Focus Merit

Category: Economy

Economist Amartya Sen gets 2020 German Trade Peace Prize

June 21, 2020
Amartya Sen
  • Germany’s publishers and booksellers association—has declared on June 17 that Indian economist, philosopher, and Nobel (1998) laureate Amartya Sen is the winner of the 2020 Peace Prize of the German book trade.

RIL to be the first Indian company to hit $150-billion market cap

June 21, 2020
Reliance
  • The market valuation of Reliance Industries Ltd crossed Rs 11 lakh crore on after chairman Mukesh Ambani declared that his oil-to-telecom conglomerate had grown net debt-free. Reliance Industries is also the first Indian company to cross the Rs 11 lakh crore market valuation mark.

Mukesh Ambani enters the club of world’s 10 richest as net worth jumps to $64.6 bn

June 20, 2020
Reliance
  • Mukesh Ambani has joined the list of top ten richest persons in the world, according to the Forbes Real-Time Billionaire list. Mukesh Ambani’s net worth raised by over 12 times from USD 5.3 billion to USD 64.6 billion (Rs 4.9 lakh crore).

France to provide a loan of 200 million euros to India to support Delhi’s COVID-19 response

June 19, 2020
Corona sufferers
  • France and India on 18th June inked an agreement with Paris committing 200 million euros to aid Delhi’s COVID-19 response.
  • Through this loan, France will work with India to uplift the state and central governments’ capacities to promote the country’s most vulnerable people in the wake of the COVID-19 crisis.

Maruti pairs-up with Karur Vysya Bank for flexible financing schemes

June 19, 2020
Maruti Suzuki India
  • Car market leader Maruti Suzuki India (MSI) on 16th June declared it has partnership with Karur Vysya Bank to extend simpler and flexible financing schemes for new customers.

Reliance sells 2.32% stake in Jio to Saudi wealth fund PIF for Rs 11,367 cr

June 18, 2020
Reliance
  • Saudi Arabia’s PIF, one of the world’s largest sovereign wealth funds, will invest Rs 11,367 crore for 2.32 percent of Jio Platforms, a well-known eleventh investment in the Reliance Industries Limited (RIL) digital unit in nine weeks.

India’s GDP to shrink by 4% (means -4%) fiscal 2020-21: ADB

June 18, 2020
GDP
  • India’s economy will shrink by 4% in the financial year 2020 as against an increment of 4% projected in its April outlook, the Asian Development Banks stated in its supplement report on 18th June while also cutting the growth forecast for India for 2021 to 5% compared to 6.2% projected in April.

IBBI reconstitutes advisory panel on the corporate insolvency resolution process

June 17, 2020
IBBI
  • The insolvency regulator IBBI(Insolvency and Bankruptcy Board of India) has reconstituted the Advisory Committee on Corporate Insolvency Resolution and Liquidation process. This panel, which would be led by Uday Kotak, Executive Vice Chairman and Managing Director, Kotak Mahindra Bank, comprises 13 members besides the Chairman.

India’s economy to shrink by 3.7% (means -3.7%) in the fiscal year 2020-21 stated OECD

June 12, 2020
GDP
  • The Organisation for Economic Co-operation and Development (OECD) declared India’s growth at -3.7% for the ongoing fiscal with a rider that growth could decline further to -7.3% in the event of a second COVID-19 outbreak, according to its Economic Outlook (EO) published on 10th June.

Forex reserves bounce $8.22 billion; cross half-a-trillion (500M) mark for first time

June 12, 2020
forex
  • The country’s foreign exchange reserves passed the half-a-trillion mark for the first time after it surged by huge $8.22 billion in the week ended June 5, as per the latest data from the RBI.