RBI To Pay Record Rs 2.11 Trillion Dividend To Government; Aviation Travel Stagnates

RBI Decides To Transfer Rs 2.22 Trillion As Dividend To Government 

The Reserve Bank of India’s central board has decided to transfer a record surplus of Rs 2.11 trillion to the government for FY 2023-24 even after increasing the contingent buffer at the peak level of 6.5 per cent, the Business Standard reported.

This amount is more than double the Centre’s budgeted figure for dividends from the central bank and other PSUs. The RBI had transferred a surplus of Rs 87,416 crore in FY 2022-23. In FY 2018-19, after the new economic capital framework (ECF) was adopted as per the Bimal Jalan Committee suggestion, the RBI had transferred a surplus of Rs 1.76 trillion. The ECF devised a method to determine how much surplus the central bank should transfer to the government. Read more

Smartphone Now Fourth-Largest Exported Product From India

Smartphones are now the fourth-largest export item from India with 42 per cent growth to US$ 15.6 billion in FY 2023-24, up by one notch in the ranking from the preceding year, the Business Standard reported.

India started collecting data for smartphones separately from April 2022. While India’s top export items are dominated by petroleum products, smartphones replaced motor gasoline to become the fourth-largest exported commodity in FY 2023-24. According to commerce department data, the spike in smartphone exports was driven by a 158 per cent increase in shipments to the US at US$ 5.6 billion, followed by the United Arab Emirates (US$ 2.6 billion), the Netherlands (US$ 1.2 billion), and the UK (US$ 1.1 billion). More here

Aviation In India Not Growing Fast Since Only 3 Per Cent Indians Fly

Despite India’s airline capacity of 230 million departing seats, this year being double what it was a decade ago, India has not fully realised its aviation potential, the Business Standard reported.
 
The aviation ministry expects the number of flyers to nearly double again in seven to 10 years to 400 million. However, the country’s airline seat capacity is a fourth of China and a fifth of the United States, as of 2023. The penetration of aviation is so low that the consensus estimate is that only 3 per cent of the country’s population of 1.4 billion, or 40 million people, fly regularly. More here 

LinkedIn India, Its Boss Satya Nadella, Eight Others Penalised

The corporate affairs ministry has slapped Rs 27 lakh fine on Microsoft-owned LinkedIn India, and other penalties on Satya Nadella and eight other individuals for violation of the significant beneficial owner norms under the companies law, the Business Standard reported.

Nadella is the chief of Microsoft, which acquired the professional networking platform LinkedIn in December 2016. In a 63-page order, the Registrar of Companies (NCT of Delhi & Haryana) said that LinkedIn India and the individuals violated the Significant Beneficial Owner (SBO) norms under the Companies Act, 2013. According to the order, the company and its officers are liable for action for the failure to take necessary steps to identify the SBO in relation to the company. More here

IIT Placements Yet To Take Off, Reckless Hiring Of 2021, 2022 To Blame

Placement concerns continue to stalk the corridors of Indian Institutes of Technology as the batch of 2024 draws to a close, with hundreds of students yet to find a job even in the second hiring round, Livemint reported.

At IIT-Bombay, 300-400 students finishing undergraduate and post-graduate courses are yet to be hired, a member of its placement team said. At IIT-Bombay, IIT-Delhi, IIT-Kharagpur, IIT-Madras and IIT-Kanpur, the older IITs, placements begin in December, while the newer ones start earlier in August-September. The placements are conducted across two phases a few months apart. Reckless hiring in 2021 and 2022 is being cited as the reason for caution on the part of the companies. More here

After Staff, Scheduling Software Keeps Air India Express Tripping

New scheduling software has prevented Tata-owned Air India Express from putting things back in order after two weeks of cancellations due to cabin crew taking mass leave, the Economic Times reported.

The new software was launched just as the carrier was trying to cope with the sick leaves. It has ended up in such a state that pilots with Boeing experience are being scheduled to fly Airbuses, a completely different kettle of fish. As a result, about 50 out of 300 daily Air India Express flights have been hit. Tata Group carriers Air India and Vistara are helping out by operating some 20 additional daily flights. More here