General Awareness

BUSINESS AND ECONOMY - July 2022

Jul 2022

Nov 19, 2023

UP, Bihar Replace Kerala as Top Contributor of Workforce to GCC Countries

There has been a significant pattern shift in migration of Indian workers to the six Gulf Cooperation Council (GCC) countries — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates — with Kerala, typically the biggest contributor of blue-collar workers, saw a 90 per cent drop. The vacuum so caused was filled by Uttar Pradesh and Bihar, which emerged as top contributors, shows a study by UAE-based organisation, Huntr.
Overall, there has been a 50 per cent increase in migration of blue-collar Indian workers to the GCC countries in first seven months of 2023. The top five states by the number of workers sent to GCC, according to the Huntr study, have been Uttar Pradesh, Bihar, Kerala, West Bengal, and Tamil Nadu. And the preferred destinations for labour migration remain Saudi Arabia, the UAE, Qatar, Kuwait, and Oman.

IndiGo Becomes First Airline to Have over 2,000 Daily Scheduled Flights

IndiGo became the first carrier in the country to operate over 2,000 scheduled or planned flights daily, nearly six years after the airline became the first Indian carrier to have 1,000 daily flights.
The airline, which began operations in 2006, currently flies to 85 domestic and 32 international destinations. In the past six months, the airline has launched flights to over 20 international destinations across Central and Southeast Asia, Africa, and the Middle East with a view to expanding its global footprint.

Mira Murati Appointed as OpenAI's Interim CEO

OpenAI appointed Mira Murati as the Interim CEO, following the unexpected ousting of Sam Altman.
Mira Murati held the position of Chief Technology Officer at OpenAI. Having joined the company in 2018, Murati played a pivotal role in overseeing product launches, including the highly successful ChatGPT.
Her appointment as Interim CEO reflects the board's confidence in her leadership abilities during this transitional period.

Kotak Mahindra Bank Appoints Ashok Vaswani As MD & CEO

The Board of Directors of Kotak Mahindra Bank Ltd. announced the appointment of Ashok Vaswani as Managing Director & CEO. This appointment is set for a three-year term, commencing from January 1, 2024.
Ashok Vaswani brings with him an impressive track record spanning over three-and-a-half decades.
His journey began at Citigroup, where he laid the foundation for his expertise. Further he contributed significantly during his tenure at Barclays.
His professional trajectory has been defined by his ability to build and grow global businesses at scale.

Nov 18, 2023

RBI Imposes Penalty of Rs. 90.92 Lakh on Axis Bank

The Reserve Bank of India (RBI) imposed a monetary penalty on Axis Bank for violating several norms. The Central Bank added that the action was based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers.

India Ranks Third In Global Unicorn Rankings with 72 Unicorns

India was ranked third with 72 unicorns (companies with a valuation of $1 billion and above), after the US (668) and China (172), according to the report from Forex.com.
Despite a lower average valuation per unicorn at $2.72 billion compared to some counterparts, India's unicorns make a substantial 5 per cent contribution to the total global unicorn valuation.
The research commissioned by Forex.com also revealed that the enterprise tech industry dominates unicorn companies globally, boasting a total of 377 with a combined valuation of just over $1 trillion.

JSW Bags Award to Develop Greenfield Port in Karnataka for Rs 4,119 Crore

JSW Infrastructure received a letter of award to develop an all-weather, deep-water, greenfield port at Keni Port in Karnataka on a public private partnership basis for Rs. 4,119 crore.
According to JSW Infrastructure, the proposed Keni Port would have modern environment-friendly mechanised facilities for handling cape-size vessels.
Keni Port is envisaged as an all-weather, greenfield, multi-cargo, direct berthing, deep-water commercial port for handling all types of cargoes on the west coast in the North Karnataka region to serve the industries in the area covering Bellary, Hosapete, Hubballi, Kalaburagi, and South Maharashtra.

Nov 17, 2023

Federal Bank Implements UPI Lite for Convenient Digital Transactions

Federal Bank, a pioneer in banking innovation, launched UPI Lite, which will power small-value digital transactions in India.
NPCI introduced UPI Lite—a simplified version of the Unified Payments Interface (UPI) system to cater to the growing demand for faster and more efficient small-value payments.
The benefits of UPI Lite for customers include a reduction in transaction time, a ready-to-access bank statement, a higher payment success rate, and enhanced security. A UPI lite account can be created within the existing UPI app without downloading a new app.

Tata 1mg Overtakes PharmEasy as Leaders in India's E-pharmacy Market

Tata 1mg pipped PharmEasy to grab the leadership position in the country's e-pharmacy market in terms of gross merchandise value (GMV) after a year of consolidation and tightening of cost controls at top firms in the sector.

TVS Motor Company Joins Hands with Emil Frey for Key European Markets

TVS Motor Company, a leading global automaker operating in the two and three-wheeler segments, announced its entry into Europe by signing an agreement for import and distribution with Emil Frey, a 100-year-old enterprise and a leading name in automotive distribution.
This partnership signifies a significant step towards global expansion for TVS Motor Company, leveraging Emil Frey's extensive distribution network and deep market insights in Europe. TVS Motor Company, known for its commitment to innovation and quality, is set to offer European customers a diverse range of high-performance and technologically advanced two-wheelers.

Nov 16, 2023

GAIL Does World's First Ship-to-ship LNG Transfer

In a groundbreaking move, Gas Authority of India Limited (GAIL), the country's leading gas firm, successfully executed the world's first ship-to-ship liquefied natural gas (LNG) transfer. This innovative approach aims to reduce shipping costs and cut emissions significantly, marking a pivotal moment for GAIL as it explores unconventional methods to enhance its business operations.

India Inks IPEF Pact on Supply Chains in Bid to Reduce Reliance on China

India and 13 other members of the Indo-Pacific Economic Framework (IPEF) signed a supply chain resilience agreement that will provide benefits like potential shifting of production centres in critical sectors and mitigating risks of economic disruptions from supply chain shocks.
The agreement was signed in San Francisco, where the IPEF was held along with the much larger Asia-Pacific Economic Cooperation. India was represented by Commerce Minister Piyush Goyal at the IPEF.
India joined the US and 12 other IPEF partners to ink the IPEF supply chain resilience agreement, a first-of-its-kind international pact that fortifies and strengthens global supply chains and foster adaptability, stability and sustainability.

Nov 15, 2023

India's Strategic Move: Auctioning 20 Critical Mineral Blocks for Economic and Energy Transition.

In a significant move to bolster its green energy transition, India is set to invite bids for 20 critical mineral blocks, including lithium and graphite, within the next two weeks.
In a significant move towards achieving its energy transition goals, the Indian government is set to invite bids for 20 critical mineral blocks, including lithium and graphite, within the next two weeks.
This initiative aligns with India's commitment to ensuring domestic resources for the green energy transition and enhancing national security.

Sahara Group founder Subrata Roy passes away

The Sahara Group chief Subrata Roy passed away on Tuesday at 10.30 pm due to cardiorespiratory arrest following a prolonged illness.
Subrata Roy, the founder of Sahara Group, passed away in Mumbai on Tuesday night at the age of 74 after battling a prolonged illness.
He was admitted to Kokilaben Dhirubhai Ambani Hospital & Medical Research Institute on Sunday and succumbed to cardiorespiratory arrest due to complications stemming from metastatic malignancy, hypertension, and diabetes. He is survived by his wife, son, and brother.

Ashok Leyland delivers India's first LNG-powered haulage truck

Ashok Leyland, the flagship Company of the Hinduja Group and India's leading commercial vehicle manufacturer, today, commenced the delivery of India's first LNG-powered haulage truck - AVTR 1922 to Mahanagar Gas Limited in Hosur.
With this, Ashok Leyland becomes the first Indian Original Equipment Manufacturer (OEM) to unveil an in-house LNG engine compliant with BSVI Stage II emission standards.
The AVTR 1922, powered by Liquified Natural Gas (LNG), is built on the AVTR platform and shares a high degree of commonality with Ashok Leyland's existing diesel truck range. This ensures that our customers benefit from streamlined service and maintenance processes.
Sanjeev Kumar, President- MHCV, Ashok Leyland, said, "Our steadfast commitment revolves around the dynamic needs of customers in the ever-evolving world of sustainable transportation. For over a decade, we have been at the forefront of the alternative energy landscape, beginning with our groundbreaking CNG buses. We firmly believe that our innovations in alternate energy space will not only provide eco-conscious solutions but also ensure long-term profitability for our esteemed customers."
With this significant milestone, Ashok Leyland further strengthens its extensive product portfolio by venturing into the alternate fuel segment, setting new standards in the Indian commercial vehicle industry.

Joe Biden and Xi Jinping to meet ahead of APEC Summit

United States President Joe Biden and Chinese President Xi Jinping are scheduled to meet prior to the 30th Asia Pacific Economic Cooperation (APEC) forum in San Francisco, aiming to mitigate tensions in what's viewed as a critical global rivalry.
White House press secretary Karine Jean-Pierre said in a statement the leaders would discuss the "continued importance of maintaining open lines of communication" and how they "can continue to responsibly manage competition and work together where our interests align, particularly on transnational challenges that affect the international community."

ICICI Bank receives RBI nod to make Securities a wholly owned subsidiary

The central bank's nod is subject to certain conditions, while it awaits other required statutory and regulatory approvals, the company said in an exchange filing on Thursday.
In June, the private lender had approved a proposal to delist ICICI Securities and become a wholly owned subsidiary of the bank after delisting. ICICI Securities, promoted by ICICI Bank, is the country's leading retail-led equity franchise, distributor of financial products and investment bank.
As of the quarter ending September, ICICI Bank held 74.79% stake in ICICI Securities. Shares of ICICI Securities closed 2.91% higher at Rs 659.60 apiece on the BSE, while the parent firm's stock ended 0.30% up at Rs 937.45 per share before the announcement, as compared with a 0.22% fall in the benchmar k Sensex.

Jio and OneWeb Secure Licenses for Satellite Internet Services

The Department of Telecom (DoT) has granted Internet Service Provider (ISP) licenses to Jio Satellite Communications and OneWeb. In a significant leap forward for the telecommunications landscape in India, the Department of Telecom (DoT) has granted Internet Service Provider (ISP) licenses to Jio Satellite Communications and OneWeb.
This developmental follows a year after both companies obtained permits to offer satellite communication services, marking a crucial milestone in their efforts to revolutionize internet connectivity.
The newly acquired ISP licenses empower Jio Satellite Communications and OneWeb to provide internet services by seamlessly integrating satellite capabilities with terrestrial networks.
Additionally, they can utilize Very Small Aperture Terminal (VSAT) technology to establish direct connections with end consumers. This move reflects a commitment to bridging the digital divide and expanding internet access to previously underserved regions.

India's Wholesale Price Index (WPI) Records Seventh Consecutive Month of Deflation in October

India's Wholesale Price Index (WPI) continued its deflationary trend for the seventh consecutive month in October, reaching a three-month low of minus 0.52%.
India's Wholesale Price Index (WPI)-based inflation rate continued its downward trend, reaching a three-month low of -0.52% in October.
This marks the seventh consecutive month of deflation, with various factors contributing to the sustained negative trajectory.
The persistent deflation in factory gate prices can be attributed to the high base effect and declines in the prices of several key sectors. Notably, chemicals, chemical products, electricity, textiles, basic metals, food products, and paper and paper products have experienced reductions in prices compared to the same period in the previous year.

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