General Awareness

BUSINESS AND ECONOMY - December 2018

Dec 2018

Dec 13, 2021

Centre Accepts Mithila Makhana GI tag

The Geographical Indications Registry (GIR) under the Central ministry of commerce has accepted the plea to rename Bihar Makhana as Mithila Makhana and also suggested further amendments in the brand logo to better reflect its origins apart from identifying and protecting the product's Geographical Indications (GI) rights.
The development has put an end to the controversy over the branding of the mithila region's one of the most famous produce in makhana or fox nut. After assessment of the application for amendment in name, a consultative group of experts and a senior examiner at GIR, Prashanth Kumar S Bhairappanavar, decided that certain post registration conditions will have to be met.
A geographical indication (GI) is a name or sign used on certain products which corresponds to a specific geographical location or origin . Such products with a GI tag are protected under the Geographical Indications of Goods (Registration and Protection) Act, 1999.

PLI Scheme Approved for Manufacturing 'Advanced Chemistry Cell'

The Government told the Rajya Sabha that a Production-Linked Incentive scheme has been approved for manufacturing 'Advanced Chemistry Cell ACC' in the country to reduce the prices of battery cells.
Minister of State for Heavy Industries Krishan Pal Gurjar said, the development of the cell will bring down the prices of electric vehicles.
He said, the GST on e-vehicles has been reduced from 12 percent to 5 percent. He said, the demand incentive for electric two-wheelers has been increased from 10-thousand rupees per Kilo Watt hour to 15-thousand rupees per kilowatt hour.

Dec 12, 2021

Over 326 Lakh Tonnes of Paddy Procured in Kharif Marketing Season 2021-22: Govt

The government has said that over 326 Lakh tonnes of Paddy has been procured in Kharif Marketing Season 2021-22. Consumer Affairs Ministry said, around 26 lakh farmers have been benefitted from the procurement with a Minimum Support Price value of over 63 thousand crore rupees.
It said, the paddy procurement is progressing smoothly at MSP from farmers, as it was done in previous years. The Ministry said, Paddy, has been procured from the procuring States and Union Territories of Chandigarh, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Punjab, Uttar Pradesh, Uttrakhand, Telangana, Rajasthan, Kerala, Tamil Nadu, Bihar, Odisha, Maharashtra, Chhattisgarh, Andhra Pradesh and Madhya Pradesh.

Dec 11, 2021

Asian Development Bank approves Rs 2,645-crore loan to improve urban services in India

Asian Development Bank has approved a Rs 2,644.85 crore (USD 350 million) loan for India to help improve its urban services.
The loan supports the policies established by the Ministry of Housing and Urban Affairs to accelerate universal coverage of piped water supply and improved sanitation.
Asian Development Bank (ADB) has approved a USD 350 million policy-based loan to improve urban services in India.

Dec 10, 2021

Italy fines Amazon $1.3 billion

Italy's anti-trust authority fined Amazon 1.13 billion euros (USD 1.3 billion), accusing the company of exploiting its dominant position against independent sellers on its website in violation of European Union competition rules.
The fine is one of the largest leveraged in Europe against the online retail giant, which expanded in particular in Italy during a coronavirus lockdown that prevented residents from going to stores to buy items considered nonessential.

Dec 09, 2021

RBI Leaves Rates Unchanged

The Reserve Bank of India's monetary policy committee (MPC) maintained key interest rates for a ninth straight meeting, retaining an accommodative stance amid the threat surrounding Omicron coronavirus variant.
Repo and reverse repo rates remained unchanged at 4 per cent and 3.35 per cent, respectively. The central bank maintained its FY22 GDP forecast at 9.5 per cent and projected retail inflation to be at 5.3 per cent.

Uttar Pradesh, Delhi, Karnataka Leading States in EV Sales

As per reports, Uttar Pradesh, Delhi and Karnataka emerged as top three states in terms of registration of electric vehicles in India.
Uttar Pradesh (255,700) had the highest registered electric vehicles, followed by Delhi (125,347) and Karnataka (72,544) come in that order.
The fourth and fifth spots were grabbed by Bihar (58,014) and Maharashtra (52,506).

IndiGo Signs Agreement with CSIR-IIP to Make Sustainable Aviation Fuel

IndiGo signed an agreement with Dehradun-based Council of Scientific and Industrial Research-Indian Institute of Petroleum (CSIRIIP) to manufacture and deploy sustainable aviation fuel (SAF) globally.
As per global airlines body IATA, SAF is defined as "fuel that has the potential to generate lower carbon emissions than conventional kerosene on a life cycle basis".

City Union Bank & NPCI Launch 'On-the-Go' Wearable keychain

City Union Bank (CUB), in collaboration with National Payments Corporation of India (NPCI) and its manufacturing partner Seshaasai, launched RuPay On-the-Go contactless wearable keychain for its debit card customers. This contactless wearable keychain would be part of their daily lifestyle and enable customers to tap and make cashless payments securely.
This On-the-Go solution allows the bank's customers to carry payment cards on their keychains, making for fast and convenient payments up to Rs. 5,000 at all Rupay-enabled point of sale devices (PoS) without entering a PIN.
This would increase digital payment behaviour among customers, especially the younger generation and students, by enabling faster check out and less waiting in queue with features to set the spending limit, enable/disable usage through net banking, and CUB's All-in-One mobile app.

Snapdeal Appoints Priyaranjan Kumar as VP and Business Head

Snapdeal appointed Priyaranjan Kumar as Vice President and Business Head, an experienced leader in the retail industry, who will lead various growth and expansion initiatives of the company.
Prior to joining Snapdeal, Kumar was the Chief Operating Officer (COO) of Iconic Fashion, where he led the charge to build a complete omnichannel sales structure and inventory management for efficient and accurate delivery of marketplace and website orders.
Kumar has over 15 years of experience in general management, sales, and distribution in retail & FMCG sectors. He has led large teams in startups, mid sized and large organizations.

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