Business & Economy Current Affairs 2018 - Current Affairs Today

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  • Godrej's Smita Crishna tops list of India's wealthiest women

    Smitha V. Crishna, a third-generation heir of the Godrej family, ranks first in the Kotak Wealth Hurun-Leading Wealthy Women 2018 list with an estimated wealth of ₹ 37,570 crore. Roshni Nadar, CEO and executive director at HCL, ranks second in the list with an estimated wealth of ₹30,200 crore. Indu Jain, the chairperson of the Times Group, ranks third in the list  with an estimated wealth of ₹26,240 crore.

    CNPC is likely to expand its stake in an Iranian gas field

    The China National Petroleum Corporation (CNPC), the world’s third-largest oil and gas firm, is likely to expand its stake in an Iranian gas field.  CNPC has replaced Total, the French energy giant, in the South Pars, world’s single largest natural gas field, Phase 11 project. In the project 2017, Total acquired a 50.1%, CNPC held a 30% stake and the rest was allocated to Iran’s Petropars Ltd. Meantime, Washington, U.S. demanded both Total and CNPC to scrap their businesses from Iran. Following the U.S. framework, Total apparently withdrew from the project. The option lies with Chinese firm the to take over Total’s stake if it left Iran. Chinese Foreign Ministry opposed to “unilateral sanctions” imposed by the U.S. against Iran and it is likely to expand its stake in an Iranian gas field.

    Google launches Video Q and A App Cameos Aimed At Celebrities

    This app allows people to answer questions about themselves, then share those answers directly on Google. With the Cameos app, famous personalities can address fans questions in their own voice, instead of leaving the answers up to other websites.

    Ramco Systems acquired a multi-million dollar order from AP Cargo Logistic Network Corporation

    Ramco Systems, a Software firm, acquired a multi-million dollar order from Manila-based air freight leader AP Cargo Logistic Network Corporation with an aim to implement its logistics software. It is expected that AP Cargo would implement the software to streamline its freight operations countrywide. AP Cargo partnered with Ramco after the partnership with the Philippines as it was adopting IT solutions to ramp up its logistics capabilities and infrastructure. The freight and logistics market is expected to reach $60.22 billion by 2023.

    Taiwans Wistron to invest Rs.1,150 crore in Karnataka

    Taiwan’s Wistron, a contract manufacturer of Apple iPhones in India, has plans to invest Rs.1,150 crore in Karnataka during the first phase of operations. It is expected to manufacture components in Phase II and Phase III. As Apple is demanding tax concessions from the State government it is not directly investing but has given the contract to Wistron.

    NSE unveiled new logo at its silver jubilee celebration

    The National Stock Exchange (NSE), India’s largest equity bourse, has celebrated its silver jubilee by unveiling its new logo, which is a modern representation of a blooming marigold with red, yellow, orange, and blue hues. The celebrations were attended by former prime minister Manmohan Singh, Union minister Nitin Gadkari, NITI Aayog deputy chairman Rajiv Kumar, and Delhi lieutenant-governor Anil Baijal. The NSE was inaugurated by Singh in 1994 when he was finance minister. NSE chief - Vikram Limaye

    PayU and Reliance Money announced Strategic Partnership For Instant Loan

    For instant app-based personal loans via LazyPay - India's best pay later option PayU and Reliance Money started to provide loan amount start from as low as Rs. 100 and will extend up to Rs. 1,00,000 with a duration varying from 15 days to 24 months.  About PayU PayU is a fintech company that provides payment solutions to online merchants.  The company was founded in 2002 and is headquartered in Hoofddorp, Netherlands. About Reliance Money Reliance Securities is a broking arm of Reliance Capital.  It is one of India’s largest retail broking houses with over 7 lakh customers and a pan-India presence at more than 1700 locations. Headquarters: Mumbai.

    IKEA opened its first store in India

    IKEA, Swedish home furnishings major, opened its first store in Hyderabad, India. IKEA has already been sourcing for the past three decades in India. It will be opening its other branches in Mumbai, Bengaluru and National Capital Region. The store is of 400,000 sq. ft located at the heart of city’s IT hub. IKEA in Hyderabad employs 950 people directly, half of them women, and 1,500 indirectly in services and expects to host close to 7 million visitors each year.

    International Conference on Sustainable Growth Through Material Recycling Inaugurated In New Delhi

    The conference was inaugurated by the Union Minister of Road Transport, Highways & Ganga Rejuvenation, Nitin Gadkari at Pravasi Bharatiya Kendra in New Delhi. The day-long conference has 5 technical sessions on Circular Economy in Material Recycling”, “Infrastructural Issues in Recycling Industry”, “Standardization and certification in Recycling Industry”, “Environmental Benefits of Material Recycling”, “Financial and Taxation issues in Recycling Industry”.  

    HUL agreed to acquire Adityaa Milk ice cream business

    Hindustan Unilever Limited (HUL) announced that it has signed an agreement with Vijaykant Dairy and Food Products Limited (VDFPL) and it's group company to acquire Adityaa Milk ice cream business, its ice cream and frozen desserts business.  The acquisition aimed at strengthening its position in the rapidly-growing ice cream and frozen dessert market in India. According to the terms of the agreement, until the completion of transaction VDFPL will manage the business and will continue to manufacture for HUL for an agreed period of time.

    GST council announced Cashback For Digital Transactions

    Finance Minister Piyush Goyal announces 20%  Cashback upto Rs 100 for the Digital Transactions done via BHIM, Rupay or USSD mode. The main aim of the meeting on the concerns and suggestions of the Micro, Small and Medium Enterprises. About GST Goods and Services Tax (GST) is an indirect tax (or consumption tax) levied in India on the supply of goods and service. The GST was launched at midnight on 1 July 2017 by the President of India, Pranab Mukherjee, and the Government of India.  

    The government is to present fresh bids to Pawan Hans

    The government is to present fresh bids for 100% stake sale in Pawan Hans by issuing an addendum to the disinvestment document as ONGC is ready to sell its entire stake in the company. The government has already issued the information memorandum for the 51% strategic stake sale in Pawan Hans and has sought Expression of Interest (EoI) from interested bidders. ONGC said that its board has resolved that it would prefer to exit Pawan Hans simultaneously with the government.  Helicopter services provider Pawan Hans is a joint venture between the government and the state-owned ONGC. The government holds 51 per cent stake and ONGC owns the remaining 49 per cent shareholding. Pawan Hans has a fleet of 46 choppers.

    Gautam Adani group won the gas distribution network auctions

    Gautam Adani’s group won the gas distribution network auctions. It gained rights to sell Compressed Natural Gas (CNG) in 11 cities, including Allahabad. In the country’s biggest City Gas Distribution (CGD) Adani won 6 cities on its own and another 5 in joint ventures with state-owned Indian Oil Corp (IOC). IOC won 4 cities on its own. Bharat Gas Resources Ltd. won the license for 6 cities. Torrent Gas Pvt. Ltd. won 6 cities. GAIL Gas won 3 cities.

    AAI to joint venture with Sri Lanka in Mattala airport project

    India’s Airport Authority of India (AAI) joint ventures with the Airport & Aviation Services in Sri Lanka to run the loss-making Mattala airport, located in Sri Lanka’s Southern Province. So far, three rounds of official negotiations were completed. After detailed negotiations, the two governments have agreed that India, with a 70% stake in the joint venture, will contribute $225 million to revamp and run the airport, while the Sri Lankan side will invest the balance. India will operate the airport on a 40-year lease. Once the technical aspects of the joint venture are prepared, the draft agreement will be presented for Cabinet clearance.

    Bharti Airtel plans to provide optical fibre network in Tamil Nadu

    Bharti Airtel plans to provide optical fibre network in Tamil Nadu. Being the telecommunications provider, it aims to improve network connectivity in the State.  Currently, Tamil Nadu has a fibre network for 14,000 km. With Bharti Airtel’s plan for a rollout of 3,000 km of fresh optic fibre, it would touch 17,000 km in 2021. The company has planned to invest Rs. 24,000 crore to Rs. 26,000 crore pan-India in mobile network sites, capacities, fibre rollout and digitalisation among others. Also, Bharti Airtel is planning to open 12,000 new mobile sites across the State to add to network capacity and take high-speed data services deeper into rural areas.

    MRPL is set up the floating solar power plants

    Mangalore Refinery and Petrochemicals Ltd (MRPL) is setting up the floating solar power plants on the three water storage reservoirs on its premises. Floating solar power plants would not only generate around 6 MW of energy but also minimise water evaporation from the reservoirs. The 6 MW of solar power is already being tapped from the rooftop panels. Also, MRPL would be distributing 31,867 LED bulbs to 8,000 families, angadwadis, schools, community halls and shops in Bala, Kalavar, Permude, Kuthethoor, Jokatte, Thokur, Soorinje, Delanthabettu, Chelyar and Madya villages, at a cost of around Rs.43 lakh. These bulbs being would have a warranty period of two years.

    Japan overtakes China as World's 2nd biggest stock market

    As a result of China's trade war with the US and its campaign to cut debt, the value of China's stock market fell to $6.09 trillion, losing its position as the World's second biggest stock market to Japan ($6.17 trillion). The U.S. has the world's largest stock market at just over $31 trillion. China's stock market overtook Japan's in 2014 and soared to an all-time high of over $10 trillion in 2015.

    Apple becomes First $1 Trillion Company in History

    Apple Inc. became the first U.S.-based company with a market value of $1 trillion, four decades after it was co-founded by Steve Jobs in a Silicon Valley garage and later revolutionized the worlds of computing, music and mobile communications. The iMac desktop computer, the iPod, iPhone, and iPad were smash hits. Apple CEO - Tim Cook.

    Reliance Jio partnered with SBI for digital services

    RIL’s telecom subsidiary Reliance Jio partnered with State Bank of India (SBI) to extend the next generation of digital banking and payments services to customers.  MyJio platform will enable SBI YONO’s digital banking features and solutions for a seamless, integrated and superior customer experience. It will also extend the financial services capabilities of SBI and Jio Payments Bank.

    Elgi Equipments acquired Sydney based Pulford Air & Gas

    Elgi Equipments Limited, an Indian manufacturer of air compressors and automotive equipment, has acquired Pulford Air and Gas, an Australian company, at a total cost of Australian $11.04 million. Sydney based Pulford is one of the largest distributors of industrial air compressors in Australia. Elgi has now acquired F.R. Pulford & Son Pty Limited and its wholly-owned subsidiary Advanced Air compressors Pty Ltd. Jairam Varadaraj, MD, Elgi Equipments, said Elgi expects Rs. 60 crore revenue in Australia this financial year because of the acquisition.

    Reliance Beats TCS and became India's Most Valued Company

    India's richest person Mukesh Ambani-led Reliance Industries Limited (RIL) beat Tata Consultancy Services (TCS) to become the most valued company in India.  RIL's market capitalisation during the day was Rs7.44 trillion as compared to TCS' Rs7.39 trillion.  RIL had recently reported its highest ever quarterly net profit of Rs9,459 crore, for the April-June quarter.  

    EIL has launched Electric Vehicle charging and battery swapping infrastructure initiative

    Essel Infraprojects Ltd, (EIL) has launched Electric Vehicle charging and battery swapping infrastructure initiative under Essel Green Mobility Limited in Lucknow. Essel Infraprojects is planning to invest Rs.1,750 crore on this project. Under the project, EIL has initiated 250 charging stations, 1,000 battery swapping stations in 20 cities of Uttar Pradesh. EIL will also invest in the deployment of 25,000 e-rickshaws simultaneously. This will create around 50,000 job opportunities.

    HCL overtakes Wipro to become India's 3rd largest IT firm

    June quarter results declared, showed HCL Technologies’s revenue totalled $2.05 billion, more than Wipro’s $2.03 billion. Last year, Wipro’s full-year revenue totalled $8.06 billion, about $220 million more than HCL Technologies’ $7.84 billion. ♦ HCL Technologies Founder - Shiv Nadar ♦ HCL Technologies Headquarters - Noida ♦ Wipro Limited chairman - Azim Premji ♦ Wipro headquarters - Bengaluru

    India's Hindalco Industries Ltd. acquires U.S firm Aleris

    India's Hindalco Industries Ltd. announced that it will acquire US-based aluminium producer Aleris Corporation for $2.58 billion through its wholly-owned subsidiary Novelis. This deal will lead to the creation of the second largest aluminium company in the world with $21 billion revenue, and 40,000 employees.

    NASA to launch world's first mission to touch the Sun

    Mankind's first mission to the Sun, Parker Solar Probe, a car sized probe, will study the Sun closer than any human-made object ever has. This mission is expected to take off no earlier than August 6. This probe will swoop to within 4 million miles of the solar surface, facing heat and radiation like no spacecraft before. Parker Solar Probe will explore the corona, a region of the Sun only seen from Earth when the Moon blocks out the Sun's bright face during total solar eclipses.

    DoT approved the merging of Vodafone and Idea

    The Department of Telecommunications (DoT) approved the merging of Vodafone India and Idea Cellular. It also laid a condition saying the merged entity should abide by the decisions of Telecom Disputes Settlement and Appellate Tribunal (TDSAT) and other courts. This merger makes Vodafone Idea Limited, the largest carrier in India by 430 million subscribers and a 35% revenue market share.

    Oxigen announces a Strategic Partnership With Fincare Small Finance Bank

    Oxigen and Fincare Small Finance Bank signed an agreement to roll out the Branchless Banking services using Oxigen flagship Point of Sale device called the Oxigen Micro ATM Super PoS.  The event hosted by Brand Ambassador Grand Master Viswanathan Anand. Oxigen has been marching forward on its financial inclusion agenda to offer Branchless banking services to India's rural unbanked/underbanked segments.

    JSW Steel plans to invest Rs.45,000 crore to expand its steel making capacities

    JSW Steel is planning to invest about Rs.45,000 crore over a period of four years from FY2017-18 to FY2020-21. The investment is made for the expansion of steel making capacities, modernising and expanding capacities of its downstream businesses.  Also, the National Company Law Tribunal (NCLT) recently approved a Rs.2,875 crore bid by a consortium of Aion Investments and JSW Steel to acquire the bankrupt Monnet Ispat and Energy Limited (MIEL). MEIL owes more than ₹11,000 crore to its lenders.

    Maruti Suzuki introduced Suzuki Connect Application to provide additional services to the customers

    Maruti Suzuki introduced Suzuki Connect Application. It aimed at giving customers access to services such as emergency alerts, vehicle tracking and car assistance.  It will be available for the company’s Nexa customers at a cost of Rs.9,999 for a three-year subscription. Once connected to the Nexa App on their smartphone, customers can experience features such as driving behaviour analysis and the driving analytics report.

    Rakesh Sharma is appointed as CCO of Bajaj Auto Ltd.

    Bajaj Auto Ltd. has appointed Rakesh Sharma as its first Chief Commercial Officer (CCO). Rajiv Bajaj, Bajaj Auto MD, said that the post of CCO was created to complement the offices of the Executive Director (ED) and Chief Technology Officer (CTO) and informed all heads of departments to report to the CCO. He also said that the CCO would be responsible for product harmonisation leading to ‘one world, one product’ marketing synergies, creating ‘one brand, one position,’ customer focus resulting in ‘one company, one quality’ and corporate alignment facilitating ‘one stakeholder, one message.

    Iran becomes India's second largest oil supplier

    Iran has overtaken Saudi Arabia to be the second largest supplier of crude oil to Indian public sector firms during April-June quarter. Iraq remains India's No:1 supplier of crude. State firms that buy oil from Iran include Mangalore Refinery and Petrochemicals Ltd (MRPL), Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL). New Delhi shipped in 7.27 million tonnes of oil from Iraq, while shipments from Saudi Arabia totalled 5.22 million tonnes. 

    Piramal Capital aims to lend Rs.10,000 Crore for hotel projects in three years

    Piramal Capital & Housing Finance Ltd (PCHFL) has announced its plans to lend Rs.10,000 crore to hospitality projects across the country over three years.  The firm had lent Rs.600 crore to Vatika Group and Rs.600 crore to Advantage Raheja Group. Recently, the company announced its third investment of Rs.650 crore in the Gurgaon-based SAMHI Group. These are the transactions done by PCHFL in the hospitality sector over the last six months. Khushru Jijina, MD of PCHFL, said that the industry is firmly on a path of growth, ably supported both domestic and foreign tourism, has higher disposable income and is witnessing a general change in spending habits of target customers.

    Indian airports is buying TaxiBots from IAI

    India has planned to buy environmentally friendly TaxiBots, which can be used at the airports, developed by Israel Aerospace Industries (IAI). These Pilot-controlled and semi-robots will allow pilots to switch on the plane’s engines only when it reaches the starting point of the runway hence reducing carbon emissions. IAI has announced that it had entered into an agreement with Gurugram-based KSU Aviation for the same. The use of TaxiBot at Indian airports in the next five years will bring about a saving of $1.5 billion to Indian carriers and reduce environmental damage of greenhouse gases by four million tons.

    Chinas President Xi Jinping held talks with UAE leaders about bilateral relations

    China’s President Xi Jinping held talks with top UAE leaders about bilateral relations on the second day of a visit ahead of a three-nation Africa tour. They also discussed about  strengthening strategic bilateral ties as well as regional and international issues of mutual interest happened. State-owned Abu Dhabi National Oil Co. awarded two contracts worth $1.6 billion to BGP Inc., a subsidiary of China National Petroleum Co., for a seismic survey in the Emirate.

    Volkswagen has planned to set up a design centre in Pune

    German auto major Volkswagen (VW) Group has planned to set up a design centre in Chakan near Pune. It is aimed to expand the production capacity of the company. VW would be investing ₹8,000 crore, in phases, in the design centre, development of new models and other activities.  The group is targeting to achieve a 5% market share in India by 2025, from the current 1.8%, across brands. Currently, Volkswagen has 121 dealers across 104 cities in India and it is planning to increase the number of touch points. Volkswagen ♦Industry: Automotive ♦Founded: 28 May 1937 ♦Headquarters: Germany ♦CEO: Herbert Diess

    Infosys Foundation and Bangalore Metro signed MoU For Constructing Station

    Infosys Foundation signed with the Bangalore Metro Rail Corporation Limited (BMRCL) for the construction of a station at Konappana Agrahara in Electronics City. The station is under the second phase of Bangalore Metro expansion plans and the Foundation has committed to maintaining it for the next 30 years. Infosys would contribute 200 crores to the Bengaluru Metro Rail for the construction of Konappana Agrahara Metro Station and railway track. About Infosys ♦Founder:N. R. Narayana Murthy ♦Founded:7 July 1981 ♦Head Quarters: Bengaluru, Karnataka.

    Amazon is the second company To Hit $900 Billion Valuation After Apple

    Amazon company crossed $900-billion market cap for the first time in its history becoming only the second company after Apple to achieve this milestone.  Amazon sold over 100 million products during its Prime Day sale.  Apple is currently the world's most valuable company with a market cap of $935 billion. About Amazon ♦ A US-based company which was founded by Jeff Bezos.  ♦ It was founded in 1994. 

    A 13 year old Mumbai boy launched logistics startup, partners 'Dabbawalas'

    Tilak Mehta, a 13-year-old boy from Mumbai, has launched a logistics startup called 'Papers N Parcels' (PNP) to carry parcels within the Mumbai city for same-day delivery. Users can place an order and get real-time updates via an app. PNP handles parcels of up to 3 kg and charges Rs. 40-180 per parcel depending on the weight.

    USFDA approved Sun Pharma for cancer treatment injection

    Sun Pharmaceutical Industries has received approval from the United States Food & Drug Administration (USFDA), the U.S. health regulator,  for its INFUGEM injection which is used for the treatment of cancer. The approval is for INFUGEM injection (gemcitabine in 0.9% sodium chloride injection) 10 mg/mL, for intravenous use in a ready-to-administer bag. The technology used to formulate INFUGEM eliminates the risks associated with compounding, an extra step in the administration of cytotoxic infusion products, providing improved safety for healthcare professionals and cancer patients. USFDA ♦Parent: The United States The United States Department of Health and Human Services ♦Headquarters: Maryland, United States ♦Founded: June 30, 1906

    Adani signed agreement with NYK Auto to run auto freight trains

    Adani Logistics Ltd. (ALL) has signed an agreement with NYK Auto Logistics (India) Private Ltd. (NALI) to form a joint venture (JV) that will specialize in the transportation of finished vehicles using automobile freight trains. The JV would participate in AFTO (Automobile Freight Train Operator) Policy of the Ministry of Railways and offer its trains for transporting vehicles across India more efficiently. The planning will commence operation with six trains. It is predicted that ALL will have 25 trains in operation in three years based on its market trends.

    PM Narendra Modi laid foundation stone for various development projects in Varanasi

    The Prime Minister Narendra Modi laid the foundation stone for important projects, cumulatively worth over Rs. 900 crores in Varanasi. The projects inaugurated were Varanasi City Gas Distribution Project, Varanasi-Ballia MEMU train, Panchkoshi Parikrama Marg, several projects under the Smart City Mission and Namaami Gange. The Prime Minister also laid the Foundation Stone for an International Convention Centre in Varanasi and Poorvanchal Expressway in Azamgarh in Uttar Pradesh. The Prime Minister said that Varanasi is emerging as a center for medical science in the region. Banaras Hindu University (BHU) will work with AIIMS to develop a world-class health institute. He also appreciated the initiatives taken by the people and the State Government of Uttar Pradesh for tourism, and under the Swachh Bharat Abhiyan.

    Vistara to buy 19 jets from Boeing, Airbus

    Indian carrier Vistara has agreed to buy 13 Airbus A320neo family aircraft and six Boeing 787-9 Dreamliners, at a combined value of $3.1 billion at list prices, as the Tata Sons-Singapore Airlines joint venture prepares to commence international operations. The airline will induct the A320neos between 2019 and 2023 and will use them for domestic and short-haul international flights. The Dreamliners will be delivered between 2020 and 2021 and will be deployed for medium- and long-haul flights.

    Japans Toray to set up two plants in Sri City, Andhra Pradesh

    Toray Industries (India) Private Limited, a Japanese major producing industrial products, has started the construction process for its new facility at Sri City in Andhra Pradesh. It is the 20th Japanese company in Sri city. The facility will come up on 85-acre land at an initial investment of about Rs.1,000 crore. The company will have two plants. A polypropylene (PP) spunbond plant that will produce advanced technical textile Meditech used in diaper manufacturing and an engineered plastics resin compounding plant that will make raw materials for electrical components in automobiles and electrical and electronic connectors.

    Mukesh Ambani set to become Asia's richest person, Now Jack Ma is at Second Spot

    According to Bloomberg Billionaires Index, Reliance Industries Ltd chairman Mukesh Ambani overtakes China's Alibaba Group founder Jack Ma to become Asia's richest person. Ambani's net worth now stands at $44.3 billion as compared to Jack Ma's $44 billion wealth. Ambani has added $4 billion to his fortune this year as Reliance doubled its petrochemicals capacity.

    Essar Ports Ltd. plans to augment the capacity to 110 MTPA by FY19

    Essar Ports Ltd. is planning to enhance its port handling capacity to 110 metric tonnes per annum (MTPA) in FY19 from 95 MTPA currently.  Rajiv Agarwal, MD Essar Ports Ltd, said the company will add 15 MTPA at an investment of $20 million and additionally invest $50 million more to augment the capacity at Hazira facility.  The company has invested Rs.830 crore in this project and this is one of the biggest and best iron-ore handling terminal in the country. The project is aimed to help exporters on the east coast benefit from shorter turnaround times and reduced freight costs. The facility will support both export and coastal traffic. The 95 MTPA capacity at four location includes the 24 MTPA iron-ore handling terminal at Vizag, will be inaugurated by Union Shipping Minister Nitin Gadkari.

    Google introduced Launchpad Accelerator for AI, ML Startups In India

    "Launchpad Accelerator India" is a new comprehensive mentorship programme tailored exclusively for Indian startups that are using Machine Learning (ML) and Artificial Intelligence (AI) to build solutions for the pressing problems in the country. The selected 8-10 startups will get Google's mentorship and $100K Google Credits.

    Aurobindo Pharma gets USFDA approval for manufacturing Azithromycin tablets

    Aurobindo Pharma, a drug firm, has received its final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Azithromycin tablets, in strengths of 250 mg and 500 mg, which is used for the treatment of patients with mild to moderate infections, in the US market. The company said the product would be introduced this month. The product has an estimated market size of USD 132 million for the 12 months ended May 2018. The tablets are an AB-rated generic equivalent of Pfizer Inc's Zithromax tablet.

    India surpasses France to become world's sixth largest economy

    According to World Bank data on a gross domestic product (GDP) of countries for 2017, India has recorded a GDP of USD 2,597,491 million, followed by USD 2,582,501 of France. United States has topped the list recording a GDP of USD 19,390,604 million, followed by China with USD 12,237,700 million.

    Instamojo aims to double its digital payments in MSME platform

    Instamojo, an online payment and e-commerce platform for Micro, Small & Medium Enterprises (MSMEs) said that there has been a faster adoption of electronic payments in the sector even from tier 2 and tier 3 cities. The company played an active role in digitizing payments for the MSME sector, which contributes 8% of the country’s GDP each year, through the online payment link. It had earlier enrolled 5 lakh MSMEs on its platform and is now aiming to double enrolments by the end of this year.

    HAL signed MoU with BBMP for the infrastructure project

    The Hindustan Aeronautics Limited (HAL) and Bruhat Bengaluru Mahanagara Palike (BBMP) signed a MoU for facilitating the right of use of land for the corridor for the proposed signal-free corridor from Vellara junction to Hope Farm Junction.  HAL handed over 3,100 sq.m. to the BBMP for the 17.5-km signal-free corridor. The estimated cost for the signal-free corridor is Rs. 109.5 crore. It is being constructed with funds from the Nagarothana scheme. The project will take around five months for the underpasses to be completed.

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