Topic: Indian Economy/Financial market
1. In January 2022, India’s goods exports increased by 25.28%.
- In January 2022, India’s goods exports increased by 25.28% to $34.5 billion.
- During April-January period of 2021-22, India’s total exports increased by 46.73% to $335.88 billion.
- Total exports reached near to $400 billion target set for financial year 2021-22 by the Commerce Department.
- In January 2022, imports have shown an increase of 23.54% to $51.93 billion. Gold imports have sharply fallen 40.52% in January 2022 to $2.4 billion.
- In January 2022, trade deficit increased to $17.42 billion. It was $14.49 billion in January 2021.
- Imports have remained above $50 billion in the last five months. In April-January 2021-22, imports were at $495.75 billion.
- Trade deficit may reach the peak level of $190 billion seen in FY13. In April-January 2021-22, trade deficit more than doubled to $159.87 billion. In April-January 2020-21, trade deficit stood at $ 75.87 billion.
Topic: Indian Economy/Financial market
2. Retail inflation of clothing and footwear reached to 8.84% in January.
- Retail inflation of clothing and footwear reached to 8.84% in January 2022 and this is the highest level after a gap of 8 years.
- Consumer Price Index (CPI) based retail inflation reached above 6% in January 2022 as against 5.6% in December.
- Wholesale Price Index (WPI) based inflation declined to 12.96% in January 2022 as against 13.5% in December.
- The reason for higher inflation rate was food and beverage inflation. Food and beverage inflation increased to 5.58% in January 2022 from 4.47% in December 2021.
- Core inflation (CPI excluding food and fuel) has remained at 5.96% in January as against 6.01% in December.
- Fuel inflation declined in January 2022 to 9.32% compared to December 2021 (10.95%).
- As per Commerce and Industry Ministry, double digit rate of wholesale inflation was caused by increase in prices of mineral oils, crude petroleum and natural gas, basic metals, chemicals and chemical products, food articles etc.
Topic: Regulatory Bodies/ Financial Institutions
3. SEBI makes Chairman and MD separation norms voluntary from April 1.
- SEBI has made its requirement for separation of the posts of Chairman and MD voluntary from April 1.
- Earlier, listed companies were required to mandatorily separate the posts of Chairman and MD from April 1, 2022. This provision has been made voluntary now.
- SEBI believes that its decision to make the norm voluntary was caused by unsatisfactory level of compliance achieved so far.
- In March 2018, SEBI had approved the proposal for separation of role of Chairperson and MD/CEO of listed companies.
- SEBI norms require that Chairman should only hold a non-executive post and Chairman and Managing Director should not be related.
- In the starting, SEBI had asked top 500 listed companies to separate the roles of Chairperson and MD and CEO by April 1, 2020. However, the deadline was later extended by two years.
4. Tata Sons announces appointment of Ilker Ayci as CEO and MD of Air India.
- The appointment is subject to requisite regulatory approvals. Ayci was earlier Chairman of Turkish Airlines.
- He will assume his responsibilities on or before 1 April 2022.
- Air India:
- Tata Group had earlier run Air India before it was nationalized in 1953.
- In 1932, industrialist Jehangir Ratanji Dadabhoy had launched it.
- It flew its first flight as Tata Airlines on 15 October 1932.
5. Government bans 54 apps of Chinese origin.
- Government has banned 54 apps of Chinese origin citing security concerns.
- Banned apps include Sea Ltd.’s marquee game Free Fire and other apps related to tech firms like Tencent, Alibaba and NetEase.
- The apps banned by the Ministry of Electronics and Information Technology are re-branded versions of apps banned by India in 2020.
- The apps have been banned at the request of Ministry of Home Affairs (MHA) under the emergency provision in Section 69(A) of the IT Act.
- Previous bans on Chinese apps:
- In June 2020, 59 Chinese apps including TikTok, UC Browser and Cam Scanner, were blocked under section 69A of the IT Act. This was followed by banning of 47 related apps in August 2020.
- In September 2020, 118 apps were blocked.
- In November 2020, 43 mobile apps were banned through an order under section 69A of the IT Act.
- Section 69A of the Information Technology (IT) Act, 2000 provides government power to issue directions for blocking for public access of any information through any computer resource. This section allows government to block websites.
6. Kerala MPs say move to relocate MPEDA headquarters from Kochi is against the interest of Kerala’s fisheries sector.
- Kerala MPs have written to Union Commerce Minister that the move to relocate MPEDA headquarters from Kochi is against the interest of Kerala’s fisheries sector.
- There are protests over the reported move to shift headquarters of Marine Products Exports Development Authority (MPEDA) from Kochi.
- There are rumors about shifting of MPEDA headquarters to Andhra Pradesh, which is the largest contributor of India’s shrimp exports, particularly Vannamei varieties.
- Marine Products Exports Development Authority (MPEDA) is a statutory body. It was set up in 1972. It is headquartered in Kochi, Kerala.
7. CBI issues look out circulars against former chairman and managing director of ABG Shipyard and others.
- CBI has issued look out circulars against former chairman and managing director of ABG Shipyard (Rishi Kamlesh Agarwal) and others in a bank fraud case of over ₹ 22,842 crore.
- Last week, CBI filed a case relating to ₹22,842-crore bank fraud. It is the biggest bank fraud case registered by the CBI.
- The company received credit facilities from 28 banks and financial institutions led by ICICI Bank.
- The loan account was declared as a non-performing asset (NPA) in July 2016 and fraud in 2019.
Topic: Banking System
8. Bank of Baroda will acquire 21% stake of UBI in IndiaFirst Life Insurance.
- Bank of Baroda will acquire a 21% stake of Union Bank of India (UBI) in IndiaFirst Life Insurance Company (IFLIC).
- IndiaFirst Life Insurance Company is a joint venture between Bank of Baroda, Union Bank of India and Carmel Point Investments.
- The acquisition is as per ROFO made by UBI. Union Bank of India (UBI) has made 'Right of First Offer' (ROFO) to the existing shareholders of IFLIC to divest 21% of its stake.
- After conclusion of stake sale, shareholding in IFLIC will be Bank of Baroda (65%), Carmel Point Investments India (26%) and Union Bank of India (9%).
- In Right of First Offer (ROFO), shareholder selling stake offers shares to other shareholders before trying to sell shares to third party.
- Bank of Baroda:
- In April 2019, it became third largest bank after SBI and HDFC Bank. In April 2019, Dena Bank and Vijaya Bank were merged with it.
- It was established in July 1908. It is headquartered in Vadodara, Gujarat. Its MD & CEO is Sanjiv Chadha.
- Its tagline is India’s international bank. Its chairman is Hasmukh Adhia.
9. Tata Sons reappoints N Chandrasekaran.
- Tata Sons has reappointed N Chandrasekaran as executive chairman for the second term of five years.
- The board members unanimously approved his reappointment. He was appointed in 2017.
- In last five years, market capital of Tata Group’s listed companies had increased 100% to nearly ₹8 lakh crore.
10. Industrialist Rahul Bajaj passed away recently.
- Industrialist and former chairman of Bajaj Auto and Bajaj Finance, Rahul Bajaj passed away recently.
- He was a former Rajya Sabha MP and a recipient of the Padma Bhushan.
- He was the chairman emeritus of Bajaj Group. He was awarded Padma Bhushan in 2001.