1. ADB to provide $68 million loan to IIFL improve women's access to green housing in India
Tags: Economics/Business
The Asian Development Bank (ADB) and IIFL Home Finance Limited (IIFL) signed a $68 million loan to improve financial access to affordable green housing for lower-income women borrowers in India .
Out of $ 68 million ,ADB will provide $58 million while the $10 million concessional loan by the Canadian Climate Fund for the Private Sector in Asia (CFPS). The Canadian loan will be routed through ADB.
Asian Development Bank
It was set up in 1966.
Its headquarters is at Mandaluyong City, Manila, Philippines
Total member countries : 68
President of ADB : Masatsugu Asakawa of Japan
IIFL
IIFL Holdings Limited is an Indian diversified financial services company headquartered in Mumbai.
IIFL Home Finance Limited is a subsidiary company of IIFL.
Chairman : NirmaL Jain
2. World Bank to provide $115 million loan for REWARD project
Tags: Economics/Business
The World Bank arm International Bank for Reconstruction and Development (IBRD) will provide a $115 million (Rs 869 crore) loan to India for the implementation of Rejuvenating Watersheds for Agricultural Resilience through the Innovative Development (REWARD) Programme.
Out of this, Karnataka will get $60 million (INR 453.5 crore), Odisha will get $49 million (INR 370 crore), and the remaining $6 million (INR 45.5 crore) will be for the central government’s Department of Land Resources.
IBRD
International Bank for Reconstruction and Development (IBRD) is a World Bank Group which provides loans to its 189 member countries for development purposes .
Its Headquarters is in Washington D.C, United States of America .
Full form for exam
REWARD : Rejuvenating Watersheds for Agricultural Resilience through Innovative Development
IBRD: International Bank for Reconstruction and Development
3. Indian IT sector to grow to $227 billion in 2022: NASSCOM
Tags: Economics/Business National News
National Association of Software and Services Companies(NASSCOM) expects the Indian Information Technology(IT) sector to cross $ 200 billion revenue for the first time and is expected to touch $227 billion in 2021-22.
The expected growth rate of 15.5% in 2021-22 will be the highest growth rate since 2011 in the revenue of the IT sector .
It has set a target of $ 350 billion revenue by 2026.
The IT sector in India created 4.5 lakh new jobs in 2021-22 of which about 44% were women employees. Around 18 lakh women work in the sector .
Exports from India grew by 17.2% and it was $178 billion which is over 51 % of India’s total service sector exports.
Ecommerce recorded a growth of 39 per cent to reach $79 billion in 2021-22.
The new age digital service sector saw a 25% growth in revenue to reach $13 billion and now contributes to around 32 per cent of the total IT sector revenue .
India has emerged as a global hub for digital talent with over five million tech workers.
Around one out of three employees already digitally skilled, the digital tech talent pool is at 16 lakhs.
NASSCOM
The National Association of Software and Services Companies(NASSCOM) was set up in 1988
It is a non profit organisation of IT sector companies in India
It is a lobby group which works for the promotion of the IT sector and its companies in India and abroad.
Chairman of NASSCOM : U.B.Pravin Rao
President : Debjani Ghosh
Important for Exam
FULL FORM
NASSCOM : The National Association of Software and Services Companies
4. Yes Bank launches “Yes Bank Agri Infinity” for startup
Tags: Economics/Business
Yes Bank has launched a mentorship programme for the start-up which is in the business of digital financing of the food and agricultural sector.
It will co- develop digital financing solutions with the startup companies for the entire food and agricultural sector.
Yes Bank will share its digital infrastructure with the Start ups and will train the start up under this programme
Yes Bank
It is a private sector scheduled commercial bank in India founded in 2004 .
Its Headquarters : Mumbai
Chairman : Sunil Kumar
Chief Executive Officer (CEO)and Managing Director (MD): Prashant Kumar
Tagline : Experience our expertise.
5. Economics data at a glance
Tags: Economics/Business
Shallot export (small onion)
- India's export of Shallots has seen a boom with a growth of 487% since 2013. Exports rose from USD 2 Million in April-December 2013 to USD 11.6 Million in April-December 2021.
- Major export destinations during April-December 2021 were Sri Lanka (35.9%), Malaysia (29.4%), Thailand (12%), U A E (7.5%) & Singapore (5.8%).
Pineapple export
- India’s export of Pineapple also rose by almost 100% to USD 3.26 Million during April-December 2021 compared to USD 1.63 Million during April-December 2013.
- Major export destinations for Pineapple during April-December 2021 were UAE (32.2%), Nepal (22.7%), Qatar (16.6%), Maldives (13.2%) & U S A (7.1%).
6. Vedanta to set up a semi conductors plant in India
Tags: Economics/Business
World largest electronic manufacturing company Foxconn will set up a joint venture with Vedanta group, to set up a semiconductor manufacturing plant in India . Foxconn is a Taiwanese company.
Vedanta will hold the majority stake in the new company and Anil Aggarwal of Vedanta will be the chairman of the new company.
Vedanta is the first company to announce an investment in the semiconductor space after the government of India announced a production linked incentive scheme for semiconductor and display board production in the country.
The Government of India announced a production linked incentive scheme and committed Rs 76,000 crore for semiconductor production in the next 5-6 years.
The programme aims to incentivise companies/consortiums focused on Silicon Semiconductor Fabs, Display Fabs, Compound Semiconductors / Silicon Photonics / Sensors Fabs, Semiconductor Packaging, Semiconductor Design.
For detail about semiconductor policy kindly click on the link below
Vedanta Group
- It is a multinational company headquartered in London, England.
- Vedanta Limited is an Indian subsidiary of Vedanta Resources, which is the holding company of Vedanta Group.
- It is in the business of Zinc-Lead-Silver, Iron ore, Steel, Copper, Aluminum, Power, Oil and Gas.
- The Chairman of Vedanta group: Anil Aggarwal
7. Bank of Baroda will buy Union Bank stake in India First Life
Tags: Economics/Business
Bank of Baroda has agreed to buy 21%stake of Union Bank of India in the India First Life insurance company .
After acquisition of 21%stake in the Insurance company , the Bank of Baroda stake will rise to 65 %, Union Bank of India will hold 9% and Carmel Point Investments India will have the remaining 26% stake in the company .
For Exams
The headquarters of India First Life Insurance company was set up in 2009 .
Its headquarters : Mumbai
Bank of Baroda
It is the second largest public sector bank after SBI
Headquarters : Vadodara , Gujarat
Dena bank and Vijaya Bank merged with Bank of Baroda 0n 1 April 2019.
Chairman : Hasmukh Adhia
MD and CEO : Sanjiv Chadha
Union Bank of India
It is a public sector bank owned by the Government of India .
Corporation Bank and Andhra Bank merged with Union Bank on 1 April 2020.
Its headquarters : Mumbai, Maharashtra
MD and CEO: Rajkiran Rai G.
8. SEBI fines NSE and its officers in appointment case
Tags: Economics/Business
Securities Exchange Board of India (SEBI) has fined National Stock Exchange (NSE) and its former Managing Director (MD) and Chief Executive Officer (CEO), Chitra Ramkrishna and Ravi Narain, and others for violating securities contract rules in a case related to the appointment of Anand Subramanian as group operating officer and advisor to MD.
The regulator has levied a fine of ₹3 crore on Ramkrishna, ₹2 crore each on the NSE, Narain and Subramanian and ₹6 lakh on V R Narasimhan, who was the chief regulatory officer and chief compliance officer.
SEBI has banned the NSE from launching any new product for a period of six months.
Ramkrishna was MD and CEO of NSE from April 2013 to December 2016, Narain was the MD and CEO of the exchange from April 1994 till March 2013.
Main Functions of SEBI:
It is the regulator of the Capital markets in India. Stock exchanges like NSE,BSE are part of capital markets in India .
It functions to protect the interest of investor in the capital markets
It works to develop the securities market in India
Current Chairman : Ajay Tyagi
Its headquarters : Mumbai
9. Finance minister launches first colured souvenir coin in India
Tags: Economics/Business
Finance Minister Mrs Nirmala Sithraman launched the first colour souvenir coin on “Panchtantra” on 11 Feburary 2022 during the 17 th foundation day of the Security Printing and Minting Corporation of India Limited (SPMCIL).
Concept clearing
Coins are issued in India by the government of India under the Coinage act 1906( last amended in 2011).
The Government of India has the right to mint coins of 50 Paise to upto Rs 1000.
The circulation of Coins in the market is done by the Reserve Bank of India. Coins to the Reserve Bank of India are provided by the Government of India .
Coins upto 50 paise are called 'small coins' and coins of Rupee one and above are called 'Rupee Coins'.
The Coins are minted by the Government of India at
Mumbai,
Alipore(Kolkata),
Hyderabad and
NOIDA (UP).
Commemorative Coins
Commemorative coins are released to mark some special events.
Commemorative coins sport a distinct design to talk about the occasion on which they are issued.
They are normally not issued for circulation purposes but for collection purposes Unless the government notifies ,it is not a legal tender .
The first commemorative coin in India was issued in 1964 with the image of Jawaharlal Nehru, to commemorate his birth anniversary.
Security Printing and Minting Corporation of India Limited (SPMCIL).
It was set up in 2006 under the administrative control of the Union Finance Ministry. Its headquarters is at New Delhi
SPMCIL was set up by the government of India to bring all its production units engaged in minting of coins, production of security papers and currency notes printing units under one company.
SPMCIL includes the following units
4 Coin minting units , where coins are minted ;
Indian Government Mint Mumbai,
Indian Government Mint Hyderabad (Telangana)
Indian Government Mint Kolkata (West Bengal)
Indian Government Mint Noida (Uttar Pradesh)
Currency Notes Press ,where currency notes are printed:
Currency Notes Press(CNP), Nashik ( Maharashtra)
Bank Note Press(BNP) ,Dewas (Madhya Pradesh)
Security Printing Press
India Security Press (ISP), Nashik (Maharstara) , It is the only organisation in India which prints Passports and other travel documents for the government of India .
Security Printing Press (SPP),Hyderabad (Telangana), It is engaged in the supply of security documents such as postal stationery items,Central excise stamps ,Non-Judicial Stamps,Court Fee Stamps, Indian Postal Orders etc.
Security Paper mill
Security Paper Mill, Narmadapuram ( Madhya Pradesh ) is the only paper mill in the country which produces high quality Bank Note and other Security Papers.
Papers manufactured by this unit are used for printing of currency notes by CNP, Nashik & BNP, Dewas and for Non-Judicial Stamps being printed by ISP, Nashik & SPP, Hyderabad.
10. Ashok Leyland supply 200 trucks to Bangladesh
Tags: Economics/Business
- Chennai based , Indian multinational automobile manufacturer Ashok Leyland will supply 200 trucks to Bangladesh.
- The supply of trucks is part of the $2 billion tied loan provided by the Government of India to Bangladesh.
Tied Loan
- A loan given by a country(lender) to another country(borrower) on the conditions that the loaned money will be used by the borrower to buy goods and services from the lending country .
- It helps the lending country as it creates demands for its goods , creates employment, boosts exports and also gets back the loan amount with some interest.
