General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Mar 09, 2024

SC Dismisses MakeMyTrip Appeal Against Google Over Trademark

The Supreme Court dismissed MakeMyTrip India's plea to restrain Google from using its trademark primarily because it found no likelihood of confusion among users. The court stated that users searching for MakeMyTrip on Google would likely visit MakeMyTrip's website and not end up on Booking.com. Additionally, the court asserted that there was no scope for confusion between the services offered by MakeMyTrip and those offered by Booking Netherlands and Booking India.

CRISIL Raises India's GDP Growth Forecast to 6.8% from 6.4% for FY25

Rating agency CRISIL on Wednesday raised its economic growth forecast for India in the next financial year (FY25) to 6.8 per cent from 6.4 per cent estimated earlier, citing higher growth momentum.
In its India Outlook report, it, however, said growth will moderate in FY25 from 7.6 per cent in the current financial year (FY24) as higher interest rates and lower fiscal impulse will temper demand and the net tax impact will normalise.

Piyush Goyal Launches 'e-Kisan Upaj Nidhi' to Ease Farmers' Warehousing Logistics

Union Minister for Consumer Affairs, Food & Public Distribution, Commerce and Industry, and Textiles, Shri Piyush Goyal, launched the 'e-Kisan Upaj Nidhi' (Digital Gateway) of the Warehousing Development and Regulatory Authority (WDRA) in New Delhi.
This initiative is poised to become a cornerstone in India's journey to becoming a developed nation, 'Viksit Bharat', by 2047, with agriculture as its foundational pillar.

IOC to Make Fuel for Formula 1 - First by an Indian Firm

India's largest oil company, Indian Oil Corporation Ltd (IOC) will start manufacturing fuel used in adrenaline-pumping Formula One or F1, motor racing as it looks to expand its basket of niche fuels.
F1 fuel is essentially high-octane petrol and the standards are heavily regulated by global motor sport governing body Federation Internationale de l'Automobile (FIA) on various counts, including permissible additives and blending agents. IOC will supply fuel for all the motorcyclists from 15 countries that will participate in the FIM Asia Road Racing Championship.

Mar 08, 2024

Karnataka Partners with World Economic Forum to establish a state-of-the-art AI center

The Karnataka state government has partnered with the World Economic Forum to establish a state-of-the-art AI center, formalised through a Letter of Intent signed on February 29.
This strategic alliance aims to position Karnataka as a global hub for artificial intelligence, marking a crucial move towards integrating the state into the global digital and technological landscape.

Panama Becomes 97th Member to Ratify the International Solar Alliance

Panama has become the 97^th member to ratify the International Solar Alliance. Panama handed over the Instrument of ISA Ratification, during the meeting of the Ambassador of Panama to India, Yasiel Burillo with Joint Secretary (Economic Diplomacy), Abhishek Singh in New Delhi on Thursday.

Atal Innovation Mission (AIM) Collaborates with Meta

The Atal Innovation Mission (AIM) and Meta partnered to create Frontier Technology Labs (FTLs) in key schools, advancing beyond Atal Tinkering Labs.
These labs, backed by cutting-edge infrastructure, promote innovation among students by providing access to Artificial Intelligence, Augmented & Virtual Reality, Blockchain, Cybersecurity, Robotics, 3D Printing, and Internet of Things technologies.
This collaboration seeks to democratize future technology access, fostering a culture of innovation in education.

Mar 07, 2024

Minister Hardeep Singh Puri Inaugurates 201 CNG Stations and GAIL's First Small Scale LNG Unit

Minister Hardeep Singh Puri, overseeing Petroleum and Natural Gas as well as Housing and Urban Affairs, dedicated 201 CNG Stations and India's inaugural Small Scale LNG Unit of GAIL to the nation via video conferencing. The event, graced by numerous dignitaries, underscored the government's pledge to elevate the share of natural gas in the primary energy basket to 15% by 2030.
Minister Hardeep Singh Puri commended GAIL for its pioneering effort in establishing India's maiden Small Scale LNG unit at Vijaipur, Madhya Pradesh, with a project cost of Rs. 150 crore.

South Eastern Coalfield Limited's Gevra Mine Set to Become the Largest Coal Mine in Asia

South Eastern Coalfield Limited's (SECL) Gevra mine, located in Chhattisgarh, is on the verge of becoming the largest coal mine in Asia. The mine received environmental clearance to enhance its production capacity to 70 million tons per annum, up from the existing 52.5 million tons. This expansion marked a pivotal moment not only for SECL but also for the nation's energy sector, as India moves to bolster its coal production capabilities.

30 Banks Join RBI's UDGAM Portal for Unclaimed Deposits

The Reserve Bank of India (RBI) announced in March that 30 banks are now participating in the UDGAM portal, designed for individuals to search for their unclaimed deposits/accounts. This portal, developed by the RBI, aims to provide a centralised platform for users to access information regarding unclaimed deposits across multiple banks.
All unclaimed deposits/accounts that are part of the Depositor Education and Awareness (DEA) Fund of RBI can be searched in the UDGAM portal.

Mar 06, 2024

Infibeam Avenues Gets RBI's Authorisation for Payment Aggregator Licence

India's first listed AI-powered fintech company, Infibeam Avenues, received the final authorisation from the Reserve Bank of India (RBI) to operate as a payment aggregator for its payment gateway brand, CCAvenue.
In March 2020, the RBI introduced the payment aggregator framework, which necessitates payment gateways to secure an aggregator licence for acquiring merchants and delivering digital payment acceptance solutions.

Steel Minister Unveils India's First Green Hydrogen Plant in Stainless Steel Sector

Union Minister for Steel and Civil Aviation, Jyotiraditya M. Scindia, virtually inaugurated India's first green hydrogen plant in stainless steel sector located at Jindal Stainless Limited, Hisar, Haryana. The inauguration also witnessed the presence of Secretary, Ministry of Steel Nagendra Nath Sinha, Managing Director (Jindal Stainless Limited), Abhyuday Jindal, Founder, Hygenco Amit Bansal, and other officials of the Ministry of Steel.
The inauguration of India's inaugural Green Hydrogen Plant by the Union Minister signifies a significant stride towards sustainability, underscoring India's dedication to environmental stewardship and economic advancement.

Kotak Life Insurance Launches Non-linked Par Product Kotak G.A.I.N

Private sector life insurer Kotak Life Insurance launched a non-linked participating product Kotak G.A.I.N which offers long-term saving or income.
The minimum annual premium payable to avail the product is Rs. 50,000. While taking the policy, the minimum age of the policyholder should be 90 days while the policy maturing age should be minimum 40 years and maximum 85 years.
The product provides three options to the policyholder to choose from. Under the first option, policyholders can receive regular income from the 1st month of policy issuance for monthly payout mode and 1st year onwards for annual payout mode. Under the second option, income benefits will be used to purchase additional sum assured throughout the policy term and receive it as lump sum or withdraw as per convenience. The third option is where the policyholder receives cash bonus from the end of the premium payment term, and there is also guaranteed loyalty additions (GLASs) payable in the policy that can also be used to pay the last 2 years premiums.

Adani Power Receives Creditors' Approval for Lanco Amarkantak Power Buy

Adani Power received the creditors' approval for the resolution plan to acquire insolvent Lanco Amarkantak Power.
The thermal power producer is planning to aggressively expand its capacity, and this is the company's second acquisition under the insolvency resolution process in the financial year.

Mar 05, 2024

Knight Frank India Hires Harry Rogers as Director of Global Capital Markets

Real estate consultancy firm Knight Frank India appointed Harry Chaplin Rogers as the director of International Capital Markets. Rogers will be trusted with leading the company's efforts to help international and domestic clients identify investment opportunities within the Indian real estate capital markets.
Regers will play a critical role in connecting offshore capital requirements with the Indian real estate client base.
On the new addition to the firm, Knight Frank's Chairman Shishir Baijal highlighted the significance of Rogers' appointment at a time when India's real estate market landscape is thriving.

Tata Motors to Demerge Businesses into Two Separate Listed Companies

Tata Motors announced its decision to demerge its business into two separate listed entities, segregating its commercial vehicles (CV) and passenger vehicles (PV) businesses.
The NCLT scheme of arrangement for the demerger shall be placed before the company's board of directors for approval in the coming months and will be subject to all necessary shareholder, creditor and regulatory approvals, which could take a further 12-15 months to complete.

Fincare Small Finance Bank Merger with AU SFB Gets RBI Approval

The Reserve Bank of India approved the amalgamation of Fincare Small Finance Bank with Jaipur-based AU Small Finance Bank, effective from April 1, 2024, creating an entity with a balance sheet of over Rs. 1.16 trillion.
All the branches of Fincare SFB will function as branches of AU Small Finance Bank with effect from April 1, 2024. The Competition Commission of India (CCI) had already approved the merger in January 2024.

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