General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Apr 20, 2024

Top Indian Banks in Asia-Pacific Region: S&P Global Report

According to a recent report by S&P Global, three Indian banks—State Bank of India (SBI), HDFC Bank, and ICICI Bank—have secured positions among the top 50 banks in the Asia-Pacific region based on their assets.
The report reveals that SBI, HDFC Bank, and ICICI Bank have secured positions among the top 50 banks in the Asia-Pacific region based on their assets, marking significant progress for Indian banks.
SBI, India's largest commercial bank, claimed the top spot among Indian banks in the 2023 list. It improved its ranking from 20 in 2022 to 21 in 2023, with assets reaching $780.05 billion.
HDFC Bank, India's largest private sector bank, saw a significant jump in its ranking from 46 in 2022 to 33 in 2023.
The merger with the Housing Development Finance Corporation (HDFC) in 2023 contributed to this rise, with assets totaling $464.34 billion.
ICICI Bank, the second-largest private sector bank in India, made its debut on the list, securing the 48^th position. Its inclusion reflects the impressive growth in assets, marking a milestone for the bank.

OpenAI Hires First Employee in India

ChatGPT-parent OpenAI appointed Pragya Misra as its first employee in India. Misra was appointed as government relations head at a time when India is voting in the 2024 Lok Sabha Elections, which will decide whether Prime Minister Narendra Modi will return to power for a third time.
OpenAI's move to first recruit a policy head has come at a time when the government is also working on regulations around artificial intelligence. The Digital India Act (DIA) is in the works and will also touch upon the aspects to regulate new age technologies from the prism of user harm.

Amara Raja Infra Bags 500 MW Solar Project from Greenko in Andhra Pradesh

Amara Raja Infra Pvt. Ltd. secured a 700 MWp solar project from Greenko in Andhra Pradesh.
With the latest win, the order book of Amara Raja Infra Private Limited (ARIPL) stands at Rs. 1,516 crore at the end of FY24.
The project spans across an area of 2,200 acre site near Uyyalavada Town in Kurnool district of Andhra Pradesh.
The work includes Engineering, Procurement and Construction (EPC) of the entire balance of system (BoS) for the 700 MWp (Megawatt peak) project, which is part of Greenko's Integrated Renewable Energy Project.

Apr 19, 2024

Vedanta firm Hindustan Zinc Becomes 3rd Largest Silver Producer Globally

Hindustan Zinc - a Vedanta Group company in zinc-lead-silver business became the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted by 'The Silver Institute', USA.
The company's Sindesar Khurd Mine now (as in April 2024) stands as the world's 2nd largest silver-producing mine moving up from last year's (2023) 4^th position.

Bharti Airtel Signs Deal to Merge Sri Lankan Unit with Dialog Axiata

Bharti Airtel signed an agreement to merge the operations of its Sri Lankan unit with Dialog, the island nation's largest telecom provider and a subsidiary of Malaysia's Axiata Group Berhad.
Dialog will acquire 100 per cent of the issued shares in Airtel Lanka. In return, Airtel Lanka will be granted a stake in Dialog. Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.35 per cent of the total issued shares of Dialog by way of a share swap.
Bharti Airtel Lanka, a wholly-owned subsidiary of the Indian telecom giant, began commercial operations in Sri Lanka in 2009.

Apr 18, 2024

Mahindra Susten's Rs. 1,200 Crore Hybrid Renewable Energy Project in Maharashtra

Mahindra Susten, a subsidiary of the Mahindra Group, entered the hybrid renewable energy sector with a Rs. 1,200-Crore project in Maharashtra, combining 101 MW wind and 52 MW solar capacity. The project aims to generate 460 million kWh of clean energy and offset 420,000 tonnes of CO₂ emissions.
Formerly known as Mahindra EPC, Mahindra Susten is a leading Indian renewable energy company, dedicated to sustainability and green initiatives.

Apr 17, 2024

IMGC and Bank of India Partner to Offer Mortgage Guarantee-Backed Home Loans

India Mortgage Guarantee Corporation (IMGC) entered into a strategic partnership with Bank of India (BOI) to introduce mortgage guarantee-backed home loan products. This collaboration targets salaried and self-employed individuals in the affordable housing sector, aiming to enhance accessibility to homeownership.
IMGC's guarantee expertise coupled with BOI's extensive network of over 5,100 branches across India enables the provision of flexible and secure home loan products.
The partnership aims to mitigate default risks for the bank, potentially allowing for more favourable loan terms to borrowers.

Government Imposes Port Restrictions for Exporting Essential Commodities to Maldives

Amid tensions between Maldives and India, the Directorate General of Foreign Trade issued a notification imposing port restrictions for export of essential commodities to the island nation during the fiscal year 2024-25.
The notification, issued under the Foreign Trade (Development & Regulation) Act, 1992, incorporates specific conditions for exporting essential commodities under the prohibited/restricted category to Maldives.
Export of essential commodities falling under the prohibited/restricted category to Maldives will now be permitted only through four designated Customs Stations which include Mundra Sea Port, Tuticorin Sea Port, Nhava Sheva Sea Port (JNPT), and ICD Tughlakabad.
The move came as part of the bilateral trade agreement between the Government of India and the Government of Maldives.

Power Grid Corporation Bags 3 Transmission Projects under Competitive Bidding

State-owned Power Grid Corporation bagged three inter-state transmission projects under tariff-based competitive bidding.
The three projects would help evacuate power from renewable energy projects in Rajasthan and Gujarat.
The first project is Transmission System for evacuation of power from Rajasthan (Jaisalmer/Barmer Complex).
The second project -- Transmission System for Evacuation of Power from potential renewable energy zone at Khavda in Gujarat -- comprises augmentation works at existing substation in the state.
The third project is Transmission System for evacuation of power from Rajasthan involving the establishment of new 765 kV sub-station at Rishabhdeo, 765kV D/C transmission lines and extension of associated bays at other substations in Rajasthan and Madhya Pradesh.

Apr 16, 2024

India's Trade Performance in March 2024

In March 2024, India's goods exports surged to a 12-month high at $41.68 billion, marking a significant achievement despite a slight decrease of 0.67% compared to the previous year. Notably, the goods trade deficit narrowed to $15.6 billion, the lowest in 11 months. This boost was largely propelled by a substantial decline in gold imports by 53.6%, offset by a remarkable 1059% increase in silver imports.
Goods Exports: Reached $41.68 billion, witnessing a slight decline from the previous year but contributing to an overall improvement in the merchandise shipments for the fiscal year 2023-24.
Goods Imports: Decreased by 6% to $57.3 billion in March, with gold imports leading the decline, while silver imports experienced a significant surge.
Trade Deficit: Contracted to $15.6 billion, the lowest in 11 months, largely attributed to the drop in import bills, especially in gold imports.

BharatPe Elevates Nalin Negi as CEO

Fintech company BharatPe announced Nalin Negi as its Chief Executive Officer (CEO). Negi's elevation came after the interim CEO and CFO proved instrumental in the company's substantial growth and strategic advancements across business segments.
Under Negi's leadership, BharatPe recorded 182 per cent increase in its revenue from operations in FY23, with October 2023 as the first EBITDA-positive month.
Negi, with over 28 years of experience in building and scaling businesses in the fintech and banking domains, joined BharatPe in 2022. Before that, he had held several leadership positions in organisations such as SBI Cards and GE Capital. He was also instrumental in steering the SBI Cards IPO.

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