Banking Awareness of 14, 15 and 16 May 2023

Topic: Appointments

1. Ravneet Kaur has been appointed by centre as chairperson of CCI.

• The Appointments Committee of the Cabinet (ACC) has approved her appointment as the chairperson of CCI.
• She will hold the office for five years from the date of assumption of the charge or till the date of attaining the age of 65 years or until further orders, whichever is the earliest.
• She is a Punjab cadre IAS officer. She has been appointed nearly seven months after the former full time chairman Ashok Kumar Gupta left office on October 20, 2022.
• On 25 October 2022, Sangeeta Verma was appointed by the centre as interim chairperson of Competition Commission of India. 
• Competition Commission of India (CCI):
  • CCI was formed on 14 October 2003 under the Competition Commission Act, 2002.
  • It aims to eliminate practices that affect competition in Indian market and protect the interests of the consumers.

Topic: Indian Economy/Financial Market

2. India’s goods exports have fallen 12.7% in April 2023 to $34.66 billion according to the Commerce & Industry Ministry.  

• Imports during the month have fallen 14% to $49.9 billion according to quick estimates released by the government on 15 May 2023.
• Trade deficit have declined to $15.2 billion in April 2023 from $18.4 billion in April 2022.
• The decline in exports and imports is due to recessionary trends in some developed economies, effect of the Russia-Ukraine conflict and cooling down of commodity prices, especially petroleum prices.
• Government has revised the export numbers for 2022-23 for goods and services upwards to $776 billion. This is $100 billion more than the previous fiscal.
• Goods exports for 2022-23 have increased from $447.46 billion to $450 billion.
• Services exports for 2022-23 have increased from $320 billion to $325.44 billion.
• India’s top export items in April 2023 were engineering goods, petroleum products, gems and jewellery, drugs and pharmaceuticals, and chemicals, while its top imports comprised petroleum, electronic goods, machinery, coal, and chemicals.

Topic: Miscellaneous

3. The modalities of engagement for working towards a comprehensive TEPA discussed by India and the EFTA states.

• Commerce and Industry Minister Piyush Goyal has discussed the modalities for Trade and Economic Partnership Agreement (TEPA) with representatives of EFTA states.
• A free trade agreement between India and EFTA will enhance two-way commerce, investment flows, job creation and economic growth.
• A free trade agreement between EFTA and India is officially called as TEPA.
• Under TEPA, trading partners eliminate or reduce customs duties on highest number of goods traded between them. They also ease norms to promote trade in services and investments.  
• European Free Trade Association (EFTA):
  • It is a four-nation bloc involving Iceland, Liechtenstein, Norway, and Switzerland.
  • It was founded in January 1960. EFTA countries are not part of the European Union (EU).
  • EFTA is an inter-governmental organisation created for the promotion of free trade. Its secretariat is in Geneva.

Topic: Appointments

4. Elon Musk named Linda Yaccarino as the new CEO of Twitter.

• Linda Yaccarino, NBCU ad chief, will be the new CEO of Twitter.
• Elon Musk took over as CEO of Twitter when he completed $44 billion deal for purchasing Twitter in October.
• She will focus on business operations while Elon Musk will focus on product design & new technology.
• Linda Yaccarino will face a lot of challenges including an advertiser exodus, service disruptions, regulatory scrutiny and a growing list of rivals.
• Yaccarino served at NBCUniversal for more than 11 years.
• Twitter:
  • It is an American communications company headquartered in San Francisco, California, USA.
  • It was founded in March 2006 by Jack Dorsey, Noah Glass, Biz Stone and Evan Williams.

Topic: Awards and Prizes

5. Cochin Port has won the Sagar Shreshtha Samman Award of the Ministry of Ports, Shipping & Waterways.

• It has won the award for best performance among all Indian Major Ports for best turnaround time in the non-container port category during 2022-23.
• M. Beena, Chairperson, Cochin Port Authority received the award from Union Minister for Ports, Shipping & Waterways Sarbananda Sonowal at a function held in New Delhi.
• The award recognizes the excellent performance of Cochin Port in handling dry bulk and liquid bulk cargo vessels.
• The ‘Sagar Shreshtha Samman’ awards were given to major ports for their exceptional achievements in various operational parameters.
• The award winning ports are given in the following table.

• The award for the best port was given to Paradip Port on overall annual performance based upon cargo handling, average turnaround time, ship birthday output, and idle time at berth, operating ratio, pre berthing detention.

Topic: Infrastructure and Energy

6. GMR Hyderabad International Airport became the world’s most punctual airport.

• According to a report by aviation analytical firm, Cirium, GMR Hyderabad International Airport is the most punctual airport in the world.
• The airport has recorded 90.43 per cent on-time performance. It is the only airport to surpass the 90% mark.
• Hyderabad airport has topped the charts both in the ‘Global Airports’ and ‘Large Airports’ categories.
• In November 2022, it was ranked fourth in the large airport category with an on-time performance of 88.44 percent. It was selected based on the actual gate departure service.
• More than 5 million flights have been reviewed around the world by Cirium.
• GMR Hyderabad International Airport ensures on time performance (OTP) for its airline partners through its seamless service like Express Security check- in, Self-Check -in kiosks, E Boarding, video analytics, etc.
• GMR Hyderabad International Airport is operated by the GMR Airports Ltd. It is the largest airport in India in the area.

Topic: Miscellaneous

7. First-ever direct international flight service from Bhubaneswar to Dubai has been started.

• IndiGo’s direct flight service shows the growing importance of Bhubaneswar as a major destination.
• The inaugural flight, carrying a delegation of representatives from the Government of Odisha, civil society, and members of the business & sports community and self-help groups reached at Dubai International Airport.
• The travel to Dubai by the delegation coincides with the upcoming Odisha Dibasa program.
• The Odisha Dibasa program is scheduled to be held on May 16 and 17.
• The launch of first international flight from Bhubaneswar to Dubai reduces the flying time from 12 to 4 hours.

Topic: Indian Economy/ Financial Market

8. WPI inflation declined to minus 0.92% in April 2023.

• It stood at 1.34% in March 2023 and 15.38% in April 2022.
• The WPI inflation has declined into negative for the first time since July 2020.
• The decline in prices of basic metals, food products, mineral oils, textiles, non-food articles, chemical and chemical products, rubber and plastic products, and paper products has mainly contributed to the decline in inflation in April 2023.
• The Wholesale Price Index (WPI)-based inflation has been declining continuously for the last 11 months.
• The month-over-month change in WPI for April 2023 over March 2023 remained unchanged at 0.0%.
• The food price inflation in April 2023 declined from 2.32% in March to 0.17%.
• In the manufactured products, the inflation rate declined from (minus) 0.77% in March 2023 to (minus) 2.42% in April 2023.
• The inflation rate declined from 2.40% in March 2023 to 1.60% in April 2023 for the primary articles segment.
• Fuel and power segment inflation declined from 8.96% in March 2023 to 0.93% in April 2023.
• Earlier, Consumer Price Index (CPI)-based retail inflation declined to 18-month low level of 4.7% in April.

Topic: Taxation

9. Centre reduces windfall levy on domestically produced crude to nil. 

• Windfall gain levy will not be applied to domestically produced crude oil with effect from 16 May 2023.
• Before this change, rate of windfall gain levy was Rs4,100 per tonne.
• Government may again impose the duty with increase in demand and consequent rise in prices.
• The reduction in windfall gain levy will benefit companies like Oil and Natural Gas Corporation (ONGC).
• Windfall gain levy is technically known as Special Additional Excise Duty (SAED).
• SAED is not applied to entities whose annual crude oil production is less than 2 million barrels in the previous financial year.
• India first imposed windfall profit tax last July. The tax rates are reviewed every fortnight on the basis of the average oil prices in the previous two weeks.
• The total collection of SAED for FY23 is estimated at ₹25,000 crore.

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