General Awareness

BUSINESS AND ECONOMY - January 2023

Jan 2023

Mar 25, 2025

Government Notifies Revisions to MSME Investment and Turnover Criteria: Effective April 1, 2025

The Government of India announced a major revision in the investment and turnover criteria for the classification of Micro, Small, and Medium Enterprises (MSMEs). The changes, which will take effect from April 1, 2025, are aimed at enhancing business opportunities and providing greater financial flexibility to MSMEs. Under the revised criteria, investment limits were increased by 2.5 times, and turnover limits were doubled, as per the announcement made by Union Finance Minister Nirmala Sitharaman during the Union Budget 2025. These revisions will allow larger businesses to qualify as MSMEs, facilitating better access to credit, government incentives, and support schemes.

Hero Realty Appoints Rohit Kishore as its New Chief Executive Officer

Real estate company Hero Realty appointed Rohit Kishore as its new Chief Executive Officer (CEO).
Kishore has over 21 years of experience in the real estate industry.
Kishore joined Hero Realty from Eldeco Properties, where he served as the CEO.
Before Eldeco, he worked in many real estate companies, including Lotus Greens Developers, MARS Development, M3M India, and Bharti Realty.

Bharati Airtel's Gopal Vittal Elected as GSMA Chairman

Gopal Vittal, Vice Chairman and Managing Director of Bharti Airtel, was elected as the Chairman of the Board of the Global System for Mobile Communications Association (GSMA). He is the second Indian to hold this prestigious position after Sunil Mittal. Vittal's tenure will run until the end of 2026. GSMA represents the global telecommunications industry, bringing together over 1,100 companies from the telecom ecosystem worldwide.

First-Ever Export of Anthurium Flowers from Mizoram to Singapore

In a major milestone for India's floriculture sector, particularly from the North Eastern Region (NER), the Agricultural and Processed Food Products Export Development Authority (APEDA) facilitated the first-ever export of Anthurium flowers from Mizoram to Singapore. The consignment was exported via Kolkata. This initiative highlights Mizoram's floriculture potential, strengthens India's agricultural exports, and provides economic benefits to local farmers, including women.

U.S., U.K. Replace Gulf Nations as Top Source of Remittances into India: RBI Bulletin

The Reserve Bank of India (RBI) highlighted a significant shift in the source of inward remittances to India, with developed nations like the United States and the United Kingdom surpassing Gulf countries as the top contributors. According to the RBI's paper, "Changing Dynamics of India's Remittances – Insights from the Sixth Round of India's Remittances Survey," published in its March bulletin, remittances from the U.S. and U.K. nearly doubled, accounting for 40% of total inflows in FY24, compared to 26% in FY17. This increase is attributed to the growing presence of Indian professionals and students in these countries, while contributions from traditional sources like the UAE and Saudi Arabia have declined.

Mar 24, 2025

Meghalaya Inaugurates First Scientific Coal Mining Block

Meghalaya Chief Minister Conrad K. Sangma inaugurated the state's first scientific coal mining block, "Saryngkham-A", at Byndihati in East Jaintia Hills. This marks a significant shift from the traditional rat-hole mining, which was banned by the National Green Tribunal (NGT) in 2014 due to safety and environmental concerns.
In 2014, the NGT imposed a blanket ban on coal mining in Meghalaya owing to its hazardous and unscientific "rat-hole" mining practices. This method involved narrow tunnels where miners manually extracted coal, leading to numerous fatal accidents and severe environmental degradation. The coal-rich Jaintia Hills region was particularly affected by these unsafe mining techniques.

Govt. Appoints Rahul Bhave as MD of IFCI

Rahul Bhave, serving as Deputy Managing Director, was appointed as MD and CEO of Industrial Finance Corporation of India (IFCI) for three years from the date of taking over.
The appointment was approved by the Appointments Committee of the Cabinet (ACC), headed by the Prime Minister.
The Industrial Finance Corporation of India (IFCI) was set up by the government on July 1, 1948, as the first development financial institution in the country.
The finance ministry, in November 2024, in principle approved the 'Consolidation of IFCI Group', which entails the merger/amalgamation of IFCI Ltd and Stock Holding Corporation of India Ltd and other group companies.

Harvest Company Launches Social Media App and Digital Currency in Jaipur

In a significant move towards digital innovation, Harvest Company unveiled its new social media application and digital currency during a grand launch ceremony held at the Atlantis Banquet in Jaipur, Rajasthan. The event highlighted the future and importance of digital currency, emphasising its potential to revolutionize the way people interact and transact online.
The event was organised by Prince Saini, who elaborated on the features of the newly launched app.
The launch also introduced Harvest Company's digital currency, which Saini described as one of the most growth-oriented currencies of the modern era. The company aims to make this currency accessible to the general public, educating them about its benefits. The digital currency stands out due to its reward system, which offers periodic incentives to users.

Mar 23, 2025

Wipro, Tech Mahindra, L&T Tech Services Announce Partnership with Nvidia

IT services firms Wipro, Tech Mahindra, and L&T Technology announced individual partnerships with chipmaking giant Nvidia for AI-based solutions for various industries.
These software firms are showcasing the solutions leveraging Nvidia technologies at the US-based chip major's ongoing annual GPU Technology Conference (GTC) in California.

Mar 22, 2025

SEBI Partners with DigiLocker to Reduce Unclaimed Assets and Strengthen Investor Protection

The Securities and Exchange Board of India (SEBI) partnered with DigiLocker to streamline access to investors' securities holdings and reduce unclaimed assets in the Indian securities market. This initiative enables investors to store and retrieve their demat holdings, mutual fund statements, and Consolidated Account Statements (CAS) through DigiLocker, ensuring seamless access to financial information. Additionally, SEBI introduced a nomination facility that allows investors to appoint legal heirs for smooth asset transition, facilitated by KYC Registration Agencies (KRAs). This move aims to enhance investor protection and financial transparency while minimizing unclaimed assets.

Former SBI & LIC Chiefs among New Members of IRDAI's Advisory Panel

The Insurance Regulatory and Development Authority of India (IRDAI) inducted more members to its Insurance Advisory Committee (IAC) from diverse sectors, including former State Bank of India (SBI) chairman Dinesh Khara. IAC advises the regulator on matters related to insurance regulations.
The new members of Insurance Advisory Committee (IAC) include former Life Insurance Corporation (LIC) chairman M. R. Kumar, former SBI chairman Khara, Aditya Birla Capital CEO Vishakha Mulye, Kotak Mahindra Asset Management Company's MD Nilesh Shah and former CMD of General Insurance Corporation Re (GIC) Alice G. Vaidyan. The committee is responsible for advising IRDAI on regulatory matters concerning the insurance industry.

SEBI Reduces Minimum Investment in SSE to Rs. 1,000

The Securities and Exchange Board of India (SEBI) reduced the minimum investment amount for Zero Coupon Zero Principal (ZCZP) instruments on the Social Stock Exchange (SSE) from Rs. 10,000 to Rs. 1,000. This decision, based on recommendations from the Social Stock Exchange Advisory Committee, aims to enhance retail participation and increase funding for non-profit organizations (NPOs). The move is expected to channel more capital into sectors such as education and healthcare, strengthening India's social impact investment framework. The change modifies SEBI's previous directive from September 19, 2022, and comes into effect immediately.

Mar 21, 2025

PhonePe Wealth Launches CRISP, Online Tool to Select Mutual Funds

PhonePe Wealth launched CRISP, a digital tool that will help investors make "well-informed decisions" in selecting mutual funds.
Mutual fund investments continue to rise, with the number of unique investors growing from 20 million in December 2019 to 53 million in December 2024, according to data from the Association of Mutual Funds in India (AMFI).
CRISP, short for consistency, risk and investment style of the portfolio, addresses this challenge by offering a "comprehensive framework" beyond merely analysing past returns.

IT Firm Happiest Minds Appoints Joseph Anantharaju as CEO, Co-Chairman

IT company Happiest Minds Technologies announced apex-level changes in its organisation structure, effective immediately.
Joseph Anantharaju was elevated to Co-Chairman and CEO of the Bengaluru-headquartered firm.
He will now head all business divisions of the company: Product & Digital Engineering Services (PDES), Infrastructure Management & Security Services (IMSS), and GenAI Business Services (GBS).
Earlier, he served as the executive vice chairman, president & CEO of the PDES Division up till now.
Its Chairman Ashok Soota will now take up an additional position as the Chief Mentor.
Venkatraman Narayanan will continue as the MD & CFO of Happiest Minds. He will head the finance, talent acquisition, internal IT, learning & development, ESG, CSR, procurement and administration teams.

TCS Signs 5-year Partnership with Air New Zealand to Modernise Digital Infra

Tata Consultancy Services (TCS) signed a five-year partnership with Air New Zealand to modernise the airline's digital infrastructure and position it at the forefront of artificial intelligence (AI)-driven innovation.
The collaboration aims to enhance Air New Zealand's digital capabilities, improve customer experience, and drive operational efficiencies across various aspects of its business, including fleet management, crew scheduling and ground services.

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