1. Shri Piyush Goyal unveils brochure and film for global mobility event, "Bharat Mobility Global Expo 2025"
Tags: Economics/Business
“Bharat Mobility Global Expo 2025"
Why in news?
- Shri Piyush Goyal unveils brochure and film for global mobility event, "Bharat Mobility Global Expo 2025"
About Bharat Mobility Global Expo 2025 :
- The Bharat Mobility Global Expo 2025 is an industry led and government supported initiative, and is being coordinated by Engineering Export Promotion Council India (EEPC India) with the joint support of various industry bodies and partner organizations.
- Bharat Mobility Global Expo 2025, the world’s second largest mobility show.
- The Expo's theme, ‘Beyond Boundaries: Co-Creating the Future of the Automotive Value Chain,’ aligns seamlessly with the nation’s vision for a connected and integrated world.
Venues of the Events:
- The event is scheduled to be held from 17-22 January, 2025 acrossthree separate venuesviz. Bharat Mandapam (ITPO), Delhi; Yashobhoomi (India International Convention and Expo Center), Dwarka, Delhi and India Expo Center & Mart, Greater Noida.
Importance of Bharat Mobility Global Expo 2025 :
- India story is a compulsive investment story of leveraging skill, vision and ambition. Bharat Mobility Expo helps showcase India’s story in attracting investments and expand trade and exports.
- Bharat Mobility Global Expo 2025 promises to be a landmark event, aiming to unite the entire mobility value chain under one umbrella.
- This time, there is a special emphasis being placed on the global significance of the expo, seeing sizable participation from across the globe as exhibitors and visitors.
2. Union Bank of India Becomes the First Major Bank to Sign On with PCAF
Tags: Economics/Business
Union Bank of India has joined the Partnership for Carbon Accounting Financials (PCAF), aligning with global trends in climate risk management.
An Overview of the News
PCAF is a global coalition of financial institutions focused on creating and implementing standardized methods to assess and disclose greenhouse gas emissions from loans and investments.
Significance of Financed Emissions:
Financed emissions, also known as Scope 3 emissions, are the indirect emissions arising from a bank's lending and investment activities.
These emissions often exceed the bank's direct operational emissions and present significant risks due to climate change and evolving regulations.
RBI Draft Guidelines:
The Reserve Bank of India's draft guidelines on 'Disclosure Framework on Climate-Related Financial Risks, 2024', issued on February 28, 2024, highlight the importance of tracking financed emissions.
The framework requires regulated entities to disclose information in four key areas: governance, strategy, risk management, and metrics and targets.
The guidelines represent a move towards stricter climate risk reporting standards for Indian banks.
3. RIL Becomes First Indian Company to Surpass Rs 10 Lakh Crore in Annual Revenue
Tags: Economics/Business
Reliance Industries Limited (RIL) became the first Indian company to achieve an annual revenue exceeding Rs 10 lakh crore.
An Overview of the News
For the fiscal year 2023–24, RIL recorded a consolidated turnover of Rs 10,122 crore (USD 119.9 billion).
The company reported a net profit of Rs 79,020 crore (USD 9.5 billion) and an EBITDA of Rs 1,78,677 crore (USD 21.4 billion).
RIL's exports amounted to Rs 2,99,832 crore (USD 35.9 billion), representing 8.2% of India's total merchandise exports.
Significant Investments and Contributions
Over the past three years, RIL has invested more than Rs 5.28 lakh crore (USD 66.0 billion) to expand its operations.
In FY 2023–24, the company paid Rs 1,86,440 crore (USD 22.4 billion) in taxes and duties, continuing to be the largest contributor to India's national exchequer.
RIL has contributed over Rs 5.5 lakh crore (USD 68.7 billion) to the exchequer over the last three years, the highest among Indian corporates.
Commitment to Social Responsibility
RIL increased its Corporate Social Responsibility (CSR) spending by 25%, reaching Rs 1,592 crore (USD 191 million) in the previous year.
The company has spent more than Rs 4,000 crore (USD 502 million) on CSR activities over the last three years, making it the largest corporate contributor in India.
RIL created over 1.7 lakh new jobs last year, bringing its total workforce to nearly 6.5 lakh employees.
Future Financial Moves
Reliance Industries announced plans to explore the issuance of 1:1 bonus shares at its board meeting on September 5, 2024.
This means that investors would receive an additional share for each share they currently own, effectively doubling their holdings.
4. India Surpasses China as Largest Buyer of Russian Oil
Tags: Economics/Business
In July, India became the largest buyer of Russian oil, surpassing China, as reported by Reuters on August 22.
An Overview of the News
India imported 2.07 million barrels per day (bpd) of Russian crude, while China imported 1.76 million bpd.
This marked a significant shift, with India importing 12% more Russian crude than last year, and China reducing its imports by 7.4%.
Factors Influencing the Shift
China's decline in Russian oil imports is attributed to weakening processing margins among refineries and low domestic demand for fuel.
Both India and China have taken advantage of discounted Russian oil following Western sanctions and a G7-imposed price cap of $60 per barrel due to Russia's invasion of Ukraine.
Implications for Russia and India
Russia’s oil and gas revenues have surged, indicating Moscow's success in circumventing Western sanctions.
An unnamed industry insider from India suggested that India’s demand for Russian oil is expected to increase, provided there are no further sanctions.
In July, Russian crude accounted for a record 44% of India’s total oil imports.
5. LIC HFL Launches 'Griha Rakshak' Home Loan Scheme
Tags: Government Schemes Economics/Business
LIC Housing Finance Limited (LIC HFL) has introduced the 'Griha Rakshak' home loan scheme for Indian armed forces personnel.
An Overview of the News
The scheme provides discounted interest rates and special benefits for both serving and retired members.
Scheme Details
Eligibility: Applicants must have a Credit Information Bureau India Limited (CIBIL) score of 750 or above.
Loan Amount & Interest Rate: Offers loans up to ₹2 crore at an annual interest rate of 8.4%.
Processing Fees: Processing fees are waived under a limited period offer.
Offer Validity: Available until September 30, 2024.
Target Group: Open to all active and retired personnel from the Indian Army, Indian Navy, Indian Air Force, Indian Coast Guard, and paramilitary forces.
About LIC HFL
Established: 1989
Headquarters: Mumbai, Maharashtra
Managing Director and Chief Executive Officer (MD & CEO): T. Adhikari
6. Aditya Birla Finance and AU Bank Launch Customized Co-Branded Credit Cards
Tags: Economics/Business
Aditya Birla Finance Limited (ABFL), a wholly-owned subsidiary of Aditya Birla Capital Limited (ABCL), has partnered with AU Small Finance Bank (SFB) Limited, India's largest SFB, to launch a new range of co-branded credit cards called Aditya Birla Finance AU credit cards.
An Overview of the News
These credit cards are powered by both Visa and RuPay networks.
The cards are available in four variants, each tailored to meet the financial needs of different customer segments:
ABC AU Flex: Designed for the mass market in India, offering an affordable option.
ABC AU Nxt: Tailored for millennials, with specialized features for younger customers.
ABC AU Pro: Targeted at affluent individuals, offering premium benefits.
ABC AU Biz: Geared towards entrepreneurs and business owners, with features beneficial for business expenses.
Rewards and Benefits
The Aditya Birla Finance AU credit cards offer various rewards across categories such as lifestyle, travel, dining, education, entertainment, utilities, insurance, and more.
An additional feature includes an unlimited 1% fuel surcharge waiver.
Special Features of Card Variants
The Flex and Nxt variants offer lifetime-free benefits and allow cardholders to personalize their cards through the Aditya Birla Finance mobile app, earning rewards, cashback, and other varied benefits.
The Pro variant provides accelerated reward points, airport lounge access, and a reduced forex markup fee.
The Biz variant, with a monthly fee, offers accelerated reward points and up to a 30% discount across select dining partners.
AU Small Finance Bank Limited:
Established: 1996
Headquarters: Jaipur, Rajasthan
Tagline: "Badlaav Humse Hai!"
MD & CEO: Sanjay Agarwal
Aditya Birla Finance Limited (ABFL):
Established: 1991
Headquarters: Mumbai, Maharashtra
MD & CEO: Rakesh Singh
7. ICICI Bank Launches 'Student Sapphiro Forex Card' for Indian Students Abroad
Tags: Economics/Business
ICICI Bank launched the 'Student Sapphiro Forex Card' on July 2, 2024, designed for Indian students going abroad for higher education.
An Overview of the News
It is a Visa-powered prepaid card aimed at managing various expenses including admission fees, course fees, travel, dining, and groceries.
Applications for the card can be submitted through the official ICICI Bank website or its banking application, iMobile Pay.
Key Features
Currency Support: Operates in 15 currencies without cross-currency mark-up charges
Joining Benefits: Up to Rs 15,000 in benefits, including exclusive privileges
Reload Options: Available via iMobile Pay and internet banking
Benefits
International Lounge Access: Two annual complimentary lounge passes worth USD 99
Free International SIM Card: Enhanced connectivity for students
Vouchers: Includes Rs 1,000 Uber vouchers
International Student Identity Card (ISIC): Membership worth Rs 999, recognized in 130 countries
Card Protection Plus: Insurance coverage up to Rs 5 lakh for lost or counterfeit cards
ATM Fee Waivers: Three monthly waivers on cash withdrawals for 5 years
Cashback: 5% cashback on online grocery shopping and transit bookings
No Extra Charges: No fees on cross-currency transactions
Welcome Kit: Includes primary and replacement cards; replacement card activation available in case of loss or damage
About ICICI Bank:
Managing Director (MD) and CEO: Sandeep Bakhshi
Founded: 1994
HQ: Mumbai, Maharashtra
Tagline: "Hum hai na, Khayal Apka"
8. 2023: Global Military Spending Peaks at $2443bn; US Leads, India 4th: SIPRI Report
Tags: Reports Economics/Business
The Stockholm International Peace Research Institute (SIPRI) published its 'Trends in World Military Expenditure, 2023' report on April 22, 2024.
An Overview of the News
Global military expenditure reached an unprecedented USD 2443 billion in 2023, marking the ninth consecutive year of increase.
This surge represents a notable 6.8% rise in real terms from the previous year, the most substantial year-on-year increase since 2009.
The top five countries contributing to this expenditure in 2023 were the United States of America (USA), China, Russia, India, and Saudi Arabia, collectively responsible for 61% of the world's military spending.
India secured the fourth position among global military spenders in 2023, with a total expenditure of USD 83.6 billion. This figure reflects a 4.2% increase from 2022 and a substantial 44% rise from 2014.
In 2023, North Atlantic Treaty Organization (NATO) members, including the USA, contributed a combined total of USD 1341 billion to global military spending, comprising approximately 55% of the overall expenditure.
SIPRI:
It provides data, analysis and recommendations on armed conflicts, military spending and arms trade.
SIPRI also focuses on disarmament and arms control.
Its function is to contribute to global peace and security initiatives.
Headquarters - Solna
Founded - 6 May 1966
Director - Dan Smith
Chair - Stefan Löfven
Founders - Tage Erlander, Alva Myrdal
9. Kotak Mahindra Bank acquires Sonata Finance
Tags: Economics/Business
Kotak Mahindra Bank has successfully completed the acquisition of Sonata Finance Private Limited (Sonata) for approximately Rs 537 crore, aiming to bolster its presence in the microfinance sector.
An Overview of the News
Sonata Finance is recognized as a Non-Banking Finance Company – Micro Finance Institution (NBFC-MFI) duly registered with the Reserve Bank of India (RBI).
As of December 31, 2023, Sonata manages an impressive assets under management (AUM) of around Rs 2,620 crore, showcasing its robust financial standing.
Sonata operates across 10 states, boasting a network of 549 branches that cater to the microfinance needs of underprivileged communities.
This strategic acquisition aligns with Kotak Mahindra Bank's vision to expand its foothold in the microfinance segment, underscoring its commitment to financial inclusion and community development.
Changes in the Insurance Business:
As Kotak Mahindra Bank restructures its insurance business, Zurich Insurance acquires a 70% stake in Kotak Mahindra General Insurance for ₹5,560 crore.
This strategic decision comes after Kotak Mahindra Bank announced to sell 51% stake in Kotak Mahindra General Insurance to Zurich Insurance for ₹4,051 crore in November 2023.
Strategic Focus:
The acquisition of Sonata Finance by Kotak Mahindra Bank and the reshuffle of its insurance business reflect strategic efforts to expand microfinance operations while realigning the focus in the insurance sector.
10. Titan SBI Card Launch: Exclusive Benefits and Easy Enrollment
Tags: Economics/Business
SBI Cards & Payment Services Limited has partnered with Titan Company Limited to unveil the Titan SBI Card, which offers exclusive benefits worth ₹2,00,000 annually.
An Overview of the News
With a nominal joining fee of ₹2,999, users get a generous cashback of 7.5% on purchases from Titan brands.
Enrollment options
Digital Convenience: Individuals can apply for Titan SBI Card digitally through SBI Card Sprint on the official website, ensuring ease of enrolment.
In-store access: Enrollment is also available at Titan stores, providing access to potential cardholders.
Fees and Platform
Affordable Fees: The Titan SBI Card includes a nominal engagement and annual renewal fee of ₹2,999, making it accessible to a wide range of users.
Payment Versatility: Available on both RuPay and VISA payment platforms, ensuring wide acceptance and convenience for users.
Cashback Benefits
Special Rewards: Enjoy attractive 7.5% cashback on purchases from Titan watches, Taneira women's ethnic wear, Titan EyePlus eyewear and other non-jewellery Titan brands.
Partner Store Benefits: Avail attractive 5% cashback on shopping both online and offline at partner stores like Mia, Caratlane and Zoya.
Gift Voucher Prize
Enhanced Shopping Experience: Earn Titan Gift Vouchers worth 3% of the transaction value for purchases made at Tanishq outlets, further enriching your shopping experience.
