General Awareness

BUSINESS AND ECONOMY - August 2025

Aug 2025

Apr 21, 2026

POSCO, JSW Steel Sign $7.3 Billion Steel Plant Deal

South Korea’s POSCO Group and India’s JSW Steel signed a final agreement to invest 10.7 trillion won (about $7.3 billion) to build an integrated steel plant in India, with each company holding a 50 percent stake. POSCO plans a 5.3 trillion won investment. The project aims to create a production hub and strengthen supply chains in the region and follows a 2024 memorandum of understanding and a 2025 non-binding heads of agreement. Officials say the venture could boost jobs and technology transfer, reinforcing ties between Indian manufacturing and foreign steel giants.

Investment: 10.7 trillion won (~$7.3 billion) for a steel plant.
JV structure: 50/50 between POSCO and JSW Steel.
POSCO investment: about 5.3 trillion won.
Preceding approvals: MOU in 2024; HOA in 2025.
Goals: job creation, technology transfer, stronger supply chains.

Tim Cook to step down as Apple CEO on 1 September 2026

Tim Cook will step down as Apple's chief executive officer on 1 September 2026 after a 15-year tenure. He will become Executive Chairman, and John Ternus, currently head of hardware engineering, will succeed him as the next CEO. Apple says the transition will guide the company into a new era driven by artificial intelligence and next-generation hardware. Cook, who became CEO in 2011 after Steve Jobs, led Apple's expansion into wearables, services, and new product lines beyond the iPhone. Ternus joined Apple in 2001 and has overseen hardware innovations, including Apple Silicon and the revival of Mac sales.

Tim Cook will step down as Apple CEO on 1 September 2026.
Cook becomes Executive Chairman; John Ternus named next CEO.
Transition aims to advance AI and next-gen hardware focus.
Cook’s tenure began in 2011 after Steve Jobs.
Ternus leads hardware innovations and Apple Silicon development.

UN projects India’s economy to grow 6.4% this year

According to the United Nations Economic and Social Survey of Asia and the Pacific 2026, India's economy is projected to grow 6.4 percent in the current year. The UN report notes strong domestic consumption, policy support, and structural reforms as drivers. It references India’s 2025 growth at about 7.4 percent and cites front-loading of exports ahead of tariff changes in major markets. Analysts say the forecast aligns with other international projections that India will maintain robust growth despite global headwinds, helped by services expansion and infrastructure investment.

UN projects India growth at 6.4% in 2026.
Drivers include domestic consumption and policy reforms.
2025 growth estimated around 7.4%; export front-loading noted.
Forecasts suggest India remains among fastest-growing major economies.
Sustained growth supported by services and infrastructure investment.

Asit Tripathy Elected President of Odisha Steel Producers’ Association

The Odisha Steel Producers’ Association (OSPA) unanimously elected former Odisha Chief Secretary Asit Tripathy as its President during a 20 April 2026 meeting. The new industry body includes leaders from Jindal Steel, Tata Steel, Jindal Stainless, JSW Steel, and ArcelorMittal Nippon Steel (AMNS). OSPA aims to strengthen industry coordination, policy dialogue, and sustainable growth in Odisha, a major steel and iron ore producing state. Tripathy brings decades of governance, public policy, and industrial administration experience. His leadership is expected to provide strategic direction and better stakeholder engagement for long-term industrial development in the region.

Election: Asit Tripathy elected President (20 April 2026).
Members include Jindal Steel, Tata Steel, Jindal Stainless, JSW Steel, AMNS.
Goal: strengthen coordination, dialogue, sustainable growth.
Tripathy’s background: governance, policy, industrial administration.
Significance for Odisha’s steel and mining sectors.

Apr 18, 2026

LIC launches MyLIC and Super Sales Saathi apps

The Life Insurance Corporation of India (LIC) launched two digital platforms, MyLIC for customers and Super Sales Saathi for intermediaries, announced on 15 April 2026. LIC, which holds around 260 million policies, says the apps will simplify policy management and improve service efficiency. The rollout aims to empower customers and agents with paperless tools, enhancing accessibility across India. The launch event featured senior officials including M. Nagaraju, Secretary of the Department of Financial Services, with LIC’s leadership present. The initiative aligns with India’s push toward digitisation in financial services and broader consumer convenience in insurance products.

LIC launches MyLIC for customers and Super Sales Saathi for intermediaries
Announced on 15 April 2026; aims to digitalise policy management
LIC manages about 260 million policies nationwide
Officials include M. Nagaraju and LIC leaders
Aims to improve customer experience and reduce paper use
Part of a broader digitalisation drive in Indian insurance

Apr 16, 2026

Bank of Baroda Partners with Reliance Jio to Launch bob World Lite on JioPhone

Bank of Baroda (BoB) has partnered with Reliance Jio to launch bob World Lite for feature phones. The service will run on JioPhone devices, bringing essential mobile banking to millions who do not own smartphones. The initiative aims to bridge the digital divide and expand financial access across India. bob World Lite uses a lightweight, low-bandwidth design to ensure smooth performance on basic networks. It will debut on the JioPhone Prima 4G and marks a milestone in India’s digital banking space by enabling basic banking features on affordable devices.

BoB partnered with Reliance Jio to launch bob World Lite for feature phones.
The app will operate on JioPhone devices to reach non‑smartphone users.
Aims to bridge the digital divide and expand financial inclusion.
Uses a lightweight design for low-bandwidth networks.

Apr 15, 2026

Mundra Port sets record as India’s largest automobile export hub

Mundra Port has emerged as India's largest automobile export hub by shipping 6,008 cars in a single vessel, a milestone for the country’s logistics and export ecosystem. Operated by Adani Ports and Special Economic Zone (APSEZ), the RoRo terminal enables faster vehicle loading and unloading, reducing handling costs and enabling large‑scale exports. The milestone positions Mundra as a key gateway for India’s automobile exports, aligning with broader manufacturing growth and supply‑chain efficiency across major ports. Industry officials view the achievement as a sign of India’s growing strength in vehicle exports and port capacity.

Mundra Port shipped 6,008 cars in one vessel.
Effort highlights Mundra as India’s largest automobile export hub.
RoRo terminal enables faster loading/unloading and lower costs.
Operated by APSEZ (Adani Ports & SEZ).
Reflects growing India manufacturing and logistics capabilities.

Apr 13, 2026

ONDC Leadership Transition: Acting CEO to Permanent Appointment

Media reports indicate that Vibhor Jain’s tenure as acting CEO of ONDC is transitioning toward permanent appointment as managing director and chief executive officer, following the departure of Thampy Koshy. Jain had previously served as COO and led strategy and operations for ONDC. Publications note the finalization of his appointment as a formal step in the organization’s leadership transition. ONDC remains focused on expanding its open, interoperable digital commerce framework and delivering value for participants across the country. Official confirmation from government or ONDC sources had not been publicly posted at the time of reporting.

Juxtaposition: acting CEO to permanent CEO anticipated.
Background: Vibhor Jain previously served as COO and lead for strategy.
Context: follows leadership changes after Thampy Koshy’s tenure.
Implication: aims to stabilize ONDC during growth.
Source notes: multiple trade publications reported the transition.

Vibhor Jain Named ONDC MD & CEO; Appointment Effective 7 April 2026

Vibhor Jain, previously chief operating officer, was appointed managing director and chief executive officer of the Open Network for Digital Commerce (ONDC). The appointment took effect from 7 April 2026, and follows his earlier tenure as acting CEO and as president of network governance. ONDC, a government‑backed platform, seeks to expand open and interoperable digital commerce across India. Jain is expected to drive network expansion, governance improvements and stakeholder value as the platform scales. Industry commentators view the change as an important step in stabilizing ONDC during a period of rapid growth and reform in Indian digital commerce.

Position: MD & CEO; start date: 7 April 2026.
Previous role: COO and President – Network Governance.
Organization: Open Network for Digital Commerce (ONDC).
Strategic aim: expand open, interoperable digital commerce.
Industry view: leadership transition supports growth and reform.

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