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- Bit by Bit 24th Sept || The Wrapup before SIP Week - From Moonlightng to Social Stock Exchange & More
Bit by Bit 24th Sept || The Wrapup before SIP Week - From Moonlightng to Social Stock Exchange & More
BGS Committee
September 25, 2022
Good Morning! SIP Week starts tomorrow. So here is the news wrap-up of all the important news published so far.
Happy reading and All the Best!
ECONOMY
As Bloomberg reported on Friday, India has surpassed Britain to become world’s fifth largest economy. The size of Indian economy in “normal” cash terms in the quarter through March was USD 845.7 billion. On the same basis, UK was USD 816 billion, according to the report.
The International Monetary Fund projected India overtaking UK this year, placing it just behind the US, China, Japan and Germany. The report further added that a decade ago the Indian economy was 11th largest, while UK’s occupied the fifth position.
India's foreign exchange reserves fell for a seventh straight week, dropping to $545.652 billion on September 16, Reserve Bank of India's weekly statistical supplement showed on Friday. This is the lowest level since 2 October 2020.
A FICCI report, by FICCI's Committee Against Smuggling and Counterfeiting Activities Destroying the Economy (CASCADE), has identified FMCG, mobile phone, tobacco products and alcohol as the most affected industries- with the size of illicit markets in these industries at a little over Rs 2.60 lakh crore for the year 2019-20.
The framework comes after the SEBI notified rules for SSEs to provide social enterprises (SE) with an additional avenue to raise funds. Under the rules social enterprises (SEs) eligible to participate in the SSE will be entities non-profit organisations (NPOs) and for-profit social enterprises—having social intent and impact as their primary goal.
The new NLP has been designed to ensure total enhancement. Initiatives for digital acceleration include the Integration of Digital Systems (IDS) to combine data from the road, rail, customs, aviation, foreign trade, and commercial sectors; the Unified Logistics Interface Platform (ULIP) to coordinate efficient cargo movement; the Ease of Logistics (ELOG) to streamline regulations; and a System Improvement Group (SIG) to track developments and remove system-related obstacles.
RETAIL
Global food & beverage conglomerate Nestle SA plans to invest Rs 5,000 crore in India in the next three-and-a-half years by 2025, its CEO Mark Schneider said on Friday. The move will help the company to accelerate its core business in the country and leverage new opportunities for growth.
RIL’s recent announcement at AGM for entry into FMCG domain generated a lot of ripples in the existing market. RIL being known for its aggressive growth strategies, made headlines with its recent acquisition of homegrown iconic soft drink brand Campa. Moving ahead, the retail giant is in advanced stages of negotiation with CavinKare to take over Garden Namkeens, Bindu Beverages for their flagship Fizz Jeera masala drink, mineral water, and Lahori Jeera for their different flavoured beverages such as Nimboo, Kachaa Aam and Shikanji.
INDUSTRY
In order to raise money to buy two cement firms, the Adani Group signed a non-dealing undertaking with foreign banks on its full shares in Ambuja Cement and ACC. The group now owns 63.15% of Ambuja cement and 56.69% of ACC following the transaction. For the stakes, the Adani company paid Swiss cement giant Holcim $6.4 billion
Vedanta and Foxconn have hired experts who are evaluating possible locations for their upcoming semiconductor plant in Gujarat and a site may be finalised in the next couple of weeks, Gujarat Science and Technology Department Secretary Vijay Nehra said.
TECH
Moonlighting is the big buzzword currently in the IT sector, what exactly is moonlighting? Moonlighting is referred to a condition where people are working on more than one job at a time. It is been stated in USLegal, “as a person holds a second job outside the normal working hours.” The term is inferred as a person working under moonlight (i.e., night-time)..
Recently in an interview, Rashid Premji (Executive Chairman of Wipro) with Economic Times said, “It is very simple. It is an act of integrity violation. We terminated the services of those people.” Executive Chairman and the firm have been very vocal about the situation and identified 300 people, who have been working for Wipro as well as its competitors.
Google announced that it would begin a pilot to allow fantasy sports and rummy apps on the Play Store in India. Industry experts stated that Google's approach is "clearly discriminatory", and that the tech giant should take an inclusive approach by including other games of skill under the umbrella of its pilot for local developers. Regional language social gaming platform WinZo has sought an injunction against Google’s decision to permit daily fantasy sports (DFS) and rummy in the project on its Play Store.
TELECOM
Chinese mobile companies set to leave India and look for other manufacturing opportunities as the Indian government breathes down their necks for tax evasion. The new manufacturing location includes Bangladesh, Indonesia, and Nigeria.
OTHERS
Commerce and industry minister Piyush Goyal has launched an initiative SETU (Supporting Entrepreneurs Transformation and Upskilling) to Connect startups in India to US-based investors. The initiative would connect startups in India to US-based investors and the startup ecosystem leader with mentorship and assistance in various areas, including funding, market access, and commercialization.
