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BUSINESS AND ECONOMY - February 2023

Feb 2023

Feb 03, 2023

Defence Ministry Top Buyer of MSME Goods in 2022

  • The Ministry of Defence was the top procuring ministry of goods and services from MSME sellers in the calendar year 2022, said the government's public procurement e-commerce marketplace Government eMarketplace (GeM). "At number one in procurement, the Ministry of Defence reached an all-time high. Reaping the benefits of cost efficiency and speedy procurement, the ministry purchased products and services worth Rs. 16,747 crore in 2022 from the portal.
  • Meanwhile, in terms of state, Uttar Pradesh ranked top buyer of MSME goods worth Rs. 9,642 crore through GeM in 2022.

Nagaland, Patanjali Foods Ltd. Sign MoU on Palm Oil Cultivation

  • Nagaland government and Patanjali Foods Limited signed a Memorandum of Understanding (MoU) for development and area expansion under palm oil cultivation and processing for Zone-II (Mokokchung, Longleng and Mon districts) of Nagaland under the National Mission on Edible Oils-Oil Palm (NMEO-OP).
  • The MoU was signed by the Director of Agriculture, Nagaland, M Ben Yanthan, and Patanjali Foods Ltd Head-NE Region, Oil Palm Subhas Bhattacharjee at the Directorate of Agriculture.
  • According to Patanjali Foods Ltd, the signing of MoU with the Government of Nagaland will certainly bring a big boost for the oil palm growers in the state of Nagaland and the region. Patanjali Foods Ltd is already working in the states of Mizoram, Arunachal Pradesh, Assam and Tripura in the North-east.

Feb 02, 2023

FM Announces Savings Scheme for Women with 7.5% Interest Rate

  • Union Finance Minister Nirmala Sitharaman announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years.
  • The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs. 2 lakh and the scheme will have a partial withdrawal facility as well.

FM Announces Savings Scheme for Women with 7.5% Interest Rate

  • Union Finance Minister Nirmala Sitharaman announced a 'Mahila Samman Saving Certificate' with a fixed interest rate of 7.5 per cent for two years.
  • The deposit can be made in the name of a woman or a girl child. The maximum deposit amount has been kept at Rs. 2 lakh and the scheme will have a partial withdrawal facility as well.

Budget 2023: Income Tax Slabs Changed under New Tax Regime

  • Finance Minister Nirmala Sitharaman announced the new income tax slabs under the new income tax regime in her Budget speech. The tax rebate was raised from Rs. 5 to 7 lakh under the new regime. Moreover, the new tax regime will be default unless the taxpayer chooses to adopt the old regime.
  • No tax will have to be paid for income up to Rs. 3 lakh. For income between Rs. 3 to Rs. 6 lakh, a tax of 5 per cent will be applicable. The highest tax rate of 30 per cent will be levied on income above Rs. 15 lakh, under new income tax regime.
  • The introduction of new slabs with fewer tax rates under the new tax regime as well as the announcement of introducing a single simplified common income tax return form in the future, clearly shows the government's objective to simplify the income tax for the common people. Further, no tax is levied up to Rs. 7 Lakh of income, a big relief for millions of salaried individuals.
  • The highest surcharge rate was slashed from 37 per cent to 25 per cent. The Centre also proposed to cap deductions from capital gains on investments in residential houses to Rs. 10 crore.

Feb 01, 2023

IndiaMART and Four other Indian Markets Figure in US Notorious Markets List

  • IndiaMART, one of the largest Indian e-commerce websites, along with four physical marketplaces in Delhi, Bengaluru, Kolkata and Mumbai figured in the latest annual edition of the Notorious Markets List of the US.
  • Released by the US Trade Representative (USTR), the 2022 Notorious Markets List identified 39 online and 33 physical markets that are reported to engage in or facilitate substantial trademark counterfeiting or copyright piracy.
  • The Indian markets in the list were IndiaMART, Heera Panna in Mumbai, Kidderpore in Kolkata, Sadar Patrappa Road Market in Bengaluru, and Tank Road in Delhi.
  • The Notorious Markets List is an important tool that urges the private sector and trading partners to take action against these harmful practices.

Reliance Announces Partnership with Sri Lanka's Maliban

  • Reliance Consumer Products Limited, the FMCG firm and a wholly-owned subsidiary of Reliance Retail Ventures Limited announced a strategic partnership with Sri Lanka-headquartered Maliban Biscuit Manufactories Limited.
  • Maliban, a biscuit manufacturer, has been well-known for the last 70 years for its range of quality products including biscuits, crackers, cookies, and wafers. According to the partnership, the company has expanded its product's reach to global markets and exports to over 35 countries across five continents.

RBI Appoints V. Ramachandra as Member of Advisory Committee of SIFL, SEFL

  • The Reserve Bank appointed V. Ramachandra, former chief general manager of Canara Bank, as a member of the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL).
  • The Advisory Committee shall advise the administrator in the operations of SIFL and SEFL during the corporate insolvency resolution process.
  • The other two members of the committee are Venkat Nageshwar Chalasani, former deputy managing director, State Bank of India; and T. T. Srinivasaraghavan, former managing director, Sundaram Finance Limited.

New India Assurance (NIA) Launches 'Pay As You Drive' Vehicle Insurance Policy

  • New India Assurance (NIA) launched its "Pay as You Drive" (PAYD) policy, dubbed as revolutionary with features like discounts on renewals, coverage beyond distance limit, and enhanced protections such as nil depreciation, roadside help, return to invoice, etc.
  • The policy comes with various benefits. For instance, the customer can save money through discounts on renewal premiums, provided the vehicle runs within the specified kilometers. The discount is applied on the basic own damage premium.
  • In addition, the coverage will continue for the policy's remaining duration even if the vehicle has been driven beyond the threshold limit.

Gautam Adani out of World's Top-10 Billionaires List

  • Gautam Adani has fallen out of the exclusive group of the top 10 wealthiest billionaires in the world after losing $36 billion of his wealth so far in January as a result of a collapse in firm share prices in the wake of the Hindenburg report.
  • According to Bloomberg Billionaires Index, the Indian tycoon who has his headquarters in Ahmedabad, is currently ranked 11th in terms of wealth with $84.4 billion in assets.

Adani Takes over Haifa Port for $1.15 bn

  • Gautam Adani, Chairman of the Adani Group, took over Haifa Port in Israel in the presence of Israel Prime Minister, Benjamin Netanyahu.
  • Addressing a gathering of top politicians and Indian officials at the handover ceremony, Adani said that the group has struck many critical partnerships in Israel that include Elbit Systems, Israel Weapon Systems, and Israel Innovation Authority.
  • In July last year (2023), the group announced the acquisition of Haifa Port with a local partner, Gadot, for $1.15 billion.
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