General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Feb 19, 2024

India Achieves Global Digitalisation Milestone as Third Largest Digital Economy

India cemented its position as the third-largest digitalised nation in the world, trailing only behind the technological powerhouses of the United States of America (USA) and China. This significant finding is part of the 'State of India's Digital Economy Report, 2024', unveiled by the Indian Council for Research on International Economic Relations (ICRIER), a renowned Delhi-based think tank. The report painted a comprehensive picture of India's digital landscape, comparing it favourably with some of the world's most developed economies, yet highlighting areas for improvement in user-level digital engagement.
The report's findings underscored India's formidable presence on the digital stage. Surpassing developed nations like the United Kingdom, Germany, and Japan in aggregate levels of digitalisation, India has showcased its ability to leverage digital technology for economic and social advancement. However, the country's rank as the 12th in terms of individual user digitalization among G20 nations points to a disparity between overall digital infrastructure and the personal digital engagement of its citizens.

Pradeep Kumar Sinha Appointed as Non-Executive Part-time Chairman of ICICI Bank

ICICI Bank appointed Pradeep Kumar Sinha as the Non-Executive Part-time Chairman at its board meeting. This decision follows the retirement of G. C. Chaturvedi, the current Chairman, effective June 30, 2024.
Pradeep Kumar Sinha has an illustrious career spanning over four decades in the Indian Administrative Service (IAS). He holds a Masters's degree in Economics from the Delhi School of Economics and has completed an M. Phil in Social Sciences. Throughout his career, he has held various key positions, including serving as the Cabinet Secretary, the highest-ranking civil servant in India, for over four years. He has extensive experience in government ministries, particularly in the Power and Oil & Gas sectors.

UP Emerges as Top State in Total Vehicle Sales

Uttar Pradesh recorded the highest number of vehicle sales in October-December 2023, followed by Maharashtra, Gujarat and Tamil Nadu, according to Society of Indian Automobile Manufacturers. As per data from Society of Indian Automobile Manufacturers (SIAM), Uttar Pradesh clocked a total sales of 8,22,472 units across passenger and commercial vehicles; and two and three-wheeler categories.
Maharashtra was second with 6,88,192 units across the four categories followed by Gujarat with 4,21,026 units and Tamil Nadu 4,19,189 units in the quarter.

Feb 18, 2024

LIC Launches a Non-Participating Product 'Amritbaal' for Children

The Life Insurance Corporation of India (LIC) launched a non-participating product – 'Amritbaal'.
The product, designed for children, is a non-linked, non-participating, individual, savings, life insurance plan.
The plan is designed to meet the higher education and other needs of the child. It facilitates the accumulation of a corpus through guaranteed additions at the rate of Rs. 80 per thousand basic sum assured at the end of each policy year from the inception till the end of the Policy term, provided the policy is in force.
The minimum entry age is 30 days, with the maximum being 13 years. The age of maturity has to be between 18 years to 25 years at the last age of birthday.

Feb 17, 2024

SpiceJet promoter Ajay Singh, Busy Bee Airways bid for Bankrupt Go First

Apart from SpiceJet, other entities such as Sharjah-based Sky One, Africa-focused Safrik Investments, and U.S.-based NS Aviation have also shown interest in acquiring Go First. However, SpiceJet was considered a serious contender as it had more experience in handling passenger flights compared to the other airlines.
Earlier this year (2024), Go First's lenders - Bank of Baroda, Central Bank of India, and IDBI Bank - decided to begin liquidating the airline after failing to secure new investors. The airline owes a total of Rs 65.21 billion ($784.38 million) to creditors, including the Central Bank of India, Bank of Baroda, IDBI Bank, and Deutsche Bank.
However, in February, the National Company Law Tribunal (NCLT) extended Go First's insolvency process by 60 days following the resolution professional's (RP) disclosure of three parties that expressed interest in taking over the carrier. However, some lessors objected to this extension.

Axis Bank Appoints Pranam Wahi as Additional Director

The Board of Directors of Axis Bank appointed Pranam Wahi as an additional independent director of the bank for four years. This appointment is subject to approval of shareholders.
A Chartered Accountant by qualification, Wahi has over 40 years of banking experience across various countries, including India, the United Arab Emirates/GCC, Indonesia, and Singapore.
Wahi began his career with HSBC in 1982 where he was part of various functions and corporate banking within the HSBC Group in India.

Feb 16, 2024

PayU, NPCI Join Hands to Roll out Credit Lines on UPI' Feature

Payments solution provider, PayU announced collaboration with National Payments Corporation of India (NPCI) for rolling out of the 'Credit Lines on UPI' feature on its platform, which will create avenues of financial security and growth for the merchants.
As per the company, the enablement of pre-sanctioned Credit Lines by banks through UPI will empower businesses and consumers alike, fostering India's financial inclusion agenda.
As part of integration, PayU will share information about the relevant identifiers related to the type of credit the consumer has undertaken, such as pay-later, personal loans, etc.

SBICAPS Appoints Virendra Bansal as the New MD and CEO

SBI Capital Markets' (SBICAPS), the investment banking arm of State Bank of India (SBI), Virendra Bansal was appointed as the new Managing Director and Chief Executive Officer. Bansal stepped into the role, succeeding Rajay Kumar Sinha, who moved on to serve as the Whole Time Member (Finance and Investment) at the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year tenure starting January 2024.
Virendra Bansal brings a wealth of experience, having previously served as the Country Head for SBI's expansive US Operations. His responsibilities spanned across key financial hubs, including New York, Chicago, Los Angeles, Sao Paulo, and Washington DC, showcasing his ability to manage and lead in diverse and dynamic environments. His tenure as Chief Executive Officer of the SBI New York branch and Vice-Chairman of SBI (California) further emphasizes his deep understanding of international banking and financial markets.

Japan Loses its Position as the World's Third-largest Economy, Germany Takes Over

Japan lost its spot as the world's third-largest economy to Germany, as the Asian giant unexpectedly slipped into recession.
Japan's economy, now the world's fourth-biggest, grew 1.9% in 2023 in nominal terms – meaning it is not adjusted for inflation – but in dollar terms its gross domestic product (GDP) stood at $4.2 tn compared with $4.5 tn for Germany.

Feb 15, 2024

Reliance Industries Hits Rs. 20 Lakh Crore Market Cap Milestone

Shares of Reliance Industries Ltd. (RIL) climbed nearly 2 per cent in trade and, in the process, the oil-to-telecom major became the first ever listed firm to cross the Rs. 20 lakh crore market capitalisation milestone.
The Mukesh Ambani-led firm hit the Rs. 20 lakh crore mark, commanding a value of Rs. 19,93,881.61 crore as the session progressed.

Nvidia Surpasses Alphabet, Amazon to Become World's Third Most Valued Company

Nvidia stocks surges and its market value zoomed past Alphabet a day after surpassing Amazon, becoming the third most valued company in the world.
Nvidia on Thursday surpassed Google's parent company Alphabet Inc in market value just a day after zooming past Jeff Bezos' Amazon, becoming the third most valued company in the world. Now, Nvidia's market value is only behind Apple and Microsoft.
AI chipmaker Nvidia recorded immense growth on Wednesday, owing to investors' anticipation over its upcoming quarterly reports. The company's stock rose 2.46%, putting its value at $1.825 trillion, while Alphabet's stock climbed 0.55%, leaving it with a value of $1.821 trillion.

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