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Business & Economy Current Affairs | Day to Day Trending News

Business & Economy Current Affairs 2019: Want to know the latest Business and Economy News of the day! Then check out the Current Affairs blog of Jobads. It provides you with all the news, issues, etc from different parts of the world related to top trending categories. In this Business & Economy page, we will get you all the business-related information like dealings, MoU’s, agreements between various countries. We also discuss the Economy related issues like GDP, tax-rates, allowances, and many more. For the latest stock market, Gold and silver prices stay tuned to the Business and Economy blog of Day to Day Current Affairs. This is the right place to get quick and Latest updates of Business & Economy Current Affairs and events for various competitive exams and for your General Knowledge. 

Current Affairs

E-commerce consignments are to be carried by the Indian Railways

October 22, 2019

The pilot project of allowing e-commerce consignments in free hours has been initiated by Indian Railways. In India, Eastern Railways has launched it for the first time where it allowed Amazon consignments in its EMU local (suburban services). This consignment will benefit both the railways and the e-commerce industries in terms of revenue, stress, reduces the transit time. The various regulations of the Pilot project is as follows

  • Luggage Rate Rs 5,537 per day which is affordable.
  • Only vendor compartment is assigned for e-commerce consignments usage by the Indian Railways and hence will not create any disruption for other existing systems. 
  • Only the non-peak hours from 11.00 hours and 16.00 hours are locked for consignments. A contract period of 3 months was signed by Indian Railways and Amazon Group. 

IIT-Delhi’s aims at Big Endowment Fund of 1 billion USD

October 21, 2019

The Indian Institute of Technology (IIT), Delhi, is aiming for launch commitment of 1 billion USD (Rs 200 crore). On its Golden Jubilee Convocation ceremony celebrated on October 31, 2019, IIT Delhi will declare its total Endowment Fund. Alumni, bankers, and industrialists are the main target to collect funds. These funds are a big source of income for top global universities. To support this IIT Delhi Endowment Fund music video was released last month featuring former students like Binny Bansal, Zomato co-founder- Pankaj Chaddah, Sun Microsystems co-founder- Vinod Khosla, PolicyBazaar co-founder- Yashish Dahiya, Quikr CEO-Pranay Chulet and founder, managing partner of IvyCap Ventures Vikram Gupta and others. Nearly all featured personalities in the video are l contributing to the fund. This is inaugurated by the President of India at the end of this month, with Flipkart co-founders Sachin and Binny Bansal among contributors. The funds are used for charitable efforts, University infrastructure, to lower tuition costs for students.

Rs.1.2 lakh crore is the expected bilateral defense trade between India and the US

October 19, 2019

Between India and the US, a bilateral defense trade is signed with a budget of  Rs.1.2 lakh crore($18 billion) by 2019 according to the US Department of Defence. Recently, the 9th Defence Technology and Trade Initiative (DTTI) meeting was held in New Delhi in October. In 2008, the bilateral defense trade between India and the US is seen as zero. The summary of the meeting is as follows- Both the United States continues its commitment to strengthening its partnership with Indian. In August 2018, the US also acknowledged the India Strategic Trade Authority Tier 1 designation to Indian. It also supported by providing India with good supply-chain efficiency by allowing American companies to export a greater range of dual-use and high-technology items to India under smooth processes.

1st Indian company to cross the Rs.9 lakh crore of mcap – Reliance Industries

October 18, 2019

Reliance Industries Limited (RIL) led by Mukesh Ambani is the first Indian company to cross the Rs.9 lakh crore of market capitalization (m-cap). It is later on followed by Tata Consultancy Services (TCS) with a mcap of Rs.7,69,483 crore. The total value of all the company’s shares is nothing but a Market cap. It is also estimated that Reliance Industries can be India’s first company to punch $200 billion market capitalization in a couple of years. RIL plans to double the revenue generated on retail and telecom segments by 2025. According to the stock market, the RIL shares are going up 1.76% at Rs.1,420.75, whose value is almost Rs.9,00,666 crore. In 2007, RIL is the only company to reach the Rs.8 lakh crore mark with the $100 billion marks in market-cap.

Kora Master Fund to invest on Edelweiss Securities: Approved by CCI

October 17, 2019

 India’s Competition Commission (CCI) accepted the $75 million investment from the Kora Master Fund LP in Edelweiss Securities Ltd, up to 10 percent. Kora signed an agreement with Edelweiss in August 2019 at its headquarters in the United States. Kora is to invest in Edelweiss Securities Ltd (ESL) and Edelweiss Global Investment Advisory (EGIA) subsidiaries in compliance with the stock subscription agreement. Kora is a shareholder in a global fund. Kora’s main activity is to take care of investment and related activities. The target companies belonging to the Edelweiss Group of Edelweiss Financial Services will be the main holding companies. Vijay Kumar Agarwal and  PK Singh are theChairman and Secretary of India Competition Commission (CCI). CCI is mainly responsible for enforcing the 2002 Competition Act and is also responsible for Trade Commission Practices in India. This aims at avoiding practices that will have a direct adverse effect on India’s competitiveness.  

MS Dhoni launches Mastercard’s “Team Cashless India” Campaign to encourage digital payments

October 16, 2019

“Team Cashless India” campaign was launched by the Mastercard team and its brand ambassador Mr. MS Dhoni. The main motive behind his is to lift the digital payments in India. It also aims to bring more merchants and customers on board. This step involves the effort of the Mastercard team to create an environment that allows consumers to use digital payments for their daily purchases.

Goals of Team Cashless India

  • The campaign urges the people of India to recommend one or more merchants who do not currently accept digital payments.
  • Mastercard supports the implementation of the digital payment acceptance framework by designated by the Confederation of All India Traders (CAIT) and other financial technology firms.
  • The business will provide the convenience to select nominated merchants to join the Cashless India Team of Mahendra Singh Dhoni.
  • Using this action, Mastercard plans to provide 10 million Indian retailers to accept digital payments by 2020.

 Air India, the first airline to use Taxibot on an A-320 aircraft in the world

October 15, 2019

Another feather added to India’s cap of achievements. Air India becomes the first airline to use a Taxibot on an A-320 aircraft in the world. The chairman and MD of Air India-Ashwani Lohani flagged off the flight AI665, which is from Delhi to Mumbai. It was said aircraft is carried to the runway using Taxibot at Terminal 3 of Indira Gandhi International Airport, New Delhi. Taxibot is a pilot-controlled semi-robotic towbar-less aircraft tractor for carrying an aircraft from the parking bay to the runway and vice versa. Using a Taxibot will reduce the consumption of fuel by 85%, reduce engine wear, and helps to keep the environment clean. It also helps in decongesting the boarding gates and apron area by giving efficient pushbacks. As of now, Taxibots are used for departing flights only. 

India’s GDP growth rate is expected to decline to 6%

October 14, 2019

World Bank said India’s growth rate is expected to decline to 6 percent in 2019-20 following the deceleration in this fiscal’s initial quarters. The World Bank said in its latest edition of the South Asia Economic Focus, India is projected to slowly rebound to 6.9% in FY21 and 7.2% in FY22. World Bank forecast India’s growth rate to be 7.5 percent in April 2019. The World Bank study said the Indian economy experienced a significant and broad-based deceleration of growth in the first quarter of 2019-20, with a sharp decline in demand and a weakening of growth in both the supply side of industry and services. The inflation headline averaged 3.4 percent in 2018-19. It represented the economic momentum below trend and low food prices. In the first half of 2019-2020, it remained well below the RBI mid-range target of 4 percent. This also allowed the RBI to ease monetary policy by cutting the repo rate from January 2019 through a cumulative 135 basis points (bps).

Ministry of Commerce and Industry may restrict palm oil imports from Malaysia

October 13, 2019

India imports more than 9 million tons of palm oil per year, mostly from Indonesia and Malaysia. India restricts imports of certain products from Malaysia, including palm oil, in response to the leader of the Southeast Asian country criticizing New Delhi for its actions in Kashmir. India is looking for different ways to limit the imports of palm oil and may place restrictions on other products from the region said a government source and industry sources who participated in discussions led by the Ministry of Industry and Commerce with certain limitations. According to the details given by the government of India, the largest buyer (almost 3.9 million tons)of Malaysian palm oil till September 2019 has been India. The government of India was angry after Malaysian Prime Minister Mahathir Mohamad told the United Nations last month that India had “invaded and occupied” Jammu and Kashmir and asked New Delhi to work with Pakistan to resolve the issue.

Mukesh Ambani bags the top place for 12th consecutive year

October 12, 2019

Every year Forbes magazine releases India’s richest person list. This time again Mukesh Ambani, Reliance Industries Ltd(RIL) chairman, attain the number one spot with $51.4 billion net worth. Mukesh Ambani has been occupying the first place in Forbes list from the last 11 years. Reliance Industries has become India’s biggest mobile carriers with more than 340 million subscribers. According to the Forbes list of richest Indians of the year 2019, Gautam Adani occupied the second position, owners of Ashok Leyland- Hinduja brothers were in third place. Shapoorji Pallonji Group’s Pallonji Mistry was on the fourth rank. Kotak Mahindra Bank’s Uday Kotak has been ranked fifth followed by HCL Technologies Shiv Nadar. 

Brand Finance Nation Ranking 2019: India dives to 7th position

October 11, 2019

Brand Finance is a top autonomous branded business valuation consultancy founded by David Haigh in 1996 in London, United Kingdom. This Branded organization suggests on how to improve intangible assets and brands via effective management. As per the Brand Finance Nation 2019 ranking released recently, India stands at the 7th position in the list, jumping two steps ahead from the last year. India occupied this place with an 18.7% growth in brand value to $2,562 bn. Due to the manufacturing and construction fields, there has been a decline in the overall economic growth. The latest Finance Nation ranking also specifies that the United States, China, and Germany occupy the top three positions of the list. Whereas Canada fell to 8th position and South Korea spots 9th positions managing to move a  level up from 10th position in 2018. Italy stands at 10th position. 

India’s Growth Forecast notched to 5.8% from 6.2% for FY20 by Moody’s Agency

October 10, 2019

Moody, an International Rating Agency founded in 1909 by John Moody in New York City, United States. On October 10th, 2019 Moody agency has cut down the Gross Domestic Product (GDP) growth forecast for India to 5.8% for the Fiscal Year 20 (FY20). Whereas is estimated at 6.2% in the previous year. This gradual decrease in India’s GDP is mainly due to deceleration to investment-led slowdown, which has fattened into consumption, forced to financial stress among rural households, and weak job establishment. It is also estimated that the Gross Domestic Product (GDP) to take up to 6.6% in FY21 and will reach 7% in the coming years. The Reserve Bank of India dropped the growth forecast to 6.1%  from 6.8%.

Union Cabinet approved 5% additional Dearness Allowance

October 9, 2019

The Union Cabinet on 9th October 2019, made an announcement about the approval of additional installment of Dearness Allowance and Dearness Relief. Normally, the DA and DR are revised twice a year. According to the approval, the employees of the central government are granted an increase of 5% in their allowances. As of today, about 12% of the basic pay. It is also said that Dearness Relief at present is 12% of the pension, Modi’s government also decided to increase the present Dearness Relief for about 5%. The Govt has taken this step of increasing the allowances to compensate for the price rise. Based on the 7th Pay commission guidance, this increment has been done. The DA and DR are given to the Central Government employees and pensioners to ensure their basic pay and cost of living.

First World Cotton Day celebrations in Geneva by WTO

October 8, 2019

8th October is celebrated as the World Cotton Day. This time World Trade Organisation (WTO) decided to host the first World Cotton Day celebrations in Geneva. This five-day event of World Cotton Day at Geneva beginning today. And later on will be continued heads of states, heads of international organizations, and other private sector executives. This event involves the Cotton-4 countries (Benin, Burkina Faso, Chad, and Mali) to the United Nations General Assembly for its official recognition of a World Cotton Day, to reflect the importance of cotton as a global commodity.  On this day, they talk about the advantages, production, transformation, trade, and consumption of cotton. They also discuss various challenges faced by cotton economies around the world. This event will also have a cotton exhibition where TEXPROCIL, Handloom Export Promotion Council (HEPC), Cotton Corporation of India (CCI) and the National Institute of Fashion Technology (NIFT) will be set up their stalls. More than 30+ countries and 400+ participants will take part in this event.

Mahindra and Mahindra Joins venture with Ford Motor

October 4, 2019

India has been a country of new inventions and ventures. One such joint venture is developed between the Mahindra and Ford. Indian car manufacturer Mahindra & Mahindra (M&M) has joined has with Ford Motor Company for a joint venture. The net worth of the venture is about 1925 crore and attains 51% stake in its Indian Ford unit. With the help of this joint venture, Mahindra gets access to Ford’s Indian Production at Chennai, Sanand, and the Gujarat plants and will be in Operation by mid -2020. This venture will show its impact on ford’s newly established Business unit called International Markets Group(IMG). M&M will get a 51% equal share capital of  Ardour Automotive, a wholly-owned subsidiary of Ford in India. 

PRAKASH Portal to keep an eye on coal supply to power plants

October 3, 2019

Union Power Minister- Raj Kumar Singh and Coal, Mines, and Parliamentary Affairs Minister- Pralhad Joshi have jointly launched PRAKASH– Power Rail Koyla through Supply Harmony Portal in New Delhi. This PRAKASH Portal helps to bring better strategy among all stakeholders for better coal supplies. Over the past five years, coal production has increased to 165 million tonnes. Coal stocks are raised to 17 million tonnes from 11 million tonnes in 2018. Prakash Portal was developed by the Electric Power Distribution Company- NTPC. Different stakeholders such as the Central Electricity Authority (CEA). Centre for Railway Information System (CRIS), and coal companies for different data sources. The portal is constructed to help in mapping, monitoring the entire coal supply chain for power plants, mines, coal quantities/rakes planned, coal quantity in transit and coal availability at power generating station. The portal helps you to ensure adequate availability and optimum utilization of coal at thermal power plants.

Documentation Identification Number launched by CBDT

October 2, 2019

A computer-generated Document Identification Number (DIN) is started by the Central Board of Direct Taxes (CBDT). This helps to ensure transparency and accountability in the income tax department. From now every CBDT communication should have a documentation identification number. The Union Minister of Finance- Nirmala Sitharaman guided to create a DIN system. From 1st October 2019, the DIN system comes into existence and is applicable to all kinds of communication from Income Tax(IT) Department like investigation, assessment, rectification, appeals, penalty, and etc. It is reported that almost 17,500 communications are generated using the DIN system on the first day of systems implementation. 

Bharti Airtel’s fundraising Exercise

October 1, 2019

Bharti Airtel is a leading global telecommunications company founded by Sunil Bharti Mittal on 7th July 1995. Bharti Airtel is the second-largest operator by revenue of India has decided to raise a bond issue by its subsidiary Network i2i. The Bharti Airtel’s have a debt of Rs. 1.16 lakh crore up to June 2019. The funds will be used to clear off the debt of Bharti Airtel. To accomplish this, seven joint bookrunners and a team of joint leading managers have appointed activity through the dollar-denominated perpetual bond. All the bankers including BNP Paribas, Citigroup, J.P Morgan, and other Standard Chartered Bank will conduct a list of income investor meetings/ calls across the US, Europe, and Asia. The fundraising exercise will in the range of $750 million to $1 billion and the final count is based on the market response. 

Cloud Services business started by ITI Limited

September 30, 2019

Good news!! ITI Limited launched its cloud services and solutions platform for central and State government entities, banks, public sector undertakings, small & medium enterprises, and Start-ups in India. The Cloud Services business provides various services like Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Software as a Service (SaaS), and Storage as a Service (STaaS) by joining hands with Connectivity IT Solutions (data center provider). This service facilitates in speeding up the development and deployment of various ICT-IoT applications, minimize the utilization of infrastructure. The data is stored in Connectivity IT Solutions’ supporting ITI with Cloud infrastructure, R&D capabilities, and technical manpower. The initiative also shows its commitment to the Government of India’s in implementing Digital India. The cloud services of ITI Data Center helps many PSU Banks, Central, and State Government sectors, MNCs, corporates, and large enterprises and industries to have their data located within the country.

Launch of Pilot Project for ushering in Industry 4.0 in the country

September 28, 2019

For operation at the Modern Coach Factory (MCF), Raebareli, a Pilot Project for ushering in the Industry 4.0 in the country came into existence. The partnership between IInd T Kanpur and the Ministry of Railways and Department of Science & Technology led to a unique project on Industry 4.0 launching a Pilot Project in Raebareli. ‘Industry 4.0’ refers to the fourth industrial revolution pointing to the current trend of automation, interconnectivity, and data exchange in manufacturing technologies to maximize their productivity. On 22nd Sept 2019, the importance of ‘Industry 4.0’ in the global economy was focused more on PM Shri Narendra Modi in his tour to the USA. Inspection, Machining, Welding, Measurement, etc will be given with the initial & Big Data Analytics, Artificial-Intelligence, etc. under the Industry 4.0.

Individuals with autism are to trained by Amazon India

September 27, 2019

Amazon India in association with the non-governmental organization (NGO) – Sol’s ARC decided to start the first pilot program of training young adults with autism and intellectual disabilities. This program helps them in successful integration into the workforce and help them gain financial independence. Amazon.in with Sol’s ARC develops internship opportunities for them in different parts of its India to fulfillment network. The non-governmental organization (NGO) – Sol’s ARC plans to create awareness among Amazon employees about autism and intellectual disabilities through various skits, paintings, etc. It is reported that more than 350 associates who are deaf with speech disabilities are part of the Amazon network across the country through fulfillment centers, sortation centers, and delivery stations.

TVS Motor Company Appoints New Distributor in UAE

September 26, 2019

TVS Motor Company is one of the top company it manufacturing Motor vehicles. TVS has now introduced its presence in the United Arab Emirates (UAE) with its new distribution partner Al Yousuf MC. The two-wheeler company opened a 2700 sq.ft. showroom along Sheikh Zayed Road in Dubai recently. The TVS service not provides dealership sales but also carries spares and feature service facilities. TVS will be retailing its huge range of offers in the UAE on various models like TVS Jupiter, TVS NTorq 125, VS Wego scooters, HLX 150, and HLX 125 global motorcycles. The updated models are yet to arrive in dealerships by the end of 2019 or by early next year, April 2020 deadline. They have recently come up with the TVS NTorq 125 Race Edition in the country with various options like new graphics, color options, and a new LED headlamp to attract the customers in this festive season.

Infosys – World’s third best-regarded company

September 25, 2019

In Forbes list of the World’s Best Regarded Companies, Indian companies like Infosys, TCS, and HDFC got ranked. Infosys stood at third place in the list of World’s Best Regarded Companies. Global payments technology Company Visa and Italian car-maker Ferrari occupied at the first and second positions. According to the Forbes list 2019, the top ten companies in the list are Netflix at the 4th position PayPal (5), Microsoft (6), Walt Disney (7), Toyota Motor (8), Mastercard (9), Costco Wholesale (10). Indian companies Tata Consultancy Services (22nd position), Tata Motors (31), Tata Steel (105), Larsen & Toubro (115), Mahindra & Mahindra (117), HDFC (135), Bajaj Finserv (143), Piramal Enterprises (149), Steel Authority of India (153), HCL Technologies (155), Hindalco Industries (157), Wipro (168), HDFC Bank (204), Sun Pharma Industries (217), General Insurance Corporation Of India (224), ITC (231), and Asian Paints (248) are there in the list.

By 2021, Honda to hold the sale of diesel cars in Europe

September 24, 2019

Honda Motor is the world’s largest motor manufacturer founded by Soichiro Honda, Takeo Fujisawa on 24 September 1948. In a recent announcement of Honda Motor Co Ltd, it is declared that they are going to stop the sale of all diesel cars by 2021 in favor of models with electric propulsion systems. Japanese automaker jumps to electrify all of its European cars by 2025. Carbon dioxide must be cut to 95 gram per km for 95 percent of cars from the current 120.5-gram average as per the European Union emission targets. New cars in the EU must be flexible in 2021. In order to reduce the global production costs by 10% automaker are advised to cut the no.of car model variations to the current offerings by 2025. This helps to redirect the savings for research and development. Similarly, other companies like Maruti Suzuki and Renault also planned to terminate the sale of diesel-powered vehicles from April 2020 because of the high expenditure. 

Aurobindo Pharma faces penalty by SEBI

September 23, 2019

On 23 September, Aurobindo Pharma and its promoters fined with a penalty of Rs.22.7 crore by the Securities Exchange Board of India (SEBI). Aurobindo Pharma faces this penality as it violated the provisions of insider trading in accordance with a licensing deal with Pfizer in 2009. 45 days of time from the date of issuing the order is given by SEBI for the Aurobindo Pharma and its promoters to pay the penalty. Aurobindo Pharma has undergone an investigation from 22 July 2008 to 20 March 2009 by SEBI. As Aurobindo Pharma continuously got the stock exchange on price-sensitive information (PSI) related to the licensing and supply agreements. 

National e-Assessment center to be established by CBDT in New Delhi

September 22, 2019

The Central Board of Direct Taxes (CBDT), has announced that National E-Assessment Centre (NeAC) will be set up in New Delhi. In order to launch faceless and nameless assessments for income taxpayers, the Centre government has decided to implement this ambitious plan. It is going to be operated from 8 October 2019. National E-Assessment Centre (NeAC) is an office looking for the work of an e-assessment scheme with 16 officials.  KM Prasad, a 1984-batch Indian Revenue Service (IRS) officer, Principal Chief Commissioner of Income-tax (PCCIT) will be working as the chief officer. Ashish Abrol, a 1993-batch IRS officer will be a commissioner. This Scheme is completely electronic communication between tax officials and taxpayers. Hence, there is no need to appear either personally or via authorized representative before IT authority. The taxpayer will be given a chance for a personal hearing, in case of modifications.

Corporate tax to be reduced by Central Government

September 21, 2019

Good news for the Corporate world! Corporate tax rates are to cut down from 30% to 22% by the Central Government. Finance Minister Nirmala Sitharamanhas made this announcement in Goa at the 37th GST council meeting. Certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019 are made in the Taxation Laws (Amendment) Ordinance 2019. This drop-down of corporate tax supports manufacturing in the country. For the existing Domestic company needs to pay an income-tax at the rate of 22% avail any exemption/incentive. Rates will be 25.17% including surcharge & cess. Cancellation of Minimum Alternate Tax (MAT) of the companies.It is also declared, any new domestic company started on or after 1st October 2019 will make fresh investment and pay tax at the rate of 15%.  17.01% is the effective tax rate for these companies without Minimum Alternate Tax (MAT). 

Healthcare benefits for Ola drivers under Ayushman Bharat

October 19, 2019

Under the Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) scheme, Ola and Ayushman Bharat joined as partners giving overall health insurance for Ola’s 2 million drivers. Vice President-Operations, Ola- Vijay Ghadge, signed an MoU with Praveen Gedam, Deputy CEO of AB-PMJAY and National Health Authority. This scheme provides secondary and tertiary health care for drivers and their families. In the presence of a third-party administrator, representatives from Common Service Centres (CSC), Ministry of Electronics and Information Technology, Government of India signed the MoU. AB-PMJAY provides hospitalization benefits through a health cover for 10.74 crore people who belong to economically backward and vulnerable families in India. Firstly the two organizations work to identify eligible driver-partners for the scheme and provide them with access to get benefited by the PM-JAY scheme. Hundreds of eligible driver-partners can use in-patient care for serious health issues at government and private hospitals under PM-JAY.

8.5 million subscribers added to Jio in the month of July

September 18, 2019

Reliance Jio added almost 8.5 million subscribers in July, while Airtel and Vodafone lost 6 million users. According to data from the Telecom Regulatory Authority of India (TRAI), Bharti Airtel has 2.5 million subscribers exiting its network. Similarly, Vodafone Idea had 3.4 million users leaving its network. Both Jio and Airtel have expanded their broadband market share to 56.2 percent and 20.5 percent, gradually. The active subscriber report given by TRAI has reduced to 83.2 percent from 84.4 percent in June. BSNL (9.05 million), Bharti Airtel (2.4 million), Atria Convergence Technologies (1.47 million), Hathway Cable & Datacom (0.85 million) and You Broadband (0.75 million) are the top five wired broadband service providers. The wired broadband base is expected to undergo some small changes as Jio starts offering commercial optical fiber services. 

For aerospace AI and 3D printing, BEML and Wipro work together

September 17, 2019

An MoU to work together for areas of aerospace, industrial automation, 3-D printing artificial intelligence, and hydraulic system engineering has been signed by the defense PSU BEML Ltd and Wipro Infrastructure. The MoU involves the two firms to work together on the projects, products, systems, services, and projects for DRDO Labs. It also allows them to work on the government entities in India and overseas. This MoU will help the companies to make a significant contribution to indigenization and Make in India’s initiatives of the government. It mainly focuses on aerospace components, parts manufacturing and designing. And how to optimize new critical aggregates, legacy components & spares, and process automation. BEML is a heavy engineering company focusing on emerging technologies like 3-D printing and industrial automation.

In 2018-19, Air India announce Rs 4,600 crores operating loss

September 16, 2019

The largest international carrier with 60+ international destinations served by four continents is Air India Airlines. Air India airline was owned by the government and started its service from 1932. In 2018-19, Air India posts an operating loss of around Rs 4600 crore due to high oil costs. The debt-laden carrier expects to show the profit of Rs 700 to 800 crore for the years 2019-20. A net loss leads to Rs 8,400 crore is faced by the Air India airline. For  2018-19, the total revenue loss reached around Rs26,400 crore. Within a time gap of four-months, Air India faced Rs 430 crores loss because of Pakistan’s Balakot airstrikes. Air India tries to overcome the situation by improving to forty-one international and seventy-two domestic destinations. Air India already suffers from the loan burden up to Rs 58,000 crore. 

Attack on Saudi Arabia’s oil drone: Detailed Explanation

September 15, 2019

The drone attacks on the major oil installations in Saudi Arabia have led to an increase in global oil prices. It is reported that more than 5 percent of the global supply was disturbed because of the attack. In an attack on Aramco’s processing plants in Khurais and Abqaiq oil field, one of the world’s largest petroleum processing plants, the drone strike knocked out 5.7 million barrels of daily crude production or 50 percent of the Saudi oil capacity. This affects over 5% of the world’s daily production of oil. This attack is not only seen in the increase in oil prices, but also in financial markets, including gold, yen, and the treasuries of the world. The U.S. gasoline futures soared nearly 13 percent, while in Asian trading West Texas Intermediate fell to $59.75, an 8.9 percent increase. Prices slightly dropped, after US President Donald Trump ordered US reserves to be released. After the attack, the United States complained, Iran of being the main culprit. Iran firmly denied the accusation made by the US. 

Aadhaar authentication compulsory for new dealers from January 2020: GSTN

September 14, 2019

Yes, it is true that Goods and Services Tax (GST) Network decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020. This helps to check malpractices in GST. The Deputy Chief Minister of Bihar and head the Group of Ministers of GST Network- Sushil Kumar Modi made the announcement. He further added that aadhaar authentication helps to check the malpractices in GST.  Aadhaar authentication was earlier optional. But from January 1st, 2020, all the new dealers enrolled should have Aadhaar authentication. Infosys one of the top MNC company got the contract to prepare the programming and software. It is also said that people who don’t want to share Aadhaar numbers should go through physical verification. In both situations, the GST number will be given within three working days of Aadhaar authentication and physical verification. 

Measures to revive Indian economy by Former PM Manmohan Singh

September 12, 2019

Manmohan Singh, former Prime Minister, and economist suggested five measures to reverse the current economic slowdown of the country. He also mentioned that demonetization and faulty implementation of the Goods and Services Tax has ruined the Indian economy. These are the five reform measures that were suggested by former PM Manmohan Singh are:

  • Make GST logical. The govt should take steps needed to improve the entire economic framework of the country instead of creating sectoral announcements.
  • The agriculture sector should be recovered and improve rural consumption.
  • Inject liquidity in the system for a better capital formation.
  • Renovate key labor-intensive sectors like textile, automobile, electronics and affordable housing. Easy loans are the best option to implement this in micro, small and medium enterprises (MSMEs).
  • Take up emerging export opportunities due to the economic battle between the United States and China.

India’s BHEL commissions 1,320 MW thermal plant in Odisha

September 11, 2019

Bharat Heavy Electricals Limited (BHEL), one of India’s largest power equipment manufacturer has successfully commissioned a 1320 Megawatt (Mw) power plant in Odisha. Grid Corporation of Odisha (GRIDCO), will get the generated power from this project. Thermal Power Station has two units of 660 Megawatt capacity each is owned by Odisha Power Generation Corporation Limited (OPGC), a joint venture company of the Odisha Government and AES (a US-based energy company). Already BHEL has set up two units of 210 MW capacity each at IB Thermal Power Station operating from about 20 years. The major and key equipment of the project is manufactured by BHEL at its Haridwar, Trichy, Hyderabad, Ranipet, Bhopal, and Bangalore facilities. BHEL contributes 100 percent of the coal-based power stations installed by OPGC. The company’s Power Sector – Eastern Region division, will look at the construction of the plant. It has been said that BHEL installed more than 1,85,000 MW utility sets in India and all over India. 

$200-million loan agreement is signed between India and ADB

September 10, 2019

A 200-million dollar loan agreement is signed between the Indian Government and Asian Development Bank (ADB) for developing the rural roads in 34 districts of Maharashtra. Developing rural roads helps in improving road safety and better connecting rural areas with markets and services. Sameer Kumar Khare, Additional Secretary, Department of Economic Affairs (DEA) in Union Ministry of Finance and Sabyasachi Mitra, Deputy Country Director of ADB’s India Resident Mission signed the agreement. In 2016-17 Maharashtra amounted for 15% of Gross Domestic Product (GDP). But economic development in the urban centres of Mumbai, Pune, and Thane of the state. It is observed that about 17% percent of the state’s population is below the national poverty line. Nearly 40% of the people in rural are seen under the BPL. Under the project, the roads in rural areas will improve the condition (almost 2100 kilometres of rural roads) to all-weather standards. This will lead to smooth communications links between local residents and economic centres across the state. Maharashtra Rural Road Development Association (MRRDA), the rural infrastructure agency of Maharashtra is also involved to develop road safety, road asset management, contract management, and climate resilient design. $296 million is the total budget of the project and the government is estimated to provide $96 million. By the end of September 2024, the project may be completed.

Updated Credit linked Capital Subsidy for MSMEs launched by Govt

September 7, 2019

Nitin Gadkari, Union Minister for Micro, Small and Medium Enterprises comes up with the updated Credit linked Capital Subsidy allowing micro, small and medium enterprises (MSMEs) access to capital. A 2-day workshop has been held at New Delhi on ‘Credit Linked Capital Subsidy and Delayed Payment of MSMEs’. During the workshop, MoUs were also signed by the Development Commissioner of MSME and Ministry of MSME with 11 Nodal Banks. Cabinet Committee on Economic Affairs(CCEA)allocated Rs 2,900 crore for the scheme. For SC-ST entrepreneurs from 117 aspirational districts, hill states, and the northeastern region, an additional 10 percent subsidy has been allotted. Nitin Gadkari also added that for 51 sub-sectors, a 15% subsidy for investment up to Rs.1cr. for technology up-gradation by MSMEs has been given. Companies and Central Public Sector Enterprises (CPSEs) under the Companies Act, 2013 having a turnover of more than Rs.500 crore required to get themselves on-boarded on TReDS (Trade Receivables Discounting System) platform as per Reserve Bank of India (RBI) notification.

JioFiber broadband offers a minimum 100 Mbps internet speed @Rs.699/month

September 6, 2019

Mukesh Ambani & Co decided to Reliance Jio offer a bundle of services like high-speed internet, landline phone, and High Definition (HD) television through JioFiber. JioFiber is a  fiber-based wired broadband service. To use this service, the minimum internet speed of 100 Mbps with plans starting at Rs.699 per month for 100 GB. And other higher plans come with freebies like high definition television (TV) sets and set-top boxes. Reliance is also offering a free set-top box for annual subscription opting customers with ‘Gold’ plan within the range of `Rs.1,299 to Rs.8,499 per month under welcome offer. You can now have free voice calling to anywhere in India, TV video calling/conferencing, and unlimited data via Jio’s broadband service.  JioFiber broadband provides internet speeds of up to 1 Gbps for Rs.8499/month.

 

IndiGo partners with SonyLIV to provide mobile inflight entertainment

September 5, 2019

A new trend to start in airlines by IndiGo. It is reported that IndiGohas joined hands with online video streaming service SonyLIV.  As the government has allowed airlines to provide in-flight internet connectivity as well as voice calls. IndiGo has planned to offer passengers entertainment content at ₹25.  The IndiGo airline is expanding globally by providing entertainment content onboard for its passengers on longer flights. As the airline has 50% of its new destinations in 2019 will be international ones, the passengers have to download the app and the video content before their boarding. IndiGo will provide a link to its passengers through which they avail of the subscription. The passengers will have unlimited access to SonyLIV’s premium content for the next 7 days. Similarly, Full-service carrier Air India provides its passengers a pre-loaded entertainment content to view on screens mounted on seatbacks. SpiceJet too has planned last year to provide an in-flight WiFi facility but is yet to roll it out. Vistara’s Vistara allows wireless stream content from our personal Android device.

USD 300 million contracts from ICICI Bank is won by Wipro

September 4, 2019

Wipro has achieved a 7-year contract worth $300 million from ICICI Bank to provide a wide range of services. The last date for transactions is expected to September 30. Wipro also plans to hire 3,800 employees of Vara Infotech for this project. Banking is the biggest portfolio for Wipro and account records for around 31% of the total revenues. Due to macro monetary difficulties looked by banking, financial service, and money related administrations and protection of the BFSI part, the Wipro organization’s faced a decline of 1.3% at the end of June 30, 2019.  The $300 million projects is a break that Wipro needs to make the sector remains globally. Vara Infotech is service to ICICI. It provides facilities and assets for Rs.321 crore. In 2018-2019, Vara Infotech’s revenue from these services stood at Rs.221.5 crore. Global digital transformation in BFSI is set to reach $121 billion by 2025 because of the latest merge of different banks announced by the Finance Minister.

BS-VI certification for ‘Ashok Leyland’ heavy-duty trucks

September 3, 2019

Ashok Leyland is a leading truck and bus manufacturers and also works as the chief company of Hinduja Group. Ashok Leyland declared that its entire range of heavy-duty trucks is enhanced to meet BS-VI transmission norms. These duty trucks are expected to come into force from 1 April 2020. The new BS-VI trucks are being built on a new modular platform with four engine options. Due to this BS-VI enhancement, Ashok Leyland will be India’s 1st original equipment manufacturer (OEM) and vehicle maker to meet BS-VI emission norms across its entire range of heavy-duty trucks (gross vehicle weight of 16.2. tonne and above). It has received compliance certificates from the Automotive Research Association of India (ARAI). Because of the BS VI-fuel availability, Ashok Leyland’s heavy trucks are BS-VI has been delayed. Ashok Leyland is looking at putting these trucks in some select regions such as NCR-Rajasthan where BS VI-fuel is available. 

In July 2019, production and growth of eight core Industries drops to 2.1%

September 2, 2019

According to data released by the Government, Index or growth of Eight Core Industries is dropped to 2.1% in July 2019. This is mainly due to the recession in coal, crude oil, natural gas, and other refinery products. In July 2018, these eight sectors had expanded by 7.3% and has declined by 6.2% during April to July 2019-20. These eight core sectors constitute 40.27% of Index of Industrial Production(IIP). The monthly production index is a lead indicator of the monthly industrial performance including production and growth figures of eight core industries steel, electricity, crude oil, refinery products, coal, cement, natural gas, and fertilizers. Central Statistical Organisation (CSO) under the Union Ministry of Commerce and Industry considered these eight core sectors as the key industries of the economy and serve as the backbone of all other industries. 

By 2025, India will beat China in importing of Coking coal

September 1, 2019

In India, coking coal is used in various industries for steel manufacturing. It has been reported that India’s coking coal usage and consumption gradually grow up. In the second quarter of 2019, India has been the largest importer of Australian coking coal. It is said that between 2019 to 2028, the annual coking coal consumption will be at an average rate of 5.4% because of the gradual expansion in steel production. Fitch Solutions Macro Research reported that India will cross China as the largest importer of coking coal by 2025. It also mentions that China will remain dominant with respect to the overall market share.  It is estimated in the coming years, China will make an effort for two-thirds of global coking coal production.

 

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