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BUSINESS AND ECONOMY - October 2018

Oct 2018

Oct 24, 2019

India's Rank Jumps 14 Places In World Bank's Ease Of Doing Business Ranking

  •  India climbed 14 ranks in the World Bank's Ease of Doing Business 2020 survey to stand at 63, among 190 countries, making it the one of world's top 10 most improved countries for the third consecutive time.
  • The sharp rise in the ranking underscores the reformist credentials of the Narendra Modi-led National Democratic Alliance (NDA) government and may help the country lure multinational companies looking for investment destinations apart from China amid its ongoing trade war with the US.
  • In 2018, India jumped 23 places to reach 77th position in the rankings. In six years of the Narendra Modi government, India's ranking has improved 79 places from 142nd in 2014 to 63rd in 2019, a record for a major economy.

Govt Relaxes Norms For Setting Up Petrol Pumps

  •  The Government has relaxed norms for setting up petrol pumps allowing non-oil companies to venture into the business.
  • The move  could help private and foreign firms to enter the fuel retailing sector. The Cabinet Committee on Economic Affairs approved the Review of Guidelines for Granting Authorization to market Transportation Fuels.  
  • Companies with a net worth of 250 crore rupees will be allowed to sell petrol and diesel.
  • The companies will be subject to the condition that they install facilities for marketing at least one new generation alternate fuel such as CNG, LNG, biofuels or electric vehicle charging within three years of start of operations.

Govt Hikes MSP For Wheat and Pulses

  •  The government hiked the minimum support price for wheat by Rs 85 to Rs 1,925 a quintal and for pulses by up to Rs 325 per quintal.
  • A decision in this regard was taken at a meeting of the Cabinet Committee on Economic Affairs (CCEA), headed by Prime Minister Narendra Modi.
  • The MSP is the rate at which the government buys grains from farmers.
  • The CCEA has approved Rs 85 per quintal hike in wheat MSP to Rs 1,925 per quintal for the 2019-20 rabi crop, up from Rs 1,840 per quintal in 2018.
  • Barley MSP has also been increased by Rs 85 to Rs 1,525 per quintal from Rs 1,440 per quintal in 2018.

Kolkata, Bengaluru To Be Included In World Bank's Doing Business Report

  •  The World Bank will now include Kolkata and Bengaluru, besides Delhi and Mumbai, for preparing ease of doing business report to provide a holistic picture of business environment of the country.
  • The country of the size of India was not properly represented by just two cities, and now with the inclusion of Kolkata and Bengaluru, Indian ranking in the World Bank's report will present a much better picture.
  • The report ranks 190 nations based on ten parameters, which includes ease of starting a business, construction permits, getting electricity, getting credit, paying taxes, trade across borders, enforcing contracts and resolving insolvency.

New Rules Mandate Company Boards To Explain Independent Directors' Suitability

  •  Boards of directors of companies will have to provide shareholders details on the integrity, expertise and experience of independent directors hired during the year, according to new rules introduced by the Centre.
  • Independent directors should also have passed a self-assessment test conducted by the Indian Institute of Corporate Affairs (IICA), attached to the Ministry of Corporate Affairs, according to the Companies (Accounts) Amendment rules 2019 notified by the ministry.
  • The idea is to ensure that independent directors, expected to protect the interests of minority shareholders and keep an eye on the governance of the company, are qualified for the task.

BSNL-MTNL Merger Gets Nod

  •  The government approved Rs 68,751-crore revival package for loss-making BSNL and MTNL, including 4G spectrum allocation and voluntary retirement scheme, as well as their merger.
  • The Union Cabinet also approved merger of the state-owned telecom firms and till the completion of the process, MTNL will operate as a subsidiary of BSNL. Telecom Minister Ravi Shankar Prasad shared details of the revival package.
  • The package includes raising of Rs 15,000 crore sovereign bonds to meet the immediate capital requirement of both the companies, 4G spectrum allocation worth Rs 20,140 crore, Rs 29,937 crore for VRS covering 50 per cent of their employees, and Rs 3,674 crore for goods and services tax that will be levied on allocation of radiowaves.

Oct 23, 2019

Benelli Imperiale 400 Comes To India

  •  Italian superbike manufacturer Benelli launched its classic model Imperiale 400 in India priced at Rs 1.69 lakh (ex-showroom).
  • The bike is powered by a 374cc air-cooled BSIV engine capable of delivering a maximum power of 21PS at 5500rpm.
  • With the launch of the Imperiale 400, they are confident of capturing a significant market share with a number of dealership launches set to take place.   

ITC Launches World's Most Expensive Chocolate

  •  Diversified group ITC launched the world's most expensive chocolate priced at Rs 4.3 lakh per kilogram under its Fabelle brand.
  • ITC's luxury chocolate brand Fabelle Exquisite Chocolates has introduced its limited edition range chocolate 'Trinity - Truffles Extraordinaire' - which entered into Guinness World Records to become the world's most expensive chocolate.
  • Co-curated by France's Michelin Star Chef Philippe Conticini and Fabelle's Master Chocolatier, Fabelle's 'Trinity - Truffles Extraordinaire' box is priced at approximately Rs 4.3 lakh per kg.

Oct 21, 2019

FPIs Pour In Rs 5,072 Crore In Indian Capital Markets

  •  Foreign portfolio investors (FPIs), have infused a net sum of  Rs.5,072 crore rupees into the Indian capital markets in October 2019 so far, amid the government's efforts to revive domestic demand.
  • As per the latest depositories data, foreign investors put in a net sum of 4,970 crore rupees in the equities and a net 102 crore rupees in the debt market.
  • FPIs had invested about 6,558 crore rupees in the domestic capital markets (both equity and debt).  

MMTC Offers Discount On India Gold Coin To Mark 150th Birth Anniversary Of Mahatma Gandhi

  •  The Public sector Metals and Minerals Trading Corporation of India (MMTC) is offering a three per cent discount on the India Gold Coin to mark the celebrations of the 150th birth anniversary of Mahatma Gandhi. 
  • MMTC Chairman Ved Prakash said that despite the global slow down, MMTC witnessed a record selling of gold. MMTC is geared up to cater to the city's festive season demand of gold and silver with a brand new edition of its festival of Gold Exhibition-cum-sale.   

Sovereign Gold Bond Scheme 2019-20 (Series-6) Opens

  •  The Sovereign Gold Bond Scheme 2019-20 (Series-6) opened from 21 October 2019. It will continue till 25 October, 2019.
  • The issue price of the Bond during this subion period will be three thousand eight hundred and 35 rupees per gram, with the settlement date of 30th October, 2019.
  • The Centre, in consultation with the Reserve Bank of India, has decided to allow a discount of 50 rupees per gram from the issue price to those investors who apply on-line and make the payment through the digital mode.
  • For such investors, the issue price of Gold Bond will be three thousand seven hundred and eighty five rupees per gram of gold.

Oct 20, 2019

India expresses disappointment over lack of support for IMF quota increase

  •  India expressed its disappointment over the lack of support to increase the quota structure of the International Monetary Fund (IMF).
  • IMF quotas, which are the primary source of IMF funds, determine voting shares. Quotas are supposed to be reviewed every five years although these reviews can be delayed.
  • India views "the lack of adequate support for a quota increase under the 15th GRQ (General Review of Quotas) as somewhat disappointing", Union Finance Minister Nirmala Sitharaman said in her address to the annual meeting of the IMF in Washington.
  • The quotas are distributed according to a four pronged formula that considers a member country's GDP, its economic openness, its "economic variability" and international reserves.
  • India's quota is 2.76% and China's is 6.41%, while the U.S.' quota is 17.46%, which translates to a vote share of 16.52%, giving it a unique veto power over crucial decisions at the IMF, many of which require a super majority of 85%.
  • According to Ms. Sitharaman, to ensure the stability of the international monetary and financial system, it is imperative that the IMF continues to remain at the centre of the Global Financial Safety Net.
  • For this to happen, the IMF should be able to maintain its current lending capacity to meet the needs of its members as well as meet such needs should a financial crisis occur.

Oct 19, 2019

CSCs Can Now Open Amul Cafe

  •  Common Service Centres that provide digital government services in rural area will be able to open Amul Cafe on their centre to sell ice-creams and other product of the Gujarat-based dairy.
  • CSC e-governance India Limited, which manages over 3.5 lakh Common Service Centres across country, has signed agreement with the Indian dairy giant Amul for opening their product outlet at CSCs.
  • The first 100 Amul Cafe at CSCs are proposed to be set-up in Gujarat. The VLE will need to keep two freezers, one for ice-creams and second for other dairy products to store Amul dairy products and pay deposit of Rs 25,000.

India's Adani Awards Rail Contract To Support Australian Thermal Coal Mine

  •  India's Adani Enterprises has awarded a contract to an Australian rail company as the conglomerate steps up infrastructure spending to support its new thermal coal mine in Queensland state.
  • The A$100 million ($68.30 million) contract was awarded to privately held Martinus Rail, based in the regional city of Rockhampton.
  • Adani Mining Chief Executive Lucas Dow said more than A$450 million worth of contracts had already been awarded on the Carmichael Project, the majority to regional Queensland areas.
  • The Carmichael mine has been a lighting rod for climate change concerns in Australia, and was seen as a factor in the surprise return to power of the conservative Liberal/National coalition in a national election in May 2019 because of the jobs it promised.
  • First acquired by Adani in 2010, the project is slated to produce 8 million-10 million tonnes of thermal coal a year initially, and cost up to $1.5 billion.

US Imposes Tariffs On EU Goods, Targeting Airbus, Wine And Whisky

  •  The United States imposed tariffs on a record USD 7.5-billion worth of European Union goods.
  • The tariffs took effect after talks between European officials and US trade representatives failed to win a last-minute reprieve.
  • Airbus, French wine and Scottish whiskies are among the high-profile targets with Europe ready to hit back against its own list of iconic or politically sensitive US products in 2020.
  • The WTO-endorsed transatlantic onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further.

RIL Becomes First Company To Hit Rs 9 Lakh Crore In m-Cap

  •  Oil-to-telecom major Reliance Industries (RIL) became the first company in India to hit the market capitalisation of Rs 9 lakh crore.
  • RIL was also the first company to reach Rs 8 lakh crore mark in August 2018.
  • The market-cap of Mukesh Ambani-led company stood at Rs 9.03 lakh crore. Rise in share price helped the company reach the milestone.
  • IT giant TCS, which has seen some selling lately, was at a distant second with a market-cap of Rs 7.66 lakh crore. It was the second company to reach the Rs 8 lakh crore mark.

No Charges On Digital Payments Made To Large Biz Establishments

  •  The government said banks or system providers will not impose charges or Merchant Discount Rate on customers as well as merchants on digital payments made to establishments having turnover in excess of Rs 50 crore from November 1, 2019.
  • Business establishments with annual turnover of more than 50 crore should offer low cost digital modes of payment to their customers and the RBI and banks should absorb cost of transactions.
  • Amendments have been made in the income tax act as well as in the Payment and Settlement Systems Act 2007.

US Imposes Tariffs On EU Goods, Targeting Airbus, Wine And Whisky

  •  The United States imposed tariffs on a record USD 7.5-billion worth of European Union goods.
  • The tariffs took effect after talks between European officials and US trade representatives failed to win a last-minute reprieve.
  • Airbus, French wine and Scottish whiskies are among the high-profile targets with Europe ready to hit back against its own list of iconic or politically sensitive US products in 2020.
  • The WTO-endorsed transatlantic onslaught from US President Donald Trump also comes as Washington is mired in a trade war with China and could risk destabilising the global economy further.
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