Economy Current Affairs
Economy Current Affairs October 3rd Week 2016
Category : Economy Current Affairs
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1) ONGC signs pact to buy stake in GSPC`s KG basin gas block.

  • ONGC and Gujarat State Petroleum Corporation have signed an initial pact to pave the way for the former to buy a majority stake in a GSPC’s DeenDayal West gas block in the Krishna-Godavari basin. 
  • ONGC and GSPC currently have differences over quantity of reserves. Thus, the pact provides for a three-member committee to oversee the transaction.
2) Minimum Import Price on 66 Steel Products.


  • The government has extended the minimum import price (MIP) on 66 steel products by another two months to protect the industry against cheap imports. 
  • The 66 products include semi-finished products of iron or non-alloyed steel, flat rolled products of different widths, bars and rods.
3) PwC and Microsoft Forms an Alliance.


  • Consultancy firm PwC India has formed a alliance with Microsoft India to empower Indias digital transformation.
  • PwC has also joined Microsoft’s Cloud Solution Provider (CSP) programme which will enable them to provide their advisory and other solutions at scale, securely to all their customers.
  • PwC will extend Microsoft’s outreach to organisations of all sizes and across many industries, such as financial services (banking and insurance), government and public sector, manufacturing, consumer goods and durables, retail/ e-commerce, healthcare and pharma, to help start their cloud and digital journey.

4) SEBI proposes ban on trading tips through SMS, WhatsApp.


  • Securities and Exchange Board of India (SEBI) has proposed a ban on unauthorised trading tips through SMS, WhatsApp, Facebook and other social media platforms, as well as on games and leagues relating to securities market.
  • SEBI also proposed to curb unsolicited investment advice through electronic and broadcasting media platforms and a detailed advertisement code for those providing such advice.
5) Govt to get Rs. 37000 crore from spectrum auction. 

  • Government will garner as much as 37,000 crore rupees this fiscal from spectrum auction after taking into account close to 5,000 crore rupees of service tax that telecom companies will pay.
  • Government has received commitment of 65,789 crore rupees by selling 964.80 MHz of spectrum. This is more than the combined amount of airwaves sold in past four auctions.
6) Forex reserves touch record high of $372 billion. 

  • India’s foreign exchange reserves scaled a new high of $371.99 billion, up $1.223 billion for the week to September 30, as per the Reserve Bank data.
  • Previously, they had touched a high of $371.279 billion. Foreign currency assets which are a major component of the overall reserves surged by $1.468 billion to $346.71 billion.


7) Aegon Life to invest Rs. 200 crore in IT to push online sales.

  • Aegon Life plans to invest Rs. 200 crore in digital technology in the next two to three years as it looks to tap growing online retail channel as part of its strategy to become a `direct-to-consumers` company.
  • Aegon Life Insurance has also changed its strategy to become a "direct-to-consumers" company and exited the agency channel in August.
8) DoCoMo sues Tata Sons in US court.


  • Japanese telecom major NTT DoCoMo has filed an application in a US court seeking $1.17 billion from Tata Sons.
  • The suit has been filed in the US District Court for the Southern District of New York. The move is aimed at enforcing the penalty awarded by the London Court of Arbitration (LCIA) against Tata.
  • The two companies have been at loggerheads over their joint venture, Tata Teleservices. The London court had asked the Tatas to pay $1.17 billion to the Japanese major as compensation.
9) BHEL commissions another 660 Mw thermal unit in UP.


  • BHEL has commissioned 660 Mw coal-based supercritical thermal power units in Uttar Pradesh.
  • The unit has been commissioned at the 3×660 Mw Prayagraj super thermal power project, located in Bara tehsil in Allahabad district of Uttar Pradesh.
10) Standard Chartered Bank forms tie-up with Uber.
  • Standard Chartered Bank announced a tie-up with Uber under which its credit cardholders, across six countries, will get a cash-back of up to 25 per cent for hailing cabs from the app.
  • Apart from India, the partnership has been activated in Singapore, Indonesia, Malaysia, and Vietnam.
11) Union Government extends anti-dumping duty on certain Chinese products.

    Anti Dumping

  • Union Government has extended anti-dumping duty on import of certain Chinese products, used in garment, toys and footwear manufacturing, for another five years (till 2021).
  • Decision in this regard was taken by Central Board of Excise and Customs (CBEC) based on recommendations of the Directorate General of Anti-Dumping and Allied Duties (DGAD).
  • Extension will protect domestic industry from the harm caused by dumping (import) of the cheap Chinese products.