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Tags: Economics/Business
ONGC Videsh Limited (OVL), the wholly-owned subsidiary and overseas investment company of the Oil and Natural Gas Corporation Ltd. (ONGC), on June 23 announced that it has made an oil discovery in the Llanos Basin region of Colombia. ONGC is owned by the Government of India.
The company has made an oil discovery in the recently drilled Urraca-IX oil well, in CPO-5 block, Llanos Basin, Colombia.
The block was awarded to OVL in 2008 by Colombia. OVL holds 70% participating interest in the block while the remaining 30% stake in the block is held by its partner Geopark.
OVL in Colombia
OVL has a significant presence in the oil and gas sector of Colombia. OVL has two oil producing blocks in Colombia .It is owned by Mansarovar Energy Colombia ltd (MECL).
MECL is a 50:50 joint venture company of OVL and Sinopec International Petroleum Exploration and Production Corporation (SIPC) of China. Apart from this OVL has a stake in seven exploratory blocks in Colombia.
OVL now has stake in 35 oil and gas projects in 15 countries. Of these, it produces oil & gas from 14 assets, hydrocarbons have been discovered in four assets, and exploration is at various stages in 14 assets while three projects are in the pipeline.
ONGC Videsh Limited
Headquarters : New Delhi
Chairperson: The Chairperson of ONGC is the Chairperson of OVL. At present Dr. Alka Mittal
Tags: Summits Economics/Business
Union Minister of State for Food Processing Industries, Prahlad Singh Patel inaugurated the National Conference on Millets on 23 June 2022.
The conference has been organized by ASSOCHAM (Associated Chambers of Commerce and Industry of India) with the support of the Ministry of Food Processing Industries, Government of India.
The theme of the conference is: The Future Super Food for India.
The conference will provide a platform for leaders in the Food processing sector, practitioners, scientists, farmers, industries, organized agriculture sector, civil society, and NGOs to discuss and share experiences on successes, and to deliberate the opportunities and challenges faced in ensuring food and nutritional security.
Millets or coarse cereals or nutri cereals
Millets as a Superfood
Millets and India
International Year of Millets 2023
Tags: Science and Technology Economics/Business State News
Surat has become the first city in the country to get a processed steel slag (industrial waste) road built as part of a joint-venture project by the Council of Scientific and Industrial Research (CSIR), Central Road Research Institute (CRRI), Union Ministry of Steel, government think-tank NITI Aayog, and ArcelorMittal-Nippon Steel.
This project falls under the initiative of the Waste to Wealth and Clean India Campaign.
The steel waste is converted into steel slag aggregate which is used in laying down the road.
The steel waste for this project came from the ArcelorMittal-Nippon Steel plant located in Hazira, Gujarat.
Benefit of the road built by steel waste
Tags: Economics/Business Person in news
The RBL bank has appointed R Subramaniakumar as the new Managing Director (MD) and Chief Executive Officer (CEO) of the Bank on 11 June 2022.
He has been appointed for a period of three years.
R. Subramaniakumar started his banking career with Punjab National Bank. He was earlier the MD & CEO of Indian Overseas Bank.
He takes over the charge of the bank, when the bank reported a loss of Rs 74.74 crore in 2021-22 against a profit of Rs 50.77 crore in 2021-22.
RBL Bank
It is a private Indian Bank which was earlier called as Ratnakar Bank.
It was founded in 1943.
It’s Headquarters: Mumbai, Maharashtra
Its tagline: Apno Ka Bank
Tags: Economics/Business
According to the data released by the government of India on 31 May 2022, India recorded its highest ever textiles and apparel exports at $44.4 billion in the 2021-22 financial year. This was a 41 percent increase over the 2020-21 fiscal.
The top three main buyer of India textile were;
Main component of textile export
Cotton textile
The largest share in the textile export was cotton textile.
The total cotton textile export was $17.2 billion with a growth rate of 54 % as compared to 2020-21.
The share in total textile export was 39%.
Ready Made Garment
The total export of readymade garment was $16billion in 2021-22 with a growth rate of 31% and its share in the total textile 36%.
Man-made Textile
The total export of man-made textile was $ $ 6.3 billion in 2021-22 with a growth rate of 51% and its share in the total textile 14 %.
Handicraft
The total export of handicraft was $ 2.1 billion in 2021-22 with a growth rate of 22% and its share in the total textile 5 %.
Tags: Economics/Business
The Indian Railways is planning to introduce the country's first semi-high speed freight train by December 2022. The semi-high speed freight train will be named Gati Shakti train and will be based on the Vande Bharat Platform.
According to the National Rail Plan ,the Railways is aiming to increase its share in freight transportation from the present 27% to 45% by 2030 through better infrastructure and business development plans.
Vande Bharat Trains or Train 18
Tags: Economics/Business
Adani Group has bought SCC and Ambuja Cements from Switzerland's Holcim Group. With this, the Adani Group has now come second in terms of cement production in the country.
$10.5 billion deal:
This deal has been done for $ 10.5 billion i.e. about Rs 82,000 crore. This is the largest ever acquisition by the Adani Group and India's largest M&A transaction in the infrastructure and materials space.
Important Facts :
The Adani Group operates the country's largest commercial port and the largest renewable energy company.
Adani Group plans to double the production capacity of Ambuja and ACC Cement in the next five years. At present, the annual capacity of these two companies is 70 million tonnes, which is planned to reach 140 million tonnes after five years.
Full potential to increase demand for cement:
Adani said cement is likely to remain in high demand in India for the next several decades. India is the second largest cement market in the world but per capita, cement consumption in the country is less than half that of other countries.
Cement consumption in India is only 242 kg per capita, as compared to the global average of 525 kg per capita, India has significant potential for cement sector growth.
The middle class of the country is continuously increasing. The per capita cement consumption in China is 1600 kg.
With the rise of the middle class, the demand for cement in the country will also increase. Along with this, the government is also emphasizing on infrastructure.
The government plans to build 100 smart cities, 200 new airports, housing for all and concrete highways.
A foreign company has been formed for this acquisition. Barclays, Deutsche Bank and Standard Chartered Bank have pledged funds for this deal. Along with this, investment will also be made from Adani Group.
India in Cement Production:
India is the second largest cement producing country in the world (China ranks first). China produced 2.2 billion metric tons of cement in 2019. India accounts for about 8% of the global installed capacity.
Top Cement Producing Company of India:
UltraTech Cement Limited is the largest cement company in India. UltraTech is the largest producer of gray cement, white cement and ready-mix concrete in India.
Shree Cement Limited is one of the top 5 cement companies in India. The main products or services of Shree Cement Limited are Cement and Clinker. Shree Jungrodhak, Bangur and Rockstrong are among the company's brands.
Ambuja Cements Limited (ACL) is a well known brand in Western India. ACL is India's largest cement manufacturer having started production in 1986. Gujarat Ambuja Cements Limited was renamed as Ambuja Cements Limited. Holcim, a multinational cement company, acquired the management control of ACL in 2006.
The ACC was established on August 1, 1936. It is India's leading cement and concrete manufacturer.
Tags: Economics/Business
The Central Government has given permission to Telangana to store 6.05 lakh metric tonnes of Bhujia rice made from the remaining paddy of Kharif marketing season 2020-21 and 2021-22 in the Food Corporation of India godown.
Keeping in view the request of the State Government, a letter to this effect has been issued on 11th May, 2022.
Important Facts :
The rice mills in Telangana were supplied with ready-made rice till Kharif Marketing Season 2020-21 (Rabi) September, 2021. On the request of Telangana Government, this period has been extended for the seventh time till May 2022 on the basis of Government of India mandate 14.05.
Earlier, the central government had approved the estimated procurement of 40.20 lakh metric tonnes of rice from Telangana during the kharif marketing season 2021-22 (rabi crop).
The central government has always supported procurement activities in all states including Telangana.
Bhujia Rice Nutrient-rich:
Rice has the highest carbohydrate content which gives energy to the body.
Rice is rich in solids and minerals that meet the daily requirements of the body.
It contains more fiber, protein and vitamin B than normal white rice.
Bhujia rice is higher in fiber and some nutrients than processed and polished white rice. Nutrients that are dissolved in water are absorbed into the rice by the peel during first soaking and then boiling.
It is more nutritious than white rice, due to the high resistant starch in it, it does not increase blood sugar as much as white rice consumption.
Since it is partially ripe, it also contains nutrients that are destroyed during refining in white rice.
Top Paddy Producing States in India:
The major rice producing states of India are West Bengal, Uttar Pradesh, Punjab, Tamil Nadu, Andhra Pradesh, Bihar, Chhattisgarh and Orissa.
These 10 states account for more than 72% of the total rice production.
Major producer of rice in the world:
India is the second largest producer of rice in the world and ranks first in terms of exports. Whereas China ranks first in terms of production.
Rice production in India increased from 53.6 million tonnes in 1980 to 120 million tonnes in FY21.
Top Rice Producing Countries:- China, India, Indonesia, Bangladesh, Vietnam, Myanmar, Thailand, Philippines, Brajil, Pakistan, America comes respectively.
Tags: Economics/Business
The Union Government will send business delegations to Morocco, Tunisia, Indonesia, Philippines, Thailand, Vietnam, Turkey, Algeria and Lebanon to explore possibilities of promoting wheat exports from India.
India has set a target of exporting a record 10 million tonnes of wheat in the fiscal year 2022-23 amid rising demand for food grains globally.
A Task Force on Wheat Exports:
The Ministry of Commerce and Industry has already constituted a Task Force on Wheat Exports with representatives from various Ministries including Railways, Shipping and Commerce Ministries and under the aegis of Agricultural Processed Food Products Export Development Authority (APEDA).
India Wheat Supplier :
APEDA organised such an interactive meeting with various stakeholders including farmers, traders and exporters in Karnal, Haryana to promote wheat exports and ensure export of quality produce. Where opportunities and challenges in the field of wheat export were discussed.
According to the estimates of the Directorate General of Foreign Trade, India has exported 7 million tonnes (MT) of wheat during the fiscal year 2021-22 which is valued at $2.05 billion. About 50 percent of the total wheat exports were exported to Bangladesh during the last financial year.
Egypt, which is one of the largest importers of wheat in the world, had agreed to get wheat from India.
Important facts :
Egypt, which is one of the largest importers of wheat in the world, had agreed to get wheat from India.
Turkey has talked about importing wheat on a large scale from India in May 2022, which is still under consideration.
Growth in Indian Wheat Exports:
In the period April to January 2021-22, India's wheat exports increased to $1.74 billion; Whereas in the same period in 2020-21 it was $ 340.17 million.
The country's wheat exports stood at $61.84 million in 2019-20.
Bangladesh has been the largest importer of Indian wheat.
India has also entered new markets like Afghanistan, Yemen, Indonesia and Qatar.
India wants to replace Ukrainian and Russian dominance among the 30 wheat importing countries in the world. Out of these 30 countries, about 10 to 15 are existing countries, but India's share is very less.
India's wheat export to the world is less than 1 percent. The stock has risen to 0.54 percent in 2020 from 0.14 percent in 2016.
Top 10 countries importing wheat from India in 2020-21 are Bangladesh, Nepal, United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman, Malaysia.
Wheat production in india :
India was the world's second largest producer of wheat with a share of around 14.14 per cent in global wheat production in 2020.
Annually, the country produces 107.59 million tonnes of wheat, most of which is used for domestic consumption (98 million tonnes).
The major wheat growing states are Punjab, Uttar Pradesh, Madhya Pradesh, Haryana, Bihar, Rajasthan and Gujarat.
Top ten wheat producing countries in the world: China, India, Russia, USA, Canada, France, Ukraine, Pakistan, Germany, Australia.
Tags: Economics/Business Person in news
M. Narayanan assumed charge as part-time chairman of City Union Bank Ltd. (CUB) on 6 May 2022 for a period of two years
This was done by the bank after the Reserve Bank of India recommended the name of the practicing Chartered Accountants.
Mr. Narayanan succeeds R. Mohan, who laid down office on Tuesday after completing a three-year term,
Important for Exam
City Union Bank (CUB)
It is an old private sector bank in India.
It was set up in 1904
Its headquarters: Kumbakonam, Tamilnadu
Chief Executive Officer: D.N. Kamakodi
Tagline: Trust and Excellence since 1904
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