Business and Economy Current Affairs - January, 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 January 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 Current Affairs - January, 2021

Business and Economy - January, 2021

29th January, 2021

BSE launches ‘Innovation Sandbox’ web portal

Bombay Stock Exchange (BSE) launched a web portal named as ‘Innovation Sandbox’ to provide a testing environment to the FinTech firms. The portal will enable the FinTech companies to conduct offline testing of their applications. The web portal has been made in accordance with the guidelines of Securities and Exchange Board of India (SEBI). The portal will create an ecosystem to promote innovation in the securities market. The applicants will be able to access the APIs depositories, test data of stock exchanges and Qualified Registrar and Share Transfer Agents (QRTAs) in the portal.

22nd January, 2021

India-Africa Trade Council 2021 inaugurated in Chennai

The India Africa Trade Council 2021 was inaugurated at the Hotel Crown Plaza, Chennai on 22nd January, 2021. The objective of the council was to strengthen the trade relations between India and Africa. It was jointly inaugurated by Nagma Mallick, Additional Secretary of India’s Ambassador to Africa and Dr. Tizita Mulugeta Yimam, Ethiopia’s Ambassador to India. Founder of Corporate Clinic in Chennai, Ramakrishnan was appointed as the Director of the India Africa Trade Council after the inauguration ceremony. India will collaborate with the African companies through the South Indian markets of Hyderabad, Chennai and Bengaluru.

21st January, 2021

NSE titled as the world’s largest derivatives exchange for the 2nd consecutive year

The Futures Industry Association (FIA) has named National Stock Exchange of India Ltd (NSE) as the world’s largest derivatives exchange for the 2nd consecutive year in terms of number of contracts traded. World Federation of Exchanges (WFE) has placed NSE at the 4th position in terms cash equities by number of trades in 2020. NSE has launched its 1st commodity options contract on gold and then silver in the Commodity Derivatives Segments. NSE has also initiated in the agricultural commodity sector with a futures contract on Crude Degummed Soybean Oil.

19th January, 2021

SEBI shows green-light to the controversial Reliance-Future Group Deal

Securities and Exchange Board of India (SEBI) has approved the controversial deal between Reliance Retail Ventures Ltd (RRVL) and Future Group. Under the deal, Future Group will sell its warehouse, logistics, wholesale and retail businesses to Reliance Retail for Rs. 24,713 crores.  This will transfer 74.2 % stakes from Future Enterprises Limited (FEL) to Reliance Retail and Fashion Lifestyle Limited (RRFL). RRFL is a wholly-owned subsidiary of RRVL. The deal between the two companies was announced in August, 2020.

18th January, 2021

Mastercard rolls-out micro-site for the SMEs across all the Mastercard’s Asia-Pacific websites

Mastercard has rolled-out ‘Digital Acceleration for Small Businesses’ micro-site in all the websites of Mastercard, active in the Asia-Pacific region. The micro-site will provide information and resources to the Small and Medium Enterprises (SMEs) for efficient business operation using digital transactions. Mastercard has launched the micro-site in collaboration with Wix and Zoho. It will promote digitization of the businesses swiftly and help the SMEs in faster recovery from the economic effects of COVID-19 pandemic.

16th January, 2021

Digit Insurance becomes the 1st startup to enter the Unicorn Club in 2021

Digit Insurance backed by Fairfax has become the 1st startup to enter the Unicorn Club (Firms with a valuation of over $ 1 billion) in 2021 by achieving a valuation of $ 1.9 billion. The insurance firm crossed the $ 1 billion mark after three years as its existing investors brought in Rs. 135 crores in January, 2021. The company’s exact value is Rs. 14,050 crores which was just the half in 2020. Bengaluru-based Digit Insurance founded by Kamesh Goyal in 2017 is a part of the sandbox initiative of the Insurance Regulatory and Development Authority of India (IRDAI).  

12th January, 2021

Flipkart partners with NITI Aayog for launching the revamped version of WEP

India e-commerce giant, Flipkart has partnered with National Institution for Transforming India (NITI) Aayog for launching an updated and improved version of Women Entrepreneurship Platform (WEP), which is a 1st-of-its kind portal for supporting women entrepreneurs. WEP was launched by NITI Aayog in 2017. The revamped version will have multi-lingual support and will facilitate active interaction between fellow women entrepreneurs along with a Question and Answer (QnA) portal. Dedicated Online Mentorship is also facilitated in the portal by the Federation of Indian Chambers of Commerce and Industry (FICCI) - FICCI Ladies Organization (FLO).  

Bharti Airtel collaborates with NSIC for Digital Transformation of MSMEs

Bharti Airtel has signed an MoU with National Small Industries Corporation (NSIC) for driving the digital transformation of the Micro, Small and Medium Enterprises (MSMEs) across India. Under the MoU, Bharti Airtel will provide technical assistance to the MSMEs for business automation and digitization of enterprise using various services of Bharti Airtel like data and voice connectivity, tele-marketing, cloud security and collaboration. The MoU aims to connect the MSMEs to the global network for enhanced business and employment opportunities.

7th January, 2021

Flipkart ties up with LSC for setting up Centre of Excellence in Logistics Skill

Indian e-Commerce giant, Flipkart has signed a Memorandum of Understanding (MoU) with Logistics Skill Sector Council (LSC) for setting up 1st of-its-kind Centre of Excellence (CoE) in Bengaluru, Karnataka. LSC is administered by the Ministry of Skill Development and Entrepreneurship headed by Mahendra Nath Pandey. Flipkart had also tied up with LSC in 2019 for providing training to the employees of its supply chain. The proposed CoE will be spread in an area of 1,500 sq. meters and will boost the employability of the unskilled and unemployed people in the e-commerce sector.

6th January, 2021

India initiates its 7th Trade Policy Review at WTO

India initiated its 7th edition of Trade Policy Review (TPR) at the World Trade Organization (WTO), Geneva on 6th January, 2021 under the leadership of Commerce Secretary, Dr. Anup Wadhawan. TPR is a comprehensive peer-review of the national trade policies of the members of the WTO. As per the 7th TPR Report, India’s economy has grown strongly at 7.4 % in the last 5 years. WTO has also acknowledged India’s role in global fight against COVOD-19 pandemic and has named India s the ‘Pharmacy of the World’.

5th January, 2021

Ramesh Pokhriyal and Smriti Irani jointly launch Toycathon 2021 for boosting Indian Toys Industry

Union Minister of Education, Ramesh Pokhriyal ‘Nishank’ and Union Minister of Textiles, Smriti Zubeen Irani have jointly launched Toycathon 2021 in New Delhi. They also launched the Toycathon web portal in the launch event. The Toycathon 2021 has been launched with an aim to not only make India self-reliant in toys industry but also to make India a manufacturing hub of toys. Toycoo was the mascot of the Toycathon 2021 event. At present 80 % toys in the Indian toy market of US $ 1.5 billion have been imported from other countries especially China.      

Tata Power collaborates with SIDBI to encourage the MSMEs for taking up Rooftop Solar Power Generation

Tata Power has collaborated with Small Industries Development Bank of India (SIDBI) for encouraging the Micro, Small and Medium Enterprises (MSMEs) to take up the business of Rooftop Solar Power Generation. Under the collaboration, various finance schemes will be offered to the MSMEs associated with Tata Power for setting up on as well as off the grid solar connections. Tata Power aims to penetrate the MSME sector with its rooftop solar power generation systems and collateral-free loans at less than 10 % rate of interest from SIDBI.