General Awareness

BUSINESS AND ECONOMY - October 2018

Oct 2018

Sep 02, 2019

Bangladesh Signs Agreement With Reliance Power Of India

Government of Bangladesh signed an agreement with Reliance Power of India to set up 750 Mega Watt gas-based power plant in Meghnahat near Dhaka. The construction of the plant will be completed by 2022.
Reliance Power has also signed an MoU with PetroBangla to set up 500 mmscfd LNG terminal at Kutubdia Island near Chittagong in Bangladesh.
The estimated cost of the projects is approximately one billion dollars. Under the agreement, Bangladesh will purchase electricity from the project for a period of 22 years at a pre-decided tariff rate equivalent to 5.85 Takas per unit at a total cost of approximately eight billion dollars.
Energy Adviser to the Prime Minister of Bangladesh Dr Tawfiq-e-Elahi Chowdhury and High Commissioner of India to Bangladesh Riva Ganguly Das were present during the signing of the agreement along with other senior government officials.

Samsung India Ties Up With Mastercard, RBL Bank For Mobile Payments

Now, RBL Bank's Mastercard credit card holders will be able to make contactless transactions on their Samsung Pay-compatible smartphones.
Mastercard, RBL Bank and Samsung India have announced the launch of Samsung Pay for RBL Bank's credit card holders. The partnership will allow RBL Bank Mastercard credit card holders to make contactless mobile payments using their Samsung Pay-enabled phones. These payments can be made via any PoS (Point of Sale) machine where a card can be dipped, swiped or tapped, both in India and abroad. A physical card does not need to be present.
RBL Bank's customers will be able to easily add their Mastercard credit cards on Samsung Pay, which authenticates consumers based on their fingerprint, iris scan or PIN. Based on successful authentication, consumers will be able to complete their purchases by simply tapping their devices on a compatible terminal.

Binny Bansal Sells Flipkart Shares Worth $14 Million To Tiger Global

Flipkart co-founder Binny Bansal has sold additional shares of the company worth $14 million to investor Tiger Global Management. The fresh sale comes after Bansal sold $76 million worth of shares earlier in June, 2019. The new deal could be a part of an accelerated share sale agreement that was signed at the time of Bansal's exit from the company in November, 2018.
Binny Bansal still has 3 per cent stake in the company and continues to be part of the board. He has been actively investing in start-ups. Walmart had pumped in $16 billion in Flipkart in 2018 to acquire 77 per cent stake in the company.
Binny Bansal has also supported stage venture capital firm 021 Capital. It was launched by his wealth manager Sailesh Tulshan.
Bansal also acts as an angel investor and has funded a dozen start-ups. He has also funded digital insurance player Acko and Niramai that is developing a non-invasive way to detect breast cancer.

Sep 01, 2019

L&T Awarded EPC Contract To Build Navi Mumbai International Airport

GVK group awarded the Navi Mumbai airport's engineering procurement and construction contract to Larsen & Toubro (L&T) Construction.
GVK won the bid to construct the Navi Mumbai airport in 2017 and the concession agreement for the project was signed in January 2018.
In June, 2019 L&T was selected by the board of planning authority, City and Industrial Development Corporation for the job. A formal agreement was signed by GVK group founder and chairman GVK Reddy and L&T's managing director S N Subrahmanyan.
The project scope work includes cut and fill works, terminal works including departure and arrival forecourts, airfield development including runway, taxiway, roads, multilevel car park, utilities and support facilities.
The passenger terminal building is being developed to initially handle a capacity of 10 million passengers a year and will be subsequently increased to handle 20 million.

Over 5.65 Cr Income Tax Returns Filed For Assessment Year 2019-20

Over five crore 65 lakh Income Tax Returns were filed by taxpayers for the Assessment Year 2019-20.
This is 4 per cent more compared to the previous assessment year (2018-19). Central Board of Direct Taxes (CBDT) data shows that 5 crore 42 lakh ITRs were filed for the Assessment year 2018-19. In a statement, CBDT said, e-filing of ITRs touched an all-time high of over 49 lakh 29 thousand in a single day on August 31 for the year 2019-20.
From August 27 to 31, 2019, nearly one crore 47 lakh 82 thousand people filed online income tax returns, an increase of 42 per cent as compared to the same period of 2018-19.
It said that the I-T department is actively interacting with taxpayers on social media to help them resolve their grievances and e-filing related queries and getting accolades in return.
The last date for submission of e-filing of ITRs for 2019-20 was August 31, 2019. It added that the peak filing rate per second was at 196 ITRs.
Out of the 5 crore 65 lakh ITRs filed so far, 3 crore 61 lakhs have been verified.

Govt Announces Mega Merger Of Public Sector Banks

The government has announced the merger of ten public sector banks into four banks. It announced the merger of Oriental Bank of Commerce and United Bank with Punjab National Bank as well as the merger of Canara Bank and Syndicate Bank.
The merger of Union Bank of India, Andhra Bank and Corporation Bank and the consolidation of Indian Bank with Allahabad Bank was also announced.
Finance Minister Nirmala Sitharaman said that government wants a strong financial system to make the country a five trillion economy.
After the merger of banks, the country will now have 12 public sector banks instead of 27. The profitability of public sector banks has improved and total gross non-performing assets have come down to 7.9 lakh crore rupees in March in 2019 from 8.65 lakh crore rupees in December 2018.
She also clarified that no retrenchment has taken place post-merger of Bank of Baroda, Dena Bank and Vijaya Bank and staff has been redeployed and best practices in each bank have been replicated in others.
Ms Sitharaman also unveiled governance reforms in public sector banks, saying their boards will be given autonomy and enabled to do succession planning.
The government is trying to build next-generation banks and eight PSBs have launched repo-linked loans. There will be no interference in the bank's commercial decisions. Loans above 250 crore rupees are being closely monitored.

Aug 31, 2019

ONGC Unveils Plan to Pump in $16 bn

India's top oil and gas producer ONGC unveiled a $15-16 billion investment plan to double output from its domestic and overseas fields and expand its refining capacity three folds alongside diversification into renewables in a new vision document for 2040.
The new strategy document aims to transform ONGC in this new energy landscape as a diversified energy company with strong contribution from non-E&P businesses.
The company is investing around Rs. 86,000 crore in 27 major projects to boost oil and gas production, which has stagnated over the last few years.
With two 35 million tonnes per annum of oil refining capacity vested in its two subsidiaries — HPCL and MRPL, ONGC is targeting to raise this capacity to around 90-100 million tones.

Mohali Tops Punjab in RERA-registered Projects

Punjab's Mohali (SAS Nagar) district has a lion's share of RERA-registered real estate projects (60%) in the state followed by Ludhiana (13%). It is followed by Patiala (5.75%) and Amritsar (4%).
The total number of projects registered with Real Estate Regulatory Authority, Punjab, portal were 747 (as on August 16, 2019), with Mohali (SAS Nagar) having the maximum number of registrations at 447, followed by Ludhiana (98) and Patiala (43).

IL&FS Gets Binding Bids for Road Assets

IL&FS received binding bids for ten road assets in its domestic roads transportation vertical. These 10 road assets account for total debt of over Rs. 17,700 crore nearly 19% of total group debt, received 14 binding bids from multiple bidders.
The 10 road assets that received binding bids includes Jharkhand Infrastructure Implementation Company Limited (JIICL) which is in green, five Amber Assets - Jharkhand Road Projects Implementation Company Limited (JRPICL), Moradabad Bareily Expressway Limited (MBEL), Chenani Nashri Tunnelway Limited (CNTL), Hazaribagh Ranchi Expressway Limited (HREL), Jorabat Shillong Expressway Limited (JSEL). JRPICL and MBEL are in the process of being re-classified from Amber to Green on the basis of the restructuring proposals agreed with its lenders.
It also includes four Red Assets - Baleshwar Kharagppur Expressway Limited (BKEL), Pune Sholapur Road Development Company Limited (PSRDCL), Road Infrastructure Development Company of Rajasthan Limited (RIDCOR), Sikar Bikaner Highway Limited (SBHL).
The process for inviting binding bids for the road assets was launched through a public advertisement inviting expressions of interest.

Economic Growth Falls to Lowest in over 6 Years

Gross domestic product (GDP) growth decelerated to the slowest pace in 25 quarters in the three months ended June 30, 2019 as a downturn in household consumption took its toll on key sectors, deepening concern about the anaemic state of the economy.
According to data released by the Central Statistics Office (CSO), the economy expanded 5% from a year ago in the first quarter of the 2019-20 financial year, after growing 5.8% in the quarter ended March 2019, the final quarter of the last fiscal.
It marked the fifth straight quarterly decline in growth — the first time since June 1997 that such a prolonged slump has been recorded.
It's the slowest pace of growth since the March 2013 quarter when GDP, the value of goods and services produced in the economy, had expanded 4.3%.

PNB Gets Lion's Share of Recapitalisation

Finance Minister Nirmala Sitharaman laid out the broad strokes for the recapitalisation plan for public sector banks, providing the approximate allocation breakup for about Rs. 55,000 crore of the Rs. 70,000 crore promised in the Budget.
Ms. Sitharaman, announced the merger of 10 public sector banks into four entities, she also said that the final figures for the allocation would be decided following consultation with the banks themselves.
Punjab National Bank, which would be merged with Oriental Bank of Commerce and United Bank, would receive the highest share of the capital infusion of about Rs. 16,000 crore.
Union Bank of India, which is to be merged with Andhra Bank and Corporation Bank, would receive about Rs. 11,700 crore.
Punjab National Bank will, post-merger, become the second-largest bank in the country, after State Bank of India.
The amalgamated Union Bank of India would become the fifth-largest bank.
Canara Bank, to be merged with Syndicate Bank, would receive about Rs. 6,500 crore of the capital infusion. It would be the fourth-largest bank in India, post-merger.
Indian Bank, which would be merged with Allahabad Bank, would receive about Rs. 2,500 crore, and would become the seventh-largest bank.

Aug 30, 2019

SIDBI Joins Hands With Incuspaze To Open Coworking Space For MSMEs And Startups

In a bid to enhance the business ecosystem for MSMEs and startups, Small Industries Development Bank of India (SIDBI) has partnered with Incuspaze Solutions Private Limited (Incuspaze) to open a first-of-its-kind co-working space exclusively designed for MSMEs and startups.
The co-working space, called Workspaze is located in New Delhi. The initiative that intends to be a market-maker for its segment is only 50 meters away from Barakhamba Metro Station.

Bank Frauds Rise to 15% In 2018-19

The number of frauds reported by banks in 2018-19 increased 15 per cent on a year-on-year basis to 6,801 cases from 5,916 cases a year ago. And, the total amount involved in the frauds was to tune of Rs 71,542.93 crore in 2018-19 as compared to Rs 41,167.04 crore in 2017-18, a 73.8 per cent increase.
The public sector banks accounted for 90.2 per cent of the amount that was involved in fraud in 2018-19, while the private sector banks accounted for 7.7 per cent, and the foreign banks accounted for 1.3 per cent. In terms of the number of frauds, share of public sector banks is 55.4 per cent, private banks 30.7 per cent share, and foreign banks 11.2 per cent.
The average time gap in the date of occurrence of fraud and its detection was 22 months, the RBI said in its annual report. However, the average lag for frauds for amount involving more than Rs 100 crore, amounting to Rs 52,200 crore, was 55 months.
Also, frauds relating to loans accounted for 90 per cent of the share followed by off-balance sheet items and foreign exchange transactions.
Frauds related to off balance sheet saw a huge decline in 2018-19 as it constituted 39.6 per cent of the frauds in 2017-18. In 2018-19, it was merely 7.7 per cent.

Tamil Nadu's Dindigul Locks And Kandangi Sarees Get GI Tag

After a long wait, Tamil Nadu's Dindigul locks and Kandangi sarees have received Geographical Indication (GI) tags.
The Dindigul Lock, Hardware and Steel Furniture Workers Industrial Co-operative Society, and the Amrar Rajiv Gandhi Handloom Weavers Cooperative Production and Sales Society now have the exclusive rights over these products.
The lock-making industry in Dindigul is said to be over 150 years old, started by the Sankaralingachari brothers, and spread over five villages in the district. They make over 50 varieties of locks.
Similarly, the hand-woven Kandangi sarees also have a 150-year-old tradition, and its history is interwoven with the story of the influential business community of Chettiars.
The Geographical Indication sign is used on products which correspond to a specific geographical location.
The use of a geographical indication may act as a certification that the product possesses certain qualities, enjoys a certain reputation, due to its geographical origin.
It has evolved its unique craftsmanship distinct from other lock making hubs, such as Aligarh in UP and Das Nagar in West Bengal.
Every lock is designed and possesses a unique style and special name such as Mango Lock, Door Lock, Almirah Lock, Export Lock, Excise Lock. Trick Locks, Mango Seven Lever Locks, Mango Nine Levers Locks, Drawer Lock and Square lock.

Total Horticulture Production Estimated To Be Over 313 Million Tonnes

The total horticulture production of the country is estimated to be over 313 million tonnes which is 0.69 per cent higher than the production in 2017-18.
Department of Agriculture, Cooperation and Farmers Welfare released the Third Advanced Estimate (2018-19) of area and production of various Horticulture Crops.
Onion Production is estimated to be around 23.48 Million Tonnes, which is 0.95 per cent higher than the production of 2018.
Tomato production is estimated to be around 19.39 Million Tonnes, which is 1.8 per cent, lower than the productionin 2018.
The overall increase is observed in the production of fruits, vegetables, spices, flowers and honey whereas decrease is observed in the production of plantation and aromatics and medicinal crops as compared to production in 2018.
This is based on the information received from different State and Union Territories.

Air India To Be Privatized In Shortest Possible Time

Civil Aviation Minister Mr Hardeep Singh Puri said that government is determined for the privatization of Air India and people are interested in buying it.
Total privatization will be done in the shortest possible time and with the best deal.
Earlier Mr. Puri launched an aviation job portal. Aviation jobs is a unique web-based portal which brings together job seekers and prospective employers in the Indian civil aviation sector.
It is a common platform for enabling candidates to register their job interests across various sub-sectors.
At the same time, it facilitates the sourcing of information about candidates available in the market by prospective employers with a view to improve prospects for employment or re-employment in the civil aviation ecosystem.

RBI Asks Banks To Extend PoS Cash Withdrawal Facility

The RBI asked banks to extend the facility of withdrawal of cash through debit cards at more merchant establishments after it noticed that instructions in this regard were not being properly followed.
Earlier, the RBI had instructed to banks on cash withdrawal at PoS (point of sale) devices enabled for all debit cards and open-loop prepaid cards issued by them.
According to the instructions, the limit was cash withdrawal up to Rs 1,000 per day in Tier-I and II centres and Rs 2,000 per day in Tier-III to VI centres.
In a circular, the RBI said it has come to its notice that the instructions have not been implemented in "letter and spirit".
The RBI has reiterated the instructions with a view to provide for cash withdrawals at PoS by card-holders.

Govt Approves Rs 6,268 Crore Subsidy To Promote Sugar Exports

The Cabinet Committee on Economic Affairs (CCEA) has approved sugar export policy for evacuation of surplus stocks during sugar season 2019-20.
The CCEA, chaired by Prime Minister Narendra Modi, gave nod to sugar export subsidy of about Rs 6,268 crore to liquidate surplus domestic stock and help mills in clearing huge sugarcane arrears to farmers.
The government will provide a lump sum subsidy of Rs 10,448 per metric tonne to sugar mills for the sugar season 2019-20. The total estimated expenditure of about Rs 6,268 crore will be incurred for this purpose.
The export subsidy will be provided for expenses on marketing costs including handling, upgrading and other processing costs, international and internal transport costs and freight charges.
The subsidy would be directly credited into farmers' accounts on behalf of mills against sugarcane price dues. Subsequent balance, if any, would be credited to mills' account.

Aug 29, 2019

Government Allows 100% FDI In Coal Mining

Union Minister of Railways and Commerce Piyush Goyal announced the approval of 100 per cent Foreign Direct Investment (FDI) in coal mining and associated infrastructure while briefing reporters on decisions taken by the Union Cabinet headed by Prime Minister Narendra Modi.
In the coal sector, for sale of coal, 100 per cent FDI under automatic route for coal mining, activities including associated processing infrastructure will attract international players to create an efficient and competitive coal market.

Review Capital Framework Every Five Years, Says Jalan Committee

The Bimal Jalan Committee, set up to review the Reserve Bank of India's (RBI's) economic capital framework, has suggested that the framework may be periodically reviewed after every five years.
The panel recommended to align the central bank's accounting year with the financial year which could reduce the need for paying interim dividend.

Govt Okays 100% FDI In Contract Mfg, Eases Rules For Single Brand Retail

In a fresh round of FDI reforms, the government allowed 100 per cent foreign investment in coal mining and contract manufacturing, eased sourcing norms for single-brand retailers The changes in FDI policy will result in making India a more attractive FDI destination, leading to benefits of increased investments, employment, and growth.
100 per cent FDI under automatic route has been allowed in contract manufacturing to give a big boost to domestic manufacturing.
In single-brand retail trading (SBRT), the definition of 30 per cent local sourcing norm has been relaxed and online sales permitted without prior opening of brick and mortar stores.
In single-brand retail trading, the definition of 30 per cent local sourcing norm has been relaxed and online sales permitted without prior opening of brick and mortar stores.
Online sales will lead to the creation of jobs in logistics, digital payments, customer care, training and product skilling.

Harman Introduces Infinity Brand Audio Products In India

Audio products maker Harman, which is a wholly-owned subsidiary of South Korean giant Samsung Electronics, has introduced lifestyle audio brand Infinity in India.
Harman has also unveiled 11 new audio products, which include six headphones, four portable Bluetooth speakers and a multimedia bluetooth system.
Inspired by India's Gen-Now, who are looking for customised, vibrant and wider choices, Infinity offers deep and immersive sound.

Microsoft To Train 5000 Govt Employees On AI Cloud

Microsoft India launched a scheme to provide 5000 government employees on AI (artificial intelligence) and cloud computing skills. The program, called 'Digital Governance Tech Tour', will comprise of physical and virtual workshops.
The program was inaugurated by Amitabh Kant, chief executive of NITI Aayog, the government's policy think-tank and Ajay Prakash Sawhney, secretary, MeITY (The Ministry of Electronics and Information Technology).
The program will be open to technocrats and IT professionals across the government, including employees of Public Sector Undertakings (PSUs), government partners as well as solutions/systems integrators, and is free of cost.
Under the program, developers can earn the AZ-900 Certification, which demonstrates foundational level cloud computing skills on the spot at no cost, after clearing an exam.
The power of AI, cloud services, and data analytics needs to be brought to bear in core sectors for inclusive economic growth.

Harley Davidson Launches BS-VI Compliant Street 750

American cult bike maker Harley Davidson launched its first BS-VI emission norm compliant bike, Street 750, in India priced at Rs 5.47 lakh.
The company which has completed 10 years of operations in India, has also launched a limited edition of the same model with India-inspired graphics with only 300 units going on sale.
In tune with India pushing for adoption of electric vehicles, Harley-Davidson Motor Company also showcased its electric motorcycle LiveWire, which will be taken for a four-city tour.
Harley-Davidson is the first company among big premium bike makers in India to offer BS-VI compliant model, much ahead of the implementation of the new norm in April 2020.
The bike is powered by a 750 cc liquid cooled engine and comes equipped with anti-lock braking system (ABS).

Ind-Ra Cuts GDP Growth forecast In FY20 To 6.7%

India Ratings and Research has revised downwards its projection of the country's GDP growth in financial year 2019-20 to 6.7%, a six-year low, from its earlier forecast of 7.3%.
The agency expects FY20 to be the third consecutive year of subdued growth pushed by

(i) a slowdown in consumption demand;
(ii) delayed and uneven progress of monsoon so far;
(iii) decline in manufacturing growth;
(iv) inability of Insolvency and Bankruptcy Code to resolve cases in a time-bound manner, and
(v) rising global trade tension adversely impacting exports.

The agency expects growth in the first quarter of the current financial year to decline for the fifth consecutive quarter to 5.7%.

26% FDI In Digital News Media

The government has created a new digital media category, distinct from print and broadcast media, and allowed 26 per cent foreign direct investment (FDI) through the government route. Until now, digital media was not considered as a separate category for the purposes of FDI.
Members of the industry, however, reacted differently to the decision since several digital media outlets have different levels of FDI at the moment. Some digital media companies have 100 per cent FDI, while some others are restricted to 49 per cent.
The extant FDI policy provides for 49 per cent FDI under approval route in Up-linking of 'News & Current Affairs' TV Channels. It has been decided to permit 26 per cent FDI under government route for uploading/ streaming of News & Current Affairs through Digital Media, on the lines of print media.

Renault Launches Seven-Seater Triber In India

French auto major Renault launched its compact seven-seater multi purpose vehicle Triber priced between Rs 4.95 lakh and Rs 6.49 lakh.
Triber is the second model from the company after Kwid which has been specifically designed and developed for the Indian market.
It is powered by a one-litre petrol engine and comes equipped with various features including four airbags.
The new model would bridge the gap between Kwid and company's other SUV offerings like Duster and Captur.
It has a robust strategy to build its presence in rural markets which offers significant growth potential.

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