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Introduction
Business economics is a branch of applied economics that investigates how businesses deal with financial, organisational, market, and environmental concerns. Business economics covers the notion of scarcity, product factors, distribution, and consumption.Managerial economics is a branch of business economics that is very important. Economics is the study of the components and functions of a certain marketplace or economy, such as supply and demand, as well as the impact of the concept of scarcity.Business economics is concerned with economic principles, tactics, and typical business practises, as well as the acquisition of required capital, profit generation, production Business economics also looks at external economic factors like changes in industry regulation or sudden price shifts in raw commodities.
ONGC is the first company to trade domestic gas on the Indian Gas Exchange
On the 23rd of May 2022, ONGC made its first online deal on India’s first automated national level Gas Exchange, IGX. The gas originates from ONGC’s Krishna Godavari 98/2 offshore block in eastern India. ONGC will be able to get a better price for domestic gas by trading it on IGX. ONGC has declared that it will increase the volume of products sold through the IGX.ONGC is a state-owned oil and gas exploration and production company. Its headquarters are in New Delhi, where it was formed in 1956. It generates over 70% of India’s crude oil and 84 percent of the country’s natural gas. It is owned and operated by the Ministry of Petroleum and Natural Gas. In 2010, ONGC was given Maharatna status. For the fiscal year 2019–20, ONGC was recognised as India’s greatest profit-making public sector undertaking (PSU).IGX is India’s first national-level automated gas exchange. It’s a marketplace for both buyers and sellers of gas. Its goal is to help India develop a strong gas market. It allows for competitive gas price discovery while also maintaining market integrity.
Initiative for Digital FDI Flows by the DCO and the World Economic Forum
WEF and DCO will collaborate to find ways to expand investment in new digital activities, digital adoption, and digital infrastructure investment under this agreement. In addition, the DCO and the WEF will conduct research with the goal of improving global awareness of the numerous regulatory constraints that are currently impeding nations from fully realising the potential of digital FDI.
The DCO and the WEF will launch Digital FDI Enabling Projects in countries throughout the world as part of the effort, which will assist them in supporting and identifying the implementation of various initiatives and policies to encourage investment in the digital economy. They’ll also make it easier for countries to share information about successful reforms.
The DCO is made up of nine member governments with a combined GDP of roughly USD 2 trillion, and it focuses on digital economy programmes that help young people and women start businesses. According to the World Economic Forum, digital will account for 70% of future economic growth, and the DCO member countries will serve to give a tremendous market opportunity for entrepreneurs and investors alike.
An additional fertiliser subsidy of Rs 1.10 lakh crore has been approved
With the recent declaration, the government’s overall fertiliser subsidy for the current fiscal year would surpass Rs 2.15 lakh crore (2022-23). In the Budget for 2022-23, a fertiliser subsidy of Rs 1.05 lakh crore was announced. The fertiliser subsidy in 2021-22 was Rs 1, 62,132 crores.
As a result of the Russia-Ukraine conflict, supply chains have been disrupted, and worldwide fertiliser prices have soared. Urea, potassium, and phosphatic fertilisers are all imported into India.Farmers have access to urea and 24 grades of P&K fertilisers at subsidised costs thanks to the government’s efforts. The MRP for urea is set by the Centre. A subsidy is paid to cover the gap between MRP and manufacturing costs. The nutrient-based subsidy (NBS) Policy, on the other hand, covers the subsidy on various P&K fertilisers.
The government announces a fixed rate of subsidy for Nitrogen (N), Phosphate (P), Potash (K), and Sulphur (S) per year under the NBS Policy (S). To give fertilisers to farmers at a fair price, the Union Cabinet authorised a subsidy of Rs 60,939 crore on phosphatic and potassic (P&K) fertilisers for the Kharif season in April 2022.
Panel on Customer Service Standards in Banks and Non-Bank Financial Institutions (RBI)
The Reserve Bank of India (RBI) stated on May 23, 2022 that a committee would be formed to assess the adequacy, effectiveness, and quality of customer service in NBFCs, banks, and other RBI-regulated organisations.The Reserve Bank of India (RBI) has mandated all banks, ATM networks, and White Label ATM Operators (WLAOs) to offer Interoperable Card-less Cash Withdrawal (ICCW) to their customers across all ATMs in the country.Â
Customers will appreciate the convenience, while scams such as card skimming and card cloning will be reduced as there will be no need to utilise debit or credit cards.To withdraw cash without using a card at an ATM, the customer must ask the bank to allow this feature.
Customers should choose the cardless withdrawal QR-UPI option at the ATM and enter the amount to withdraw money using a QR code. Users should then utilise smartphone apps such as BHIM, GooglePay, PayTm, and others to scan the QR code on the ATM. The pin must then be entered. Finally, customers should select the cash option and take the cash that has been dispensed by the ATM.
Conclusion
Commercial banks are extremely important to the financial system and the economy. Banks, as a critical component of the financial system, efficiently provide specialised financial services that make obtaining knowledge about saving and borrowing possibilities more affordable. These financial services contribute to the growth of the economy as a whole.Banks assist in increasing the aggregate rate of investment in the economy by encouraging incentives to save and mobilising savings from the general public.
