1. CCI imposes penalty of over Rs 392 crore on online travel firms
Tags: National Economy/Finance National News
The Competition Commission of India(CCI) on 19 October, 2022 slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo and hospitality services provider OYO for unfair business practices.
Important facts
A fine of Rs 223.48 crore has been slapped on Make My Trip-Goibibo (MMT-Go) and Rs 168.88 crore on OYO.
MMT-Go was alleged to have enforced price parity in its agreements with hotel partners.
Under such agreements, hotel partners were not allowed to sell their rooms on any other platform or on their online portal at a price lower than the price at which it was being offered on the platforms of the two other entities.
It was also alleged that MMT preferred OYO on its platform, thereby denying market access to other players.
The CCI had ordered a detailed inquiry into the matter in October 2019.
MakeMyTrip (MMT) acquired Ibibo Group Holding in 2017.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is the chief national competition regulator in India.
It was set up under the Competition Act, 2002.
It comes under the Ministry of Corporate Affairs.
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves merger and acquisitions of companies in India so that the two merging entities do not dominate the market unfairly
Headquarter - New Delhi
Current Chairman - Ashok Kumar Gupta
2. CCI imposes penalty of over Rs 392 crore on online travel firms
Tags: National Economy/Finance National News
The Competition Commission of India(CCI) on 19 October, 2022 slapped penalties totalling more than Rs 392 crore on online travel firms MakeMyTrip, Goibibo and hospitality services provider OYO for unfair business practices.
Important facts
A fine of Rs 223.48 crore has been slapped on Make My Trip-Goibibo (MMT-Go) and Rs 168.88 crore on OYO.
MMT-Go was alleged to have enforced price parity in its agreements with hotel partners.
Under such agreements, hotel partners were not allowed to sell their rooms on any other platform or on their online portal at a price lower than the price at which it was being offered on the platforms of the two other entities.
It was also alleged that MMT preferred OYO on its platform, thereby denying market access to other players.
The CCI had ordered a detailed inquiry into the matter in October 2019.
MakeMyTrip (MMT) acquired Ibibo Group Holding in 2017.
Competition Commission of India (CCI)
The Competition Commission of India (CCI) is the chief national competition regulator in India.
It was set up under the Competition Act, 2002.
It comes under the Ministry of Corporate Affairs.
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves merger and acquisitions of companies in India so that the two merging entities do not dominate the market unfairly
Headquarter - New Delhi
Current Chairman - Ashok Kumar Gupta
3. Reserve Bank Innovation Hub (RBIH) to support innovations in financial products and services
Tags: Economy/Finance National News
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India Post Payments Bank (IPPB) and Reserve Bank Innovation Hub (RBIH) have come together to focus their efforts to increase access to financial solutions to large sections of society across India and enable seamless finance to one billion Indians.
Important facts
The collaboration between IPPB and RBIH will explore projects which shall have impact on the masses by:
Leveraging the deep rural outreach of IPPB- Department of Posts (DOP) to take rural finance to one billion Indians.
Enabling access to sustainable and secure finance services for every section of the society through research and innovation.
Additionally, IPPB will work as an active partner with RBIH on initiatives of national importance under the leadership of RBIH.
The partnership with RBIH is a milestone in IPPB's journey to leverage its digital platform and physical network to provide comprehensive, customer-centric and convenient digital solutions to one billion Indians.
About Reserve Bank Innovation Hub (RBIH)
It has been set up under Section 8 of the Companies Act, 2013 with an initial capital contribution of Rs.100 crore.
It is a wholly owned subsidiary of RBI.
It has been set up to promote and facilitate an environment that accelerates innovation across the financial sector.
It is working on a plan to identify and mentor start-ups with maximum potential.
It aims to create an ecosystem that focuses on promoting access to financial services and products for the low-income population in the country.
About India Post Payment Bank (IPPB)
It is set up under the Department of Posts, Ministry of Communications with 100% equity owned by the Government of India.
Founded- 1 September 2018
Headquarters- New Delhi
MD & CEO- J. Venkataramu
In January 2022, IPPB had crossed 5 crore customers.
4. Barauni Plant of HURL commences Urea production
Tags: National Economics/Business National News
Barauni Plant of Hindustan Urvarak and Rasayan Limited (HURL) commenced urea production on 19 October, 2022.
Important facts
The country has achieved another milestone by setting up a new Ammonia Urea Plant at Barauni, Bihar which started urea production.
The gas-based Barauni plant is part of the government's initiative to revive the closed urea units of Fertilizer Corporation of India Limited (FCIL) and Hindustan Fertilizers Corporation Limited (HFCL) to achieve self-reliance in the urea sector.
Revival of closed units of FCIL and HFCL has been the top priority of the Government to increase the availability of domestically produced urea.
The government has approved an estimated investment of Rs 8,387 for the revival of the Barauni unit of Hindustan Fertilizers and Rasayan Limited (HURL).
The plant will have a urea production capacity of 12.7 LMTPA.
About Hindustan Urvarak and Rasayan Limited (HURL)
It is a Joint Venture Company authorised with effect from 15th June, 2016.
It has been authorised to revive Gorakhpur, Sindri and Barauni units in association with Coal India Limited (CIL), NTPC Limited (NTPC), Indian Oil Corporation Limited (IOCL) and FCIL/HFCL.
An investment of Rs 25,000 crore has been made for this work.
The commissioning of all three HURL plants will increase indigenous urea production to 38.1 LMTPA in the country and help make India 'self-reliant' in urea production.
It is one of the largest fertilizer manufacturing units in India, the foundation stone of which was laid by Prime Minister Narendra Modi.
5. Barauni Plant of HURL commences Urea production
Tags: National Economics/Business National News
Barauni Plant of Hindustan Urvarak and Rasayan Limited (HURL) commenced urea production on 19 October, 2022.
Important facts
The country has achieved another milestone by setting up a new Ammonia Urea Plant at Barauni, Bihar which started urea production.
The gas-based Barauni plant is part of the government's initiative to revive the closed urea units of Fertilizer Corporation of India Limited (FCIL) and Hindustan Fertilizers Corporation Limited (HFCL) to achieve self-reliance in the urea sector.
Revival of closed units of FCIL and HFCL has been the top priority of the Government to increase the availability of domestically produced urea.
The government has approved an estimated investment of Rs 8,387 for the revival of the Barauni unit of Hindustan Fertilizers and Rasayan Limited (HURL).
The plant will have a urea production capacity of 12.7 LMTPA.
About Hindustan Urvarak and Rasayan Limited (HURL)
It is a Joint Venture Company authorised with effect from 15th June, 2016.
It has been authorised to revive Gorakhpur, Sindri and Barauni units in association with Coal India Limited (CIL), NTPC Limited (NTPC), Indian Oil Corporation Limited (IOCL) and FCIL/HFCL.
An investment of Rs 25,000 crore has been made for this work.
The commissioning of all three HURL plants will increase indigenous urea production to 38.1 LMTPA in the country and help make India 'self-reliant' in urea production.
It is one of the largest fertilizer manufacturing units in India, the foundation stone of which was laid by Prime Minister Narendra Modi.
6. 14th World Spice Congress to be held on 16-18 February in Maharashtra
Tags: Summits National News
The 14th World Spice Congress (WSC), organised by Spices Board India in association with various trade and export farmers will be held on 16-18 February at CIDCO Exhibition and Convention Centre, Navi Mumbai, Maharashtra.
Important facts
Organised by Spice Board India, this biennial event is the premier forum that brings together the global spice industry to deliberate on the problems and prospects in the spice sector.
The event will deliberate on aspects such as production, processing, value addition, quality and safety, trade and supply chain management of spices in the new normalcy.
The Spice Board is organising the World Spice Congress as G20 during India's G20 Presidency for the period from December 2022 to November 2023, with a greater focus on further strengthening India's trade ties with the G20 countries.
14th World Spice Congress Theme - ‘Vision 2030: SPICES’ (Sustainability– Productivity – Innovation – Collaboration- Excellence and Safety)."
About World Spice Congress
It is a conglomerate of the global spice industry, which in its three decades long presence has become the most appropriate forum to deliberate upon the concerns and views of the sector.
It is organised under the leadership of the Spices Board, Ministry of Commerce and Industry, Government of India.
It was established in 1990.
Spices Board (Ministry of Commerce and Industry) is the premier organisation for the development and worldwide promotion of Indian spices.
7. PM inaugurated India Urban Housing Conclave 2022 in Rajkot
Tags: National National News
Prime Minister Narendra Modi inaugurated ‘Indian Urban Housing Conclave-2022’ (IUHC2022) a three-day event being organised by the Ministry of Housing and Urban Affairs (MoHUA), Government of India from 19-21 October 2022 at Rajkot, Gujarat.
Important facts
Union Minister of Housing and Urban Affairs and Petroleum and Natural Gas, Hardeep Singh Puri and Minister of State for Housing and Urban Affairs Kaushal Kishor were present on the occasion.
The objective of the conclave is to showcase the achievements of other urban missions of MoHUA along with the successful implementation of PMAY-U by the States/UTs and their roadmap/action plan for promoting economic development and improving the quality of life of the people.
In this Swachh Bharat Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Smart City Mission, Urban Transport, Deendayal Antyodaya Yojana, National Urban Livelihoods Mission, SWANIDHI etc. Other urban missions will participate in this event.
The program included the following components -
Inauguration of Light House Project (LHP) Rajkot, Gujarat
National Exhibition on Innovative Construction Practices
Exhibition on best practices adopted by States/UTs under Pradhan Mantri Awas Yojana-Urban including Gujarat
affordable housing discussions
PMAY (U) Awards 2021 honoured
8. PM inaugurated India Urban Housing Conclave 2022 in Rajkot
Tags: National National News
Prime Minister Narendra Modi inaugurated ‘Indian Urban Housing Conclave-2022’ (IUHC2022) a three-day event being organised by the Ministry of Housing and Urban Affairs (MoHUA), Government of India from 19-21 October 2022 at Rajkot, Gujarat.
Important facts
Union Minister of Housing and Urban Affairs and Petroleum and Natural Gas, Hardeep Singh Puri and Minister of State for Housing and Urban Affairs Kaushal Kishor were present on the occasion.
The objective of the conclave is to showcase the achievements of other urban missions of MoHUA along with the successful implementation of PMAY-U by the States/UTs and their roadmap/action plan for promoting economic development and improving the quality of life of the people.
In this Swachh Bharat Mission, Atal Mission for Rejuvenation and Urban Transformation (AMRUT), Smart City Mission, Urban Transport, Deendayal Antyodaya Yojana, National Urban Livelihoods Mission, SWANIDHI etc. Other urban missions will participate in this event.
The program included the following components -
Inauguration of Light House Project (LHP) Rajkot, Gujarat
National Exhibition on Innovative Construction Practices
Exhibition on best practices adopted by States/UTs under Pradhan Mantri Awas Yojana-Urban including Gujarat
affordable housing discussions
PMAY (U) Awards 2021 honoured
9. World Bank appoints neutral expert and chairman of Court of Arbitration for ‘Kishanganga’ and ‘Ratle’ hydroelectric project
Tags: Environment National Person in news
The World Bank has appointed a "neutral expert" and a chairman of the Court of Arbitration regarding the Kishanganga and Ratle hydroelectric power plants, in view of disagreements and differences between India and Pakistan over the 1960 Indus Water Treaty.
Under the Indus water treaty if there is a dispute between India and Pakistan on the provisions of the treaty then the World Bank will mediate between the two.
Michel Lino, Chairman of the International Large Dam Commission has been appointed as the Neutral Expert and Sean Murphy has been appointed as Chairman of the Court of Arbitration.
Pakistan asked the World Bank to facilitate the establishment of a Court of Arbitration to consider its concerns about the designs of the two hydroelectric power projects, while India asked for the appointment of a Neutral Expert to consider similar concerns over the two projects.
What is the Indus Waters Treaty?
The 1960 Indus Waters Treaty was mediated by the World Bank and signed by the then prime minister Jawaharlal Nehru and Pakistan's president Ayub Khan.
- It has allotted western rivers; Indus, Jhelum and Chenab to Pakistan and Eastern flowing rivers; Sutlej, Ravi and Beas to India.
- Under the treaty India will not restrict the flow of the river which is assigned to Pakistan but it can use the river for hydroelectric purposes on the condition that the flow of water to Pakistan is not affected significantly.
- Due to this provision of the Indus water treaty, India has designed the Rattle and the Kishanganga project as run of the river project.
Run of the River project
In the run of the river project, reservoirs are not built for water storage purposes and the natural flow of water from a height is used to run micro turbines to produce electricity.
According to India such hydel projects do not contravene the Indus Water Treaty as river waters are not stored.
Dispute over Kishanganga and Ratle project
Kishanganga or Neelum (for Pakistan) is a tributary of river Jhelum. India has constructed a run of the river hydroelectric projects with a capacity of 330 MW in Jammu and Kashmir.
The project was inaugurated by PM Modi in 2018. Pakistan argues that the flow of the river which enters Pakistan has been affected due to the faulty design of the project.
Ratle Hydroelectric Project
It is also a run of the river hydroelectric project being built on the Chenab river in Kishtwar district of Jammu and Kashmir. In 2013 Pakistan government objected to the project as it was a violation of the Indus water treaty. In 2017 the World Bank allowed India to start the project which was opposed by Pakistan. After fresh objections from Pakistan, both countries approached the World Bank.
10. India and France adopts a joint roadmap on Hydrogen partnership
Tags: Environment National
The visiting French Minister of State for Development, Francophonie and International Partnerships Chrysoula Zacharopoulou and Union Power and New & Renewable Energy Minister R K Singh adopted the “Indo-French Roadmap on the Development of Green Hydrogen" on 18 October 2022, in a meeting in New Delhi.
The French embassy said the roadmap aims at bringing the French and Indian hydrogen ecosystems together in order to establish a reliable and sustainable value chain for decarbonised hydrogen.
Prime Minister Narendra Modi and the French President Emmanuel Macron in a meeting on 4 May, gave a clear mandate to foster bilateral cooperation on hydrogen. This agreement is a step in that direction.
