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The Importance Of A Good Business Plan

2010, Journal of Business & Economics Research (JBER)

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Purpose: The purpose of this study is to investigate the contribution of business plan in the expansion of small company. No matter how big or small a business is or what stage it is in,it needs a business plan to improve how it runs internally and to describe and market the business to possible outside investors. Theoretical framework: A business plan gives the company direction and brings employees together to work towards the same goals. When everyone works together, it's easier to manage time and resources and set the company up for growth. Planning is a big part of how successful a new or small business will be. Setting goals and making plans to reach those goals are two important parts of running a successful business. A business plan is a good way for a company to organize its goals and objectives in a way that makes sense. Design/methodology/approach: This is descriptive based study. In this research paper we survey on random sample of 250 respondents. Findings: Th...

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This project proposal pertains to newly evolving studies dealing with business planning for startups and is intended to investigate essential issue of business plan characteristics that increase probability of getting funds for startup development. The general purpose of this project is to analyse and develop general tendencies in existing business plans for startups that succeeded in attracting financing. The aim of this issue scrutiny is to formulate general guidance for elaborating business plans for nascent entrepreneurs and structure common criteria set by investors.

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

• A business plan is a document describing a company's business activities and how it plans to achieve its goals.
• Startup companies use business plans to get off the ground and attract outside investors.
• For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
• There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

• Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
• Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
• Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
• Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
• Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

• Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
• Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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The importance of a business plan

Business plans are like road maps: it’s possible to travel without one, but that will only increase the odds of getting lost along the way.

Owners with a business plan see growth 30% faster than those without one, and 71% of the fast-growing companies have business plans . Before we get into the thick of it, let’s define and go over what a business plan actually is.

What is a business plan?

A business plan is a 15-20 page document that outlines how you will achieve your business objectives and includes information about your product, marketing strategies, and finances. You should create one when you’re starting a new business and keep updating it as your business grows.

Rather than putting yourself in a position where you may have to stop and ask for directions or even circle back and start over, small business owners often use business plans to help guide them. That’s because they help them see the bigger picture, plan ahead, make important decisions, and improve the overall likelihood of success. ‍

Why is a business plan important?

A well-written business plan is an important tool because it gives entrepreneurs and small business owners, as well as their employees, the ability to lay out their goals and track their progress as their business begins to grow. Business planning should be the first thing done when starting a new business. Business plans are also important for attracting investors so they can determine if your business is on the right path and worth putting money into.

Business plans typically include detailed information that can help improve your business’s chances of success, like:

• A market analysis : gathering information about factors and conditions that affect your industry
• Competitive analysis : evaluating the strengths and weaknesses of your competitors
• Customer segmentation : divide your customers into different groups based on specific characteristics to improve your marketing
• Marketing: using your research to advertise your business
• Logistics and operations plans : planning and executing the most efficient production process
• Cash flow projection : being prepared for how much money is going into and out of your business
• An overall path to long-term growth

10 reasons why you need a business plan

I know what you’re thinking: “Do I really need a business plan? It sounds like a lot of work, plus I heard they’re outdated and I like figuring things out as I go...”.

The answer is: yes, you really do need a business plan! As entrepreneur Kevin J. Donaldson said, “Going into business without a business plan is like going on a mountain trek without a map or GPS support—you’ll eventually get lost and starve! Though it may sound tedious and time-consuming, business plans are critical to starting your business and setting yourself up for success.

To outline the importance of business plans and make the process sound less daunting, here are 10 reasons why you need one for your small business.

1. To help you with critical decisions

The primary importance of a business plan is that they help you make better decisions. Entrepreneurship is often an endless exercise in decision making and crisis management. Sitting down and considering all the ramifications of any given decision is a luxury that small businesses can’t always afford. That’s where a business plan comes in.

Building a business plan allows you to determine the answer to some of the most critical business decisions ahead of time.

Creating a robust business plan is a forcing function—you have to sit down and think about major components of your business before you get started, like your marketing strategy and what products you’ll sell. You answer many tough questions before they arise. And thinking deeply about your core strategies can also help you understand how those decisions will impact your broader strategy.

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2. To iron out the kinks

Putting together a business plan requires entrepreneurs to ask themselves a lot of hard questions and take the time to come up with well-researched and insightful answers. Even if the document itself were to disappear as soon as it’s completed, the practice of writing it helps to articulate your vision in realistic terms and better determine if there are any gaps in your strategy.

3. To avoid the big mistakes

Only about half of small businesses are still around to celebrate their fifth birthday . While there are many reasons why small businesses fail, many of the most common are purposefully addressed in business plans.

According to data from CB Insights , some of the most common reasons businesses fail include:

• No market need : No one wants what you’re selling.
• Lack of capital : Cash flow issues or businesses simply run out of money.
• Inadequate team : This underscores the importance of hiring the right people to help you run your business.
• Stiff competition : It’s tough to generate a steady profit when you have a lot of competitors in your space.
• Pricing : Some entrepreneurs price their products or services too high or too low—both scenarios can be a recipe for disaster.

The exercise of creating a business plan can help you avoid these major mistakes. Whether it’s cash flow forecasts or a product-market fit analysis , every piece of a business plan can help spot some of those potentially critical mistakes before they arise. For example, don’t be afraid to scrap an idea you really loved if it turns out there’s no market need. Be honest with yourself!

Get a jumpstart on your business plan by creating your own cash flow projection .

4. To prove the viability of the business

Many businesses are created out of passion, and while passion can be a great motivator, it’s not a great proof point.

Planning out exactly how you’re going to turn that vision into a successful business is perhaps the most important step between concept and reality. Business plans can help you confirm that your grand idea makes sound business sense.

A critical component of your business plan is the market research section. Market research can offer deep insight into your customers, your competitors, and your chosen industry. Not only can it enlighten entrepreneurs who are starting up a new business, but it can also better inform existing businesses on activities like marketing, advertising, and releasing new products or services.

Want to prove there’s a market gap? Here’s how you can get started with market research.

5. To set better objectives and benchmarks

Without a business plan, objectives often become arbitrary, without much rhyme or reason behind them. Having a business plan can help make those benchmarks more intentional and consequential. They can also help keep you accountable to your long-term vision and strategy, and gain insights into how your strategy is (or isn’t) coming together over time.

6. To communicate objectives and benchmarks

Whether you’re managing a team of 100 or a team of two, you can’t always be there to make every decision yourself. Think of the business plan like a substitute teacher, ready to answer questions any time there’s an absence. Let your staff know that when in doubt, they can always consult the business plan to understand the next steps in the event that they can’t get an answer from you directly.

Sharing your business plan with team members also helps ensure that all members are aligned with what you’re doing, why, and share the same understanding of long-term objectives.

7. To provide a guide for service providers

Small businesses typically employ contractors , freelancers, and other professionals to help them with tasks like accounting , marketing, legal assistance, and as consultants. Having a business plan in place allows you to easily share relevant sections with those you rely on to support the organization, while ensuring everyone is on the same page.

8. To secure financing

Did you know you’re 2.5x more likely to get funded if you have a business plan?If you’re planning on pitching to venture capitalists, borrowing from a bank, or are considering selling your company in the future, you’re likely going to need a business plan. After all, anyone that’s interested in putting money into your company is going to want to know it’s in good hands and that it’s viable in the long run. Business plans are the most effective ways of proving that and are typically a requirement for anyone seeking outside financing.

Learn what you need to get a small business loan.

9. To better understand the broader landscape

No business is an island, and while you might have a strong handle on everything happening under your own roof, it’s equally important to understand the market terrain as well. Writing a business plan can go a long way in helping you better understand your competition and the market you’re operating in more broadly, illuminate consumer trends and preferences, potential disruptions and other insights that aren’t always plainly visible.

10. To reduce risk

Entrepreneurship is a risky business, but that risk becomes significantly more manageable once tested against a well-crafted business plan. Drawing up revenue and expense projections, devising logistics and operational plans, and understanding the market and competitive landscape can all help reduce the risk factor from an inherently precarious way to make a living. Having a business plan allows you to leave less up to chance, make better decisions, and enjoy the clearest possible view of the future of your company.

Understanding the importance of a business plan

Now that you have a solid grasp on the “why” behind business plans, you can confidently move forward with creating your own.

Remember that a business plan will grow and evolve along with your business, so it’s an important part of your whole journey—not just the beginning.

Related Posts

Now that you’ve read up on the purpose of a business plan, check out our guide to help you get started.

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The importance of business plan: 5 key reasons.

A key part of any business is its business plan. They can help define the goals of your business and help it reach success. A good business plan can also help you develop an adequate marketing strategy. There are a number of reasons all business owners need business plans, keep reading to learn more!

Here’s What We’ll Cover:

What Is a Business Plan?

5 reasons you need a well-written business plan, how do i make a business plan, key takeaways.

A business plan contains detailed information that can help determine its success. Some of this information can include the following:

• Market analysis
• Cash flow projection
• Competitive analysis
• Financial statements and financial projections
• An operating plan

A solid business plan is a good way to attract potential investors. It can also help you display to business partners that you have a successful business growing. In a competitive landscape, a formal business plan is your key to success.

Check out all of the biggest reasons you need a good business plan below.

1. To Secure Funding

Whether you’re seeking funding from a venture capitalist or a bank, you’ll need a business plan. Business plans are the foundation of a business. They tell the parties that you’re seeking funding from whether or not you’re worth investing in. If you need any sort of outside financing, you’ll need a good business plan to secure it.

2. Set and Communicate Goals

A business plan gives you a tangible way of reviewing your business goals. Business plans revolve around the present and the future. When you establish your goals and put them in writing, you’re more likely to reach them. A strong business plan includes these goals, and allows you to communicate them to investors and employees alike.

3. Prove Viability in the Market

While many businesses are born from passion, not many will last without an effective business plan. While a business concept may seem sound, things may change once the specifics are written down. Often, people who attempt to start a business without a plan will fail. This is because they don’t take into account all of the planning and funds needed to get a business off of the ground.

Market research is a large part of the business planning process. It lets you review your potential customers, as well as the competition, in your field. By understanding both you can set price points for products or services. Sometimes, it may not make sense to start a business based on the existing competition. Other times, market research can guide you to effective marketing strategies that others lack. To have a successful business, it has to be viable. A business plan will help you determine that.

4. They Help Owners Avoid Failure

Far too often, small businesses fail. Many times, this is due to the lack of a strong business plan. There are many reasons that small businesses fail, most of which can be avoided by developing a business plan. Some of them are listed below, which can be avoided by having a business plan:

• The market doesn’t need the business’s product or service
• The business didn’t take into account the amount of capital needed
• The market is oversaturated
• The prices set by the business are too high, pushing potential customers away

Any good business plan includes information to help business owners avoid these issues.

5. Business Plans Reduce Risk

Related to the last reason, business plans help reduce risk. A well-thought-out business plan helps reduce risky decisions. They help business owners make informed decisions based on the research they conduct. Any business owner can tell you that the most important part of their job is making critical decisions. A business plan that factors in all possible situations helps make those decisions.

Luckily, there are plenty of tools available to help you create a business plan. A simple search can lead you to helpful tools, like a business plan template . These are helpful, as they let you fill in the information as you go. Many of them provide basic instructions on how to create the business plan, as well.

If you plan on starting a business, you’ll need a business plan. They’re good for a vast number of things. Business plans help owners make informed decisions, as well as set goals and secure funding. Don’t put off putting together your business plan!

If you’re in the planning stages of your business, be sure to check out our resource hub . We have plenty of valuable resources and articles for you when you’re just getting started. Check it out today!

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Manufacturing Business Plan PDF Example

• May 7, 2024
• Business Plan

Creating a comprehensive business plan is crucial for launching and running a successful manufacturing business. This plan serves as your roadmap, detailing your vision, operational strategies, and financial plan. It helps establish your manufacturing business’s identity, navigate the competitive market, and secure funding for growth.

This article not only breaks down the critical components of a manufacturing business plan, but also provides an example of a business plan to help you craft your own.

Whether you’re an experienced entrepreneur or new to the manufacturing industry, this guide, complete with a business plan example, lays the groundwork for turning your manufacturing business concept into reality. Let’s dive in!

Our manufacturing business plan covers all essential aspects necessary for a comprehensive strategy. It details operations, marketing strategy , market environment, competitors, management team, and financial forecasts.

• Executive Summary : Provides an overview of the manufacturing company’s business concept, market analysis , management, and financial strategy.
• Facilities & Equipment: Describes the facility’s capabilities, machinery, and technological advancements.
• Operations & Supply: Outlines the production processes, supply chain logistics, and inventory management.
• Key Stats: Offers data on industry size , growth trends, and market positioning.
• Key Trends: Highlights significant trends impacting the industry, such as automation and localization.
• Key Competitors : Analyzes primary competitors and differentiates the company from these rivals.
• SWOT: Analyzes strengths, weaknesses, opportunities, and threats.
• Marketing Plan : Outlines tactics for attracting new contracts and maintaining client relationships.
• Timeline : Sets out key milestones from inception through the first year of operations.
• Management: Information on the management team and their roles within the company.
• Financial Plan: Projects the company’s financial performance over the next five years, detailing revenue, profits, and anticipated expenses.

Manufacturing Business Plan

Fully editable 30+ slides Powerpoint presentation business plan template.

Download an expert-built 30+ slides Powerpoint business plan template

Executive Summary

The Executive Summary introduces your manufacturing business plan, offering a concise overview of your manufacturing facility and its products. It should detail your market positioning, the range of products manufactured, the production process, its location, size, and an outline of day-to-day operations.

This section should also explore how your manufacturing business will integrate into the local and broader markets, including the number of direct competitors within the area, identifying who they are, along with your business’s unique selling points that differentiate it from these competitors.

Furthermore, you should include information about the management and co-founding team, detailing their roles and contributions to the business’s success. Additionally, a summary of your financial projections, including revenue and profits over the next five years, should be presented here to provide a clear picture of your business’s financial plan.

Make sure to cover here _ Business Overview _ Market Overview _ Management Team _ Financial Plan

Dive deeper into Executive Summary

Business Overview

Facilities & equipment.

Describe your manufacturing facility. Highlight its design, capacity, and technology. Mention the location, emphasizing accessibility to transport routes. Discuss advantages for efficiency and cost management. Detail essential equipment and its capabilities.

Operations & Supply Chain

Detail product range. Outline your operations strategy for efficiency and scalability. Discuss supply chain management. Highlight sourcing of materials, inventory control, and logistics. Emphasize strong partnerships with suppliers and distributors.

Make sure to cover here _ Facilities & Equipment _ Operations & Supplies

Market Overview

Industry size & growth.

Start by examining the size of the manufacturing industry relevant to your products and its growth potential. This analysis is crucial for understanding the market’s scope and identifying expansion opportunities.

Key Market Trends

Proceed to discuss recent market trends , such as the increasing demand for sustainable manufacturing processes, automation, and advanced materials. For example, highlight the demand for products that utilize eco-friendly materials or energy-efficient production techniques, alongside the rising popularity of smart manufacturing.

Key Competitors

Then, consider the competitive landscape, which includes a range of manufacturers from large-scale enterprises to niche firms. For example, emphasize what makes your business distinctive, whether it’s through advanced technology, superior product quality, or specialization in certain manufacturing niches. This section will help articulate the demand for your products, the competitive environment, and how your business is positioned to thrive within this dynamic market.

Make sure to cover here _ Industry size & growth _ Key competitors _ Key market trends

Dive deeper into Key competitors

First, conduct a SWOT analysis for your manufacturing business. Highlight Strengths such as advanced production technology and a skilled workforce. Address Weaknesses, including potential supply chain vulnerabilities or high production costs. Identify Opportunities like emerging markets for your products or potential for innovation in production processes. Consider Threats such as global competition or economic downturns that may impact demand for your products.

Marketing Plan

Next, develop a marketing strategy that outlines how to attract and retain customers through targeted advertising, trade shows, digital marketing, and strategic partnerships. Emphasize the importance of showcasing product quality and technological advantages to differentiate your business in the market.

Finally, create a detailed timeline that outlines critical milestones for your manufacturing business’s launch, marketing initiatives, customer acquisition, and expansion goals. Ensure the business progresses with clear direction and purpose, setting specific dates for achieving key operational and sales targets.

Make sure to cover here _ SWOT _ Marketing Plan _ Timeline

Dive deeper into SWOT

Dive deeper into Marketing Plan

The Management section focuses on the manufacturing business’s management and their direct roles in daily operations and strategic direction. This part is crucial for understanding who is responsible for making key decisions and driving the manufacturing business toward its financial and operational goals.

For your manufacturing business plan, list the core team members, their specific responsibilities, and how their expertise supports the business.

Financial Plan

The Financial Plan section is a comprehensive analysis of your financial projections for revenue, expenses, and profitability. It lays out your manufacturing business’s approach to securing funding, managing cash flow, and achieving breakeven.

This section typically includes detailed forecasts for the first 5 years of operation, highlighting expected revenue, operating costs and capital expenditures.

For your manufacturing business plan, provide a snapshot of your financial statement (profit and loss, balance sheet, cash flow statement), as well as your key assumptions (e.g. number of customers and prices, expenses, etc.).

Make sure to cover here _ Profit and Loss _ Cash Flow Statement _ Balance Sheet _ Use of Funds

Privacy Overview

North East Local Enterprise Partnership

On this page, you can find an archive of the North East LEP’s Board meeting agendas and reports along with financial statements and details of projects the organisation funded.

The North East LEP is now part of the North East Combined Authority

The North East Local Enterprise Partnership (North East LEP) was established in 2011 as a public, private, voluntary and education sector partnership responsible for promoting and developing economic growth in the local authority areas of County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.

On 7 May 2024, the role and responsibilities of the North East LEP were merged into the new North East Combined Authority (North East CA).

Looking for something?

Document archive.

Meeting agendas and minutes, decision notices, forward plans and other relevant governance documents published by the North East LEP are now available in the document archive.

Projects and investments

Some projects started under North East LEP have transferred to the new North East Combined Authority. Details can be found in our projects collection.

Groups sites

North east evidence hub.

The North East Evidence Hub brings together key data about the region and provides tools to help residents, businesses, education establishments and policy makers to make use of this data in a simple and accessible way. 

North East Ambition

North East Ambition supports all schools and colleges in the region to achieve the Good Career Benchmarks.

North East Growth Hub

The North East Growth Hub helps to strengthen businesses in the region, connecting people to funding and finance, and business opportunities as part of the Business Growth Strategy.

Need support?

Can’t find what you’re looking for? Get in touch and we’ll point you in the right direction. 

• current affairs
• daily current affairs 15 may 2024

Daily Current Affairs 15 May 2024 | Latest News | Download Free PDF

May 15 2024

Dear Readers, get to know the daily current affairs today covering all the National & International Events provided here in this article. Current Affairs is an important topic in various competitive exams like IBPS/SBI/PO/Clerk and other competitive exams. To score better in this section, be updated with the daily happenings. Check the Daily Current Affairs February 2024 updates here. Revision is very important in remembering current affairs. Candidates after learning the Daily current affairs May 15 2024, can test their knowledge by attempting Current Affairs Quiz provided with answers. Daily current affairs May 15   2024 covers current affairs from International & National news, Important Days, State News, Banking & Economy, Business News, Appointments & Resignation, Awards & Honour, Books & Authors, Sports News, etc.,

Daily Current Affairs PDF of 15th May 2024

Get more: static gk pdfs, current affairs : banking & finance.

State Bank of India Becomes Inaugural Bank to Join International Bullion Exchange as Trading and Clearing Member     

• Public sector lender, State Bank of India (SBI) , has become the first trading-cum-clearing member (TCM) at the India International Bullion Exchange (IIBX) – the country’s first bullion exchange in GIFT City Gandhinagar.
• This enables SBI’s IFSC Banking unit (IBU) to trade on the IIBX platform.
• The Reserve Bank of India recently permitted IBUs to act as trading members and trading and clearing members at IIBX as special category clients (SCCs) to import gold through the bullion exchange.
• SBI's participation is expected to boost trading volumes in gold and silver at the IIBX.

About IIBX :

• IIBX is India’s first bullion exchange established in IFSC Gift City.
• IIBX is a platform that enables trading in bullion with adherence to OECD Due Diligence Guidance for Responsible Supply Chain of Minerals from Conflict-Affected and High-Risk Areas for establishing supply chain integrity.
• The following types of entities are eligible to become members of IIBX-
• Non-Resident Individual / Proprietorship Firm
• Registered Partnership Firm
• Private Limited Company and Public Limited Company
• Qualified Jewellers
• IBU Branches at GIFT City
• Foreign Bullion Suppliers who follow OECD guidelines

About SBI :

• Established : 1 July 1955
• Headquarters : Mumbai, Maharashtra, India
• Chairman : Dinesh Kumar Khara
• CFO : Kameshwar Rao Kodavanti

Piramal Group's Fund Management Arm Injects Rs 600 Crore into Annapurna Finance        

• Piramal Alternatives, the fund management arm of the Piramal Group, invested Rs 600 crore in Annapurna Finance Private Limited .
• This investment comprised Rs 300 crore for acquiring a 9.85% stake in Annapurna Finance and another Rs 300 crore for subscribing to Annapurna’s optionally convertible debenture.
• The deal involved a combination of a secondary purchase of shares and providing Tier-2 capital to Annapurna Finance.
• Purpose of Investment: The structured capital solution is aimed at fueling the risk-calibrated growth of Annapurna Finance's assets under management.

About Annapurna Finance  :

• Headquarters: Bhubaneswar, Odisha, India.
• MD & CEO: Gobinda Chandra Pattanaik.
• Annapurna Finance is a Non-Banking Financial Company (NBFC) primarily focused on microfinance.
• It applied for a universal bank license to the Reserve Bank of India last year.
• As of March 31, 2024, its assets under management exceed $1.25 billion, with 1,372 branches across 20 states covering nearly 450 districts.
• Unitus Capital acted as the exclusive financial advisor to Annapurna Finance.
• Annapurna Finance offers secured and unsecured loans for the micro, small, and medium-sized enterprise sector.
• Annapurna Finance is backed by marquee domestic and overseas investors, including Nuveen Global Impact, Oman India Joint Investment Fund, and the Asian Development Bank.

About Piramal Alternatives :

• CEO : Kalpesh Kikani

Zomato to Relinquish RBI License for Online Payment Aggregator Operations         

• Zomato , a prominent foodtech company, revealed that its subsidiary Zomato Payments Private Limited (ZPPL) has chosen to voluntarily surrender the certificate of authorization  obtained from the Reserve Bank of India (RBI) to function as an online payment aggregator under the Payment and Settlements Systems Act 2007.
• In connection with this decision, Zomato has incurred an impairment loss of Rs 39 crore for its investment in ZPPL, its fintech subsidiary.
• The prepaid payment instrument license allowed Zomato to provide wallet and cash card services to its users, while the online payment aggregator license granted the platform greater control over payments on its platform, including those made through third-party apps.
• While ZPPL has opted to surrender its online payment aggregator license, its other operations will persist.
• To recall, Zomato had incorporated a wholly-owned subsidiary (ZPPL) in August 2021 to comply with RBI regulations for payment aggregator services and payment gateway services.
• The firm received the RBI’s nod to carry out business as payment aggregator and issuer of pre-paid payment instruments in January, 2024.

What is payment aggregator?

• A payment aggregator is a third-party service provider that enables customers to make and businesses to accept payments online.
• Payment aggregators enable their clients to accept various payment methods such as debit cards, credit cards, cardless EMIs, UPI, bank transfers, e-wallets, and e-mandates.

Recent News :

• In May 2023, Zomato collaborated with ICICI Bank to introduce its own unified payments interface (UPI) solution- Zomato UPI with an aim to minimize the use of third party payment apps like Google Pay, Paytm, and PhonePe for payments.

About RBI :

• Established : 1 April 1935
• Governor : Shaktikanta Das
• Deputy governors : Mahesh Kumar Jain,M. Rajeshwar Rao, Michael Patra and T. Rabi Shankar

About Zomato :

• Founded : July 2008
• Headquarters : Gurgaon, Haryana, India
• MD & CEO : Deepinder Goyal

SEBI Mandates Mandatory Certification for Alternative Investment Fund Manager's Investment Team         

• Capital markets regulator Securities and Exchange Board of India (SEBI) has amended rules to make it mandatory for at least one key personnel within an investment team of an Alternative Investment Fund (AIF) manager to obtain requisite certification.
• The new requirement aims to boost competency and professionalism in the AIF space.
• The new rules have been made applicable from the same date of the announcement.
• Through this requirement of certification for key personnel, the SEBI is looking to ensure a higher proficiency in managing AIFs.
• In April 2024 , SEBI announced that certain changes in the private placement memorandum of AIFs can be submitted directly to the regulator rather than through a merchant banker in a bid to facilitate ease of doing business.
• Also, the move is aimed at rationalising the cost of compliance for alternative investment funds.

About SEBI :

• Established : 12 April 1988 as an executive body and was given statutory powers on 30 January 1992 through the SEBI Act, 1992
• Headquarters : Mumbai, Maharashtra
• Chairman : Madhabi Puri Buch (first woman to lead the SEBI)
• SEBI is the regulatory body for securities and commodity markets in India under the ownership of the Ministry of Finance (MoF), GoI.

South Indian Bank collaborates with Northern Arc Capital to establish new standards in the financial sector 

• South Indian Bank has formed an association with Northern Arc Capital aiming  to explore and maximise commercial prospects by combining efforts in loan origination, underwriting, disbursement, collection, and reconciliation procedures.
• The collaboration will concentrate on co-lending and partnership lending activities, as well as facilitating smooth loan transfers between banks and originators.
• This collaboration has been formalised with the signing of a Memorandum of Understanding (MOU) , demonstrating both institutions’ commitment to a mutually beneficial partnership.
• The cooperation will allow South Indian Bank to use nPOS, Northern Arc’s unique technology platform for co-origination, co-lending, and pool buyouts, as well as interact with numerous originators for loan origination, underwriting, disbursement, and reconciliation.
• MD & CEO, Northern Arc Capital Ltd : Ashish Mehrotra

About South Indian Bank :

• Founded : 1929
• Headquarters : Thrissur in Kerala, India
• MD & CEO : P R Seshadri

CURRENT AFFAIRS: NATIONAL NEWS

India likely to export almost 18 million tonnes of rice in 2024-25: USDA

• India will remain a leading player in the world rice market despite restrictions, according to a recent projection by the United States Department of Agriculture (USDA).
• It accounts for almost 18 million tonnes of rice exports in 2024-25 , which is around two million tonnes more than the previous year.
• India's rice exports will be a sizeable chunk of the global trade, but it will still be much lower than the record 22 million tonnes it exported in 2021-22.
• On the world rice markets, it said the global rice outlook for 2024-25 is for rising supplies, trade, consumption, and ending stocks.
• Supplies increase year-to-year on record production at 527.6 million tonnes, which offsets the lower beginning stocks.
• The global crop is primarily driven by an increase in production in India, China, Bangladesh, and Indonesia.
• The global consumption is projected at a record 526.4 million tonnes , on the back of higher use in India, the Philippines, Indonesia, and Bangladesh, offsetting a reduction for China.
• With the production and consumption gains projected in many of the same countries, global trade is forecasting up only slightly at 53.8 million tonnes, but still lower than levels of trade before India first imposed restrictions on rice exports in 2022

Centre plans a unified portal for all digital public goods

• The government is planning a unified portal to list all its digital public goods (DPGs) such as Aadhaar, Unified Payments Interface and Open Network for Digital Commerce  in one place to provide easy access to all the apps and services.
• The electronics and information technology is likely to be tasked with creating the portal and coordinating with all the ministries and their respective departments and agencies to detail the digital public infrastructure (DPI) created by them.
• The idea is to enable not just easy access for users but also promote ease of doing business as multinational companies have also been seeking the services of these DPIs.
• Apps and services under DPGs which are currently being developed and have not been launched for public service may also be listed in the portal for application developers and software engineers in case they wish to collaborate and build on top of the DPI, the official said, adding that nearly 60 DPGs have either been fully or partially developed in the country at various levels so far.
• According to estimates, the global market size of DPGs is likely to be $100 billion in the next five-six years.
• As per EY estimates, the total cost per person for developing a DPG in countries with more than 50 million people is as low as 74 cents.

CURRENT AFFAIRS: BUSINESS NEWS

India's retail inflation eases marginally to an 11-month low of 4.83 per cent in April 2024

• In dia's retail inflation eased marginally to hit an 11-month low of 4.83 per ce nt on an annual basis in April 2024 as against 4.85 per cent in the previous month (march 2024) .
• A Reuters poll of 44 economists had estimated the number to come down to 4.80 per cent.
• The number has remained within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent.
• The Consumer Price Index (CPI)-based retail inflation was 4.85 per cent in March.
• It was 4.7 per cent in April 2023 .
• The previous low inflation was at 4.31 per cent in May 2023.
• The inflation in the food basket was at 8.70 per cent in April, marginally up from 8.52 per cent in March, according to data released by the National Statistical Office (NSO).
• Inflation in egg, meat, spices, and 'cereals and products' was lower in April, while fruits, vegetables, and pulses were expensive.
• The index for 'fuel and light' in the CPI declined to 4.24 per cent in April on a yearly basis.

Pfizer, AstraZeneca to invest nearly $1 bn in France

• Pfizer and AstraZeneca announced new investments in France worth a total of nearly $1 billion, ahead of the start of this year’s annual ‘Choose France’ business summit.
• Pfizer would invest 500 million euros ($538.5 million) in France to build up its research and development work in the country, while AstraZeneca announced an investment of $388 million for its site at Dunkirk.
• Their investment pledges came as President Emmanuel Macron prepared to kick off the annual ‘Choose France’ event aimed at wooing big overseas businesses and investors.
• France announced earlier 100 new jobs in Paris at Wall Street bank, Morgan Stanley, and investments from other firms such as German aviation company Lilium .
• Macron wants to burnish Paris’ role as a top European business capital, although it has traditionally lagged New York and London on a global scale.

NFO launches set to hit a new record this year(2024)

• Mutual fund houses launched 10-12 equity new fund offers (NFOs) every month in the last three years.
• That the flood shows no signs of subsiding is evident from the number in 2024.
• Already, 67 new schemes have been launched so far this year, indicating an increase in momentum.
• Almost half of these schemes are actively managed.
• For the first time in three decades, that is, ever since the private sector mutual funds started operations in November 1993, the number of equity and hybrid NFOs crossed the 100-mark every year between 2021 and 2023, according to data from Value Research.
• The rise in the number of NFO launches over the past years reflects the maturity and growth of the market.
• If you see that the market is expanding in terms of breadth of investors, it naturally becomes more feasible for the industry to offer more choices

Hindujas get IRDAI approval for RCap deal

• The Hinduja Group has received the insurance regulator’s approval to conclude the acquisition of Reliance Capital’s (RCap) three insurance companies , a move that will help it complete the resolution process of the debt-laden firm by the May 27 deadline.
• However, IndusInd International Holdings (IIHL), a group firm through which the Hinduja Group had placed bids for RCap, now requires regulatory approvals for a proposed change in holding structure. Sources said these approvals are expected “anytime now”.
• IRDAI has permitted transfer of RCap’s 26% stake in the insurance firms to Aasia Enterprises , a private family firm with 90% stake held by Ashok P Hinduja (Hinduja Group chairman), 5% each by Harsha A Hinduja (Hinduja Foundation trustee) and Shom A Hinduja (president, alternative energy and sustainability at Hinduja Group).
• The transfer should not violate foreign direct investment rules, and RCap and Aasia Enterprises would have to remain promoters of the three insurance firms. The shares of the insurance firms should not be encumbered, according to IRDAI’s approval letter.
• The insurance companies would now be transferred to IIHL, which had earlier received approvals from Securities and Exchange Board of India, Reserve Bank of India and the Competition Commission of India.

CURRENT AFFAIRS : APPOINTMENTS & RESIGNATIONS

First Woman IPS Officer, R. Chandranathan Nongrang, Appointed as Meghalaya's Police Chief                            

• Idashisha Nongrang , a 1992 batch Indian Police Service (IPS) officer, has been appointed as the Director General of Police (DGP) of Meghalaya, making history as the first woman to hold the position .
• Nongrang will assume office on May 20, 2024, following the retirement of the current DGP, R. Bishnoi , on May 19, 2024.

About Idashisha Nongrang :

• Nongrang, a member of the Khasi tribe — one of Meghalaya’s three major tribal communities is currently serving as the Director General of Meghalaya Civil Defence and Home Guards.
• She also reportedly served as the acting DGP of Meghalaya for a brief period in 2021.
• Her tenure as head of police will extend until 19 May, 2026.
• Appointment Process : The Meghalaya Security Commission, chaired by Chief Minister Conrad K. Sangma, oversaw the appointment and selected Nongrang from a list of three candidates approved by the Union Public Service Commission (UPSC).
• Two other officers recommended by the UPSC - R.P. Meena and Deepak Kumar , emerged as candidates after G.P. Singh (1991 batch) and Harmeet Singh (1992 batch) declined the top job.
• India witnessed its first female state DGP in 2004 when Kanchan Chaudhary Bhattacharya, a 1973 batch IPS officer, was appointed as the DGP of Uttarakhand marking a significant milestone in the nation’s policing history.
• Representation of Women in Police Force: The proportion of women in the police force has gradually increased from 5.87 percent in 2013 to 11.75 percent in 2022, according to the Union home ministry's response in the Rajya Sabha in February 2023.
• However, it still falls short of the ministry’s benchmark of 33 percent for women's representation in police departments across the country.

About Meghalaya :

• Governor : Phagu Chauhan
• Chief Minister : Conrad Sangma
• Capital : Shillong
• National Parks : Balpakram National Park, Nokrek National Park

Ippopay Appoints Former RBI Regional Director as Senior Advisor                   

• Chennai-based fintech firm Ippopay Technologies has appointed former Reserve Bank of India (RBI) regional director SMN Swamy as a senior advisor.
• Swamy, who has held leadership roles across RBI offices in Chennai, Thiruvananthapuram, Bengaluru, Hyderabad, Ahmedabad and Mumbai over a decade-long career, brings deep regulatory and banking operations experience to Ippopay.

About Ippopay :

• Incorporated : 2020
• Founder & CEO : Mohan Karupaaiah
• The company focuses on facilitating digital payments for small merchants, with an emphasis on driving UPI-based transactions in tier III and IV cities as well as rural areas.

Ajitkumar V Sontakke (IOFS) Named Chief Vigilance Officer of Nuclear Power Corporation of India Limited      

• The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ajitkumar Vasantrao Sontakke (IOFS)  as the Chief Vigilance Officer (CVO) of Nuclear Power Corporation of India Limited (NPCIL)  .
• The appointment was made under the Department of Atomic Energy, Government of India.
• The appointment is effective for a period up to May 20, 2027, with a maximum admissible tenure of 7 years away from the cadre at a stretch, from the date of assuming the charge of the post or until further orders.
• He is currently serving as Deputy Secretary in the Ministry of Home Affairs.

About NPCIL :

• Founded : September 1987
• The NPCIL is an Indian public sector undertaking.
• It is wholly owned by the Government of India and is responsible for the generation of electricity from nuclear power.
• NPCIL is administered by the Department of Atomic Energy (DAE).

Dilip Sanghani Re-Elected as Indian Farmers Fertiliser Cooperative Chairperson for 2nd Consecutive Term; Balvir Singh Continues as Vice Chairman                                                   

• Senior BJP leader and former cabinet minister Dilip Sanghani has secured his position as the chairman of the Indian Farmers Fertiliser Cooperative (IFFCO) for the second consecutive term.
• Sanghani's re-election took place during a recent board meeting of IFFCO, where 21 directors unanimously appointed him as the chairman.
• Dilip Sanghani, hailing from Amreli , has a noteworthy association spanning four decades with various national and international farmers' organizations.
• Alongside Sanghani's re-election, Balwinder Singh, a farmer leader from Uttar Pradesh, has been appointed as the vice-chairman of IFFCO.

About IFFCO :

• Founded : 3 November 1967
• Headquarters : New Delhi, Delhi, India.
• MD & CEO : Dr. Udai Shanker Awasthi
• IFFCO, is a multi-state cooperative society engaged in the manufacture and marketing of fertiliser.

CURRENT AFFAIRS: RANKING INDEX

UAE tops global fibre connectivity with 99.3 pc penetration

• The UAE has once again been recognized as the global leader in Fibre to the Home (FTTH) penetration.
• This marks the eighth consecutive year the country has held this top position with a penetration rate of 99.3 percent , as reported by the FTTH Council in its latest annual report.
• The report analysed data from 20 countries that have exceeded 50 percent FTTH availability and compared global statistics on fiber optic network penetration.
• It placed the UAE above Singapore (97.1 percent), Hong Kong (95.3 percent), China (92.9 percent), and South Korea (91.5 percent).
• The ranking solidifies the UAE's position as a global leader in high-speed fibre connectivity and underscores the vision of the nation's leadership to prioritise next-generation digital infrastructure.
• eAndUAE has played an integral part in realising the nation's connectivity ambitions. With its commitment to digital innovation and interconnectivity, e& UAE continues to invest and develop world-class infrastructure for 5G and fibre networks.

CURRENT AFFAIRS: SPORTS NEWS

Legendary Nepal Mountaineer Climbs Mount Everest For Record 29th Time

• Nepal's Kami Rita Sherpa also known as 'Everest Man' broke his record by climbing the world's highest peak, Mount Everest for the 29th time.
• The 54-year-old Sherpa climber and guide in the last spring season had climbed the 8848.86 meters tall highest peak two times within a week setting a record for the 28th summit.
• But the climber has hinted at his plans to climb the peak twice this time again.
• Before the summit, Mr Kami Rita had stated that he "has no plan of climbing Sagarmatha (Nepalese name for Mount Everest) for any specified number of times."
• L egendary Nepal Mountaineer Climbs Mount Everest For Record 29th Time the record-setting climber reached the summit of Everest at 7:25 AM (NST).
• As per the officials from the Department of Tourism, the record-setting climber reached the summit of Everest at 7:25 AM (NST) while guiding an expedition organized by the 'Seven Summit Treks'.

CURRENT AFFAIRS : OBITUARIES

Former Deputy Chief Minister of Bihar, Sushil Kumar Modi, Known as 'Bihar's Bhamashah', Passes Away

• Senior Bharatiya Janata Party (BJP) leader and former Bihar Deputy Chief Minister Sushil Kumar Modi  passed away in New Delhi at the age of 72.

About Sushil Kumar Modi :

• Sushil Kumar Modi was born on January 5, 1952, in Bihar .
• Modi's political career spanned over three decades, during which he held various positions such as MLA, MLC, and member of both Lok Sabha and Rajya Sabha.
• He became an MLA for the first time in 1990 from the Patna Central constituency and was appointed as the chief whip of the BJP legislature party.
• From 1996 to 2004, he served as the leader of the opposition in the state assembly.
• He was elected as a member of Lok Sabha from Bhagalpur in 2004 but later became a member of the legislative council in 2005, after which he was appointed as the Deputy Chief Minister of Bihar.
• Modi was elected to the Rajya Sabha in 2020 and retired earlier this year.
• He served as the Chairman of the Empowered Committee of State Finance Ministers for the Implementation of Goods and Service Tax (GST) in July 2011.
• He served as the Deputy Chief Minister of Bihar from 2005 to 2013 and again between 2017 and 2020.

CURRENT AFFAIRS: IMPORTANT DAYS

International Day Of Families 2024 - May 15  

• International Day of Families is celebrated every year on May 15.
• This day is celebrated to raise awareness about the importance of Family.
• The theme for International Day of Families 2024 is “Families and Climate Change.”
• International Day Of Families was first observed by the United Nations General Assembly (UNGA) in the year 1994.
• International Day Of Families was observed as a global observance.
• The United Nations focuses on the importance of families like health, wealth, work-life balance, women’s rights, etc.
• International Day Of Families is celebrated as the 30 th anniversary of International Day Of Families by the United Nations.
• In 1985, the Economic and Social Council invited the General Assembly to conduct the forty-first session named “Families in the Development Process”.

Daily CA One- Liner: May 15

• The government is planning a unified portal to list all its digital public goods (DPGs) such as Aadhaar, Unified Payments Interface and Open Network for Digital Commerce  in one place to provide easy access to all the apps and services
• In dia's retail inflation eased marginally to hit an 11-month low of 4.83 per ce nt on an annual basis in April 2024 as against 4.85 per cent in the previous month(March 2024).
• Pfizer and AstraZeneca announced new investments in France worth a total of nearly $1 billion, ahead of the start of this year’s annual ‘Choose France’ business summit
• Mutual fund houses launched 10-12 equity new fund offers (NFOs) every month in the last three years
• The Hinduja Group has received the insurance regulator’s approval to conclude the acquisition of Reliance Capital’s (RCap) three insurance companies , a move that will help it complete the resolution process of the debt-laden firm by the May 27 deadline
• The UAE has once again been recognized as the global leader in Fibre to the Home (FTTH) penetration
• Nepal's Kami Rita Sherpa also known as 'Everest Man' broke his record by climbing the world's highest peak, Mount Everest for the 29th time

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