Business Current Affairs - 2019

Category Wise PDF Compilations available at This Link

Sanjiv Puri appointed ITC’s New Chairman

ITC Group’s present Managing Director (MD) Sanjiv Puri was elevated as new Chairman and Managing Director of company. His appointment comes after noted industry leader and erstwhile ITC Chairman Yogi C. Deveshwar died on 11 May 2019.

Background

  • Y C Deveshwar (aged 72) had stepped down from ITC’s executive role in 2017 but remained non-executive chairman of company. He was ITC’s longest serving Chairman and corporate head.
  • Later in 2017, as part of succession planning in company, the ITC group split the role of company’s Executive Chairman between Chairman and Chief Executive Officer (CEO). Y C Deveshwar then mentored the executive management led by Sanjiv Puri.

Sanjiv Puri

  • He is an alumnus of the Indian Institute of Technology (IIT), Kanpur and Wharton School of Business.
  • He joined ITC in 1986.
  • Since 2015 he was a director on the board of company.
  • In February 2017 he was appointed Chief Executive Officer (CEO), assuming independent charge of executive leadership of ITC.

About ITC

  • ITC stands for ‘India Tobacco Company’, is India’s largest cigarette company.
  • It was established in 1910 and is headquartered in Kolkata, West Bengal.
  • It has diversified presence in various business like Cigarettes, Packaging, Hotels, Agri-Business, Paperboards & Specialty Papers, Packaged Foods & Confectionery, Information Technology, Branded Apparel (Wills), and other FMCG products.

Month: Categories: Business, Economy & Banking

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IIP grows 8.1% in October 2018

According to data released by Central Statistics Office (CSO), factory output measured in terms of Index of Industrial Production (IIP) grew 8.1% in October 2018 as against 4.5% in September 2018. The growth was aided by favourable base effect and robust output in all key sectors—manufacturing, electricity and mining. IIP is the closest approximation for measuring economic activity in the country’s business landscape.

Breakaway of October 2018 IIP

Sector wise Performance: Manufacturing sector output grew 7.9% in October 2018 from 4.6% in September 2018 and 2% a year ago. Electricity production growth grew to 10.8% in October from 8.6% in September 2018 and 3.2% a year ago. Mining activity grew to 7% in October 2018 from 0.2% in September 2018 from de-growth of (-) 0.2% last year.

Use-based Performance: Primary goods grew by 6.0%, intermediate goods by 1.8% and infrastructure/construction goods by 8.7% as compared to growth in October 2017.  Consumer durables output also grew 17.6%, from 5.2% in September 2018, indicating higher production during the festive season. Consumer non-durables grew 7.9% in October 2018 as compared to 6.1% in September 2018.

Index of Industrial Production (IIP)

IIP is composite indicator that measures short-term changes in volume of production of basket of industrial products during given period with respect to chosen base period.  It is compiled and published monthly by Central Statistical Organization (CSO), Ministry of Statistics and Programme Implementation (MoSPI). Its base year is 2011-12.

It comprises 407 individual items. Sector wise, the items included falls into 3 categories viz. Manufacturing (405 items), Mining (1 items) & Electricity (1 item).  he weights of the three sectors are 77.63%, 14.37%, 7.9% respectively. The combined weightage of 8 core Industries in IIP is 40.27%.

In use wise composition 407 individual items are divided into basic goods, capital goods, intermediate goods and consumer goods. Further, consumer goods is divided into consumer durables and consumer non-durables. In this case maximum weight is of basic goods, followed by Consumer Goods, followed by Intermediate and Capital Goods.

Month: Categories: Business, Economy & Banking

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