The Hindu-Review-January-March-2024-english Business Current Affairs
- In December, UPI transactions soared by an impressive 42% year-on-year, reaching an astounding value of Rs 18 lakh crore. The transaction volume witnessed a substantial $54 %$ rise, totaling 1,202 crore. Remarkably, the month-onmonth growth in UPI transaction volume was a substantial 7%.
- In a noteworthy alliance, ITC, a prominent Indian conglomerate, has joined forces with Microsoft and Skymet to address the escalating challenges faced by tobacco farmers in India due to climate change. The adverse impacts of climate change on agriculture are wellknown, and the tobacco sector is no exception, suffering an estimated loss of ₹800-900 crore in export revenues.
- India’s electric vehicle (EV) landscape is witnessing a groundbreaking development as Ola Electric, the IPObound electric scooter company, secures eligibility for the government’s Production-Linked Incentive (PLI) scheme. This achievement positions Ola Electric as a key player in the push towards sustainable transportation.
- In a significant development, Binny Bansal, co-founder of Flipkart, has ventured into the e-commerce space once again with his latest startup, OppDoor.
- Reliance Industries Limited (RIL), the Mumbai-based conglomerate with a diverse portfolio in energy and petrochemical businesses, concluded the year 2023 on a remarkable note. The company achieved a significant milestone by becoming the first in India to produce ISCCPlus certified chemically recycled polymers.
- Adani Ports and Special Economic Zone Ltd (APSEZ), a prominent player in the ports and logistics sector, recently made significant announcements regarding its leadership structure. The company declared that CEO Karan Adani would be stepping into the role of Managing Director, succeeding Gautam Adani. In parallel, the company welcomed Ashwani Gupta, former global Chief Operating Officer at Nissan Motors, as its new CEO.
- REC Limited, a prominent Maharatna Central Public Sector Enterprise (CPSE) established in 1969 under the Ministry of Power, has recently entered into a Memorandum of Understanding (MoU) with Rail Vikas Nigam Limited (RVNL). This collaboration aims to provide financial support of up to Rs. 35,000 Crores for a range of Infrastructure Projects over the next 5 years, showcasing the commitment of both entities to drive essential developments in the sector.
- Adidas, the renowned athletic footwear and apparel giant, is making strategic moves to enhance its global operations by establishing its first and only Global Capacity Centre (GCC) in Asia outside of China. This significant development underscores the growing trend of multinational corporations choosing India as a prime destination for setting up their GCCs, capitalizing on the country’s abundant software skills.
- Oil and Natural Gas Corporation (ONGC), one of India’s leading energy exploration and production companies, achieved a significant milestone on January 7 by commencing the first oil production from the deep-water KG-DWN 98/2 Block. Located in the Krishna Godavari (KG) basin off the Bay of Bengal on the Kakinada coast, this development marks a crucial step forward in India’s energy landscape.
- A recent report by CBRE-CREDAI sheds light on the landscape of micro, small, and medium enterprises (MSMEs) in India, revealing noteworthy trends and statewise contributions. As of December 2023, the country boasts over 3 crore registered MSMEs, with Maharashtra, Tamil Nadu, and Uttar Pradesh jointly constituting nearly $40 \%$ of this vibrant sector.
- In a positive development, Power Finance Corporation (PFC) witnessed a nearly one percent surge in early trade on January 10, following the green light from the Reserve Bank of India (RBI) to establish a finance company within Gujarat’s GIFT City, an International Financial Services Centre (IFSC).
- In a groundbreaking move, the International Hockey Federation (FIH) has sealed a significant media rights partnership with Viacom18, spanning the four-year period from 2023 to 2027. This exclusive agreement encompasses all FIH events, with the exception of the FIH Nations Cup.
- The World Bank reveals a surprising resilience in the global economy, though shadows loom over the future, anticipating a third consecutive year of slowdown in 2024. After a robust rebound to $6.2 \%$ in 2021, global growth waned to $3.0 \%$ in 2022 and further to $2.6 \%$ in 2023. Projections indicate a continued deceleration to $2.4 \%$ in 2024 before a modest recovery to $2.7 \%$ in 2025 , notably below the $3.1 \%$ average of the 2010s.
- The semiconductor industry in India is witnessing a significant boost as Simmtech, a South Korean firm, announced its plans to set up a manufacturing plant in Sanand, Gujarat. With an investment of Rs 1,250 crore, Simmtech aims to contribute to the creation of a robust semiconductor ecosystem in the state. This development was disclosed by Union Minister for Electronics and Information Technology, Ashwini Vaishnav, during the ongoing Vibrant Gujarat Global Summit in Gandhinagar.
- Tata Consumer Products Ltd (TCPL), on January 12, revealed its plans to acquire a $100 \%$ stake in Capital Foods, renowned for brands such as ‘Ching’s Secret’ and ‘Smith & Jones,’ for a substantial ₹5,100 crore. The strategic acquisition is structured in phases, with an initial $75 \%$ equity shareholding secured upfront and the remaining $25 \%$ to be acquired over the next three years.
- Bengaluru-based space tech startup Pixxel marked a significant milestone on January 15 with the inauguration of its cutting-edge spacecraft manufacturing facility, named “MegaPixxel.” The $30,000 \mathrm{sq} \mathrm{ft}$ facility is poised to revolutionize satellite production capabilities in India.
- The Ministry of Home Affairs in India has revoked the Foreign Contribution (Regulation) Amendment Act, 2020, registration of the Centre for Policy Research (CPR) in New Delhi, alleging violations. The leading public policy research institution, spearheaded by Congress leader Mani Shankar Aiyar’s daughter, Yamini Aiyar, has faced government scrutiny for purportedly breaching FCRA regulations.
- The Employees’ Provident Fund Organization (EPFO) has recently issued a circular stating the removal of Aadhaar from the list of acceptable documents for proof of date of birth (DoB) for correction and updation purposes. This decision, effective from January 16, 2024, follows a directive from the Unique Identification Authority of India (UIDAI) and aligns with the Aadhaar Act, 2016, which does not recognize Aadhaar as proof of date of birth.
- Taiwanese tech giant Foxconn, a long-time Apple Inc. partner, is diversifying from China and joining forces with HCL Group to establish a chip packaging and testing facility in India. Foxconn’s subsidiary, Foxconn Hon Hai Technology India Mega Development, will invest $\$ $37.2 million for a 40% stake, with the remaining held by HCL. This strategic move comes amidst Foxconn’s increased investments in India, motivated by geopolitical tensions with China.
- L&T Construction’s railways strategic business group has clinched a significant contract valued between $₹ 10,000$ to $₹ 15,000$ crore for a pivotal segment of the MumbaiAhmedabad bullet train project. The ‘mega’ order, received from a Japanese agency overseeing the MumbaiAhmedabad High-Speed Rail Project (MAHSR), entails the construction of 508 route $\mathrm{km}$ of high-speed electrification works.
- Tata Consultancy Services (TCS), a prominent name in the global IT services sector, has achieved a significant milestone by being rated the second most valuable IT services brand in the world, according to the 2024 Global 500 IT Services Ranking by Brand Finance. This achievement underscores TCS’s commitment to innovation, sustainability, and global expansion, positioning it as a leader in the technology industry.
- DLabs at the Indian School of Business (ISB) has announced the initiation of ‘Build for Billions’, a startup accelerator program centered around financial inclusion for the informal economy. This innovative program has been launched in partnership with the Reserve Bank Innovation Hub (RBIH) and Union Bank of India.
- In a significant move towards fostering international digital transactions, Google India Digital Services and NPCI International Payments Ltd (NIPL) have joined hands to propel UPI payments beyond the borders of India. The recently signed Memorandum of Understanding (MoU) between the two entities is poised to revolutionize the way Indian travellers engage in financial transactions abroad.
- In a major development at the World Economic Forum 2024, the Adani Group unveiled plans to invest Rs 50,000 crore over the next decade in establishing a 1 GW hyperscale data centre in Maharashtra. The conglomerate’s flagship company, Adani Enterprises Ltd, and the Maharashtra government formalized this commitment through a memorandum of understanding (MoU) signed in the presence of Maharashtra Chief Minister Eknath Shinde and Adani Group Chairman Gautam Adani.
- In a strategic move, Tata Sons Private Limited has successfully utilized its Right to Match card, retaining the prestigious title sponsorship of the Indian Premier League (IPL) for the upcoming five seasons, spanning 2024 to 2028. This development follows the Board of Control for Cricket in India’s (BCCI) release of an Invitation to Tender (ITT) for Title Sponsor Rights in late December 2023.
- In a significant development, four electricity distribution companies (DISCOMs) from Delhi and Uttar Pradesh have achieved the prestigious A+ rating in the latest Consumer Service Rating of Discoms (CSRD) report. The report, unveiled by Power Minister RK Singh, is a comprehensive evaluation of DISCOMs across the country, aimed at enhancing their accountability towards consumers.
- Sony issued a notice terminating the merger agreement with Zee Entertainment Enterprises Ltd. (ZEEL) and Culver Max Entertainment Private Limited (CME), formerly known as Sony Pictures Networks India Private Limited. The $\$ $10-billion deal, signed on December 22, 2021, faced challenges in meeting closing conditions within the specified timeframe.
- The Competition Commission of India (CCI) has given the nod to significant business transactions, signaling a shifting landscape in the corporate sector. Among the approved deals is the JSW Group’s strategic move to acquire a substantial 38% stake in MG Motor India. Facilitated through JSW Ventures Singapore, a newly established subsidiary of JSW International Tradecorp Pte Ltd, the acquisition is poised to reshape the dynamics of the automotive industry.
- Air India, a subsidiary of the Tata Group, incurred a hefty fine of Rs 1.1 crore from the Directorate General of Civil Aviation (DGCA), the country’s aviation regulator, for safety breaches. This penalty was imposed following a pilot’s report concerning insufficient emergency oxygen supply on Air India’s B777 aircraft, which are crucially utilized for long-range flights.
- In a significant development, Zomato Payments Private Limited, the subsidiary of popular food delivery platform Zomato, has obtained the much-coveted payment aggregator (PA) license from the Reserve Bank of India (RBI). The approval, dated January 24, 2024, empowers Zomato Payments to facilitate ecommerce transactions through its platform.
- Indian Renewable Energy Development Agency (IREDA), a Government of India enterprise under the administrative control of the Ministry of New and Renewable Energy, has taken a remarkable step towards fostering transparency and promoting renewable energy initiatives. On January 25, 2024, IREDA unveiled ‘Pahal,’ the insightful house journal of its Vigilance Department, marking a significant milestone in its commitment to accountability and sustainability.
- THDC India Limited (THDCIL), a prominent Power Sector PSU, proudly unveiled India’s Largest Electrolyser End Fuel Cell-based Green Hydrogen Pilot Project at its office complex in Rishikesh. The initiative aligns with the “National Green Hydrogen Mission,” showcasing THDCIL’s commitment to sustainable energy practices.
- GAIL, India’s leading gas company, has made significant strides in enhancing its liquefied natural gas (LNG) portfolio through a recent partnership with the United Arab Emirates’ (UAE) ADNOC Gas. Under this deal, GAIL is set to procure 0.5 million tonnes of LNG annually for a decade, marking a crucial step towards meeting India’s growing demand for natural gas.
- Toyota, the renowned Japanese automaker, has once again secured its position as the world’s top-selling automaker in 2023. This achievement underscores Toyota’s continued dominance in the global automotive market and its commitment to innovation, quality, and customer satisfaction.
- NTPC Green Energy Ltd (NGEL), a subsidiary of NTPC, recently inked a groundbreaking Memorandum of Understanding (MoU) worth Rs 80,000 crore with the Maharashtra government. This strategic collaboration aims to pioneer green hydrogen projects within the state, aligning closely with the government’s vision outlined in its Green Investment Plan.
