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Business & Economy Current Affairs September 4th Week 2019

Infosys, TCS, HDFC among 17 Indian firms in Forbes:

The 17 Indian companies, including Infosys, TCS and HDFC named in the list of World`s Best Regarded Companies compiled by Forbes.

IT major Infosys has been ranked third in the list of World`s Best Regarded Companies, along with global payments technology company Visa and Italian car-maker Ferrari on the first and second position, respectively.

Infosys jumped to the third spot from 31st position in 2018.

The Infosys leading position headlined an Asian invasion in the rankings," Forbes said.

The other top ten companies in the list for 2019 are

Netflix at the 4th position followed by PayPal (5), Microsoft (6), Walt Disney (7), Toyota Motor (8), Mastercard (9), Costco Wholesale (10).

Indian companies Tata Consultancy Services (22nd position) and Tata Motors (31) featured among the top 50 in the coveted list.

Indian Companies

The Indian companies in the list include Tata Steel (105), Larsen & Toubro (115), Mahindra & Mahindra (117), HDFC (135), Bajaj Finserv (143), Piramal Enterprises (149), Steel Authority of India (153), HCL Technologies (155), Hindalco Industries (157), Wipro (168), HDFC Bank (204), Sun Pharma Industries (217), General Insurance Corporation Of India (224), ITC (231) and Asian Paints (248).

The US dominated the list as it is home to 59 of the 250 companies in the list. The next three most-represented countries are Japan, China and India.

Japan, China and India together house 82 companies on the list, up from 63 last year.

Forbes partnered with Statista to cull our annual list of the world`s 2,000 largest public companies down to the top 250 best-regarded businesses ranked based on trustworthiness, social conduct, the strength of their products and services and how they fare as employers.

 

To gather data, Statista surveyed 15,000 respondents from more than 50 countries.

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Business & Economy Current Affairs September 3rd Week 2019

Air India posts Rs 4,600 crores operating loss in 2018-19 its aim to operating profit fiscal:

Air India denotes an operating loss of around Rs 4600 crore within the last fiscal year due to higher oil costs and exchange losses however the debt-laden carrier expects to show the profit of Rs 700 to 800 crore in 2019-20.

Airlines net loss :

The airline`s net loss leads to Rs 8,400 crore whereas total loss revenues touched around Rs26,400 crore in 2018-19. Air India had a loss of Rs 430 crore within the four-month. after Pakistan’s Balakot airstrikes closed Air india tries to increase a ratio and yields improving to forty-one international and seventy-two domestic destinations. Air india is to begin flying to Toronto from Sep twenty-seven and to Nairobi in November. the airindia has a loan burden upto Rs 58,000 crore, at now it is a new challenge on major investment with Rs 4000 crore.

About Air india:

The Air india airline was supported by J. R. D. Tata it is started in 1932. The airline has its headquarters in New Delhi.it is owned by the government.it  is the largest international carrier with sixty international destinations served by four continents. The airline became the twenty-seventh member of Star Alliance on eleven July 2014.

Mahindra and Mahindra constitute MBPL as wholly-owned subsidiary:

Home-grown auto major Mahindra and Mahindra incorporated Mahindra Bangladesh Private Limited (MBPL) as its wholly-owned subsidiary.

MBPL has been incorporated in Dhaka, Bangladesh under the laws of Bangladesh, The Companies Act (Act XVIII) of 1994, Mahindra and Mahindra said in a regulatory filing.

The objective of the move is to carry on the businesses of trading, distributing, supplying, storing, exporting, importing, servicing, manufacturing, developing, assembling, leasing, selling on hire-purchase or instalment systems, research and development, of all kinds of passenger, transportation and utility vehicles including but not limited to tankers, tractors, agricultural machinery, multi-utility vehicles, trailers, lorries, trucks, buses, motor cars, motorcycles, three-wheelers or other motor vehicles.

Mahindra and Mahindra

Parent organization: Mahindra Group

CEO: Anand Mahindra.

IMF cuts India’s GDP growth to 7% from 7.3% for FY20: 

The International Monetary Fund(IMF) has reduced the Gross Domestic Product(GDP) growth rate of India to 7% from its previous estimate of 7.3% which is much weaker than expected by IMF. this rate cut is attributed to uncertainty in corporate and environmental regulatory in some Non-Banking Financial Companies (NBFC).IMF cuts India`s GDP growth to 7% from 7.3% for FY20

Key points:

This economic growth rate is expected to rise to 7.2 % FY21, which is also a downgraded projected growth rate of 7.5 in the earlier report.

About IMF:

Formed- 27 December 1945, after Brettonwood conference in 1994.

Headquarters- Washington, D.C. (United States(US))

Chief economist- Gita Gopinath.

Director- Christine Lagarde

Ola drivers to get healthcare benefits under Ayushman Bharat:

Ola and Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) announced a partnership to facilitate comprehensive health insurance for Ola’s 2 million driver-partners.

Vijay Ghadge, Vice President-Operations, Ola signed an MoU with Praveen Gedam, Deputy CEO of AB-PMJAY and National Health Authority to extend the benefits of the Centre-sponsored healthcare scheme to provide secondary and tertiary care to driver-partners and their families. A representative from Common Service Centres (CSC), Ministry of Electronics and Information Technology, Government of India signed the MoU in the capacity of a third-party administrator.

Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY)

AB-PMJAY provides 10.74 crore economically backwards and vulnerable families in India with hospitalization benefits through a health cover of Rs. 5 lakh in government and empanelled private hospitals. As a part of the partnership, the two organizations will work in tandem to identify driver-partners eligible for the scheme and provide them with access to benefits under the PM-JAY scheme. Through this collaboration, hundreds of thousands of eligible driver-partners will be able to access in-patient care for serious illnesses at a country-wide network of 18,073 government and private hospitals empanelled under PM-JAY.

The driver-partners can get their AB-PMJAY e-cards issued at the nearest Ola office. The milestone development follows a series of benefits Ola has extended to its driver-partners towards their financial inclusion, including access to credit, tailored financial products and subsidized insurance and interest rates for their personal and professional needs.

Eligible driver-partners, as well as Ola employees across verticals, will be able to avail the benefits of the program and obtain an Ayushman Bharat card at Rs. 30. Officials from the National Health Authority will work closely with the concerned department at Ola to carry out efficient handling of the process from checking eligibility to handing out AB-PMJAY e-cards. They will also train Ola staff to execute the process independently. 

 

 

 

 

 

 

 

 

 

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Business & Economy Current Affairs September 2nd Week 2019

HAL to receive 45,000 crore orders for 83 LCA fighters:

The Indian Air Force (IAF) to place orders worth around ?45,000 crore with the Hindustan Aeronautics Limited (HAL) to acquire 83 Light Combat Aircraft (LCA) Tejas fighters.

The IAF issued a tender for 83 LCAs about two years ago and the project was stuck over the pricing issue as the government and the Air Force felt that the price offered by the HAL was slightly higher. The Defence Ministry determined the cost of the 83 LCA Mark 1A aircraft around ?45,000 crore and the Indian Air Force is now expected to place orders for these planes in the next few weeks.

The LCAs have been designed and developed completely by the Defence Research and Development Organisation (DRDO). The DRDO chief G Satheesh Reddy presented the Final Operational Clearance (IOC) certificate for the

LCA to the IAF and the Defence Ministry at the Aero-India.

The first-of-its-kind order for any Indian firm and would give a major boost for the indigenous defence industry. The Acceptance of Necessity given by the Defence Ministry over two years ago was ?50,000 crore but the price determined by the ministry`s cost committee was reduced to around ?45,000 crore.The first LCA Mark 1A aircraft is likely to be produced by 2023. The initial 40 planes in the Initial Operational Clearance and Final Operational Clearance standards which have already taken part and proven themselves in the IAF operational exercise.

LCA Mark 1A is the advanced version of Tejas aircraft.The requirements presented by the IAF, the first LCA Mark 1A plane would be supplied in 36 months from the signing of the contract. The new LCA Mark 1A plane will have advanced avionics and radars than the initial 40 LCAs being supplied to the Air Force.The HAL supplied 16 LCAs to the service which has based them at Sulur in Tamil Nadu under 45 Squadron.

Indian Air Force (IAF) 

Founded: 8 October 1932

Headquarters: New Delhi

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 IMF cuts India’s GDP growth to 7% from 7.3% for FY20: 

The International Monetary Fund(IMF) has reduced the Gross Domestic Product(GDP) growth rate of India to 7% from its previous estimate of 7.3% which is much weaker than expected by IMF. this rate cut is attributed to uncertainty in corporate and environmental regulatory in some Non-Banking Financial Companies (NBFC).IMF cuts India`s GDP growth to 7% from 7.3% for FY20

Key points:

This economic growth rate is expected to rise to 7.2 % FY21, which is also a downgraded projected growth rate of 7.5 in the earlier report.

About IMF:

Formed- 27 December 1945, after Brettonwood conference in 1994.

Headquarters- Washington, D.C. (United States(US))

Chief economist- Gita Gopinath.

 

Director- Christine Lagarde

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