Business and Economy Updates for RBI Grade B Exam

Dear Readers, we are providing Business and Economy Updates for upcoming RBI Grade B exam.

1. Kumar Mangalam Birla led Aditya Birla Group has launched a new online fashion store With this, the textiles and telecom conglomerate has entered into e-commerce space which is considered as sunrise sector from an investment point of view.Prashant Gupta is President and Chief Executive Officer (CEO) of and it will remain a private and unlisted company. The fashion portal will target young consumers with curated quality collection and will not provide discounts.

2. Australian Government has given its approval for Adani Group’s Carmichael coal mine and rail project in accordance with environment laws of country. The approval has been granted subject to 36 of the strictest conditions in Australian history.

3. The Union Cabinet has approved the MoU between the Taipei Economic and Cultural Center (TECC) in India and India-Taipei Association (ITA) in Taipei. Decision in this regard was taken at Union Cabinet Meeting chaired by Prime Minister Narendra Modi in New Delhi.

4. Prime Minister Narendra Modi has laid the foundation stone of fourth terminal of country’s largest container port – Jawaharlal Nehru Port Trust (JNPT) in Mumbai.

5. British telecom giant Vodafone has the transfer pricing tax dispute case against Indian Income Tax authorities after Bombay High Court ruled in its favour.

6. Internet Search engine giant Google has officially has converted into new parent company Alphabet Inc. after US markets closed on 2 October 2015.

7. Nepal has turned to the United Nations over alleged obstruction of a key border trade point with India which has resulted in acute shortage of essential goods.

8. Adani Ports and Special Economic Zone (APSEZ) has inked a Memorandum of Understanding (MoU) with Larsen & Toubro (L&T) to oversee operations of Kattupalli Port in Tamil Nadu. The non-binding MoU will empower L&T Shipbuilding to manage and operate the port with an effect from October 2015. Under this pact APSEZ will be responsible for EBIDTA gains and losses arising from the port operation for this period.

9. India has been placed at 55th position on 2015 Global Competitiveness Index of the world’s most competitive economies. It was published in Global Competitiveness Report of World Economic Forum (WEF) which has assessed total 140 countries

10. Union Government has inked a loan agreement with Asian Development Bank (ADB) for US 123.51 million dollars for Infrastructure Development Investment Program. The 3 tranche loan will be used for upgrading tourism infrastructure and services in three states Punjab, Uttarakhand and Himachal Pradesh.

11. Industrialist Mukesh Ambani has been named as India’s richest person for ninth consecutive year in a row with a net worth of 18.9 billion dollars in the 2015 Forbes magazine’s India rich list.

12. Volkswagen Chief Executive Martin Winterkorn has resigned following the revelation that the world’s largest carmaker (in terms of sales) had manipulated US diesel car emissions tests

13. Telecom service provider Uninor has rebranded itself as Telenor in India. The company also has changed its tag to ‘Ab life full paisa vasool’ from ‘Sabse Sasta’.

14. Healthcare firm Practo has acquired has acquired hospital management software firm Insta Health Solutions for 12 million dollars.

15. JK Tyre has signed a binding agreement with Kesoram Industries to acquire its Haridwar unit. This agreement seeks to buy 100% equity in Kesoram Industries tyre unit in Uttarakhand in a decal value of 2,200 crore rupees.

16. India and Belarus have set the bilateral trade target of one billion dollar by 2018. The decision was taken at the Seventh Session of the India-Belarus Intergovernmental Commission held in Minsk, Belarus.

17. Reliance Defence Ltd (RDL) led by Anil Ambani has inked memorandum of understanding (MoU) with Abu Dhabi Ship Building (ADSB) to set up a strategic partnership for construction of naval ships. The partnership will include construction of frigates and destroyers to address the demands of Gulf Cooperation Council (GCC) over the next 10 years.

18. State owed telecom service provider Bharat Sanchar Nigam Limited (BSNL) has decided to upgrade Broadband speed to minimum 2 Mbps in the country.

19. Group of Twenty (G-20), a forum of world’s 20 largest economies, including India launched Women-20 (W20), an engagement grouping of women leaders in order to push for gender inclusive global economic growth.Gulden Turktan from Turkey has been appointed as the first President W20 forum.

20. State-owned Oil and Natural Gas Corporation (ONGC) has bought a 15 per cent stake in Russia’s second-largest oil field Vankor from Rosneft for about 1.35 billion US dollars.

21. Union Government has notified the merger of commodities market regulator Forward Markets Commission (FMC) with Securities Exchange Board of India (SEBI) with an effect from 28 September 2015.

22. Union Government has accepted Justice AP Shah Committee report on the Minimum Alternative Tax (MAT) on foreign institutional investors (FIIs).

23. Union Government has released 2,000 crore rupees to Employees’ Pension Scheme (EPS), 1995 as its contribution for the year 2015-16. This contribution is in addition to the 250 crore rupees contributed by the government as grant-in-aid in the EPS in order to provide minimum pension of 1,000 rupees to pensioners under the scheme.

24. India’s largest power generator National Thermal Power Corporation (NTPC) Limited has achieved a record of highest single-day electricity generation of over 733 million units.

25. India has lost solar case against United States at the World Trade Organisation (WTO).

26. Union Government has approved six new proposals 6 Special Economic Zones (SEZs) proposals including four from Information Technology and IT enabled Service (ITeS) sector.The approved SEZ proposals are HCL IT City Lucknow- set up IT/ITeS zones in Lucknow, Uttar Pradesh. Loma IT Park Developer- set up IT/ITeS zones in Mumbai, Maharashtra. North Mumbai International Commodity Township- It is proposed free trade warehousing zone in Thane, Maharashtra.

27. Union government has announced to sell 10 per cent stake in state owned Indian Oil Corporation (IOC).

28. Video sharing portal YouTube has announced to set up a new “YouTube Space” in Mumbai with Asia’s largest and most renowned film schools the Whistling Woods International (WWI).

29. Bombay Stock Exchange (BSE) has extended the direct market access facility (DMA) to foreign portfolio investors (FPI). Henceforth, the foreign investors will have direct access to the exchange trading system in Indian stock market without any manual interventions of the broker.

30. With an intention of curbing black money generation the government approved signing and ratification of the Tax information exchange agreements between India and Seychelles.

31. Chinese personal computer and smartphone giant Lenovo has roped with electronics contract manufacturer Flextronics to start manufacturing facility in Sriperambudur, near Chennai.

32. The Competition Commission of India (CCI) has slapped penalties worth Rs 258 crore on three leading airlines- Jet Airways, IndiGo and SpiceJet for cartelisation in fixing cargo fuel surcharge.

33. President Pranab Mukherjee inaugurated 35th edition of India International Trade Fair (IITF) at Pragati Maidan in New Delhi.

34. Homegrown e-commerce giant Flipkart has appointed Google’s executive Surojit Chatterjee as Senior Vice President and Head of Consumer Experience and Growth.

35. India was placed at 7th position in world’s most valuable nation brands report among the 100 assessed nations.Top 7 countries: United States, China, Germany, United Kingdom, Japan, France and India.

36. The Reserve Bank of India (RBI) has allowed non-resident Indians (NRIs) to subscribe to the National Pension System (NPS) enabling them access old age income security. RBI has taken this decision in consultation with Union Government under the Prime Minister Narendra Modi’s efforts to appease NRIs.

37. The Union Finance Ministry has imposed anti-dumping duties on imported Chinese auto parts used in commercial vehicles for a period of five years.

38. Prime Minister Narendra Modi has laid the foundation stone of Shri Venkateswara Mobile and Electronics Manufacturing Hub in Tirupati, Andhra Pradesh.

39. Reliance Capital Asset Management (RCAM) has announced to takeover global giant Goldman Sachs’ mutual fund business in India. It is first ever acquisition RCAM and will be acquired for 243 crore rupees in an all-cash deal.

40. India’s second largest software services major Infosys has announced acquisition of US-based oil and gas consulting firm Noah Consulting for 70 million US Dollars in an all-cash deal.

41. Gujarat-based Adani Ports and Special Economic Zone (APSEZ) has signed a Memorandum of Understanding (MoU) with India Pulses and Grains Association (IPGA) to handle import and exports of pulses across its ports in the country.

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