Business and Economy Current Affairs - April, 2021
Read Current Affairs on Quickbytes and stay updated with latest Current Affairs events on daily basis. Our daily Current affairs on Business and Economy in April 2021 are for all those aspirants preparing for various competitive exams and entrance tests like Bank PO & Clerk, IBPS PO, Insurance SSC, PSC, UPSC and more.
Business and Economy - April 2021
|23rd April, 2021|
Coal India signs its 1st purchase agreement for solar power with GUVNL
Coal India Limited (CIL) has signed its first ever purchase agreement for solar power. Under this agreement CIL will purchase 100 Megawatts (MW) of solar energy from Gujarat Urja Vikas Nigam Ltd (GUVNL) for a period of 25 years. CIL will invest INR 442 crores in the first 18 months of the agreement. The project will be executed by Solar Engineering, Procurement and Construction (EPC) Contractor. CIL intends to generate 3000 MW of solar power by 2024 with an investment of INR 13,500 crores.
Ola Electric to establish world’s largest electric two-wheeler charging network
Ola Electric has announced its plans to establish the world’s largest electric two-wheeler charging network. SoftBank-backed online mobility giant Ola will invest $ 2 billion in the next 5 years for setting up Ola Hypercharger Network comprising of 1,00,000 charging points spread across 400 Indian cities. Ola Electric plans to set up 5,000 charging station across 100 cities in the 1st year. With the recent announcement Ola has now become a direct competitor of Indian electric two-wheeler makers like Ather, Hero Electric and TVS Motors.
|19th April, 2021|
Ministry of Commerce and Industry launches Startup India Seed Fund Scheme
Piyush Goyal, the Union Minister of Commerce and Industry launched the Startup India Seed Fund Scheme (SISFS) for providing financial assistance to the startups based on Prototype Development, Product Trials, Proof of Concept, Market Entry and Commercialization. The scheme will be implemented for a period of 4 years starting from 2021-22. The newly launched scheme will help in the establishment of a robust startup ecosystem in the Tier-3 and Tier-4 cities across India. The scheme was announced by Prime Minister Narendra Modi on 16th January, 2021 at the Prarambh: StartupIndia International Summit.
|18th April, 2021|
Flipkart collaborates with Adani Group to strengthen its business in India
Indian e-commerce giant, Flipkart has signed a two-pronged partnership agreement with Adani Group for bolstering its supply chain and technological infrastructure. Flipkart has partnered with Adani Logistics Limited and Adaniconnex Private Limited for establishment of fulfillment centers and creation of data centers respectively. The partnership will also create around 2,500 direct employment opportunities and will also support the MSMEs. As per the partnership, Adani Logistics will construct a fulfillment center in Mumbai over an area of 5,34,000 sq ft and Adaniconnex will set up Flipkart’s 3rd data centre at the Chennai facility.
|17th April, 2021|
Central Government extends the Foreign Trade Policy 2015-20 till September, 2021
Government of India has extended the Foreign Trade Policy 2015-20 till 30th September, 2021. The FTP 2015-20 expired on 31st March, 2021. FTP 2015-20 is a framework for boosting export of goods and services along with employment generation which will consequently add value to the country. Several incentives under import-linked export schemes like Duty Free Import Authorization (DFIA) and Export Promotion Capital Goods (EPCG) are also provided as a part of the FTP 2015-20.
|16th April, 2021|
Facebook signs agreement to buy Renewable Energy in India
Facebook has signed an agreement to buy renewable energy in India. It is Facebook’s 1st deal of this kind in South Asia. Facebook intends to purchase the energy produced from Karnataka-based 32-megawatt wind power project. As per the International Energy Agency’s data, Facebook consumes 1 % of the total energy produced by the world. Facebook has also joined hands with Mumbai-based Cleanmax for supplying renewable energy in India’s power grid. Facebook has also signed such agreement with Sunseap Group in Singapore.
|14th April, 2021|
Central Government to sell 20 % and 10 % stakes in NFL and RCF respectively
Government of India will sell 20 % and 10 % stakes in National Fertilizer Limited (NFL) and Rashtriya Chemicals and Fertilizers (RCF) respectively. The stakes will be sold via Offer For Sale (OFS) route. Government of India currently holds 74.71 % and 75 % stakes in NFL and RCF respectively. NFL has a net worth of INR 2,117 crores as on September, 2020 whereas RCF reported a net worth of INR 3,186.27 crores on March, 2020. Profit After Tax (PAT) of FY2019-20 of NFL and RCF stood at INR 198 crores and INR 208.15 crores respectively.
|13th April, 2021|
Microsoft to acquire AI based speech tech ‘Nuance’ for $ 19.7 billion
Microsoft will acquire the Artificial Intelligence (AI) based speech technology company ‘Nuance’ for $ 19.7 billion. The acquisition will combine the expertise of Nuance and solutions of Microsoft to develop an all new speech recognition tool with AI capabilities and deep machine learning for healthcare and other industries. Microsoft will make its 2nd biggest acquisition so far in an all-cash transaction. Nuance is a market leader in clinical speech recognition software based on Microsoft Azure.
SEBI revises reporting formats for the Mutual Funds
Securities and Exchange Board of India (SEBI) has revised the reporting formats of the Mutual Funds and has also added new guidelines. SEBI has stopped the submissions of Compliance Certificates on half-yearly and bi-monthly basis by the Asset Management Companies (AMCs) to the trustees. SEBI has directed the AMCs to submit their Compliance Certificates on quarterly basis along with their Quarterly Reports (QR). As per the new guidelines of SEBI, the AMCs will have to submit their QRs on the activities of Mutual Funds to the trustees within 21 days of March, June, September and December.
|12th April, 2021|
Piyush Goyal unveils ‘DGFT Trade Facilitation App’ for promoting Ease of Doing Business
Union Minister of Commerce & Industry, Piyush Goyal has launched the ‘Directorate General of Foreign Trade (DGFT) Trade Facilitation App’ for boosting the Ease of Doing Business in India. The application has been developed by Tata Consultancy Services (TCS). The app provides quick access to the information related to the exports and importers. The DGFT initiative intends to create opportunities for the MSMEs as well as the foreign players. The app will reduce the time and transaction cost for the processes related to exports and imports.
RXIL becomes the 1st TReDS Platform to cross monthly transaction volume of INR 1,000 crores
Receivables Exchange of India Limited (RXIL) has become the 1st Trade Receivables Discounting System (TReDS) platform to record the highest monthly transaction volume of INR 1,105 crores in March, 2021. RXIL is a Joint Venture (JV) of National Stock Exchange (NSE), State Bank of India (SBI), ICICI, Yes Bank and Small Industries Development Bank of India (SIDBI) launched in 2016. It is the leading invoice discounting platform for the Micro Small and Medium Enterprises (MSMEs) for the country.
Flipkart to establish Asia’s Largest Fulfillment Center in Gurugram
Indian e-commerce giant, Flipkart will establish Asia’s largest Fulfillment Center at Manesar in Gurugram, Haryana. The proposed Fulfillment Center will be spread across 140 acres of land allotted by the Government of Haryana. The proposed Fulfillment Center will be a highly automated pick-pack-ship warehouse equipped with modern-day packing technologies for faster shipping of the online orders. The land allotted for the center belongs to Haryana State Industrial and Infrastructure Development Corporation Limited (HSIIDC) that costs INR 3.22 crores per acre.
|9th April, 2021|
Jeep India to launch Jeep Financial Services with Axis Bank
Jeep India has collaborated with Axis Bank for launching Jeep Financial Services for its customers as well as its dealers across India. The dealers and owners of Jeep’s products will be able to avail the benefits of structured financing solutions at competitive rates provided by Jeep India. This will significantly grow the customer base of Axis Bank. Jeep currently has a network of 4586 branches across India. This will also optimize the efficiency of the purchase process.
|7th April, 2021|
SEBI slaps 34 individuals including Ambanis with a fine of INR 25 crores for code violations
Securities and Exchange Board of India (SEBI) has imposed a fine of INR 25 crores on Anil Ambani,Mukesh Ambani, Nita Ambani and Tina Ambani for violating takeover code regulations in 2000. A total of 34 individuals including the promoters of Reliance Industries Limited (RIL) will have to pay the penalty jointly within 45 days. SEBI once issued a Show Cause Notice (SCN) to the Ambanis in 2011.
Central Government promulgates Ordinance for amending the Insolvency and Bankruptcy Code
Government of India has promulgated Ordinance for making amendments to the Insolvency and Bankruptcy Code. The Ordinance has been titled as ‘The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021’. This will allow the Pre-Packaged Insolvency Resolution Process (PIRP) for the Micro, Small and Medium Enterprises (MSMEs). As per the ordinance, the Insolvency and Bankruptcy Code, 2016 will be amended. The PIRP will be applicable for only those MSMEs which have the Maximum Default Value of INR 1 crore.
|6th April, 2021|
WazirX launches India’s 1st NFT Marketplace for the Indian artists
Indian cryptocurrency exchange platform, WazirX has launched India’s first Non-Fungible Tokens (NFT) Marketplace for the Indian Artists. This will enable hassle-free exchange of digital assets like audio files, video clips. This will help the Indian artist to place their digital assets for auction and earn remunerative royalties. The NFT marketplace is based on blockchain system. The listing of digital assets by the creators will be free of cost. The NFTs cannot be replaced by any other item except money making the digital assets completely non-fungible.
HDFC Bank acquires 9.9 % shares of Kerala Infrastructure Fund Management
India’s housing finance giant, HDFC Bank has recently acquired 9.9 % shares of the asset management company, Kerala Infrastructure Fund Management Ltd worth INR 38,83,030 issued on private placement basis. HDFC Bank bought 388303 shares at a price of INR 10 per share. The completion of acquisition is 30 days through cash consideration. Kerala Infrastructure Fund Management Ltd was set up in November, 2018 under the promotion of Kerala Infrastructure Investment Fund Board (KIIFB).
SEBI modifies the framework on contribution of AMCs of Mutual Funds in the establishment of LPCC
Securities and Exchange Board of India (SEBI) has modified the framework on the contribution of Asset Management Companies (AMCs) of Mutual Funds in the establishment of Limited Purpose Clearing Corporation (LPCC). As per the current modifications, the contribution of AMCs will be based on the average of Assets Under Management (AUM) of debt oriented schemes managed by the respective AMCs. AUM is the total market value of the investments managed by a person or entity on the behalf of their clients.
|5th April, 2021|
BYJU’s acquires Aakash Educational Services for $ 1 billion
Bengaluru-based online learning platform, BYJU’s has acquired Aakash Educational Services for an amount close to 1 billion dollars. Aakash Educational Services is one of the largest physical coaching networks of India which is active from 30 years. BYJU’s acquired Aakash Educational Services as a part of its strategy to become market leader and the most trusted name in the exam preparation services. The acquisition of Aakash will not affect the functioning of the company as Aakash will still be guided by founder JC Chaudhry and Aakash Chaudhry.
|2nd April, 2021|
Wipro to acquire Ampion for $ 117 million
Wipro will acquire Australia-based, Ampion for $ 117 million in full cash transaction. The Australian firm offers engineering transformation, security consulting and DevOps and is headquartered at Melbourne, Australia. The acquisition will bring market agility and scale to Wipro for responding to the growing customer demands. This will strengthen Wipro’s hold in Australia and New Zealand. Wipro recently acquired British consulting firm, Capco for $ 1.45 billion. The all cash transaction between Wipro and Ampion will be completed by the end of June.
|1st April, 2021|
Government of India retains the inflation target for the next 5 years
Government of India has decided to retain the inflation target of 4 % with a tolerance band of +/- 2 % for the next 5 years i.e. till 31st March, 2026. India’s retail inflation rocketed from 1 % in January, 2021 to 5 % in February, 2021 due to abrupt hike in the prices of fuel and food. The inflation targeting framework is decided by the Government of India after consulting with RBI after every 5 years. As per the official statement of Economic Affairs Secretary, Tarun Bajaj, the Central government will borrow 60 % of the Gross Borrowing Target for Financial Year 2022.
Ghaziabad Municipal Corporation lists itself in BSE
Ghaziabad Nagar Nigam (or Municipal Corporation) has listed itself in Bombay Stock Exchange (BSE). It has issued Municipal Bond on the basis of Private Placement to raise Rs. 150 crores. This is for the first time that a municipal body in India has issued green-bond. Ghaziabad Nagar Nigam aims to utilize the money raised for the construction of Tertiary Sewage Treatment Plant at Indirapuram, Ghaziabad. The estimated cost of the proposed treatment plant is Rs. 240 crores. The proposed sewage treatment plant will enable the reuse of treated sewage water by the industries of Ghaziabad.
CBIC notifies ICEGATE as the common portal for registration and filing of bills of entry
Central Board of Indirect Taxes and Customs (CBIC) has notified Indian Customs Electronic Gateway (ICEGATE) as the common portal for registration, filing of shipping bills or bills of entry and other documents or forms prescribed under the Customs Act. The other name of ICEGATE is Indian Customs and Central Excise Electronic Commerce/ Electronic Data Interchange (EC/EDI). ICEGATE will be used as a common electronic portal for all the documentation and duty payments related to customs.