General Awareness

BUSINESS AND ECONOMY - August 2019

Aug 2019

Jun 11, 2022

OECD Cuts India Growth Forecast to 6.9% in FY23

The Organization for Economic Cooperation and Development (OECD) pegged India's FY23 economic growth at 6.9 per cent, the lowest by a major bank or institution, saying the country had been adversely affected by Russia's invasion of Ukraine.
The institution said that headline inflation is projected to ease gradually, though remaining above the central bank's upper tolerance limit of 6 percent throughout 2022 and 2023.
As an importer of energy, fertilisers and edible oils, India is adversely affected by the war in Ukraine. Gross domestic product (GDP) growth, which reached 8.7 per cent in FY22, is projected to come down to 6.9 per cent in FY23 and 6.2 per cent in FY24, with weaker external demand growth and tighter monetary conditions being mitigated by strong government spending and an ambitious set of measures to simplify the business environment.

WhatsApp Launche SMBSaathi Utsav to Support Small Businesses

Whatsapp launched SMBSaathi Utsav initiative which aims to support small businesses by helping them to adopt digital mediums like Whatsapp Business App. Utsav has started the initiative with a pilot in Jaipur's Johri Bazaar and Bapu Bazaar where over 500 small businesses were trained. The initiative was launched in the collaboration with Josh Talks. The SMBSaathi Utsav is the second phase of the SMBSaathi campaign.
These trainings involve educating the business owners about building a digital presence on the WhatsApp Business App to help them better manage incoming leads and queries, build a product/services showcase and market to key audiences using online tools.

Cabinet Approves Increase in MSP for Kharif Crops

The Cabinet Committee on Economic Affairs approved increase in Minimum Support Price for all intended Kharif crops for Marketing Season 2022-23. Information and Broadcasting Minister Anurag Singh Thakur said that the approved rates are at least one and half times of the all India weighted average cost of production. He said, the highest absolute increase in MSP over the previous year has been recommended for Sesamum 523 rupees per quintal, Moong 480 rupees per quintal, Sunflower seed 385 rupees per quintal, Tur, Urad and Groundnut 300 rupees per quintal, Cotton (Medium Staple) 354 rupees and Cotton (Long Staple) 355 rupees.
It will lead to greater investment and production. It will also provide assured remunerative prices for the farmers and will help in achieving the goal of Aatmanirbhar Bharat.

RBI Raises Limit for E-mandate Based Recurring Payments from Rs. 5,000 to Rs. 15,000

The Reserve Bank of India (RBI) raised the cap on recurring e-mandate-based payments to Rs. 15,000 from Rs. 5,000 in order to facilitate larger-value payments. The central bank also announced its decision to increase the subsidy amount for micro entrepreneurs accepting digital payments under the Payment Infrastructure Development Fund (PIDF).
The framework for the processing of e-mandate-based recurring payments was introduced by the RBI to offer greater convenience, safety and security to the users. Under the framework, over 62.5 million mandates have been registered in favour of a large number of domestic and over 3,400 international merchants.

Jun 10, 2022

India's FDI Rank Rises to 7th Position Despite Falling Inflows: UNCTAD

India jumped one position to 7th among the top recipients of foreign direct investment (FDI) in the last calendar year (2021) despite FDI inflows into the country declining, according to the United Nations Conference on Trade and Development (UNCTAD).
In its latest World Investment Report released, FDI inflows into India declined to $45 billion in 2021 from $64 billion in the preceding year. While the United States ($367 billion) remained the top recipient of FDI, China ($181 billion) and Hong Kong ($141 billion) also retained second and third position respectively.
Among the top 10 host economies, only India saw a decline in its inflows. However, outward FDI from India rose 43 per cent to $15.5 billion in 2021.

Doordarshan's DG Mayank Agrawal Appointed Prasar Bharti CEO

Doordarshan and Doordarshan News Director-General Mayank Kumar Agrawal was given the additional charge of Prasar Bharati Chief Executive Officer (CEO). The move came after the five-year tenure of Shashi Shekhar Vempati as Prasar Bharati CEO came to an end. Mr. Vempati was appointed as CEO of the public broadcaster in June 2017, on the recommendation of a three-member committee headed by the then Vice-President.
An alumnus of IIT-Bombay, Mr. Vempati was the youngest and first non-bureaucrat to hold the public office since its creation in 1997.

RBI Proposes to Allow Linking of Credit Cards to Unified Payments Interface

The Reserve Bank of India proposed to allow linking of credit cards to the Unified Payments Interface. The facility would initially be enabled for Rupay Credit Cards, that too after the required system development is complete. It has informed that UPI is the most inclusive mode of payment in India with over 26 crore unique users and five crore merchants onboard the platform. It added that 594 crore 63 lakh transactions amounting to 10.40 lakh crore rupees were processed through UPI in the month of May 2022 alone.
The apex bank hopes that the linking of credit cards with UPI will provide more avenues and convenience to the customers in making payments. The necessary instructions in this regard will be issued by the National Payments Corporation of India. It may be recalled that NPCI had developed UPI as an instant real-time payment system, facilitating inter-bank peer-to-peer and person-to-merchant transactions.

Jun 09, 2022

RBI Hikes Repo Rate by 50 Basis Points to 4.90%

The Reserve Bank of India (RBI) raised the benchmark repo rate by 50 basis points to 4.90% to tamp down rising inflation. In a surprise off-cycle meet in May 2022, the central bank hiked the repo rate by 40 basis points to 4.49%. One basis point is one-hundredth of a percentage point.
The aggressive stance of the RBI comes amid a grim prognosis of geo-political uncertainties over the grinding war in Ukraine, continuing supply-chain disruptions, and rising energy and food prices. Consumer prices accelerated to an eight-year high of nearly 7.8% in April, according to official data.
The two successive rate hikes point to a clear withdrawal of the RBI's accommodative policies to fuel growth. The central bank slashed the repo rate in March 2020 to push nascent economic recovery after the impact of the Covid pandemic.

Jio Becomes First Telecom to Provide 4G Mobile Services in Ladakh's Pangong

Reliance Jio expanded the reach of its 4G services in Ladakh region to a village close to Pangong lake, an area which has been a friction point between India and China. The telecom operator became the first network to provide 4G mobile connectivity in and around the Pangong area, a popular tourist destination.
Lok Sabha member from Ladakh Jamyang Tsering Namgyal inaugurated the Jio mobile tower at Spangmik village. Namgyal asserted that with the launch of the mobile network in the area, the long pending demand of the locals has been fulfilled.
This launch will boost the economy of the region besides providing seamless connectivity to the tourists and the troops in the area.

Maruti Suzuki Installs Asia's Largest 20 MWp Solar Plant at Manesar

Maruti Suzuki India installed a 20 MW solar carport at its Manesar, Haryana, site. The project is projected to provide the organisation with 28,000 MWh of electricity per year. According to the firm, the energy generated by this initiative will be similar to the energy required to create nearly 67,000 cars every year. This is Asia's largest solar carport, according to the business.
The commercial and industrial sectors have witnessed a significant increase in demand for solar to meet their energy needs at lower costs while also achieving their sustainability goals. Through an offshore corporate power purchase agreement, Suzuki Motor Gujarat, a Suzuki subsidiary, began purchasing power from a 17.6 MW hybrid wind and solar power project erected by ReNew Power in June 2022.
Suzuki Motor Corporation, the parent firm of Maruti Suzuki India, inked a memorandum of understanding with Gujarat in March 2022, agreeing to invest around 150 billion yen ($1.13 billion) in local manufacturing of battery electric vehicles (BEVs) and BEV batteries.

Apple Launches Apple Pay Later

Apple joined the thriving "buy now, pay later" industry, with a customised service called Apple Pay Later. Pay Later will be built into the Apple Wallet and eligible for use on any purchase made through Apple Pay. Customers will be able to split the cost of a purchase into four equal payments, with zero interest and fees, spread over a period of four months.
To qualify, however, Apple will first do a soft credit check on users wanting to use the service. The technology behemoth claims it has designed the feature with "users' financial health in mind". It's likely that Apple is trying to consolidate its foothold in the world of consumer finance, and increase its profitability. And consumers should be aware of the risks of using such a service.
Apple will benefit from its huge market and brand power, with the capability to attract millions to its products and services. And with an acute focus on customer experience, Apple has managed to foster a community of evangelists. There's no doubt the company is a consumer darling.

World Bank Cuts India GDP forecast to 7.5%

The World Bank slashed its growth forecast for India for the 2022-23 financial year to 7.5 percent, a hefty 1.2 percentage points down from its previous forecast of 8.7 per cent. The World Bank said it cut India's GDP growth forecast due to headwinds from rising inflation, supply chain disruptions, and geopolitical tensions.
The bank sees India's growth slowing further to 7.1 per cent in FY24. This is 30 basis points higher than the previous forecast of 6.8 per cent. For FY25, GDP growth has been pegged at 6.5 per cent. One basis point is one-hundredth of a percentage point. While the downward revision in the growth forecast for FY23 is large, it remains higher than local projections.
Gross domestic product (GDP) is the standard measure of the value added created through the production of goods and services in a country during a certain period.

Jun 08, 2022

Global BPM Providers in 2021: TCS Maintains 10th Rank

Top Indian IT services company Tata Consultancy Services (TCS) retained its 10th rank among the top global BPM (business process management) providers in 2021. The top 5 BPM players in terms of revenue were ADP, Teleperformance, Accenture, Concentrix and Sitel Group, with ADP's revenue being $10.5 billion.
The rankings were released by outsourcing consultancy Everest Group, based on a composite score of revenue. TCS had a revenue of $3 billion and its revenue growth witnessed a growth of 14-16 per cent over 2020.
Moreover, the top 5 fastest growing companies year-on-year were Tech Mahindra, Telus International, Majorel, Teleperformance and Comdata. The BPM businesses of Infosys, Wipro and Tech Mahindra were ranked at 20, 21 and 22 with revenue of $1.3 billion, $1.4-$1.5 billion and $675 million, respectively.

Sowmyanarayan Sampath to Head Verizon Business

Sowmyanarayan Sampath was appointed Executive Vice-President and CEO of Verizon Business, effective July 1, 2022. Sampath is currently the Chief Revenue Officer. He will succeed Tami Erwin, who will become Strategic Advisor to the CEO till the end of the year.
Sampath joined Verizon in 2014. "He has been a decisive driving force behind the organisation's commercial success, its culture of shared success and relentless focus on customer needs," said a press note from the company.
Over the years, Sampath has served in strategic roles. He joined as SVP of Business Transformation, and created two of the company's largest core initiatives — Network Transformation and OneFiber.

'Har Time EMI on Time' a Financial Education Initiative by Bajaj Finance

Bajaj Finance Limited, the lending arm of Bajaj Finserv Limited, a global financial services conglomerate, launched Har Time EMI on Time, a digital campaign to raise awareness about the importance and advantages of good financial habits for a secure financial future. The campaign aims to inform the general public about the advantages of paying their monthly loan EMIs on time, as well as the long-term consequences of missing payments on their overall financial health.

Axis Bank, Indian Oil Launch Co-branded RuPay Contactless Credit Card

Axis Bank and Indian Oil Corporation Limited (IOCL) launched a co-branded contactless INDIAN OIL AXIS BANK RuPay Credit Card in collaboration with the National Payments Corporation of India (NPCI).
Apart from a fuel surcharge waiver and cash back on fuel purchases, the credit card offers a slew of other incentives on everyday purchases, like accelerated reward points, quick cinema ticket discounts, and dining delights at partner restaurants, among some of the benefits listed by the companies.
the companies also announced that users of this card will also be entitled to receive a 100 per cent cashback of up to Rs. 250 as an onboarding reward on all fuel purchases made within the first 30 days of the card's issuance, aside from a surcharge waiver of 1 per cent on fuel spends between INR 200 to INR 5000 and reward points worth 4 per cent for every Rs. 100 spent on fuel at Indian Oil fuel outlets.

Alok Kumar Choudhary New MD of State Bank of India

The centre appointed Alok Kumar Choudhary as Managing Director of State Bank of India (SBI) for a period of two years. Choudhary, who was Deputy Managing Director (finance) until this appointment, had started his career at SBI as a probationary officer.
With this appointment, SBI, the country's largest bank, now has four Managing Directors and a Chairman. The other three MDs are C. S. Setty, Swaminathan Janakiraman and Ashwini Kumar Tewari.

Jun 07, 2022

Kiya.ai Launches India's First Banking Metaverse Kiyaverse

Kiya.ai, a digital solutions provider serving financial institutions and governments globally, announced the launch of India's first-ever banking metaverse "Kiyaverse". In the first phase, Kiyaverse will allow banks to extend their own metaverse for clients, partners, and employees, through services that will include Relationship Manager & Peer Avatars and Robo-advisors. Kiyaverse will enable customers to use their personalized avatars on digital banking units, mobiles, laptops, VR headsets and mixed reality environments.
The platform will bring banking services from the real world to the virtual world and vice-a versa, interacting with a relationship manager's avatar creation and customisation, AI-based digital customer interaction, portfolio analysis, wealth management, co-lending, and corporate banking.

PM Modi Launches New Series of Coins with Azadi Ka Amrit Mahotsav Design

Prime Minister Narendra Modi launched a special series of coins that are also 'visually impaired friendly'. The launched coins of Re. 1, Rs. 2, 5, 10 and 20 denominations have the Azadi Ka Amrit Mahotsav (AKAM) design. They are not commemorative coins and will be part of circulation. Meanwhile, lenders like HDFC Bank and Axis Bank said that these special coins will be distributed through select branches.
PM Modi said that these new series of coins will remind people of the goal of amrit kal and motivate people to work towards the development of the country. Modi also launched the 'Jan Samarth portal' -- a credit-linked portal of 12 government schemes.

No Plan to Replace Mahatma's Image on Notes: RBI

Reserve Bank of India clarified that it is not considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others. There were reports in certain sections of the media that the Reserve Bank of India is considering changes to the existing currency and banknotes by replacing the face of Mahatma Gandhi with that of others.
According to a report, the central bank and the Security Printing and Minting Corporation of India (SPMCIL) had sent two sample sets of Gandhi, Tagore, and Kalam to IIT-Delhi Emeritus Professor Dilip T. Shahani, who is responsible for selecting and submitting watermarks to the government for final approval.

India Adds 14 Unicorns in 2022 First Half, Builds 70K Start-ups in 8 Years

India got 14 unicorns between January and June of 2022. According to Tracxn, India saw 13 unicorns in the same time period in 2021. According to Union Science and Technology Minister Jitendra Singh, the country has risen from 300 to 70,000 start-ups in the last 8 years, which is a massive 20,000 per cent increase. It is a matter of pride that globally out of every 10 unicorns, one is Indian. Nearly 47 per cent of startup businesses have women as their director or CEO.
However, the start-ups ecosystem is witnessing a funding winter owing to Aglobal macro-economic factors that can last up to 18-24 months.

Mukesh Ambani Richest in Asia, up at 8th Rank on Bloomberg Billionaires List

Mukesh Ambani regained his spot as Asia's richest man, surpassing his rival Gautam Adani, the difference between the two billionaires was 'just $1 billion'. Reliance Industries chairman's net worth was $99.7 billion, while the wealth of Adani Group's founder stood at $98.7 billion, according to the Bloomberg's Billionaires Index. Ambani's wealth surged as RIL shares continued to rise, trading near record high levels.
The 65-year-old is now the eighth-richest person worldwide in June 2022, the Bloomberg's Billionaires Index said, while Adani is just behind him, at the ninth spot.

Share on

TCY Analytics (View Subscription Plans)

Subscribe to GK Updates

I want to receive

GK Tags

October GK, September GK, August GK, INTERNATIONAL AFFAIRS, ENVIRONMENT, BUSINESS AND ECONOMY, SCIENCE & TECHNOLOGY, SPORTS, NATIONAL AFFAIRS, DEFENCE, PERSONS IN NEWS, DAYS AND EVENTS, AWARDS AND HONOURS, GOVERNMENT POLICIES AND SCHEMES, GENDER/ HEALTH/ EDUCATION, ART AND CULTURE, BOOKS AND AUTHORS, TOURISM AND HOTEL INDUSTRY AWARENESS, ART AND CULTURE, LAW AND CONSTITUTIONAL AFFAIRS

Start Discussion

On any topic

Take Tests

Compiled from GK updates

Login

Sign Up

Forgot Password

Download TCY App

Unlock All Services and Enjoy The Premium Benefits

US$ 10

US$ 13

US$ 15

US$ 17

US$ 19

US$ 20

US$ 21

US$ 22

US$ 23

US$ 24

US$ 25

US$ 26