1. Global Investors Summit-2023' to be held in Visakhapatnam
Tags: Economy/Finance Summits National News
On 8 November 2022, Andhra Pradesh Chief Minister YS Jagan Mohan Reddy unveiled the logo of the 'Global Investors Summit-2023' to be held in Visakhapatnam at his camp office.
Important Facts
Chief Minister YS Jagan Mohan Reddy has directed to organise 'Global Investors Summit' to be held in Visakhapatnam on March 3 and 4 in the year 2023.
Investment summits could not be held in the state in the last three years.
Other states are just starting to do so and the AP government has also focused on MSMEs providing infrastructure for the development of campuses in the state.
Machilipatnam and Bhavanapadu ports are being constructed, Visakha and Kakinada ports are being developed as well as five shipping ports are in progress.
Leading industrialists from across the world will also be invited to the summit at the Global Investors Summit to be held in Visakhapatnam.
Andhra Pradesh
Capital: Amaravati
Governor: Vishwa Bhushan Harichandan
Chief Minister: YS Jagan Mohan Reddy
2. DMRC, BEL sign pact for development of indigenous train control system
Tags: Economy/Finance National News
In November 2022, Delhi Metro Rail Corporation (DMRC) has signed an MoU with Public Sector Undertaking 'Bharat Electronics Limited' (BEL) for development of 'Indigenous Communication-Based Train Control System' (I-CBTC).
Important Facts
The MoU was signed by Om Hari Pandey (Director, Power) DMRC and Manoj Jain, Director BEL in the presence of senior officials at Metro Bhawan, New Delhi.
DMRC is developing this indigenous system along with BEL and C-DAC as part of the 'Make in India' initiative of the Government of India under the aegis of the Ministry of Housing and Urban Affairs.
Features of i-CBTC:
The system is being widely adopted by most countries around the world, especially for its characteristic of moving blocks that allow a high frequency of trains.
I-CBTC is a major step towards development of indigenously manufactured signalling systems in India towards achieving self-reliance in Metro Signalling and Train Control Systems.
I-CBTC is efficient in utilising metro infrastructure and provides secure operation that facilitates innovation, enhances local skills and reduces deployment costs for metros.
DMRC and BEL have also jointly developed indigenous Automatic Train Supervision System (I-ATS) which is currently under implementation.
Bharat Electronics Limited (BEL)
Established: 1954
Headquarters: Bengaluru, Karnataka
Chairman and Managing Director: Bhanu Prakash Srivastava
3. Three Indian women on Forbes Asian women businesswomen list
Tags: Economy/Finance Person in news
The Forbes Asia magazine released its annual ‘Asia’s Power Businesswomen’ list which includes three Indian women amongst the 20 women from the Asia-Pacific region. Among the three Indian businesswomen who feature on the unranked list is Ghazal Alagh,Soma Mondal and Namita Thapar.
This year, the list includes three women each from India, Japan, Australia and Indonesia, two each from South Korea, Singapore and Thailand, and one each from Taiwan and China.
Indian Business woman on the list
Ghazal Alagh is the co founder of Honasa Consumer, which is the owner of Mamaearth, The Derma Company
Soma Mandal is the first woman chairman of the Public sector company,Steel Authority of India Ltd (SAIL).
Namita Thapar is the executive director of the Emcure Pharma (India).
The women were selected for their achievements in running a business with sizeable revenue and demonstrating strong leadership throughout their career.
4. NIA to host 3rd ‘no Money for Terror ‘ministerial Conference in November 2022
Tags: place in news Economy/Finance Summits
India will host a 2 day “No Money for Terrorism” ministerial conference on 18 and 19 November 2022 in New Delhi. The conference will be hosted by India’s premier anti-terrorism agency, National Investigation Agency (NIA).Ministers, diplomats, and counterterrorism experts from the Egmont Group member states are likely to attend this third conference
The first meeting of this kind took place in Paris, France, in 2018, and the second one took place in Melbourne, Australia, in 2019. India was to host the third conference but it was postponed due to covid-19 pandemic.
Egmont Group
The Egmont group is an association of more than 150 countries. It consists of member countries' Financial Intelligence Unit (FIU). The main aim of the Egmont group is to strengthen information-sharing mechanisms among its members to combat money laundering, terrorist financing, and associated predicate crimes.
What is Financial Intelligence Unit (FIU)?
Financial Intelligence Units (FIUs) serve as national centres for the receipt and analysis of suspicious transaction reports and relevant money laundering information, and terrorist financing. FIUs are also responsible for sharing such information amongst the law enforcement agencies of the country.
In India the FIU comes under the Income tax department under the Union ministry of Finance.
This will be the second major international conference on terrorism to be hosted by India. For the first time the United Nations Security Council Counter-Terrorism Committee meeting was held outside New York was held in India on 28 and 29 October 2022.
5. Government notifies the use of drought resistant PB2 variety of Basmati rice for cultivation
Tags: Economy/Finance Science and Technology
The Union Agriculture ministry has notified the use of drought -tolerant basmati rice developed by the Indian Agricultural Research Institute (IARI) for large-scale release.
The new variety of Pusa Basmati (PB) 1882 can withstand deficient rainfall during the flowering stage of the grain. In the traditional variety inadequate rain during flowering of plant leads to a drop in the rice productivity
Also there will be no need for transplanting of the rice as is done in traditional methods. This variety of rice can be sown directly in the field resulting in huge saving of water.
According to S Gopala Krishnan, principal scientist, IARI, rice grown through the transplanting method requires close to 3000 litres of water for producing one kg of rice, while the new variety sown through direct seeding method results in huge savings on water usage.
He also said that the new variety during two years of field trials had given an average yield of 4.6 tonne/hectare compared to 4.2 tonne/hectare reported for its parent variety PB 1.
Basmati growing region of India
The new PB.2 variety has been recommended for cultivation in key Basmati rice growing regions of India.
The areas of Basmati Rice production in India are the Jammu and Kashmir, Himachal Pradesh, Punjab, Haryana, Delhi, Uttarakhand and western Uttar Pradesh.
India is one of the leading exporters of basmati rice in the world. Iran, Saudi Arabia, Iraq, United Arab Emirates, U.S and Yemen Republic are the major buyers of basmati rice from India. (Source APEDA)
Indian Agricultural Research Institute (IARI)
It was set up as Agricultural Research Institute in 1905 at Pusa, Bihar. It was shifted to New Delhi in 1936.
After Independence its name was changed to Indian Agricultural Research Institute.
It is basically engaged in the research in the field of agriculture and its allied field for increasing crop productivity and developing integrated crop management technologies for a sustainable agricultural production system.
It developed the hybrid seeds of wheat and rice which led to Green revolution in India.
Headquarters: New Delhi
Director: Ashok Kumar Singh
6. Reliance Industries ranked India’s no 1 and worlds 20th Best Employer by Forbes
Tags: Economy/Finance
According to Forbes' World's Finest Employers rankings 2022, Reliance Industries, the nation's largest corporation by revenues, profits, and market value, is India's best employer and the 20th best company to work for globally. It is ranked above Saudi Aramco, Japanese auto titans Honda and Yamaha, US beverage manufacturer Coca-Cola, and German automaker Mercedes-Benz.
Global List
The Global list was dominated by the American companies. Except the South Korean company Samsung, the other four in the top five were American companies.
Global list
- Samsung Electronics
- Microsoft,
- IBM
- Alphabet
- Apple.
Indian Companies
The highest ranked Indian company was Reliance Industries limited which has an employee base of around 2, 30, 00 people. There are no other Indian companies in the top 100.
The other ranked Indian companies are;
HDFC Bank is ranked 137th, Bajaj (173rd), Aditya Birla Group (240th), Hero MotoCorp (333rd), Larsen & Toubro (354th), ICICI Bank (365th), HCL Technologies (455th), State Bank of India (499th), Adani Enterprises (547th) and Infosys (668th).
Forbes is an influential American business media company.
Reliance Industries Limited (RIL)
It is the first company in India to earn $100 billion revenue in a year.
It is in multiple business and its subsidiary companies are as follows:
Retail business
RIL has set up Reliance Retail Company for its retail business.
Telecom business
The telecom business of the RIL is done through Reliance Jio company
Oil to Chemicals (O2C) business:
RIL has set up the world's largest standalone oil refinery at Jamnagar, Gujarat.
Oil & Gas business
RIL operates gas fields at Krishna Godavari basin in Andhra Pradesh.
Reliance Industries Limited (RIL)
Reliance Industries Limited was founded by Dhirubhai Ambani in 1973
It is the largest private sector company in India
Headquarters: Mumbai
Chairman: Mukesh Ambani.
7. ADB provides $40 million loan to GreenCell Express to produce e-busses
Tags: Economy/Finance
Asian Development Bank (ADB) on 7 November 2022 announced that it has sanctioned a $40 million loan to GreenCell Express Pvt Ltd to develop 255 e-buses with women-centric security features for the domestic market.
According to the ADB these buses will serve as many as 50 lakh people every year on 56 routes in India, having security features such as panic buttons connected to command controls for immediate response to enhance safety of passengers, especially women,
Being electric buses, the project will reduce carbon emissions by 14,780 tonnes per year in India.
ADB on Transport sector in India
According to ADB, India's public transport needs are expected to grow rapidly as the country urbanizes.
According to ADB in 2020, the share of the road transport accounted for 87 per cent of all passenger trips, 18 percent of total energy consumption, and 11.7 percent of greenhouse gas emissions.
GEPL is a wholly owned subsidiary of GreenCell Mobility Private Limited (GreenCell) owned by Green Growth Equity Fund (GGEF).
GGEF is an Indian alternative investment fund managed by EverSource Capital which mobilizes institutional capital into green infrastructure.
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
8. Russia dethrones Iraq to become the largest supplier of crude oil to India in October month
Tags: Economy/Finance
According to the energy cargo tracker Vortexa, Russia has become the largest supplier of crude oil to India in the month of October 2022 replacing Iraq. During the month of October 2022 Russia has supplied 935,556 barrels per day (bpd) of crude oil to India.
One barrel of crude oil is equal to 159 litres of oil.
Russia now supplies almost 22% of India's total crude imports, ahead of Iraq's 20.5 per cent and Saudi Arabia's 16 per cent.
India is the third largest importer of crude oil in the world after China and the United States.
India is the third largest consumer of crude oil after the United States and China.
Reason for Increase in Russian oil imports
Traditionally Iraq, Saudi Arabia, UAE have been a major supplier of oil to India.
However due to the Russian invasion of Ukraine in February 2022 western countries imposed sanctions on Russia leading to a sharp increase in international crude oil prices .
India which meets around 83% of its oil requirement from import had to pay a steep price for oil and it also increased inflation in India.
Russia offered its oil to India at a much discounted rates which India happily bought and India has now become the second largest buyer of Russian crude oil after China.
9. RIL to buy the German Company Metro’s Cash and Carry business in India
Tags: Economy/Finance
India’s largest private sector company Reliance Industries Ltd (RIL) is set to acquire German retailer METRO AG's Cash & Carry business in India in a deal estimated at around 500 million euros (Rs 4,060 crore).
The deal includes 31 wholesale distribution centers, land banks and other assets owned by METRO Cash & Carry in India.
METRO AG, which operates in 34 countries, entered the Indian market in 2003.
What is a cash and carry business?
Cash and carry business model is a type of wholesale trading where the customer pays in full for the goods it purchases and no credit is extended by the seller to the purchaser. The purchasers are small businesses, kirana stores etc.
METRO also operates in the wholesale B2B(Business to Business) market which includes retailers and kirana stores, hotels, restaurants and caterers , corporates, Small and Medium enterprises, companies and institutions as its customers.
The B2B segment is considered to be a low-margin business and multinationals such as French Carrefour have already exited from the country.
Reliance Retail is the subsidiary company of RIL which operates the retail business of Reliance and is the largest retail company in India. With the purchase of the METRO business Reliance Retail’s presence in the B2B segment will increase.
Reliance Industries Limited (RIL)
Reliance Industries Limited was founded by Dhirubhai Ambani in 1973.
It is the largest private sector company in India
Headquarters: Mumbai
Chairman: Mukesh Ambani .
10. India to participate in the World Travel Market 2022 London to boost tourism in India
Tags: place in news Economy/Finance Summits
The Union Ministry of Tourism will represent India at the World Travel Market (WTM) 2022 being organized in London, England from 7th to 9th November 2022 to boost international tourism in India. The World Travel Market is one of the largest international travel exhibitions.
With the opening of the tourism sector by the government of India, the government wants to showcase it as a safe international tourist destination.
The Indian delegation is being led by Arvind Singh, Secretary (Tourism), Government of India
Theme of the World Travel Market 2022: The Future of Travel Starts Now’
According to the government of India, before the Covid pandemic, the contribution of the tourism sector to the Indian economy was 5.19%.
According to the government of India in 2021, foreign exchange earnings from tourism were US $ 8.797 billion.
