General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Apr 19, 2024

Vedanta firm Hindustan Zinc Becomes 3rd Largest Silver Producer Globally

Hindustan Zinc - a Vedanta Group company in zinc-lead-silver business became the 3rd largest silver producer globally as per the World Silver Survey 2024 conducted by 'The Silver Institute', USA.
The company's Sindesar Khurd Mine now (as in April 2024) stands as the world's 2nd largest silver-producing mine moving up from last year's (2023) 4^th position.

Bharti Airtel Signs Deal to Merge Sri Lankan Unit with Dialog Axiata

Bharti Airtel signed an agreement to merge the operations of its Sri Lankan unit with Dialog, the island nation's largest telecom provider and a subsidiary of Malaysia's Axiata Group Berhad.
Dialog will acquire 100 per cent of the issued shares in Airtel Lanka. In return, Airtel Lanka will be granted a stake in Dialog. Dialog will issue to Bharti Airtel, ordinary voting shares which will amount to 10.35 per cent of the total issued shares of Dialog by way of a share swap.
Bharti Airtel Lanka, a wholly-owned subsidiary of the Indian telecom giant, began commercial operations in Sri Lanka in 2009.

Apr 18, 2024

Mahindra Susten's Rs. 1,200 Crore Hybrid Renewable Energy Project in Maharashtra

Mahindra Susten, a subsidiary of the Mahindra Group, entered the hybrid renewable energy sector with a Rs. 1,200-Crore project in Maharashtra, combining 101 MW wind and 52 MW solar capacity. The project aims to generate 460 million kWh of clean energy and offset 420,000 tonnes of CO₂ emissions.
Formerly known as Mahindra EPC, Mahindra Susten is a leading Indian renewable energy company, dedicated to sustainability and green initiatives.

Apr 17, 2024

IMGC and Bank of India Partner to Offer Mortgage Guarantee-Backed Home Loans

India Mortgage Guarantee Corporation (IMGC) entered into a strategic partnership with Bank of India (BOI) to introduce mortgage guarantee-backed home loan products. This collaboration targets salaried and self-employed individuals in the affordable housing sector, aiming to enhance accessibility to homeownership.
IMGC's guarantee expertise coupled with BOI's extensive network of over 5,100 branches across India enables the provision of flexible and secure home loan products.
The partnership aims to mitigate default risks for the bank, potentially allowing for more favourable loan terms to borrowers.

Government Imposes Port Restrictions for Exporting Essential Commodities to Maldives

Amid tensions between Maldives and India, the Directorate General of Foreign Trade issued a notification imposing port restrictions for export of essential commodities to the island nation during the fiscal year 2024-25.
The notification, issued under the Foreign Trade (Development & Regulation) Act, 1992, incorporates specific conditions for exporting essential commodities under the prohibited/restricted category to Maldives.
Export of essential commodities falling under the prohibited/restricted category to Maldives will now be permitted only through four designated Customs Stations which include Mundra Sea Port, Tuticorin Sea Port, Nhava Sheva Sea Port (JNPT), and ICD Tughlakabad.
The move came as part of the bilateral trade agreement between the Government of India and the Government of Maldives.

Power Grid Corporation Bags 3 Transmission Projects under Competitive Bidding

State-owned Power Grid Corporation bagged three inter-state transmission projects under tariff-based competitive bidding.
The three projects would help evacuate power from renewable energy projects in Rajasthan and Gujarat.
The first project is Transmission System for evacuation of power from Rajasthan (Jaisalmer/Barmer Complex).
The second project -- Transmission System for Evacuation of Power from potential renewable energy zone at Khavda in Gujarat -- comprises augmentation works at existing substation in the state.
The third project is Transmission System for evacuation of power from Rajasthan involving the establishment of new 765 kV sub-station at Rishabhdeo, 765kV D/C transmission lines and extension of associated bays at other substations in Rajasthan and Madhya Pradesh.

Apr 16, 2024

India's Trade Performance in March 2024

In March 2024, India's goods exports surged to a 12-month high at $41.68 billion, marking a significant achievement despite a slight decrease of 0.67% compared to the previous year. Notably, the goods trade deficit narrowed to $15.6 billion, the lowest in 11 months. This boost was largely propelled by a substantial decline in gold imports by 53.6%, offset by a remarkable 1059% increase in silver imports.
Goods Exports: Reached $41.68 billion, witnessing a slight decline from the previous year but contributing to an overall improvement in the merchandise shipments for the fiscal year 2023-24.
Goods Imports: Decreased by 6% to $57.3 billion in March, with gold imports leading the decline, while silver imports experienced a significant surge.
Trade Deficit: Contracted to $15.6 billion, the lowest in 11 months, largely attributed to the drop in import bills, especially in gold imports.

BharatPe Elevates Nalin Negi as CEO

Fintech company BharatPe announced Nalin Negi as its Chief Executive Officer (CEO). Negi's elevation came after the interim CEO and CFO proved instrumental in the company's substantial growth and strategic advancements across business segments.
Under Negi's leadership, BharatPe recorded 182 per cent increase in its revenue from operations in FY23, with October 2023 as the first EBITDA-positive month.
Negi, with over 28 years of experience in building and scaling businesses in the fintech and banking domains, joined BharatPe in 2022. Before that, he had held several leadership positions in organisations such as SBI Cards and GE Capital. He was also instrumental in steering the SBI Cards IPO.

Apr 15, 2024

Wipro Announces Malay Joshi as New CEO for Americas 1 Unit

Wipro appointed Malay Joshi as CEO of its Americas 1 strategic market unit, succeeding Srini Pallia who recently became Wipro's CEO and MD.
Mr. Joshi joined Wipro in 1996 and has held multiple responsibilities across various functions, industries, and geographies.
Joshi was previously the senior vice president and business unit head, leading communications, media, tech, retail, travel, hospitality, and public sector industries, which make up one of Wipro's largest business units globally. In this role, he was responsible for helping clients drive successful enterprise transformations among other duties, enhancing client experience, strengthening delivery, and ensuring consistent revenue growth in the sectors he led.
Joshi oversees a diverse array of industry sectors, assumes responsibility for the unit's profit and loss.
Joshi joined Wipro in 1996 and has had an extensive career spanning over 28 years in various leadership roles across functions, industries, and geographies. He has a strong background in delivery, consultative sales, and client engagement.
He holds a Bachelor's degree in Information Technology Engineering and has graduated from Harvard Business School's Leading Global Businesses Executive Program and Advanced Program Management from Stanford University.

Neobank Revolut India Receives In-Principle Approval for PPI License from RBI

In a significant development, Revolut India, backed by Tiger Global and Softbank, has secured in-principle approval from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI). This approval marks a crucial step for Revolut in expanding its presence in the Indian market, enabling the provision of multi-currency forex cards and cross-border remittance services. With this license, Revolut aims to offer Indian consumers a comprehensive range of international and domestic payment solutions on a single digital platform.
Revolut India, a digital-first financial institution, entered the Indian market in 2021, aiming to disrupt the domestic payments sector. The approval from RBI further strengthens Revolut's position as a prominent player in the Indian financial landscape, challenging established competitors.
The PPI license allows Revolut India to operate as a Category-II Authorised Money Exchange Dealer, facilitating the issuance of multi-currency forex cards and cross-border remittance services. This expands the financial alternatives available to Indian consumers, offering them convenient and efficient money management solutions.

Elon Musk-led Tesla Signs Strategic Deal with Tata Semiconductor Chips

Tesla has signed a strategic deal with Tata Electronics to acquire semiconductor chips, signaling its interest in India's automotive market. The agreement positions Tata as a key supplier for global clients entering India's semiconductor value chain.
ET exclusively reported that the agreement, executed discreetly a few months ago, positions Tata Electronics as a reliable supplier for top-tier global clients looking to establish a crucial segment of their semiconductor value chain in India.
Tesla, a leading US-based electric vehicle (EV) company, is eyeing entry into India, the world's fastest-growing automotive market. Elon Musk is scheduled to meet with Prime Minister Narendra Modi during his visit to India this month. Musk is expected to announce potential investments in India, including plans for EV manufacturing facilities. Tesla currently holds the title of the world's largest automotive company by market value.

Nepal Gets 101 Vehicles Donated by India

India on Sunday donated 35 ambulances and 66 school buses to various organisations across Nepal, enhancing the local infrastructure in the health and education sectors.
Indian Ambassador to Nepal Naveen Srivastava handed over the vehicles to Nepalese officials in the presence of Finance Minister Barshaman Pun at a ceremony. Since 1994, India has gifted 1,009 ambulances and 300 school buses across Nepal, including those gifted on Sunday.

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