Business & Economy Current Affairs 2021 - Current Affairs Today

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Last Updated: September 24, 2021 3 days ago

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  • Union Minister Piyush Goyal Launched National Single Window System for Investors and Businesses

    3 days ago
    Union Minister, Shri Piyush Goyal, launched the “National Single Window System” for Investors and Businesses on 22 September. Highlights: ♦ National Single Window System is a giant step towards making India Aatmanirbhar. ♦ This system will usher in independence from the legacy of running towards Government offices for approvals ....

    India to be 3rd Largest Importer by 2050 - Department of International Trade

    5 days ago
    India may become the world’s third-largest importer by 2050, according to a document launched by the UK’s Department of International Trade. Highlights: ♦ With a 5.9 per cent share of international imports by 2050, the country will turn out to be the third-largest importer, following China and the United States. ♦ At present, ....

    India to Resume Vaccine Export

    5 days ago
    India will resume the export of COVID-19 vaccines under its ‘Vaccine Maitri’ programme to fulfil the commitment in the direction of COVAX (COVID-19 Vaccines Global Access). Highlights: ♦ The COVAX software is led by the vaccine alliance GAVI, WHO and the Coalition for Epidemic Preparedness Innovations (CEPI) in partnership with ....

    PFC Issues EuroBond Issuance

    9 days ago
    Power Finance Corporation Ltd (PFC) has effectively issued its maiden Euro 300 million 7-year Euro Bond issuance. Highlights: ♦ State-run electricity sector lender PFC grew to be the first Indian entity to launch Euro-denominated inexperienced bonds with a €300-million (about $352 million) issuance that was once oversubscribed 2.6 times ....

    WPI Inflation Rebounded

    11 days ago
    In August, the wholesale price inflation rate rebounded to 11.39%, maintaining double digits for the fifth consecutive month. Highlights: ♦ Inflation in manufactured products: 11.4% ♦ Inflation in manufactured products: 26.1% ♦ Food price inflation: 3.43% ♦ LPG, diesel inflation and petrol: 48.1%, 50.7% and 61.5% respectively

    Petrol and Diesel are Under GST Purview

    11 days ago
    Under the single national GST regime, the GST Council would possibly consider taxing diesel, petrol and other petroleum products Highlights: ♦ Instead of GST, as of now, taxes like ‘Excise Duty’ and ‘VAT’ are being imposed on Petroleum items like petrol, diesel, Air Turbine Fuel (ATF), natural gas and crude oi ♦ ....

    NFRA for Single Stakeholders - Advisory Body

    12 days ago
    The National Financial Reporting Authority (NFRA) will establish a single stakeholders’ advisory group and research cell to assist the group in order to enhance engagement with stakeholders. About NFRA: ♦ It is an independent regulatory authority that oversees the accounting standards and auditing profession in India in accordance with ....

    Pulse Report by PhonePe

    18 days ago
    India’s leading Fintech platform, PhonePe, which has now 300 million users, has added an interactive internet site referred to as PhonePe Pulse, consisting of data, perception and key developments on digital payments. Highlights: ♦ PhonePe Pulse website aspects tens of millions of transactions achieved by customers on an interactive ....

    Cairn Energy Ends Tax Dispute with India

    18 days ago
    Cairn Energy, headquartered in the United Kingdom, is working with the Indian government to speed up the "documentation and refund payment" of the $1.06 billion retrospective tax. In its half-yearly report, Cairn stated it plans to return $700 million to the shareholders through unique dividends and buybacks, out of the expected tax refund ....

    Local Sales through SEZ Units Except Import Tag

    18 days ago
    Special Economic Zones (SEZs) were in the news. Local sales through Special Economic Zones units except import tag. Highlights: ♦ The government is considering an idea to enable producers in Special Economic Zones (SEZs) to promote their output to the domestic market without treating them as imports. ♦ It is also reviewing the exclusion ....

    Mirabai Chanu Chosen by Adidas

    24 days ago
    Adidas has roped in Tokyo Olympic Silver-medalist Mirabai Chanu as the face of its “Stay in Play” campaign for its modern-day product innovation designed to keep greater menstruating girls in sports. Key Points: ♦ The new TechFit Period Proof tights, presenting an absorbent layer to help protect against leaks when worn with a ....

    Food Crisis - Emergency in Sri Lanka

    24 days ago
    The President of Sri Lanka has declared an economic emergency in the country. Highlights: ♦ The country is experiencing excessive inflation. ♦ The move arrives in the backdrop of a spike in meals costs following a steep fall in the cost of the country’s currency. ♦ The state of emergency been declared under the public safety ....

    No Fund From World Bank for Afghanistan

    30 days ago
    The World Bank has stopped funding for projects in Afghanistan after the Taliban seized control in the country. Highlights: ♦ The World Bank also raised worries over how the Taliban offensive will have an effect on development possibilities in Afghanistan, specifically with respect to women. ♦ The IMF additionally introduced that Afghanistan ....

    Fair and Remunerative Price for Sugarcane

    31 days ago
    Government approved the determination of Fair and Remunerative Price of sugarcane payable with the aid of Sugar Mills for sugar season 2021-22. Details: ♦ With the modification of the Sugarcane (Control) Order, 1966 in 2009, the concept of Statutory Minimum Price (SMP) of sugarcane was replaced with the ‘Fair and Remunerative Price (FRP)’ ....

    Infosys at Fourth Place

    32 days ago
    The shares of Information Technology major, Infosys hit a document high during intraday trading, which helped the company cross $100 billion in market capitalization. Highlights: ♦ Infosys is the fourth Indian organization to achieve this milestone. Reliance Industries (m-cap of $140 billion), Tata Consultancy Services (m-cap $115 billion) ....

    First State to Cut Petrol Price - Tamil Nadu

    41 days ago
    Tamil Nadu has grown to be the first nation in India to reduce the petrol price in the fiscal year 2021-22 by means of Rs 3/litre, supplying a major relief to consumers. Highlights: ♦ The rate reduction was introduced by State Finance Minister Palanivel Thiagarajan in the course of his budget speech on August thirteen and it came into effect ....

    Separate Budget for Agriculture - Tamil Nadu

    41 days ago
    The Tamil Nadu legislative assembly presented a separate budget for Agriculture for the first time in the history of the assembly. The budget was by the Tamil Nadu Minister for Agriculture and Farmers Welfare. MRK Panneerselvam on August 13, 2021. Highlights: ♦ Minister dedicated the price range to farmers who are protesting in New Delhi towards ....

    HCL Becomes Top IT Firm Hitting Market Cap

    42 days ago
    HCL Technologies’ market capitalization (market-cap) touched Rs three trillion for the first time. HCL turned into the fourth Indian statistics science (IT) company to gain this milestone after Tata Consultancy Services (TCS), Infosys and Wipro. Highlights: ♦ Shares of HCL Tech hit a fresh document high of Rs 1,118.55, up 2 per cent ....

    Export of 5 Varieties of Apple - APEDA

    44 days ago
    APEDA in collaboration with HPMC (Himachal Pradesh Horticultural Produce Marketing and Processing Corporation Ltd) exported the first consignment of 5 special varieties of apples in order to promote agricultural and processed meals merchandise exports to more recent destinations. Highlights: ♦ Five varieties of apples consisting of Dark Baron ....

    Largest Star Sapphire Cluster in Sri Lanka

    53 days ago
    World’s biggest star sapphire cluster has been discovered in Ratnapura, Srilanka. Highlights: The stone is pale blue. It was located by labourers while digging properly in a gem trader’s home. Ratnapura is recognized as the gem capital of the country. The sapphire cluster weighs around 510kgs or 2.5 million carats. The cluster has an ....

    Priyanka Chopra as Ambassador of Bvlgari

    54 days ago
    Italian luxury whole Bvlgari has appointed actor Priyanka Chopra Jonas as world whole ambassador. she is going to support the Roman high jewellery house in amplifying the whole round the world, with a selected specialize in themes of girls direction, diversity and inclusion. Bvlgari is understood for its gem jewellery, watches, fragrances, accessories ....

    IFSCA Regulations 2021 - Financial Services

    56 days ago
    International Financial Services Centre (Capital Market Intermediaries) Authority Regulations 2021 is in news. Highlights: ♦ IFSCA proposes enacting a regulatory framework for capital market intermediaries operating in IFSC, with a focus on ease of doing business and in accordance with the fundamental principles established by the International ....

    Central Bank Digital Currency (CBDC) - RBI

    65 days ago
    The Reserve Bank of India may soon launch a pilot project to evaluate the feasibility of using digital currencies for wholesale and retail payments. These projects will help adjust RBI's strategy to introduce a comprehensive central bank digital currency (CBDC). A high-level inter-ministerial committee appointed by the Finance Ministry recommended ....

    Credit Card by ICICI Bank and HPCL

    66 days ago
    ICICI Bank partnered with Hindustan Petroleum Corporation Limited (HPCL) and announced a co-branded credit card to enable users to get benefits & reward points for using multiple credit cards in one. Highlights: ♦ The card is named ICICI Bank HPCL Super Saver Credit Card. This credit card offers best-in-class rewards and benefits to customers ....

    Insolvency and Bankruptcy Board of India - IBBI

    66 days ago
    The IBBI's (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, have been amended by the Insolvency and Bankruptcy Board of India. Highlights: ♦ IBBI's has notified the 2016 Insolvency and Bankruptcy Board of India's (Insolvency Resolution Process for Corporate Persons) Regulations in July 2021. ♦ The ....

    External Benchmarks Lending Rate - RBI

    67 days ago
    In RBI’s recent report on “Monetary Transmission in India”, the share of outstanding loans related to external benchmark lending rates (EBLR-similar to repo rate) increased from as low as 2.4% in September 2019 to 28.5% in March 2021. About External Benchmark Lending Rate (EBLR): ♦ RBI requires banks to adopt a unified external ....

    Exemption from Taxes to Alleviate Stress caused by COVID

    68 days ago
    The government has decided to exempt taxpayers from income tax on medical expenses for COVID-19 treatment received from their employer or anyone in the 2019-20 fiscal year and subsequent years Highlights: ♦ The purpose of this exemption is to provide relief to taxpayers who have suffered as a result of COVID-19 and have had to incur costs ....

    Fifth Largest Holder - Forex reserves

    68 days ago
    As of June 25, 2021, India will be the world's fifth largest holder of forex reserves. Highlights: ♦ As of June 25, 2021, India's foreign exchange reserves were 608.99 billion U.S. dollars, and it has become the world's fifth largest foreign exchange reserve holder after China, Japan, Switzerland and Russia. ♦ In terms of ....

    U.S-India Business Council - USIBC

    69 days ago
    The Finance Minister delivered a speech at the U.S. India Business Council roundtable on "Maximizing the India's Long- term and inclusive growth as a global destination for U.S.(United States) investment." About the USIBC: ♦ The US-India Business Council was founded in 1975 as a business advocacy organization to educate and ....

    Onion Export Ban Dispute at WTO

    75 days ago
    Japan and the United States have dragged India into the World Trade Organization for frequent bans on onion exports. Both countries have claimed that the unannounced export ban causes problems for importing countries. Onion growers in India have also demanded that the government develop a comprehensive policy on onion import and export rather than making ....

    International Financial Services Centres Authority - IFSCA

    75 days ago
    Establish and operate the International Trade Financial Service Platform (ITFS) to provide a framework for trade financial services in the International Financial Service Center. Highlights: ♦ The IFSCA has issued a framework for establishing and operating an International Trade Finance Services Platform in order to provide Trade Finance ....

    Export of Bhalia Wheat

    76 days ago
    Export of Bhalia Wheat To promote wheat exports, the first batch of Bhalia wheat certified by Geographical Indication (GI) was exported from Gujarat to Kenya and Sri Lanka. About Bhalia Wheat: ♦ Wheat has a high protein content and a sweet taste. ♦ The crop is primarily grown in Gujarat's Bhal region, which includes the districts ....

    Export of Madurai Malli

    77 days ago
    Tamil Nadu exports GI certified Madurai Malli and other flowers to the United States and Dubai. Highlights: ♦ The Madurai Malli, also known as Jasmine, is an important part of Tamil Nadu's culture and economy. ♦ The sacred flower has a connection to Madurai that dates back to 300 BCE. ♦ Flowers have a special significance ....

    Export of Mirshi Cherry Exported to Dubai

    82 days ago
    First Commercial cargo of Mishri variety of cherries used to be exported to Dubai from Srinagar on July 6, 2021 in order to increase horticultural exports. Highlights: ♦ In June, a sample consignment was despatched to Dubai from Sri Nagar before this shipment. ♦ Later, an encouraging response from consumers in Dubai, first business ....

    Announcement of Change in Government Securities Auction Methodology of RBI

    83 days ago
    The Reserve Bank of India has announced a change in Government securities auction methodology for benchmark securities. They referred to in the contemporary update that on a overview of market conditions and market borrowing program of the government, it has been determined that benchmark securities of tenor 2-year, 3-year, 5-year, 10-year, 14-year ....

    Retail and Wholesale Trades are Now Included in the MSME category

    83 days ago
    Retail and wholesale traders have been classified as MSME (Micro, Small, and Medium Enterprises) by the government. Highlights: ♦ The MSME sector includes the industrial and service sectors but not the agriculture sector. ♦ Despite the fact that the retail and wholesale trades are all part of the Services sector, they were not considered ....

    OECD - G20 Inclusive Framework Tax Deal

    84 days ago
    The G20/OECD Inclusive Framework Tax Agreement has been signed by India. Highlights: ♦ Most members of the G20/OECD Inclusive Framework for Basic Erosion and Profit Shifting, including India, passed a high-level statement containing an outline of a consensus solution to the taxation challenges posed by the digitalization of the economy. ♦ ....

    Loan Guarantee Scheme for Covid Affected Sectors

    87 days ago
    The Cabinet approved the Loan Guarantee Scheme for Covid-affected departments. About LGSCAS: ♦ The scheme allows for funding up to Rs. 50,000 crore to provide a financial guarantee for brownfield expansion and greenfield projects related to health/medical infrastructure ♦ The Scheme would apply to all eligible loans sanctioned up to ....

    Export of Burmese Grapes Leteku

    89 days ago
    APEDA promoted the export of Burmese grape "Leteku" to Dubai. About Leteku: ♦ Burmese grapes are also called "Leteku" in Assamese languages. ♦ They are grown in Assam's Darrang district. ♦ They can be found in abundance in India's north-eastern region. ♦ Burmese grapes grow in evergreen forests ....

    Financial Assistance by World Bank - Kerala

    90 days ago
    The Board of Executive Directors from the World Bank has accepted a $125 million support for the ‘Resilient Kerala Program’ to assist the country in preparedness in opposition to herbal disasters, local weather exchange impacts, disease outbreaks, and pandemics. The $125 million mortgage from the International Bank for Reconstruction and ....

    Partnership Between SBI Card and Fabindia

    93 days ago
    SBI Card, the country’s second-largest savings card provider and Fabindia, a retail platform for a wide vary of handcrafted products by the artisans of the country, have joined palms to launch a distinctive co-branded contactless savings card named “Fabindia SBI Card”. The card is designed with curated advantages and privileges to ....

    A Digital Lending Platform Induseasy Credit Launched by IndusInd Bank

    100 days ago
    IndusInd Bank announced the launch of ‘IndusEasy Credit’, a complete digital lending platform that permits clients to meet their economic necessities from the relief of their homes. Highlights: With this, each existing, as nicely as a non-IndusInd Bank customer, can immediately avail of personal loans or credit score playing cards on ....

    Puma Partnership with Yuvraj Singh

    100 days ago
    Global sports company Puma India has prolonged partnership with former Indian cricketer Yuvraj Singh, who has been associated with the manufacturer for over a decade. Highlights: ♦ Moving from cricket to the quickly lane, Yuvraj will now be considered in a new avatar as the face of Puma Motorsport in India, showcasing his passion for fast ....

    Mandatory Hallmarking of Gold Jewellery

    102 days ago
    Mandatory signs for gold jewellery took effect on June 16. Highlights: ♦ Mandatory hallmarking of gold jewellery/artefacts was scheduled to begin on January 15, 2020, but was pushed back to June 1, 2021, in order to clear out old stock of un hallmarked jewellery. ♦ Because of the Covid pandemic, this date has been pushed back to January ....

    The Minimum Support Price (MSP) for Paddy, Pulses, and Oilseeds has been Raised

    104 days ago
    The Central Government has increased the Minimum Support Price (MSP) for Paddy, Pulses, and Oilseeds in order to encourage crop diversification. Highlights: ♦ Minimum Support Price (MSP) is the price at which the government buys crops from farmers. ♦ It is based on a calculation of at least one-and-a-half times the farmers' production ....

    World Bank Approves $500 mn Program to Help Boost MSME Sector of India

    111 days ago
    Board of Executive Directors of World Bank has accredited a USD five hundred million programs to support India’s nationwide initiative to revitalise the MSME sector, which has been heavily impacted by way of the COVID-19 crisis. Highlights: The MSME area is the spine of India’s economy, contributing 30% of India’s GDP and 4% of ....

    GDP of India Contracts By 7.3% - CSO

    117 days ago
    According to a report released by the Central Statistical Office, India's GDP will contract by 7.3 percent in 2020-21. Prior to the COVID-19 pandemic, GDP growth in 2019-20 was 4%. Highlights: ♦ The economy's Gross Value Added (GVA) fell 6.2 percent in 2020-21, compared to a 4.1 percent increase the previous year. ♦ Agriculture, ....

    Edible Oil Prices Rise Sharply

    118 days ago
    Prices for edible oil have risen dramatically in recent months. Highlights: ♦ Prices for six edible oils have risen: groundnut oil, mustard oil, vanaspati, soya oil, sunflower oil, and palm oil. ♦ Consumption of edible oils has increased over the years due to rising incomes and changing food habits. ♦ One major reason for ....

    Bangladesh Approves Currency Swap Facility to Sri Lanka

    119 days ago
    Bangladesh's central bank has approved a $200 million currency swap facility for Sri Lanka, which will assist the country in dealing with its foreign exchange crisis. Highlights: ♦ A currency swap is essentially a loan given by Bangladesh to Sri Lanka in dollars with the agreement that the debt will be repaid in Sri Lankan rupees with ....

    Increased Foreign Direct Investment (FDI) in India

    122 days ago
    There has been an increase in Foreign Direct Investment inflows into India. The government's policy reforms for Foreign Direct Investment (FDI), investment facilitation, and ease of doing business have all contributed to the increase. Highlights: ♦ The trends in India’s FDI are: ♦ The highest-ever total FDI inflow of US $81.72 ....

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