General Awareness

BUSINESS AND ECONOMY - May 2018

May 2018

Jan 26, 2025

Government Selects 24 Companies under PLI Scheme for White Goods

The government selected 24 companies under the third round of the production-linked incentive (PLI) scheme for white goods.
These companies have committed an investment of Rs. 3,516 crore to boost domestic production of critical components for ACs and LED lights.
Out of the 38 applications received in the round, 18 new companies were provisionally selected, with 10 focusing on AC components and 8 on LED light components. These new entrants are set to invest Rs. 2,299 crore.
Additionally, 6 existing beneficiaries of the PLI scheme, including prominent AC and LED light manufacturers, have been chosen to scale up their investments, contributing an additional Rs. 1,217 crore.
As of now, 84 companies are part of the PLI scheme for white goods, bringing in a total investment of Rs. 10,478 crore.

Former Standard Chartered Bank MD Sanjeev Mehta launches Akashaverse Platform

Sanjeev Mehta, former Managing Director of Standard Chartered Bank who resigned from the top post in September 2024, became an entrepreneur with the launch of a new-age start-up venture called Akashaverse.
Akashaverse is an entertainment, social, e-commerce and lifestyle hub which uses immersive technologies and artificial intelligence to provide day-to-day services and experiences.

Jan 24, 2025

RBI's Strategic Liquidity Infusion to Stabilise Money Markets

In a move to address liquidity constraints in the Indian banking system, the Reserve Bank of India (RBI) conducted a series of Variable Rate Repo (VRR) auctions, infusing a substantial Rs. 76,000 crore into the financial ecosystem. This initiative aims to alleviate the liquidity deficit and stabilise short-term interest rates, particularly the call money rates, which had been trading above the RBI's repo rate of 6.5%.
The RBI's intervention through VRR auctions is designed to inject liquidity into the banking system, thereby reducing the weighted average call rate (WACR) and ensuring that overnight borrowing costs align more closely with the repo rate.

Neeraj Parakh Appointed as CEO and Executive Director of Reliance Power

Reliance Power Limited appointed Neeraj Parakh as its Executive Director and Chief Executive Officer (CEO) for a tenure of three years.
Parakh brings over 29 years of professional experience, with more than 20 years dedicated to the Reliance Group. He began his tenure in June 2004 as an Additional Manager in the Central Technical Services team at Reliance Infrastructure. Throughout his career, he has held pivotal roles in planning, project monitoring, technical services, operations, maintenance, procurement, and indirect taxation. His leadership has been instrumental in the successful execution of large-scale projects.

HUL Buys Minimalist

FMCG major Hindustan Unilever Ltd acquired 90.5 per cent stake in skincare start-up Minimalist for Rs. 2,955 crore. It also approved a scheme of arrangement between HUL and its wholly-owned subsidiary Kwality Wall's (India) Limited (KWIL) to demerge HUL's ice cream business into KWIL.
As part of the scheme, one equity share of KWIL will be allotted for every one equity share held in HUL. After the demerger and listing of KWIL, the entire shareholding of KWIL will be held directly by shareholders of HUL.

Jan 23, 2025

Centre Introduces Diamond Imprest Authorisation Scheme to Revive Sector

The Department of Commerce, Government of India, launched the Diamond Imprest Authorisation (DIA) Scheme, as a strategic move aimed at strengthening the country's foothold in the global diamond trade. The initiative seeks to simplify and reduce the costs associated with importing and handling diamonds for exporters, further positioning India as a key player in the international diamond market.
This move came in response to policies in diamond-producing countries like Botswana and Namibia, where manufacturers must process diamonds locally. India's DIA Scheme aims to keep investments and jobs within the country, helping small and medium diamond exporters (MSMEs) compete globally.

PNB MetLife Partners with Truhome Finance to Offer Credit Life Insurance to Home Loan Customers

PNB MetLife India Insurance Company Limited (PNB MetLife) announced a strategic partnership with Truhome Finance, formerly known as Shriram Housing Finance Limited, to provide Group Credit Life insurance to home loan customers of Truhome Finance.
The collaboration is a significant step in PNB MetLife's mission, Milkar Life Aage Badhein, emphasising the insurer's commitment to expanding its reach and enhancing financial inclusion. The Group Credit Life Insurance solutions will be available across 165 Truhome Finance branches in 17 states, offering homeowners and their families the assurance of financial protection by covering outstanding loan liabilities in unforeseen circumstances.

Jan 22, 2025

Alok Kumar Agarwal New MD and CEO of Zurich Kotak General Insurance

Alok Kumar Agarwal was appointed as the Managing Director and Chief Executive Officer of Zurich Kotak General Insurance. He succeeded Suresh Agarwal.
With over 20 years in the insurance industry, Agarwal has previously held senior roles at ICICI Lombard, overseeing diverse segments such as corporate, SME, government, rural, crop, and retail businesses. His last role as Executive Director of the Emerging Market Group saw him managing retail business strategies. This experience positions him to guide Zurich Kotak through its next phase of growth in India's competitive insurance market.

RBI Directs Banks to Use '1600xx' Number Series for Transactional Calls

The RBI asked banks to use only the '1600xx' phone numbering series to call customers for transactional purposes with a view to preventing financial fraud. It further said that for promotional purposes, banks and other regulated entities (REs) should use only the '140xx' numbering series for the prevention of financial frauds perpetrated using voice calls and SMS.
Banks and other regulated entities (REs) have also been asked to monitor and clean their customer database.
To enhance fraud risk monitoring and prevention, the REs have been asked to develop Standard Operating Procedures (SOP) incorporating the required action to be taken.
The Reserve Bank has asked all the REs to ensure compliance with the instructions expeditiously, in any case, not later than March 31, 2025.

Bajaj Finance, Airtel Collaborate to Launch Digital Financial Services Platform

In a collaboration that could transform the last-mile delivery, Bharti Airtel and Bajaj Finance forged a partnership to create one of India's largest digital platforms for financial services.
Airtel's 375 million customers can now access most of Bajaj Finance's retail financial offerings using its 1.2-million-strong distribution network.
The products will be offered first on the Airtel Thanks App and later through its network of stores. In a phased rollout, up to 10 financial products will be offered in the current calendar year.

Jan 21, 2025

India Seventh Largest Coffee Producer in the World: Government

India is now the seventh-largest coffee producer globally with exports reaching $1.29 billion in FY24, almost double the $719.42 million in 2020-21, the commerce and industry ministry said.
India's coffee is primarily cultivated in the ecologically rich Western and Eastern Ghats, areas renowned for their biodiversity. Karnataka leads in production, contributing 248,020 metric tonnes in 2022-23, followed by Kerala and Tamil Nadu. These regions are home to shaded plantations that not only support the coffee industry but also play a vital role in preserving the natural environment, helping to maintain the ecological balance of these biodiversity hotspots.

NCLT Orders Liquidation of Go First Airline

The National Company Law Tribunal (NCLT) ordered the liquidation of Go First, marking a dramatic end to the airline's 17-year legacy in the Indian aviation industry. The decision follows the airline's prolonged financial struggles, which led to the suspension of its operations nearly three years ago. In May 2023, Go First filed for insolvency, citing severe financial distress, and subsequently entered into an insolvency resolution process that ultimately failed to find a sustainable solution.

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