Economic, Banking and Financial Awareness - 13 November 2019

2019-11-13 | Team PendulumEdu

1. DBS collaborates with Google to integrate DBS PayLah! With GPay

• DBS Bank plans to collaborate with Google in integrating DBS PayLah! with Google Pay.
• There will be the integration of both peer-to-peer and peer-to-merchant transaction services.
• The customers will be able to transfer funds and pay merchants through Gpay using a single-click sign up.
• DBS Bank headquarters is located in Singapore.
• CEO of DBS Bank- Piyush Gupta

2. Govt. may continue anti-dumping duty on imports of a Chinese chemical

• Due to the insistence of commerce ministry, the government may continue imports of a Chinese chemical used in the pharmaceutical industry.

• Directorate General of Trade Remedies (DGTR) has recommended the extension of $ 79.58 per tonne duty on imports of ‘Sodium Nitrite’ from China.
• Anti-Dumping Duty – It is a protectionist measure that aims at guarding local industries in the domestic market against cheap imported products (priced below fair market value).
• DGTR- (Earlier known as Directorate General of Anti-Dumping and Allied Duties) It is a single-window agency that deals with Anti-dumping, Countervailing Duty, and Safeguard measures.

3. India’s industrial output continues to decline and contracts to 4.3%

• As per the data released by the Ministry of Statistics and Programme Implementation (MoSPI), industrial output for September has contracted to 4.3%.
• The three major sectors- manufacturing, mining and electricity- showed negative growth.
• Such contraction in industrial output may lower the GDP growth further, which is already at a six-year low.
• Index of Industrial Production (IIP)- It is an index that records the growth rates across different sectors of the economy. The index is compiled and published by the Central Statistical Organisation (CSO). The base year currently used for calculating IIP is 2011-12.

4. TCS to expand partnership with Phoenix Group

• Tata Consultancy Services (TCS) is expanding its partnership with Phoenix Group to cover an additional 4.2 million policies.
• Phoenix Group is one of the leading insurance service providers that is headquartered in London, UK.
• CEO of TCS- Rajesh Gopinathan

5. 39^th India International Trade Fair

• India International Trade Fair 2019 will be held in New Delhi from 14^th-27^th November 2019. It will be inaugurated by Minister of Micro, Small and Medium Enterprises (MSME) Nitin Gadkari.
• The theme for the 2019 Fair: “Ease of Doing Business.”
• The fair provides a platform for large corporations, MSMEs, NGOs, SHGs to promote their products and services.
• Afghanistan has been accorded the status of ‘Partner Country’, and The Republic of Korea will be the 'Focus Country' for the 39^th edition of the fair.
• While Bihar and Jharkhand will be the focus states in the 2019 fair.

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