Latest Indian Economy-one-liners

Latest Updated on:    07-07-2021

Govt. of India set a target of 400 billion Dollars: India has set a target of USD 400 billion merchandise exports for 2021-22, In collaboration with private industry, MSME sector, engineering, agriculture, automobile, steel sector, this export target of USD 400 billion was set.


Hero Cycles(E-Bikes) made in "Made in India" spree exported to Germany:

                                                                  


Pakistan will remain in Grey list of: FATF(Financial Action Task Force).


Microsoft has become the 3rd company in the world to: achieve the capitalization of $2 trillion.


Amazon became the most valuable brand:  Amazon has overtaken Google and Apple to become the world’s most valuable brand at $315.5 billion, according to a ranking of global companies, up 52% on last year.


'Samsung' moving its display manufacturing unit to India: At last, the efforts of PM Modi & CM Yogi are paying in riches. As many foreign investors are moving to India.                                                                                                  

                                                                                                     


Indians are the 5th largest depositors in: Swiss Banks.


Gold Jewellery Hallmark is mandatory now: The Government of India has made hallmarking of gold jewelry and other artifacts mandatory from Tuesday, 15 June 2021.

                                                                                                         


India has the 3rd largest Forex now: India is with passing the mark of 600 B US $ of Forex reserves.


New 5 ATM rules: these 5 rules are:=>

1.  RBI has now permitted banks to increase charges for cash and non-cash ATM transactions beyond the free monthly permissible limit from next year. "To compensate the banks for the higher interchange fee and given the general escalation in costs, they are allowed to increase the customer charges to Rs 21 per transaction. This increase shall be effective from January 1, 2022," the RBI said in a circular.

2. Bank customers will have to pay Rs 21 per transaction, instead of Rs 20, with effect from January 1, 2022, if they exceed the monthly limit of free transactions.

3. Customers are eligible for five free transactions (inclusive of financial and non-financial transactions) every month from their own bank ATMs.

4. Customers are also eligible for free transactions (inclusive of financial and non-financial transactions) from other bank ATMs viz. three transactions in metro centers and five transactions in non-metro centers. Beyond the free transactions, the ceiling/cap on customer charges is Rs 20 per transaction.

5. In another announcement, RBI has said, effective August 1, 2021, banks are allowed to increase interchange fee per transaction from Rs 15 to Rs 17 for financial transactions and from Rs 5 to Rs 6 for non-financial transactions in all centers, the circular said. ATMs are deployed by banks for serving their own customers and also provide services to other banks' customers as acquirers where they earn interchange income.


BharatPe & ICC inked an agreement for: 3 years.   • "BharatPe": acquired the loyalty platform "PAYBACK India".


El-Salvador: now, accepted officially 'BITCOIN' as its legal tender.


ICRA: ICRA is a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the National Stock Exchange. Alliance with Moody’s Investors Service The ultimate parent company of international Credit Rating Agency Moody’s Investors Service is the indirect largest shareholder of ICRA.


Income  Tax Department launched: 'E-filling 2.0' Portal


Paytm has decided to bring out: India's biggest IPO, worth the U.S. $ 3 billion.  If the plan is approved, Paytm’s maiden share sale would be higher than Coal India’s offering, which eased more than 150 billion rupees in 2010 — the country’s largest IPO so far. Banks shortlisted to run the Paytm IPO including Morgan Stanley, CitiGroup Inc. and JP Morgan Chase & Co. Morgan Stanley is currently the leading contender, according to the person quoted in the Bloomberg report.


Odisha State succeeded in: doubling the number of deers in the state.


'Amazon' bought Hollywood Studio, named: MGM. For $8.45 Billion.


Pharmaeasy: Pharmeasy acquires Medlife to form India’s largest online pharmacy. All the users of Medlife would be migrated to PharmEasy


India received maximum FDI from Singapore: in the year 2020 - 21.


List of FDI destination states in India: Gujrat topped the list for the financial year of 2020 - 2021.


Andhra Pradesh gets: Rs. 47000 Cr Gender & Rs. 16000 Cr Child Budget for the 1st time for 'Sustainable Development of any society '.

                                                                                                                                   Photo Credit: inshorts


After Gujarat, Haryana to reimburse GST on Covid-relief materials: Haryana joined Gujarat in allowing GST reimbursements on Covid relief materials donated by corporates, non-government organizations and individuals. While the Centre sees no legal issue with States reimbursing GST on Covid relief materials.


India tops the list of countries' largest receiving: Remittances in the year 2017.  The report 'RemitSCOPE - Remittance markets and opportunities - Asia and the Pacific' said India (USD 69 billion), China (USD 64 billion) and the Philippines (USD 33 billion) are the three largest remittance-receiving countries in the world in 2017. Pakistan (USD 20 billion), and Vietnam (USD 14 billion) are also in the top 10.


Airtel Payment Banks: launched the "DIGIGOLD"  a digital platform for its customers to make investments in gold. DigiGold, which allows customers to start with an investment of as low as Re 1, has been launched in partnership with SafeGold, a provider of digital gold.


"Sanjivani": facility launched by E-Commerce Company named "Snapdeal".


"Jan Small Finance Bank": started a "choose my Number" facility for its customers.


NITI commission & Mastercards published a report: "Connected Commerce".


Dogecoin Cryptocurrency: Elon Musk's SpaceX moon Mission will accept the cryptocurrency 'DogeCoin' as the mode of payment. SpaceX will launch the “DOGE-1 Mission to the Moon” in the first quarter of next year, with Elon Musk’s commercial rocket company accepting the meme-inspired cryptocurrency dogecoin as payment.


Kotak-Mahindra: has been chosen as "Digital Payment Partner" for e-NAM.


SERUM Institute of India SII: to invest 240 pounds in Britain.


Life Insurance Corporation: soars its prestige, it is 10th most valuable brand in the world & is the 3rd strongest brand among all insurance Brands.


SERUM Institute of India SII's CEO Adar Poonawala: has decided to invest a sum of Rs. 2458 in the U.K.

                                                                                                                                                                                                               


The Government of India has set a target of:  of foodgrains for the year 2021-22.


Jio Platforms, E-learning Startup Byju's: make it to TIME Magazine's first-ever list of 100 most influential firms. Two Indian firms, Reliance Industries' technology arm Jio Platforms and e-learning startup Byju's have figured in the TIME Magazine's first-ever list of 100 most influential companies. On its website, Time said companies shaping the future are at the heart of the first-ever TIME 100 Most Influential Companies.


Flipkart:

                                                                       

India's Top IT companies:

                                                                    


"Merchant Stack": is the Digital Banking Platform, launched by ICICI bank.


RBI puts a cap on the tenure of all MD/CEO: a maximum of 15 years in all private sector banks.


Britcoin: Britain Developed its Digital Currency as 'Britcoin'.


Flipcart & Adani Group: inked an agreement.


Hall-marks is mandatory on Gold Jewelry: Govt. made it mandatory from June 2021. 


Alibaba Group of China: has been fined by the Chinese government, a sum of 2.8 billion. 


RBI increased the balance limits: in "Payment Banks" from 1 lakh to 2 lakhs.


'LG Electronics': the worldwide leader of Electronics, has announced to end its business in Smartphones.


Swedish Home Furniture Company, IKEA: is all set to open its shopping mall in India, will invest 5500 Crores Rs.

                                                                                                                 

 

Highlights of Budget 2021-22:

                                                                                                             

 

Amazon Plant in India: Amazon is all set to build its 1st Manufactacting line in India making 'Fire TV sticks' at its Chennai Plant.

                                                                                                              

Thus, giving boost to India's spirit of "Make-In-India".

 

HAL & Rolls-Royace went in partner:  Hindustan Aeronautics Limited (HAL) and Rolls-Royce have agreed to expand their partnership in India for collaboration in two significant areas – expanding the supply chain for both civil and defence aerospace and establishing an authorised maintenance centre for Adour Mk871 engines to support Rolls-Royce’s global customers.

 

PayPal(an American Payment major): has decided to stop its working in India.

                                                                                                

 

Budget 2021-22 envisages of: setting up 7 Mega Textile Park.

 

FDI limit in Insurance Sector raised: from 49 % to 74 %.

 

Toyota of Japan is the largest selling vehicle company: Thus, replacing Volkswagen of Germany.

 

TCS is the 3rd most valued IT services brand globally:  Tata Consultancy Services NSE -0.96 % Ltd. (TCS) is now the world's third most-valued IT services brand, only behind industry heavyweights Accenture Plc and International Business Machines Corp. (IBM), according to a report released. Four Indian IT services companies—TCS(3), Infosys NSE -0.57 % Ltd. (4), HCL Technologies NSE -1.20 % Ltd. (7) and Wipro NSE -1.01 % Ltd. (9)—have secured spots in the Top-10 global rankings.

 

Reliance Jio: is the 5th strongest brand in the world, thus, beating dark horse brands  Apple, Disney, Pepsi! Becomes 5th Strongest Brand In The World. 

 

IMF released Economic Outlook Report 2021: saying, Global Growth is projected to rise from an estimated 2.9% in 2019 to 3.3% in 2020  & 3.4% in 2021

                                                                                             

 

►"Union Ministry of Road Transport": to levy a "Green Tax" on Old Vehicles. According to the proposal, transport vehicles older than eight years could be charged Green Tax at the time of renewal of fitness certificate, at the rate of 10 to 25 per cent of road tax, while personal vehicles will be charged Green Tax at the time of renewal of registration certification after 15 years.

 

►"New Indian currency notes & related pictures":

                                                                                              

 

Bangalore: became the fastest growing tech-hub of the world during 2016--2020.

Read more, at: https://trak.in/tags/business/2021/01/16/bengaluru-beats-london-becomes-worlds-fastest-growing-tech-hub-mumbai-at-6/

 

Kerala turned the 8th state to adopt: the reforms decided by the Union Ministry of Finance for "Ease of doing business".

 

India is the 4th Break out Economy:  Rapidly digitalising India was ranked highly among "Break Out Economies" in the third edition of the Digital Evolution Scorecard developed by Tufts University's Fletcher School in partnership with Mastercard. "Break Out Economies" are those that are digitalising very quickly and yet have a lot of room to grow before matching those in the developed economies, such as those in Europe and in more developed Asian countries like Singapore, South Korea, and Hong Kong.

 

Electric Vehicle Leader "Tesla": has decided to set up its Head-Quarter in Bangalore.

 

Union Budget 2021-22: is to be presented on 1 February 2021, will be Paperless( 1st Time in India).

 

Legal Entity Identifier: is a 20 digit number, Launched by RBI for this purpose.

 

The prevailing Indian currency Notes & related emblems: 

                                                                                                        

 

Bajaj Auto : has become the world's first two-wheeler company to cross a market capitalisation of Rs. 1 lakh crore. On January 1, 2021, the company's share price closed at Rs. 3,479 on the National Stock Exchange, making its market capitalisation Rs. 1,00,670.76 crore at that price.

                                                                                                                      

 

India at Luring the Global investors:

                                                                                                                

RBI to start publishing half yearly 'Digital Payment Index': At a base of 100 for March 2018, the RBI has measured that the index rose to 153.47 and 207.84 in March 2019 and 2020, respectively. Going forward, the index shall be published on RBI's website on a semi-annual basis from March 2021 with a lag of four months,

 

SEBI imposes a Fine on: 'Reliance Industries' , amount of 40 Crores Rs. (25 Crore on the 'Reliance Industries' & 15 crores on it's chairman Mukesh Ambani) for alleged rigging of share Trading.

 
India is well ready to export Meringue Powder: Its production for Export is startedMade mostly of dried egg whites, meringue powder a baking substitute that you can use instead of raw fresh egg whites.
 

Latest Updated on: Tuesday, 29-12-2020  Here, it is all about year 2020 Economy.

British Center for Economy & business Research: predicts that Indian Economy will be 5th largest Economy by 2025 & 3rd by 2030.

 

FDI in D2H: The Union Cabinet approved revised guidelines for Direct-to-Home (DTH) broadcasting services, allowing 100 per cent foreign direct investment (FDI) as well as increasing the licence period    to 20 years.

 

"Ru-Pay Select" is the name of 'Contact-less' credit card launched by SBI.

 

"Infinite India": is the name of Online Platform launched by ICICI.

 

RBI to set up an Automated Banknote Processing Center: at Jaipur.

 

RBI to start its RTGS: transfer of funds through Real-Time Gross Settlement (RTGS) will be made available round-the-clock. 

 

  Read more at https://www.livemint.com/money/personal-finance/fund-transfer-rtgs-system-to-be-made-24x7-in-next-few-days-says-rbi-governor-11607058594329.html

Fortune 500 India list 2020: Reliance Industries Limited (RIL) has been ranked Number One in the 2020 Fortune India 500 list of Indias largest companies.

 

Indian Rupay Card Phase-II: started in Bhutan.  RBI: got 1 million follower on Twitter,  Read more at https://yourstory.com/2020/11/rbi-twitter-handle-world-record-one-million-followers

 

Hero Motocorps Joins Harley Davidson:  US bike maker Harley Davidson (HD) formalised its tie-up with Hero Motocorp under which the latter will sell and service the former's motorcycles in India. Hero Motocorp will also set up a brand exclusive chain of dealerships across the country that will also sell HD's spare parts, accessories, general merchandise as well as apparel.             

Base year for CPI for Industrial Worker Changed:  The government plans to change the base year for the Consumer Price Index for Industrial Workers (CPI-IW) to 2016 from 2001. This could mean further increase in Dearness Allowance (DA)/Dearness Relief (DR), when revised from next year. Yearly inflation as represented by All India CPI-IW is key for calculating DA and DR.

The policy of Domestically Manufactured Iron & Steel Products: led to the reduction of  20,000 crore Rs.  in  Steel Import.

Vodafone & Idea renamed their joint venture as “VI”.

 

EASE 2.0 reforms:  are related to the banking sector.

 

Apple Inc.: Apple tops Saudi Aramco as the most valuable publicly listed co, 

Future Brand Index 2020:   Apple tops the list while Indian Company Reliance Industries secured the 2nd place. 

Indian Economy turned 3rd largest Economy in 2017 after China(16.4%%) & the USA(16.3%) with 6.7% with respect to Purchasing Power Parity(PPP).  

Indian forex reserve touch highest point:

The Forex Reserves of India: are increasing and are to hit 500 billion USD soon. In May 2020, the Indian Forex Reserves touched an all-time high of 493 billion dollars.

Foreign Exchange Reserve: The Foreign Exchange Reserves are the reserve assets that are held by the central bank in foreign currencies. It is used to back the liabilities faced by a currency due to the influence of monetary policy.

Why are the Forex Reserves rising: The Forex Reserves of India are increasing mainly due to a fall in crude oil prices. Also, the rise is because of the increase in investment in Foreign Direct Investments (FDI) and Foreign Portfolio Investors (FPI).

Significance The Forex Reserves are held by the GoI : to maintain liquidity in the country. It also helps to absorb shocks where access to borrowing is curtailed. The Forex Reserves are an important component of the Balance of Payment and also an essential element to analyse the external position of the economy.

Components of Foreign Reserves of India: The Foreign Exchange Reserve of India comprises of the following SDR (Special Drawing Rights) in International Monetary Fund. The SDR is the reserve Currency with the IMF.