BFSI & Economy
- The Union Cabinet cleared a proposal allowing 100% foreign direct investment (FDI) in single-brand retail via automatic route. This move makes it easier for foreign brands to fully own their Indian stores when earlier they needed to partner with local brands.
- Paytm has announced setting up of its wealth management division Paytm Money for users to store cash and earn interest. Paytm Money will be the company’s fourth consumer brand after Paytm, Paytm Mall, and Paytm Payments Bank.
- Gujarat has topped the Logistics Ease Across Different States (LEADS) index released by Union Ministry of Commerce & Industry.
- Paytm Payments Bank has partnered Induslnd Bank to introduce a facility to create a fixed deposit when the customer balance exceeds Rs1 lakh at the end of day.
- China-led Asian Infrastructure Investment Bank (AIIB), in which India is a second largest shareholder, is going to issue its first US dollar-denominated bondwith minimum worth of $100 crore by June this year.
- ISRO’s commercial arm, Antrix, earned ₹288.75 crore by launching satellites for other countries in the last financial year.
- The 2018 Global Economics Prospect (GEP) released by the World Bank has projected India’s growth rate to 7.3% in 2018 and 7.5 for the next two years i.e. 2019 and 2020.According to report, India, despite initial setbacks from demonetisation and Goods and Services Tax (GST), is estimated to have grown at 6.7% in 2017, higher than 6.5% estimated by Government.
- Gujarat has topped among 22 states in the Logistics Ease Across Different States (LEADS) index released by Union Ministry of Commerce & Industry. It was released by Union Minister of Commerce & Industry Suresh Prabhu after the third meeting of the Council for Trade Development and Promotion in New Delhi.
- China-led Asian Infrastructure Investment Bank (AIIB) is planning to issue its first US dollar-denominated bond with minimum worth of $1 billion by June 2018.
- The Central Board of Direct Taxes (CBDT) has announced to relax norms around levy of minimum alternate tax (MAT) for insolvent companies from financial year 2017-18. The purpose of the move is to make the Insolvency and Bankruptcy Code, 2016 more effective and minimise hardship faced by companies going in for insolvency resolution.
- According to Reserve Bank of India (RBI), India’s foreign exchange (Forex) reserves have scaled to fresh record high of $409.366 billion as on December 29, 2017. The surge was due to massive spike in foreign currency assets, which is key component of the reserves.
- The Pension Fund Regulatory and Development Authority of India (PFRDA) has announced that Atal Pension Yojana (APY) run by it has reached a subscriber base of 80 lakh and is growing at good pace. Uttar Pradesh is the highest contributing state at 11.41 lakh APY subscribers, followed by Bihar (8.87 lakh) and Tamil Nadu (6.60 lakh).
- Income Tax (IT) Department under the Union Finance Ministry has launched an on-line chat service on its national website incometaxindia.gov.in with a prominent icon stating ‘Live Chat Online- ask your query’. It was announced by Minister of State (MoS) for Finance, Shiv Pratap Shukla while replying in the Lok Sabha. Since its launch in October 2017 it has altogether benefited 8,424 people.
- The Budget Session of Parliament will begin on January 29, and the Budget for the Financial Year 2018-19 will be presented by the Finance Minister Arun Jaitley on 1st February 2018.
- The Reserve Bank of India is going to issue new ₹10 denomination banknotes in the Mahatma Gandhi (New) Series bearing signature of Governor Urjit Patel.
- The government has sought Parliament’s approval to issue bonds worth ₹80,000 crore to fund capital infusion into public-sector banks.
- The Union Finance Ministry has launched 7.75% Savings (Taxable) Bonds, 2018 scheme to help citizens invest in a taxable instrument, without any monetary ceiling. It will enable resident citizens/Hindu Undivided Families (HUF) to invest in a taxable bond, without any monetary ceiling.
- India on January 10 2018 bagged its first-ever medal at an international skiing event after 21-year-old Aanchal Thakur won Bronze at the Alpine Ejder 3200 Cup in Erzurum, Turkey.
- Bahrain is going to host the first-ever ‘Baby Olympics’ where two to four-year-olds will take part in the games in April.
- Virat Kohli was retained by Royal Challengers Bangalore for ₹17 crore for IPL 2018, making him the most expensive player in IPL history.
- After taking five wickets in the first Test against India, 22-year-old South African pacer Kagiso Rabada has become the world’s highest-ranked Test bowler.
Science and Technology
- The National Aeronautics and Space Administration (NASA) is launching two new missions this year to explore the starting point of space, nearly 100 km above Earth’s surface. The missions GOLD and ICON would make complementary observations from different points, said NASA.GOLD – Global-scale Observations of the Limb and Disk. ICON – Ionospheric Connection Explorer
- Taiwanese multinational hardware and electronics company Acer has unveiled a laptop, Swift 7 Ultrabook, which is the world’s thinnest computer with a thickness of 8.98 mm (0.35 inches).
National & Business
- The sub-committee of Central Advisory Board of Education (CABE) looking into issues of girl’s education has recommended free and compulsory education for girls up to post-graduate level across the country.
- On January 10, 2018, the Corps of Army Air Defence celebrated its 25th raising day. Corps of Army Air Defence is one of the active corps of Indian army tasked with protection of Indian air spaces from enemy aircrafts and missiles, specially below 5000 feet.
- The Appointments Committee of the Cabinet (ACC) has appointed rocket scientist K. Sivan as next Secretary of the Department of Space and Chairman of Space Commission and Indian Space Research Organisation (ISRO). He will succeed A.S. Kiran Kumar and will have term of three years.
- India’s fastest and first multi-petaflops (PF) supercomputer named Pratyush was unveiled at Pune-based Indian Institute of Tropical Meteorology (IITM). The supercomputer has been named as ‘Pratyush’ meaning Sun.
- West Bengal Chief Minister Mamata Banerjee today unveiled the Official emblem of the West Bengal State government
- According to a recently released data by the Reserve Bank of India (RBI), India’s foreign exchange (Forex) reserves have scaled to fresh record high of $409.366 billion as on December 29, 2017
- India’s fifth largest private sector bank, Yes Bank and location-based social networking service Nearby tied up to provide Aadhaar- enabled cardless and pinless ATM service through which, customers can deposit or withdraw money at retailers’ place. Using the PayNEARBY mobile application on a smart phone, a retailer can become an Aadhaar ATM/Aadhaar Bank branch for cash withdrawals and deposits by a customer, Yes Bank said in a release