General Awareness

BUSINESS AND ECONOMY - December 2024

Dec 2024

Dec 05, 2024

Hyundai Motor Group Ties up with IITs to Advance Battery, Electrification Research

Hyundai Motor Group tied up with three IITs to establish a collaborative research system in the fields of batteries and electrification entailing an investment of USD 7 million over five years. The South Korean group, which has presence across multiple segments including mobility, tied up with IIT Delhi, IIT Bombay and IIT Madras.
As part of the collaboration, Hyundai Centre of Excellence (CoE), will be set up within IIT Delhi and would operate through sponsorships from Hyundai Motor Group.

RBI Increases UPI Lite Wallet and Transaction Limits

In a bid to enhance digital payments, the Reserve Bank of India (RBI) raised the UPI Lite wallet limit to Rs. 5,000, with an increase in the per-transaction limit to Rs. 1,000. This adjustment aims to promote wider adoption of UPI Lite and ease offline transactions, providing a more seamless experience for users.
Per-Transaction Limit: The transaction limit for UPI Lite has been raised from Rs. 500 to Rs. 1,000, making it easier for users to conduct higher-value offline payments without the need for internet connectivity.
Total Wallet Limit: The total wallet limit for UPI Lite has been increased to Rs. 5,000 from Rs. 2,000. This change allows users to store more funds in their wallet for convenient small-value transactions.
Replenishment Process: The replenishment of the used limit will be allowed only in online mode, secured by Additional Factor Authentication (AFA), ensuring a higher level of security.

Bharti Airtel Signs Multi-billion Deal with Ericsson for 4G, 5G Expansion

Bharti Airtel, India's second-largest telecom operator, signed a multi-year, multi-billion-dollar agreement with Swedish telecom equipment provider Ericsson to extend its 4G and 5G contracts.
As per the new contract, Ericsson will deploy centralised RAN and Open RAN-ready solutions for network transformation which will help customers with wider coverage and enhanced capacity on the network. Ericsson will also undertake the software upgradation of its currently deployed 4G radios thereby enhancing the customer experience.

Dec 04, 2024

Govt. Scraps Windfall Tax on Oil, Fuel Exports

The Central Government scrapped the windfall profit tax on domestically produced crude oil, diesel, petrol, and aviation turbine fuel (ATF), following a decline in international oil prices.
A windfall tax is levied by governments against certain industries when economic conditions allow those industries to experience significantly above-average profits.
The tax was introduced in July 2022 to tax supernormal profits of oil-producing companies, which they were earning because of rising global crude prices. Now, since the average prices are coming down, the government was not earning much in revenue, so it decided to withdraw the tax.

Dec 03, 2024

Telangana Joins Mineral Auction Regime, Auctions Limestone Blocks

Telangana joined India's mineral auction regime, with the auction of two limestone blocks at Sultanpur and Saidulnama. These blocks, essential for cement manufacturing, were auctioned to NCL Industries and Deccan Cement. This marks the state's entry into the Centre's mineral auction system, making it the 14th state to participate. The Centre had earlier urged Telangana to auction 11 limestone blocks, with a deadline set for the first phase; failure to comply would have led the Centre to conduct the auction itself.

Intel CEO Pat Gelsinger Steps Down

Intel Chief Executive Pat Gelsinger was forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement.
Gelsinger, who resigned, left after a board meeting during which directors felt Gelsinger's costly and ambitious plan to turn Intel around was not working and the progress of change was not fast enough. The board told Gelsinger he could retire or be removed, and he chose to step down.

Dec 01, 2024

GAIL India Signs Long-term Charter Deal with K-Line for New LNG Ship

State gas utility GAIL (India) Ltd signed an agreement with Kawasaki Kisen Kaisha, Ltd for long-term charter hire of a newly built LNG ship.
The pact was signed through the ship-owning company established in Singapore.
The contract was signed in the presence of R K Jain, GAIL Director (Finance), Sanjay Kumar, GAIL Director (Marketing), and R. K. Singhal, GAIL Director (Business Development) by S. Bairagi, GAIL Executive Director (Marketing - Shipping & International LNG) and Satoshi Kanamori, Managing Executive Officer (LNG, Carbon Solution Business), K-Line.

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