a report expected to be submitted by December 31.
The GoM's primary objective is to propose a new taxation structure to replace the compensation cess after its abolition. Currently, the compensation cess, levied at varying rates on specified goods in addition to the 28% GST, was originally intended to last five years following the rollout of GST. However, the government decided to extend the cess until March 2026 to repay a Rs. 2.69 lakh crore loan borrowed to cover revenue losses experienced by states during the COVID-19 pandemic.

Sep 30, 2024

India and Uzbekistan Sign Bilateral Investment Treaty in Tashkent

India and Uzbekistan signed a Bilateral Investment Treaty (BIT) aimed at boosting investor confidence and enhancing economic cooperation between the two nations. The treaty was formalised by Indian Finance Minister Nirmala Sitharaman and Uzbekistan's Deputy Prime Minister Khodjayev Jamshid Abdukhakimovich in Tashkent. This BIT assures protection for investors from both countries, providing a minimum standard of treatment and non-discrimination while facilitating dispute resolution through arbitration. The signing of the BIT reflects the shared commitment of India and Uzbekistan to create a robust investment environment, which is expected to pave the way for increased bilateral investments, benefitting both economies. As of August 2024, India's Overseas Direct Investment (ODI) in Uzbekistan amounted to $20 million, with significant investments in sectors like pharmaceuticals, amusement parks, automobile components, and hospitality.
India ranks among the top 10 trade partners of Uzbekistan.

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