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31 August 2018 Current Events New Wage Agreement Signed by Shipping Industry to Benefit 1.35 Lakh Port and Dock Workers

A new wage agreement has been signed by the shipping ministry with the port officials and workers federation in order to benefit 1.5 lakh port and dock workers, and the pensioners. This agreement will result in a hike of 10.6 percent in the wage of the workers and pensioners.


Indra Nooyi to bid adieu to PepsiCo in October

Indira Nooyi, Pepsico CEO, will be stepping down from the position in October this year. She is one of the female business figures leading big companies today. She was associated with PepsiCo for the last 24 years taking the company to unimaginable heights. With her exit, only 24 women CEOs will be left to run Top 500 American companies.


New Wage Agreement Signed by Shipping Industry to Benefit 1.35 Lakh Port and Dock Workers

A new wage agreement has been signed by the shipping ministry with the port officials and workers federation in order to benefit 1.5 lakh port and dock workers, and the pensioners. This agreement will result in a hike of 10.6 percent in the wage of the workers and pensioners.

Indra Nooyi to bid adieu to PepsiCo in October

Indira Nooyi, Pepsico CEO, will be stepping down from the position in October this year. She is one of the female business figures leading big companies today. She was associated with PepsiCo for the last 24 years taking the company to unimaginable heights. With her exit, only 24 women CEOs will be left to run Top 500 American companies.

Idea Cellular and Vodafone India Merger gets approval from government

The government has given its consent to the merger of  Idea Cellular and Vodafone India, as confirmed by the Telecom Minister Manoj Sinha today. There are still some formalities left to be completed to finalize this deal. After the merger, these two big telecom giants will become the largest telecom operator in the country with more than Rs. 1.5 lakh crore, 35% of market share, and over 430 million subscribers. 

Government raises sugarcane price by Rs. 20 per quintal

The sugarcane's fair and remunerative price (FRP) has been increased by Rs. 20 per quintal to Rs. 275 by the government today. This price will be applicable from the next marketing year beginning from October. 

Tata Motors, M&M on top among top R&D spenders

Indian automobile giants Tata Motors and Mahindra & Mahindra stood on the top in the list of the biggest spenders on research and development in 2016-17. Tata Motors and Mahindra & Mahindra spent ₹2,100.1 crore and ₹2,075.8 crore respectively in R&D.  According to the reports, the five biggest R&D spenders in 2016-17 were Tata Motors, M&M, Maruti Suzuki India (MSI), Honda Cars India, and Ashok Leyland. 

Mumbai has the "most beautiful" railway stations in India

The Railway Ministry declared Chandrapur and Ballarpur railway stations in the Chandrapur district of Maharashtra as the most beautiful railway stations in the country on Thursday. Both these stations will be awarded by the Railway Ministry.

Ola and Uber drivers to go on an indefinite strike from Monday

Ola and Uber's drivers have planned to go on an indefinite strike from Monday across major cities including Delhi, Mumbai, Bangalore, Pune etc. as the drivers have claimed that they are not being able to cover the costs due to falling business. The strike has been called by the transport wing of Maharashtra Navnirnam Sena.

Prime Minister to address India-Korea Business Summit Today

Prime Minister Modi is going to address the second India-Korea Business Summit in New Delhi on Tuesday. The theme of the summit is “India-Korea: Scaling up the Special Strategic Relationship through Trade and Investments”. The third (India) and fourth (Korea) largest economies in Asia will be carrying two-way trade of nearly 17 billion dollars.The Business Summit will be also be addressed by Finance Minister Arun Jaitley, Commerce Minister Suresh Prabhu, Minister of Electronics and IT Ravi Shankar Prasad, and Top Officials of Ministry of Commerce and Industry.

11,500 crores rupees fraud shocks Punjab National Bank

The Punjab National Bank (PNB) has detected a fraud of nearly 11,500 crores in one of its branch in Mumbai. The fraud is considered as one of the biggest frauds in the Indian Banking System. As per reports, PNB detected unauthorized transactions worth 11,500 rupees and has suspended 10 officers due to this scam. The case has been referred to the CBI for further investigation.

RBI Monetary Policy Statement for 2017-2018 to be announced today

The Reserve Bank of India is going to announce its sixth bi-monthly monetary policy decision at 2:30 pm on Wednesday. A 2-day meeting was started yesterday by The Monetary Policy Committee (MPC), headed by RBI Governor Urjit Patel, in Mumbai. All eyes are on the outcome of the 6-member MPC meeting which is being keenly awaited by stakeholders amidst a huge sell-off in the stock markets globally.

Union Budget of 2018 released, no change in income tax rates

The last budget of Modi Government was released this Thursday. The budget has introduced reforms in various sectors but there is no change in income tax rates. The Finance Minister Arun Jaitley announced the world's largest health care program. Agricultural production and rural development is given the utmost importance in the budget of 2018. The salary of President, Vice President and Governors also witnessed a hike this year. The budget of 2018 also reflected the commitment of the government towards digitalization.

New E-way bill system comes into effect from today

The E-way bill, which is an important part of GST architecture, has come into effect from today. Under this new system, the transporters have to carry a system generated bill in order to move goods from one place to another. This would prevent underreporting and evasion of the taxes. The E-bill will help in introducing uniformity across the states for smooth inter-state movement of goods.

Ola to enter Australia for sharing rides

Ola has confirmed that it is soon going to enter the Australian market. It is Ola's first venture overseas. It has planned to first launch in Perth, Sydney, and Melbourne. As per reports, Ola has to face its biggest rival in Australia too as the taxi-hailing app in Australia is dominated by Uber. Ola is an online transportation network company. The Bangalore-based company started operations in the year 2011.

PM Modi to share his vision for New India in Davos

The Prime Minister of India Narendra Modi is going to deliver a speech at the 48th World Economic Forum Meeting on Tuesday. He will make the keynote speech that will formally open the annual meeting. Prime Minister Modi is the first Indian PM to attend this summit in two decades. He is going to state his role as a global statesman in the speech, who believes in democracy and dialogue. He is also going to project India as a global growth engine and an investment destination.

Aadhaar Card Linking Date Extended

The government mandate of linking all your bank accounts with Aadhaar card has seen a relaxation in the deadline. Earlier the deadline was 31 December 2017, but now it is extended to 31 March 2018. The Aadhaar card linking has been mandatory in order to put a stop on money laundering and black money generation. The deadline was extended on December 7.

Mukesh Ambani says GDP of India would double to $5 trillion in the next seven years

Speaking at the HT Leadership Summit in Delhi, Reliance Industries Ltd Chairman and MD Mukesh Ambani stated that the GDP of India would double to $5 trillion in the next seven years and to $10 trillion by the end of 2030. Ambani further stated that within this century, the country can become the most prosperous nation in the world and can overtake both China and the United States.

Paytm Payments Bank formally launched

The Paytm Payments Bank was formally launched on Tuesday. The bank was launched by CEO Vijay Shekhar Sharma. With this formal announcement, the offline services of the Paytm Payments Bank have also begun. Finance Minister Arun Jaitley was present on the occasion. At the event, the chief executive and founder shared details of the progress made by the bank so far and also talked about how the Paytm Payments Bank will grow.

BharatNet phase 2 launched
Governmnet of India has launched BharatNet Phase 2 to provide high-speed broadband service in all Gram Panchayats by March 2019. It is expected to cost around 34 thousand crore rupees.
Department of Telecommunications (DoT) has signed MoUs with states for the implementation of the second phase of BharatNet. Under this phase, broadband connectivity will be provided in remaining 1.5 lakh Gram Panchayats in the country. Broadband infrastructure on Optical Fibre network has been made available in more than one lakh Gram Panchayats as part of BharatNet Phase-1 and by December this year, all these Panchayats will be operational on the BharatNet infrastructure.
Almost 90 thousand installations have been completed and broadband services are expected to commence in 80 thousand Gram Panchayats soon.
GST rate on mass consumption items reduced

According to reports, GST Council has decided to reduce the tax rate of mass use items from 28 to 18 percent.  The Goods and Services Tax (GST), implemented "from July 1, has five tax slabs of 0 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent.

This is being announced at the full GST council meeting headed by Union Finance minister Arun Jaitley, is deliberating on to review the impact of the new tax regime.This decision will reduce rate of 177 goods from 28 to 18 percent.

India Post and Payment Bank to become operational by April 2018

The government stated that India Post Payments Bank will become operational in all 650 districts of the country by April next year.

They will facilitate financial inclusion. Minister of Communications Manoj Sinha said in New Delhi that these banks will be linked to 1.55 lakh rural post offices and carry out banking services.

The Minister said, two such banks are already operational in Ranchi and Raipur.




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