Current Affairs search results for tag: economicsbusiness

1. Government forms a panel on Energy Transition Strategy

Tags: Economics/Business

• The Government of India has set up the Energy Transition Advisory Committee headed by former petroleum secretary Mr. Tarun Kapoor.
• The committee will suggest a transition roadmap for the oil and gas sector so that India can achieve its target of zero carbon emissions by 2070. 

2. Government asks banks to lend only on negotiable Warehouse receipts

Tags: Economics/Business

• The Government of India has  asked the bank to provide loans only against Negotiable Warehouse Receipt(NWR) and electronic-NWR or e-NWR.
•  This will encourage more warehouses to seek WADA(Warehouse Development Regulatory Authority ) registration and help in the development of the organised Warehousing   system in India .
• At present only 10% of the warehouses in the country are registered with WADA.
•  Farmers and businessmen can store their agricultural produce in WADA registered warehouses and can get a loan from banks against the receipt issued by the warehouses.
•  RBI has recently increased the loan limit for banks lending against NWR and e-NWR  to Rs 70 Lakh from Rs 30 Lakhs per borrower .
•  However, RBI did not increase the loan limit of the NWR  issued by non regulated warehouses.

According to the Government of India the  total cold storage capacity is 37.83 million tonnes and the warehouse capacity is 173.65 million tonnes in India.

3. ICRA forecast 9% growth rate in 2021-22 for India

Tags: Economics/Business

• Indian Credit rating agency ICRA Ltd. has forecasted the Indian economy to grow by 9% in the fiscal year 2021-22.
• The Indian economy grew by 20.15% in the first quarter (April-June) of 2021-22.
• The Indian economy grew by 8.4%in the second quarter (July-September) of 2021-2022.

4. HDFC Bank ties up with IPPB to deliver banking services in semi-urban, rural areas.

Tags: Economics/Business

• HDFC Bank has tied up with India Post Payments Bank (IPPB) to offer its banking services to the unbanked and underserved segments in semi-urban and rural areas.
• The financial products of HDFC bank will now be offered to the customers of the IPPB, majority of whom live in rural areas where HDFC is not present.

HDFC Bank 

• HDFC Bank is the largest private sector bank and second largest bank in India after SBI.
• The Headquarters of HDFC Bank is Mumbai .

IPPB

• India Post Payment bank was set up by the Government of India as a payment bank and it started its operation by setting up a branch in Ranchi and Raipur on 30 January 2017.
• The headquarters of the Bank is in New Delhi .

5. Record Capital raised by Indian Company through Overseas Bonds in 2021

Tags: Economics/Business

• Indian companies has raised a record $22 billion in 2021 through overseas bonds 
• Earlier in 2019 the Indian companies raised $19 billion through overseas bonds.
• The issuance of ESG compliant bonds by the Indian companies was $8.29 billion in 2021 as compared to $ 1.37 billion in 2020.

Overseas bonds 

• It is  a debt creating receipt issued by a company in foreign market to raise capital for its business.
• It is generally issued in the currency of the country.
•  It has a fixed time period(maturity period) and the company which has issued the bonds pays interest on it to the person who has bought the bonds till the maturity period of the bond  
• At the end of the maturity period the company returns the principal amount to the person who has bought the bond.

ESG

•  It stands for Environment, Society and Governance.
• The ESG criteria is used by environmentally and socially conscious investors to judge a company business and its  impact on environment and other ethical issues .
• Companies which score high on these criteria will be able to attract more funding at an easier interest rate .

6. IndusInd Bank NCPI tie up for Cross Border Remittances

Tags: Economics/Business

• IndusInd Bank has tied up with the National Payments Corporation of India (NPCI) for offering real-time cross-border remittances to India using UPI IDs, for its Money Transfer Operator (MTO) partners.
• With this initiative, IndusInd Bank has become the first Indian bank to go live on UPI for Cross Border Payments/NRI Remittances. 
• This collaboration will enable partners of IndusInd Bank to facilitate remittances from Non-Resident Indians (NRI) and People of Indian Origin (PIO) living across the globe to transfer money to their Non-Residential External (NRE) and Non-Resident Ordinary (NRO) accounts as well as to their families and relatives back in India.
• IndusInd Bank has started with Thailand for Foreign Inward Remittance (FIR) through UPI and DeeMoney – a Thailand-based financial solutions provider offering money transfers and foreign currency exchange services. Customers using DeeMoney website can easily transfer funds just by adding the beneficiary’s UPI ID. 

7. India imposes Anti-dumping duty on five Chinese goods

Tags: Economics/Business

• India has imposed anti-dumping duty on five Chinese products, including certain aluminium goods and some chemicals, for five years to protect local manufacturers from cheap imports from the neighbouring country.
• The duties have been imposed on certain flat-rolled products of aluminium — sodium hydrosulphite used in the dye industry, silicone sealant, used in manufacturing solar photovoltaic modules and thermal power applications, and hydrofluorocarbon (HFC) component R-32 and hydrofluorocarbon blends, both used in refrigeration.

What is Dumping

According to the World Trade Organisation (WTO), if a company exports a product at a price lower than the price it normally charges on its own home market, it is said to be “dumping” the product. This is done by companies to grab market share in other countries from the local companies.

Anti- Dumping 

It means that India will impose additional custom duties on the goods it feels are being dumped in India from China. This will increase the cost of Chinese goods as compared to the Indian goods. It will encourage people to buy Indian goods. 

8. GMR to develop Indonesian Airport

Tags: Economics/Business

• GMR Airports Limited (GAL), a subsidiary of GMR Infrastructure Limited, signed an agreement with Indonesia's Angkasa Pura II  for the development and operation of Kualanamu International Airport in Medan, Indonesia.
• GMR will hold 49% stake while AP2  will hold 51% stake in the Kualanamu International Airport .
• Medan is the fourth largest urban area in Indonesia and is capital of North Sumatra province

Note 

GMR operates Indira Gandhi International Airport Delhi and Rajiv Gandhi International Airport , Hyderabad in India .

It is building a green field airport at the following places  :

• Mopa in North Goa 
• International Airport at Bhogapuram, Vizianagaram in Andhra Pradesh

9. BOB and Indian Navy launches Co-Branded Credit Card

Tags: Economics/Business

• BOB Financial Solutions Ltd. (BFSL), a wholly owned subsidiary of Bank of Baroda (BoB) and the Indian Navy have introduced a co-branded credit card for the personnel of the Indian Navy. 
• The card will be equipped with contactless features and offered on the RuPay platform.

Note 

• HDFC bank is the largest issuer of credit cards in India followed by SBI and then ICICI bank .
• Only banks can issue credit cards in India with the permission of the Reserve Bank of India.
• Bank of Baroda is the second largest Public Sector Bank in India after SBI and it is the third largest bank in India after SBI,HDFC Bank .
• The Headquarters of the Bank is : Vadodara , Gujarat

10. Record fund raising by companies through IPO in 2021

Tags: Economics/Business

• In 2021 63 companies raised Rs 1.19 lakh crores through Initial Public Offerings (IPO).
• This is 4.5 times more than the fund raised in 2020 by the companies .
• In 2020 15 companies raised Rs 26,613 crore from the market through IPO.
•  The largest IPO ever in India was that of   One 97 Communication ,the parent company of Paytm  of Rs 18,300 crore.

IPO  (Initial Public Offerings ) When an unlisted company sells its equity shares to the public to raise capital.

Here unlisted company means a company whose equity shares are not listed on any stock exchange like NSE,BSE etc in India. 

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