Banking, Financial and Economic Awareness of 29 and 30 January 2021

Topic: Indian Economy

1. Economic survey 2020-2021 has projected India’s real GDP growth for Financial Year 2021-22 at 11%.

• Economic survey 2020-2021 has projected India’s real GDP growth for Financial Year 2021-22 at 11%.
• It has projected nominal GDP growth in Financial Year 2021-22 at 15.4%, which is the highest since independence.
• As per Chief Economic Adviser, V-shaped Economic Recovery is being witnessed due to resurgence in power demand, rail freight, E-way bills, GST collection and steel consumption.
• As per the economic survey, India’s GDP will contract by 7.7% in FY 2020-21. Agriculture sector will show 3.4% growth this year. But, the industry and services sector will contract by 9.6% and 8.8% in FY 2020-21.
• While real GDP is the GDP calculated at constant prices, nominal GDP is the GDP calculated at current prices.
• Economic survey:
  • Department of Economic Affairs under the Ministry of Finance each year prepares an economic survey. It is prepared under Chief Economic Adviser (presently, Krishnamurthy Venkata Subramanian).
  • Finance Minister each year presents economic survey in Parliament. It provides details state of the economy and financial performance of government.

(Source: News on AIR)

Topic: Regulatory Bodies/Financial Institutions

2. Acquisition of Indo Gulf Fertilisers approved by Competition Commission of India.

• The acquisition of Indo Gulf Fertilisers has been approved by the Competition Commission of India.
• The approval has been given under section 31(1) of the Competition Act, 2002.
• Gulf Fertilisers, the fertiliser division of Grasim Industries Limited, will be acquired by Indorama India Private Limited (IIPL).
• Competition Commission of India (CCI):
  • CCI was formed on 14 October 2003 under the Competition Commission Act, 2002.
  • It has a chairperson and six members. It is a quasi-judicial and statutory body.
  • Current Chairperson: Ashok Kumar Gupta

Topic: Appointments

3. Government appointed Swaminathan Janakiraman and Aswini Kumar Tewari as MDs of SBI.

• The Appointments Committee of the Cabinet (ACC) has approved the appointments of Swaminathan Janakiraman and Ashwini Kumar Tewari as Managing Directors of the State Bank of India.
• Swaminathan Janakiraman and Ashwini Kumar Tewari have been appointed for a period of three years. Their appointment was approved by the Bank Board Bureau in October 2020.
• At present, Swaminathan Janakiraman is working as the deputy managing director (Finance) at SBI and Ashwini Kumar is serving as SBI Card MD and CEO.
• Banks Board Bureau recommends names of directors and non-executive chairpersons of public sector banks.
• State Bank of India (SBI):
  • It is a nationalized public sector bank and the largest lender in India.
  • It is headquartered in Mumbai.
  • Current Chairman of SBI is Dinesh Kumar Khara.
  • C.S. Setty and Ashwani Bhatia are the other managing directors of SBI.

Topic: Corporates/Companies

4. Indian oil to set up a new refinery at Nagapattinam, Tamil Nadu.

• Indian oil will set up a new refinery at Nagapattinam, Tamil Nadu, by using 80% of materials and services indigenously.
• The refinery will be a joint venture between Indian oil and its subsidiary Chennai Petroleum Corporation.
• Refinery project will be completed within four years after investment approval and statutory clearances.
• Diesel and petrol of Bharat Stage VI standards will be produced from this refinery.
• Indian Oil Corporation Limited is one of the Maharatna public sector companies. It is the largest commercial oil company in India.
• Bharat Stage VI standards:
  • 25% reduction in nitrogen oxide (NOx) emissions in petrol vehicles
  • 68% reduction in NOx levels in diesel engines
  • 43% reduction in hydro carbon + nitrogen oxides (HC+NOx) in diesel engines
  • 82% reduction in particulate matter levels in diesel engines
  • 10 ppm Sulphur in petrol (gasoline) and diesel

Topic: Appointments

5. Anish Shah appointed as Chairman of the Board of Mahindra & Mahindra Financial Services.

• Anish Shah has been appointed as Chairman of the Board of Mahindra & Mahindra Financial Services.
• His appointment will become effective from April 2, 2021. He will replace Dhananjay Mungale.
• Anish Shah is presently director of Mahindra & Mahindra Financial Services and group Chief Financial Officer (CFO) of Mahindra & Mahindra Ltd.

Topic: Infrastructure and Energy

6. L&T Construction gets contract for constructing 28 steel bridges of proposed bullet train project between Mumbai and Ahmedabad.

• L&T Construction has got a contract for constructing 28 steel bridges of the proposed bullet train project between Mumbai and Ahmedabad.
• The order for Mumbai-Ahmedabad High Speed Rail Corridor was secured through a consortium of L&T and IHI Infrastructure Systems (IIS) of Japan.
• Larsen & Toubro (L&T) is an Indian conglomerate. It is headquartered in Mumbai.

Topic: Appointments

7. RS Sharma appointed as CEO of Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB - PMJAY).

• RS Sharma has been appointed as CEO of Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB - PMJAY) and National Health Authority (NHA).
• He will take place of Indu Bhushan. Indu Bhushan is currently serving as CEO of Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB – PMJAY) and National Health Authority (NHA).
• RS Sharma earlier served as Chairman of Telecom Regulatory Authority of India (TRAI).
• He is also head of Empowered Group on Technology and Data Management to combat Covid-19.
• He is a member of National Expert Group on Vaccine Administration of Covid-19. V.K. Paul is its chairman.    
• National Health Authority (NHA):
  • It is the apex body responsible for implementing Ayushman Bharat Pradhan Mantri Jan Arogya Yojana, India’s premier public health insurance / assurance scheme.
  • It was established in 2018.  

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