Current Affairs search results for tag: economicsbusiness
By admin: Sept. 21, 2023

1. President inaugurates first Uttar Pradesh International Trade Show

Tags: Economics/Business State News

President Draupadi Murmu inaugurated the first Uttar Pradesh International Trade Show at the India Expo Center and Mart in Greater Noida on September 21, 2023.

An Overview of the News

  • Prominent personalities including Governor Anandiben Patel, Chief Minister Yogi Adityanath, and Industries Minister Nand Gopal Nandi attended the inauguration ceremony.

  • The trade show will run from September 21 to 25 and will include over 2000 exhibitors from various sectors such as automobile, handicrafts, healthcare, food processing, pharmaceuticals, dairy, electronics and e-commerce.

  • State government departments, institutions, and Mumbai Dabbawala Services will organize informative sessions on business activities.

  • The event will showcase 108 new startups.

  • It is expected to attract more than five lakh visitors, including international attendees.

Event location and global participation:

  • The trade show will be held at India Expo Mart in Knowledge Park, Greater Noida.

  • The event aims to provide a platform to showcase the products, specialties, cuisine, and culture of Uttar Pradesh to gain international exposure and explore market opportunities.

  • Over 400 participants from over 60 countries have registered for the event, highlighting its international appeal. EEntry to the show is free for the general public.

By admin: Sept. 20, 2023

2. IREDA and Bank of Maharashtra partner to promote renewable energy adoption in India

Tags: Economics/Business

IREDA (Indian Renewable Energy Development Agency) and the Bank of Maharashtra (BoM) entered into a partnership through a Memorandum of Understanding (MoU) in the renewable energy sector.

An Overview of the News

  • The primary goal is to promote and facilitate co-lending and loan syndication for various renewable energy projects across India.

  • The initiative supports India's efforts to reduce carbon emissions and transition to clean energy sources.

  • The MoU was formally signed by Bharat Singh Rajput, General Manager of Technical Services), IREDA, and Rajesh Singh, General Manager (Retail and MSME Credit), Bank of Maharashtra, at IREDA's Business Center in New Delhi.

Sustainable Energy Infrastructure:

  • The collaboration aims to establish a strong financial infrastructure for green energy projects.

  • This infrastructure will increase access to clean and sustainable energy solutions for various communities and industries.

Alignment with government goals:

  • This partnership underlines the importance of financial institutions and government bodies working together.

  • This alignment supports India's ambitious target of achieving net zero emissions by 2070 as directed by the Honorable Prime Minister.

  • The MOU includes a number of key services to support renewable energy projects:

  • Co-lending and co-origination assistance.

  • Loan Syndication and Underwriting Facility.

  • Management of trust and retention accounts for transparency.

  • Stable fixed interest rates for IREDA borrowings over 3-4 years.

IREDA Chairman and Managing Director - Pradeep Kumar Das

By admin: Sept. 18, 2023

3. Indian Bank launches 'IB Sathi' initiative to promote financial inclusion services

Tags: Economics/Business

Indian Bank launched a new initiative called 'IB Saathi' (Sustainable Access and Aligned Technology for Holistic Inclusion) with an aim to strengthen its efforts towards financial inclusion.

An Overview of the News

  • As part of this initiative, Indian Bank is committed to providing basic banking services for at least four hours every day through fixed outlets at all its centres.

  • The move aims to ensure wider access to banking services.

  • Apart from the fixed outlets, the Bank's Business Correspondent (BC) agents will also provide their services directly at the doorstep of customers.

Expansion Plans:

  • Indian Bank has ambitious plans to expand its BC network.

  • By March 2024, the bank aims to deploy over 5,000 new BCs.

  • Currently, it already has 10,750 BCs and 10 Corporate Business Correspondents (CBCs), and this number will significantly increase to 15,000 BCs and 15 CBCs, thereby expanding the reach and coverage of the bank.

Service Portfolio:

  • Indian Bank currently offers 36 different services to customers through its BC channel. However, in the coming years, the bank intends to launch an additional 60 services by FY25.

  • This expansion of services will empower customers and promote financial inclusion.

By admin: Sept. 9, 2023

4. SBI launches 'Nation First Transit Card'

Tags: Economics/Business

State Bank of India (SBI), the country's largest bank, launched the 'Nation First Transit Card' to improve commuting experiences and encourage the use of digital payments.

An Overview of the News

  • The innovative 'Nation First Transit Card' aims to simplify digital ticket fare payments within a single card for various transport modes including metro, buses, water ferries, parking, and more.

  • Apart from transport payments, the card can also be used for retail and e-commerce transactions.

  • The 'Nation First Transit Card' is powered by RuPay and National Common Mobility Card (NCMC) technology, making it a potential game-changer for millions of Indians in their daily commute.

NCMC Facility of SBI:

  • SBI's NCMC facility enables its customers to use their debit cards as travel cards in metro rail and buses in areas where this service is available.

  • NCMC was proposed by the Nandan Nilekani Committee constituted by RBI.

  • It aims to promote cashless transactions and integrate commuter payments.

  • NCMC was officially launched on March 4, 2019.

  • NCMC operates on the RuPay platform, which was developed by the National Payments Corporation of India (NPCI).

  • NCMC provides a complete contactless transportation solution and it acts as an automated fare collection system.

  • It allows payments for metro, bus, and suburban railways.

Chairman of SBI - Dinesh Kumar Khara

By admin: May 6, 2023

5. Visa introduces CVV-free payments for tokenized cards in India

Tags: Economics/Business

Visa introduces CVV-free payments for tokenized cards in India

Visa has launched a new feature CVV-free payments in India that allows users to make online payments without the need for a CVV number.

An Overview of the News

  • This facility is applicable on tokenized credit and debit cards and is available only for domestic transactions in India.
  • The card is tokenized by securing it with a unique code and transactions are completed using a two-factor authentication process that does not require the 16-digit card number or any other card details.
  • The two-factor authentication process ensures that the new authentication method protects users from cyber fraud as the token cannot be used on other platforms.

About Tokenization

  • It is a security process that replaces sensitive data with unique codes called tokens.
  • It aims to protect sensitive data from cyber attacks and frauds.
  • Tokenization is widely used in the payments industry to secure online transactions where sensitive data needs to be shared between different parties.

About Visa Inc.

  • It is a multinational financial services corporation.
  • The company is based in San Francisco, California.
  • Visa Inc. facilitates electronic funds transfers globally through its various payment products including credit cards, debit cards and prepaid cards.
  • Establishment - September 18, 1958
  • Founder - Dee Hock
  • Headquarters – San Francisco, California, US

By admin: May 6, 2023

6. Minister Sarbananda Sonowal to receive first Indian cargo ship at Sittwe port

Tags: Economics/Business National News

Minister Sarbananda Sonowal to receive first Indian cargo ship at Sittwe port

Ports, Shipping and Waterways Minister Sarbananda Sonowal will receive the first Indian cargo ship at Sittwe Port in Myanmar on 9th May.

An Overview of the News

  • Sittwe Port is a part of the Kaladan Multimodal Transit Transport Project and its development will enable multi-modal transit connectivity with Southeast Asia.
  • The port has been built under a framework agreement between India and Myanmar to set up a multimodal transit transport facility on the Kaladan River, which connects Sittwe Port in Myanmar to Mizoram in India.
  • The Kaladan River route has the potential to open up economic opportunities for the entire Bay of Bengal peninsula.

About Myanmar

  • It is a country located in Southeast Asia and is bordered by India, Bangladesh, China, Laos and Thailand.
  • The capital city of Myanmar is Naypyidaw, which was officially designated as the capital in 2005.
  • President - Myint Swe (Acting)
  • SAC President and Prime Minister - Min Aung Hlaing
  • SAC Vice President and Deputy Prime Minister - Soe Win

By admin: April 17, 2023

7. Union Minister of Steel Jyotiraditya Scindia to inaugurate India Steel 2023 in Mumbai

Tags: Summits Economics/Business National News

Union Minister of Steel Jyotiraditya Scindia will inaugurate India Steel 2023 on 19th April at the Mumbai Exhibition Centre in Goregaon, Mumbai.

An overview of the news

  • The Union Ministry of Steel, in association with the Department of Commerce, Union Ministry of Commerce and Industry, and FICCI is organising India Steel 2023. 

  • The conference and International Exhibition on the steel industry will be held from April 19-21. 

  • The main objective of the event is to bring together industry leaders, policy makers and experts to discuss the latest developments, challenges and opportunities in the steel industry.

  • The India Steel 2023 exhibition will showcase advanced technologies, products and solutions from the Indian steel industry.

  • This biennial event will provide a unique platform for attendees to engage with industry leaders, gain insight into future growth prospects and explore collaboration opportunities in the Indian steel industry.

Topics of sessions

  • Augmentation of Enabling Logistics Infrastructure.

  • Demand Dynamics for Indian Steel Industry.

  • Sustainability Goals via Green Steel: Challenges and Way Forward.

  • Conducive Policy Framework & Key Enablers for Indian Steel. 

  • Technology Solutions for Enhancing Productivity & Efficiency. 

Federation of Indian Chamber of Commerce and Industry (FICCI)

  • It is a business lobby group of top business houses in India which was founded by Ghanshyam Das Birla.

  • It was set up in 1927

  • It articulates the views and concerns of industry and tries to influence the government to make policy which is in favour of the industry and business.

  • Headquarters: New Delhi

  • President: Subhrakant Panda

By admin: Jan. 31, 2023

8. Ministry of Defense becomes the largest buyer of MSME goods in 2022

Tags: Economics/Business

Recently, Government e-Marketplace (GeM) informed through a tweet that in 2022, the Ministry of Defense emerged as the largest buyer through MSME sellers.

An overview of the news

  • In 2022, the Ministry of Defense envisages procurement of goods and services worth Rs 16,747 crore from the MSME sector. This was 250% more than the purchases made in 2021.

  • Among the states, Uttar Pradesh procured the maximum. Uttar Pradesh procured goods and services worth Rs 9,642 crore through GeM.

GeM business in 2022

  • GeM's turnover in 2022 is Rs 1,06,647 crore, which is expected to double in 2023.

  • Compared to 2016, when GeM was first launched, its business has grown 17 times.

Government-e-Marketplace (GeM) Platform

  • Launch - 9 August 2016

  • Objective - To bring transparency and efficiency in the government procurement process

  • Nodal Ministry - Ministry of Commerce and Industry

  • GeM works on inclusion, transparency and efficiency

  • Who registers on GeM - Artisans, weavers, SHGs, startups, women entrepreneurs and MSMEs are registered.

By admin: Jan. 30, 2023

9. NSE world's largest derivatives exchange for fourth consecutive year

Tags: Economics/Business

According to the Forward Industry Association (FIA), the National Stock Exchange (NSE) has emerged as the world's largest derivatives exchange in 2022 in terms of the number of traded contracts.

An overview of the news

  • NSE has secured the top position for the fourth consecutive year.

  • NSE ranked third in terms of number of deals (Electronic Order Book) in the equity segment in 2022. Whereas last year it was in fourth position.

National Stock Exchange of India (NSE)

  • NSE was established in the year 1992 as the first dematerialized electronic exchange in the country.

  • The National Stock Exchange of India Limited (NSE) is the largest financial market in India.

  • Nifty 50 is the flagship index of the National Stock Exchange of India Limited (NSE).

  • NIFTY 50 index was launched by NSE in the year 1996.

  • Headquarters - Mumbai, Maharashtra

  • Managing Director & CEO - Ashish Kumar Chauhan

By admin: Jan. 12, 2023

10. Global Tamil Angels Platform launched

Tags: Economics/Business

Global Tamil Angels Platform has been launched during the “Global Startup Investors Summit”.

  • The summit was co-organized by Tamil Nadu Startup and Innovation Mission and FeTNA International Tamil Entrepreneur Network.

  • Hosted by StartupTN, this platform allows Tamil Nadu based start-ups to connect with potential investors from the global Tamil diaspora.

  • How Global Tamil Angels Platform Works?

  • Start-ups can be started on the Global Tamil Angels platform by creating a profile and uploading basic information about the company, pitch deck, revenue model, traction goals.

  • After verification by StartupTN, the profiles will be published on the portal and visible to investors.

  • An American Tamil Fund (ATF) was also announced at the Global Startup Investors Summit. The ATF, which is made up of investors from the Tamil diaspora in the US, has pledged to invest Rs 16 crore (about $2.2 million) in Tamil Nadu start-ups before December 2023.