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General Awareness

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BUSINESS AND ECONOMY - October 2018

Oct 2018

Dec 22, 2018

Aurobindo Pharma Received USFDA Nod

  •  Aurobindo Pharma received the final approval from U.S. Food and Drug Administration (USFDA) to manufacture and market potassium chloride extended release tablets, 8 mEq (600 mg) and 10 mEq (750 mg).
  • The tablets are used to treat hypokalemia (low blood potassium level). 

HNIs Eying Offshore Investments

  •  India-based ultra high net worth individuals (UHNIs) and high net worth individuals (HNIs) are showing a keen interest to invest offshore as they can get attractive returns.
  • According to Atul Singh, CEO, WGC Wealth, investments by UHNIs and HNIs in offshore are catching up.
  • UHNIs and UHIs are looking for offshore funds and need hand-holding.

Centre Moved NCLT

  •  The Corporate Affairs Ministry moved the National Company Law Tribunal (NCLT), seeking to reopen the books of IL&FS Group and its subsidiaries for the past five years under Section 130 of the Companies Act, to ascertain financial mismanagement.
  • This is the first time that the government has invoked the powers under Section 130 of the new Companies Act of 2013 to reopen the ledgers of a company.
  • The government wants to check the balance-sheets of crippled group entities and the two listed subsidiaries, ITNL and IL&FS Financial Services, for the past years and the move comes after the Serious Fraud Investigation Office (SFIO) found shocking details of corruption, personal enrichment and other non-transparent deals.

Dec 21, 2018

China Looks At India as a Major Market

  •  As its trade war with the U.S. intensifies, China has started looking at India as a major market to sell its products and machinery.
  • However, Indian companies want China to share its technology and even partner with them in its growth rather than treating India purely as a market of its products.
  • Over 100 Chinese firms displayed their products and solutions at an exhibition in Mumbai this week. It was claimed to be one of the biggest exhibitions of Chinese products in India. 

Mother Dairy Forayed into Organic Business

  •  Mother Dairy Fruit & Vegetable Pvt. Ltd. forayed into organic business by launching Organic range of fresh fruits and vegetables and other kitchen ingredients under its horticulture brand Safal.
  • The new range of products, labelled as 'Safal Organic', would be made available in select 100 Safal booths across Delhi NCR, along-with Safal's existing range of edibles.
  • The fresh organic produce is being sourced from farmers with certified organic farms across the states of Maharashtra, Himachal Pradesh, Sikkim, Madhya Pradesh and Uttarakhand.

Tata Motors Joined Hands with Zoomcar

  •  Tata Motors has joined hands with self-drive rental car firm Zoomcar to offer the electric version of its compact sedan Tigor in Pune city as part of the shared mobility plans. 
  • Under the partnership, Zoomcar expects to deploy 500 electric vehicles in over 20 cities with Tata Motors in the next one year. 

China Looks At India as a Major Market

  •  As its trade war with the U.S. intensifies, China has started looking at India as a major market to sell its products and machinery.
  • However, Indian companies want China to share its technology and even partner with them in its growth rather than treating India purely as a market of its products.
  • Over 100 Chinese firms displayed their products and solutions at an exhibition in Mumbai this week. It was claimed to be one of the biggest exhibitions of Chinese products in India. 

Dec 20, 2018

World Economic Forum Gender Gap Index 2018

  • India has been ranked 108th in World Economic Forum (WEF) gender gap index 2018, the same as 2017, while recording improvement in wage equality for similar work and fully closing its tertiary education gender gap for the first time.
  • Gender gap was measured across four key pillars, economic opportunity, political empowerment, educational attainment, and health and survival. 

Highest Per Capita NSDP

  •  As per government data, Karnataka had the highest per capita Net State Domestic Product (NSDP) at Rs. 1,81,788 in FY 2017-18 followed by Telangana at Rs. 1,81,034 and Maharashtra at Rs. 1,80,596 among major Indian states, at current prices.
  • Delhi recorded the highest per capita income among all states at Rs. 3,29,093 during financial year 2017-18.

Four Banks May Come Out of PCA

  •  As per reports, four public sector banks - Bank of Maharashtra, Corporation Bank, Allahabad Bank and Bank of India that are under the prompt corrective action framework of RBI, may come out of the restrictions following improved performance.
  • This follows a review of the performance of all 11 banks that are under the PCA framework, as decided during the November board meeting of the Reserve Bank of India.

Glenmark to Foray into the U.S.

  •  Glenmark Pharmaceuticals Ltd. has announced its foray into the branded dermatology segment in the United States in a bid to grow its business.
  • The branded portfolio for the U.S. market would be developed and commercialised by Glenmark Therapeutics Inc., USA, which is a wholly owned subsidiary of Glenmark Holding, SA.

Dec 19, 2018

Liquidity Infusion to be Increased

  •  The Reserve Bank decided to scale up the amount of liquidity infusion by Rs. 10,000 crore to Rs. 50,000 crore this month, after a review of the evolving liquidity conditions.
  • The central bank had earlier announced to infuse liquidity amounting to Rs. 40,000 crore through the purchase of government securities under Open Market Operations (OMOs) during December.

Google to Set Up New Campus in New York

  •  Alphabet Inc's Google is investing over $1 billion to establish a new campus in New York, becoming the second major technology company after Amazon to pick America's financial capital to expand and create thousands of jobs.
  • The campus is called Google Hudson Square, and Google hopes to start moving into the building by 2022.

Merger of IDFC Bank and Capital First Completed

  •  Private sector lender IDFC Bank has completed the merger process with non-banking financial company Capital First following all the requisite approvals.
  • Following the merger, the board of the bank, which has been renamed to IDFC First Bank, has been reconstituted with the appointment of Capital First founder and chairman V.
  • Vaidyanathan as the managing director and chief executive officer of the merged entity, subject to shareholders' approval.
  • Rajiv Lall, who was the MD & CEO of IDFC Bank, will now become part-time non-executive chairman of the merged entity.

Philips to Switch off CFL Bulb Production

  •  Philips Lighting, soon to be renamed 'Signify Innovations', will stop producing compact fluorescent light (CFL) bulbs.

Duty Hike on US Products Deferred

  •  India for the fourth time deferred the deadline to impose retaliatory customs duties on 29 US products, including almond, walnut and pulses, by another 45 days.
  • In June, India decided to impose retaliatory tariffs from August 4, but it was extended by 45 days till September 18 and then till November 2.
  • In November, the decision to impose these duties was deferred till December 17.

Dec 18, 2018

Rasna Eyes Wellness Products

  •  As per reports, FMCG Company Rasna Pvt. Ltd. is focusing on wellness products to grow its business.
  • The company had recently forayed into this emerging segment and will concentrate on Indian ingredients to increase its wellness product portfolio.
  • The company has come out with a brand called Native Haat which will have these wellness products.
  • Under Native Haat, the company has introduced four products.

Finland Keen to Partner India

  •  As per Anne-Mari Virolainen, Minister for Foreign Trade and Development, Finland, Finland is exploring new partnerships with India in emerging areas such as artificial intelligence, Internet of Things and cybersecurity beside traditional sectors of pulp, paper and heavy industrial machinery.

Canada Saudi Arms Deal

  •  Canada is looking into ways to cancel a giant 2014 weapons deal with Saudi Arabia as criticism mounts over the kingdom's role in the murder of journalist Jamal Khashoggi and the Riyadh-led war in Yemen.
  • Canada inherited actually a (Can) 15 billion dollars contract signed by (former Prime Minister) Stephen Harper to export light-armoured vehicles to Saudi Arabia. The Canadian government is now engaged with the export permits to try and see if there is a way of no longer exporting these vehicles to Saudi Arabia.
  • The penalty for breaking the contract could exceed Can1 billion dollars.

Hitachi to Buy Stake in ABB's Power Grid

  •  Japanese conglomerate Hitachi has agreed to buy 80.1% stake in Swiss engineering group ABB's power grid business for $11 billion.
  • As per the terms of the deal, ABB would initially retain 19.9% stake in the power grid division to ensure smooth transition and would have a pre-defined exit option for this stake at fair market value with floor price at 90% of the agreed enterprise value exercisable by ABB three years after the closure of the transaction.

India's FDI Increased

  •  According to the Ministry of Commerce, Foreign Direct Investment (FDI) increased constantly from USD 45.15 billion in 2014-15 to USD 60.97 billion in 2017-18.
  • As per Minister of State for Commerce & Industry C. R. Chaudhary, FDI flow stood at USD 45.15 billion in 2014-15, USD 55.56 billion in 2015-16, USD 60.22 billion in 2016-17 and USD 60.97 billion in 2017-18.
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