Business and Economy Current Affairs - February, 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 February 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 - February, 2021
|26th February, 2021|
Ashok Leyland to acquire the stakes of Nissan in Hinduja Tech
Chennai-based commercial vehicles manufacturer, Ashok Leyland will acquire the stakes of Nissan International Holdings BV in Hinduja Tech Limited for Rs. 70.20 crores. Nissan currently owns 38 % stakes of Hinduja Group. Ashok Leyland currently owns 62 % shares of Hinduja Tech Limited and after acquiring those 38 % shares from Nissan, Hinduja Tech Limited will be fully owned by Ashok Leyland. Kumar Prabhas is the CEO of Hinduja Tech Limited.
|25th February, 2021|
SEBI to unveil Pre-Expiry Margins to tackle the Negative Price scenarios
Securities and Exchange Board of India (SEBI) is set to launch ‘Pre-Expiry Margins’ on settled contracts for bolstering the Risk Management Framework. The margins will be applicable to those commodities which get a near zero or negative price and have been placed under the Alternate Risk Management Framework (ARMF). Pre-Expiry Margins will be effective from 1st April, 2021. The margins will cause significant reduction of open interest as the contracts approach their expiry date.
|17th February, 2021|
Tata Digital to acquire 68 % stakes in BigBasket for Rs. 9,500 crores
Tata Digital of the Tata Sons will acquire 68 % stakes of the Indian online grocery store- BigBasket for Rs. 9,500 crores. The proposed acquisition will take BigBasket’s economic valuation to Rs. 13,500 crores. Tata’s acquisition at BigBasket will make the key stake holders like Alibaba Group Holding Ltd, Abraaj Group, Ascent Capital, Helion Venture Partners, Mirae Asset-Naver Asia and Bessemer Venture Partners to exit from the investment. China’s Alibaba Group Holding Ltd currently holds 29 % stake in BigBasket.
|16th February, 2021|
Amazon India to establish its 1st manufacturing unit in India at Chennai
As per the official announcement made by Amazon India, the e-commerce giant will establish its 1st manufacturing line in India at Chennai by the end of 2021. Amazon India has partnered with Foxconn’s subsidiary, Cloud Network Technology for carrying out the manufacturing of Amazon Fire TV Sticks at the proposed unit. This will provide employment opportunities to the youth and will increase the Indian production capacity and promote ‘AtmaNirbhar Bharat’ initiative of the central government.
|14th February, 2021|
Recykal becomes the 1st Indian startup to be a member of WEF’s Circular Accelerator Programme 2021
Hyderabad-based Recykal has become the 1st Indian startup to be a cohort member of the World Economic Forum (WEF) - Circulars Accelerator Programme 2021. Recykal founded by Abhay Deshpande provides end-to-end digital waste-commerce solutions. WEF’s Circular Accelerator Programme is a 6-month long initiative headed by Accenture in collaboration with Anglo American, Schneider Electric, Uplink and Ecolab. The programme will connect 17 entrepreneurs of circular economy to improve the disruptive, cross-sector value chain innovations.
|11th February, 2021|
India and Australia jointly inaugurate I-ACE Hackathon, 2021
Atal Innovation Mission (AIM) of National Institution for Transforming India (NITI) Aayog and Commonwealth Scientific and Industrial Research Organization (CSIRO) of Australia have jointly inaugurated the India-Australia Circular Economy (I-ACE) Hackathon, 2021. 80 selected applicant start-ups from both the countries will work jointly work on innovative ways for improving the Circular Economy in the priority areas. The Hackathon is being supported by AIM-Atal Incubation Centre Network and Australian Department of Industry, Science and Resources (DISER). The hackathon is aimed at accelerating the development of young entrepreneurs, promising startups/MSMEs and students towards creating a sustainable future.
|10th February, 2021|
COWE and SIDBI jointly launch ‘Swavalamban Sashakt’ Mega Campaign
Confederation of Women Entrepreneurs of India (COWE) and Small Industries Development Bank of India (SIDBI) have jointly launched ‘Swavalamban Sashakt’ Mega Campaign for promoting the ‘Stand-Up India’ Scheme of Government of India. It is a series 20 webinars aimed to make the entrepreneurs aware of the Stand-Up India (SUI) scheme, which was launched in 2016 by the Prime Minister to facilitate bank loans between Rs. 10 lakh and Rs. 1 crore to the SC/ST (Scheduled Caste/ Scheduled Tribes) borrowers (both male and female).
|4th February, 2021|
SEBI issues new norms in the SEBI (Mutual Funds) (Amendment) Regulations, 2021
Securities and Exchange Board of India (SEBI) has issued new norms in the SEBI (Mutual Funds) (Amendment) Regulations, 2021. As per the new norms, sponsors who do not fulfill the criteria of profitability at the time of applying will also be considered eligible for sponsoring Mutual Funds. The other norm says that an Asset Management Company (AMC) of a Mutual Fund should have at least Rs. 10 crore net worth for becoming eligible to launch infrastructure debt fund schemes. Another norm states that Mutual Fund should mandatorily send the dividend payments to the unit holders within 15 days from the record date.
|3rd February, 2021|
AIM-NITI Aayog signs SoI with ARAI for boosting the mobility startup ecosystem
Atal Innovation Mission (AIM) of National Institution for Transforming India (NITI) Aayog has signed a Statement of Intent (SoI) with Automotive Research Association of India (ARAI) for boosting the start-up ecosystem in the mobility and transport sector. The SoI will focus on creating a favourable ecosystem for the startups related to electric mobility, transportation, sustainable development goals etc. ARAI comes under the Ministry of Heavy Industries and Public Enterprises, Government of India. The mobility startups will be incubated under the Atal Innovation Mission of NITI Aayog.
IRDAI issues guidelines on Standard Vector Borne Disease Health Policy
Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on Standard Vector Borne Disease Health Policy for encouraging the general health insurance companies to offer insurance of vector-borne diseases from 1st April, 2021. IRDAI has mandated that the name of the insurance scheme should contain ‘Mashak Rakshak’ after the name of the insurance company. This will benefit the general public of India who need a specific health cover for the vector-borne diseases. The health policies for vector-borne diseases will be valid for 1 year.
|1st February, 2021|
Cabinet Committee approves complete divestment of GoI’s shareholding in RINL
Complete divestment of the shareholdings of Indian government in Rashtriya Ispat Nigam Limited (RINL) has been given ‘in-principle’ approval by the Cabinet Committee on Economic Affairs. RINL will be divested due to the continuous losses that were incurred in the recent years. The divestment of RINL will commence from 1st April, 2021. RINL is India’s 1st shore based integrated steel plant which is currently under the Ministry of Steel. It is a Navaratna PSE and a corporate entity of Vizag Steel (Vishakhapatnam Steel Plant).