The Union Minister of Ports, Shipping & Waterways (MoPSW) and Ayush, Shri Sarbananda Sonowal attended the Memorandum of Understanding (MoU) signing ceremony between the MoPSW and the Indian Institute of Management (IIM) to set up India’s first ‘Gati Shakti Research Chair’.
The Chair will spearhead high-quality academic research on multimodal logistics with a North-East focus: building knowledge on multimodal logistics development strategies and practice in the North-Eastern region, facilitate knowledge and innovation for logistical capacity building in the region.
The chair also aims to foster collaboration with global experts in creating and developing knowledge & expertise while strengthening the links between the multimodal logistics research and capacity-building activities with key stakeholders such as the logistics industry, government bodies, local authorities, and other partners and associations.
SJVN Limited, a Mini Ratna, Category-I and Schedule ‘A’ Central public sector enterprise under the administrative control of Ministry of Power, Government of India, has begun the successful commercial operation of its 50 MW Gujrai Solar Power Station in Kanpur Dehat, Uttar Pradesh. With this milestone, the total installed power capacity of SJVN stands at 2,277 MW.
Power Finance Corporation (PFC) on Friday said it has become the first government firm to collaborate with SACE, an Italian export credit agency, to boost the cooperation between the two countries. PFC is partnering with SACE, the export credit agency of Italy, for an innovative ECA-backed financing facility under its 'Push Strategy' initiative, according to a statement.
Tatung Padi has been appointed as Director in the Ministry of Skill Development and Entrepreneurship. According to an order issued from the Department of Personnel & Training issued on Feb 23, Padi has been appointed to the post under the Central Staffing Scheme for a period of five years from the date of taking over charge of the post until further orders.
The Central Government has approved the appointment of Bhupinder Kumar (IAS) for the post of Director of Census Operations /Director of Citizen Registration (DCR) (Deputy Secretary level) of Jammu & Kashmir and Ladakh. According to an order issued from the Department of Personnel & Training on Feb 22, Kumar has been appointed to the post under the Central Staffing Scheme.
India's installed Renewable Energy (RE) capacity, excluding large hydro plants, is estimated to increase to 170 GW by March 2025 from a level of 135 GW in December 2023, rating agency ICRA. "ICRA estimates that the rise in the RE capacity over the next 5-6 years is estimated to enhance the share of RE plus large hydro in the all-India electricity generation from 23% in FY24
This can be made possible through the use of wind and solar power projects complemented with energy storage systems, it suggested. According to the statement, ICRA expects the installed RE capacity, excluding hydro energy, in India to increase to about 170 GW by March 2025 from 135 GW as of December 2023.
The assets under management of Asset Reconstruction Companies (ARCs) are expected to grow at eight to nine per cent to touch the Rs 1.5 trillion mark by March 2024. It may expand at a slower pace of 5-8 per cent in the next financial year (FY25), where the asset base could reach the Rs 1.6 trillion level, according to the CRISIL-Assocham report.
In FY23, the industry growth was at 17 per cent, largely driven by a large transaction of stressed assets being acquired from a bank by an ARC. However, excluding the same, growth was modest at seven per cent. The report said the growth in the future would largely be driven by higher acquisitions, though capped by quicker resolutions expected in retail assets.
Private sector lender Kotak Mahindra Bank on Friday informed the exchanges that Zurich Insurance will acquire a 70 per cent stake in the bank’s general insurance arm, Kotak Mahindra General Insurance, for Rs 5,560 crore, in a single tranche. In February 2024, the bank had received approval from the Competition Commission of India (CCI) for the 70 per cent stake sale.
In November 2023, the bank had announced the sale of a 51 per cent stake in Kotak Mahindra General Insurance to Zurich Insurance for Rs 4,051 crore through a combination of fresh capital infusion and share purchase, followed by a 19 per cent stake sale within a period of three years.
Kalyani Steel Ltd on Friday signed an MoU with the Odisha government to set up a manufacturing facility with an investment of Rs 11,750 crore. The project for manufacturing titanium metal, aerospace and automotive components and advanced speciality steel at Gajamara in Dhenkanal district will create 10,000 job opportunities, the company said in a statement.
The Bank of Baroda (BoB) has projected India’s gross domestic product (GDP) to grow at around 6.75 to 6.8 per cent in FY25 and 6.8 per cent for the current financial year in a report released on 23 Feb. The IMF has projected the Indian economy to grow at 6.7 per cent for the current fiscal, upgrading the estimates by 40 basis points from its previous forecast in Oct 2023.
The Reserve Bank of India (RBI) on Friday allowed banks and non-banks to issue prepaid payment instruments (PPIs) for public transit services such as metro, buses, rail, waterways, tolls, and parking. The regulator amended the guidelines for PPIs for mass transit systems (MTS). It said such PPIs could be issued without a “know your customer” (KYC) verification of the holder
Razorpay, a significant fintech company, has reached an annualised Total Payment Volume (TPV) of $150 billion. The company also unveiled many new features, including an AI chatbot. The company also introduced ‘Payment Gateway 3.0’, making it India’s only payment gateway that addresses the payment trip and the entire buyer journey.
Every year on February 23, World Understanding and Peace Day is celebrated. Actually, this day serves to remember Rotary International's inaugural convention. This gathering of businessmen was intended to be a place where their backgrounds didn't matter, which set off a series of developments that eventually resulted in the creation of Rotary International.
Sunil Sharma (IRS) has been selected for the appointment as Director in the Department of School Education & Literacy under the Ministry of Education. According to an order issued from the Department of Personnel & Training (DoPT), Sharma has been selected for the appointment under the Central Staffing Scheme (CSS) for a period of five years.
Indian Revenue Service (IRS) Nitin Jain has been selected for the appointment as Deputy Secretary in the Ministry of Steel. He has been selected for the appointment under the Central Staffing Scheme for a period up to March 15, 2025 (combined tenure of four years at ex-cadre deputation and CSS deputation posts put together) or untill further orders, whichever.
Sureshwar Singh Bonal (CWES) has been selected for the appointment as Director in the Ministry of Heavy Industries. According an order issued from the Department of Personnel & Training (DoPT) on February 23, Banal has been selected for the appointment under the Central Staffing Scheme for a period of five years. Bonal is a Central Water Engineering Service (CWES) officer.
