Shares the Knowledge !

February 2020 Business News

  • New Zealand's Minister for Trade and Export Growth, David Parker on February 27, 2020 congratulated India on the impressive strides it has made in Ease of Doing Business. 

    Addressing the gathering at the ‘India-New Zealand Business Forum’ organized by FICCI in New Delhi, Mr Parker said India is a dynamic country and it is of increasing importance to New Zealand. He said India is in the midst of a wonderful transformation and his country wants to be a part of it. He pointed out that India and New Zealand have complimentary economic strengths.

  • Secretary of Ministry of Corporate Affairs (MCA) Injeti Srinivas has launched the new company incorporation "Spice+" Web form on 24th February. It is a part of a comprehensive package to make life easier for someone starting a business. The move is in line with India's Ease of Doing Business (EODB) initiatives. 

    Spice+ form :
    1.) Spice+ form will replace the existing Spice form.
    2.) The form offers 10 services by 3 Central government Ministries & Departments namely the Ministry of Corporate Affairs, Ministry of Labour& Department of Revenue in the Ministry of Finance and Maharashtra State Government. It will save many procedures, time and cost for Starting a Business in India. It will be applicable for all new company incorporations.
    3.) The form has at least five new formalities including Employees' Provident Fund Organisation (EPFO), Employees' State Insurance Corporation (ESIC) and professional tax registration, the opening of bank account and GST registration.
    4.) SPICe+ will reduce the time taken for the process and the cost of registering a company that was estimated at around 4 hours in December-January.
    5.) It has been estimated that on average, the name reservation takes around 3 hours.
    6.) This was tested by the Ministry and has already processed 90% of the forms that are received in a day.

  • The United States has surpassed China to become India's top trading partner. According to the Commerce Ministry data, the bilateral trade between the US and India stood at nearly 88 billion dollars in 2018-19 fiscal. During the period, India's trade with China was at 87.1 billion dollars. 

    Similarly, during April-December 2019-20, the bilateral trade between the US and India stood at 68 billion dollars against a nearly 65 billion dollars trade with China in the same period. 

    America is one of the few countries with which India has a trade surplus. On the other hand, India has a huge trade deficit with China. In 2018-19, India has a trade surplus of 16.9 billion dollars with America, while it has a deficit of 53.6 billion dollars with the neighbouring country. The data showed that China was India's top trading partner since 2013-14 till 2017-18.  

  • The Ministry of Micro, Small and Medium Enterprises (MSME) has launched a National Level Awareness Programme (NLAP) 2020 from 17th to 28th February, 2020. 

    The main objective of NLAP is to spread awareness about the schemes & activities undertaken by the Ministry and its attached organizations such as Office of Development Commissioner (MSME), Khadi & Village Industries Commission, Coir Board, National Small Industries Corporation Limited, National Institute of MSME, MSME Technology Centres, and Mahatma Gandhi Institute of Rural Industrialization. 

    About Awareness Programme: 
    i.) A total of 126 field offices of the Ministry & its organisations are conducting the awareness programmes across the country to spread the information among students of colleges and educational institutes. 
    ii.) The awareness drive will be conducted in more than 600 colleges covering almost 60,000 students from all parts of the country. 
    iii.) Audio-Video films about the activities of the Ministry & its organizations, details of the schemes implemented by the Ministry are displayed to the students. 

  • Flipkart shuts down Jabong to focus on Myntra. Flipkart acquired the fashion platform Jabong about four years ago. Now, users are being sent to Myntra while they are visiting Jabong. In 2016, Flipkart bought Jabong for USD 70 million. However, it had become difficult for Flipkart to make a long-term strategy to save its fashion portal.

  • External Affairs Minister Dr S Jaishankar has called upon Indian businesses to take initiatives vis-a-vis the Central Asian markets. He said, the time has come for India and Central Asia to create common platform to share ideas and translate the goodwill and desires into practical outcomes. Addressing India - Central Asia Business Council organized by FICCI in New Delhi, Dr Jaishankar said, Central Asia is not a distant region for India and it is a part of country's extended neighbourhood.

  • India’s Ambassador to the UAE Navdeep Singh Suri has assumed the responsibility of India’s Co-Chair of the Expo-2020 Dubai Committee. Mr Suri was also a recipient of the UAE's Order of Zayed II honour.

  • Expo-2020 is a World Expo to be hosted by Dubai is scheduled to open on 20th October, 2020. Through its theme, “Connecting Minds, Creating the Future” and its three sub-themes - Opportunity, Mobility and Sustainability - Expo-2020 aims to unlock the potential of each visitor while encouraging collaboration and presenting opportunities for all to make a difference towards the future development of humanity.

Last updated on : 29/02/2020



Post a Comment

Upsc - Civils Preparation

Exam Strategy
Tips and Tricks
Preparation and Guidance
Optional Subjects - Preparation
Optional Subjects - Guidance
Many more >>

Bank Exams Preparation

Bank, Currency, Money, RBI,
Budget, Planning, Stock Exchange
Insurance, Taxation, International Organizations
Economic Issues, Fiscal Policy, Committee or Commissions
Many more >>

Computer Knowledge

History, Generations, Terminology
Hardware, Software, Internet
Networks, Shortcut Keys
Many more >>

Interview Preparation

General Do's and Don'ts in Interview
Entry and Dressing up
How to prepare?, Qualities judged
Many more >>