Banking, Financial and Economic Awareness

1. Mukesh Ambani becomes the eighth richest person

• As per the Bloomberg Billionaires Index, Mukesh Ambani has become the eighth richest person.
• He has become richer than Warren Buffett, who is the ninth richest person.
• Mukesh Ambani is the only person from Asia, who finds place among world's top ten richest people in June.
• Mukesh Ambani's wealth currently stands at $68.3 billion. Warren Buffett's wealth currently is $67.9 billion.
• Mukesh Ambani's wealth has grown as many companies have invested nearly $15 billion in Reliance Jio. Warren Buffett is nicknamed as the Oracle of Omaha.
• Bloomberg Billionaires Index was launched in 2012. It is a daily ranking of the richest people in the world.

2. Index of Industrial Production (IIP) for May improves

• Index of Industrial Production (IIP) for May has improved from 53.6 for April to 88.4.
• Ministry of Statistics & Programme Implementation (MoSPI) has released only indices. It has not released comparative data in percentage terms.         
• In May, the rate of contraction of industrial output has decreased to more than 37%. In April, the rate of contraction was more than 57%.
• Industry contributes 30% to overall GDP. So, decrease in the rate of contraction and improvements in IIP are good signs for the overall economy.
• During April-June months of FY21, the overall GDP contraction rate was estimated to remain at 25%.
• But, due to improvement in agriculture, industry and some sectors of services, GDP contraction rate may come down.

3. Dispute between Natco Pharma and Celgene settled   

• Natco Pharma (Canada) Inc. has settled dispute with Celgene for Lenalidomide capsules in Canada.
• Natco Pharma (Canada) Inc. is a subsidiary of Hyderabad-based Natco Pharma Ltd and Celgene has been acquired by   Bristol-Myers Squibb, an American pharmaceutical company.
• The terms of settlement agreement between Natco Pharma and Celgene has not been disclosed.

4. Programme to support and mentor start-ups to be launched

• Programme to support and mentor start-ups will be launched by T-Hub, Ministry of Electronics and Information Technology (MeitY) and Digital India.
• Under the programme, start-ups will be supported and mentored in Internet of Things (IoT) and hardware sectors.
• The programme will be six-month long. In the programme, 10-15 start-ups will be shortlisted.
• The three partners of the programme will work to expose the start-ups to innovation ecosystem at the domestic and global level.  
• In order to be eligible for the programme, the start-ups should have one full-time employee and should offer a novel product or technology.
• T-Hub is a start-up incubator. It is headquartered in Hyderabad, Telangana. It was founded in November 2015.

5. IRDAI permits launching of Corona Kavach health insurance policies

• IRDAI has permitted launching of Corona Kavach health insurance policies by 30 general and health insurers.
• Medical expenses due to corona virus disease will be covered under Corona Kavach health insurance policies.
• Under the standard Covid specific product designed by IRDAI, fifty thousand rupees to five lakh rupees can be insured.
• The policies will be available to the persons aged between 18 to 65 years old.
• Corona Kavach health insurance policies are meant for short term only. They are available for three -and-a-half months, six-and-a-half months; and nine-and-a-half months only.
• The policies cover home care expenses for a period of 14 days only. 

6. India becomes second-largest source of FDI for UK

• India has become second-largest source of FDI for UK, and US is the first-largest source of FDI for UK.
• The UK FDI data was recently released by the UK government for 2019.
• India and UK have also planned virtual India-UK Joint Economic and Trade Committee (JETCO) summit in 2020.
• Other countries in the list of top sources of FDI for the UK are Germany, France, China and Hong Kong.

7. NAA finds Prasad Media Corporation guilty

• National Anti-profiteering Authority (NAA) has found Prasad Media Corporation guilty in anti profiteering case.
• The case was investigated by Directorate General of Anti Profiteering and NAA has held the Hyderabad based company guilty on the basis of the report of Directorate General of Anti Profiteering.
• Profiteering refers to the practice of making profit unfairly and illegally.
• Prasad Media Corporation did not pass the benefit of tax cut on movie tickets. So, it was accused of profiteering or practice of making profit unfairly and illegally. 
• National Anti-profiteering Authority:
  • It is a statutory authority formed to check the unfair profiteering activities by the registered suppliers under GST law.
  • It was formed under the central GST Act.
  • Its current chairman is B.N Sharma.