Economy
On 9 November 2026, the Directorate General of Trade Remedies (DGTR), the Commerce Ministry’s investigative arm, recommended a five-year anti-dumping duty on medical examination rubber gloves imported from Thailand and Malaysia. The final decision on imposing the duty rests with the Finance Ministry. The proposed rates per 1,000 pieces are USD 4.42 for Malaysia’s YTY Industry Sdn Bhd, USD 5.65 for other Malaysian producers, USD 2.88 for Sri Trang Gloves (Thailand) Public Company Ltd, and USD 4.86 for other Thai producers.
The investigation began on 30 September 2025, following applications by domestic manufacturers Navco Industries and Wadi Surgicals. It examined dumping and injury from 1 April 2024 to 31 March 2025. The DGTR found that dumped imports had caused material injury to India’s nascent domestic industry.
Economy
State Bank of India (California), a wholly-owned subsidiary of India’s largest lender State Bank of India (SBI), has inaugurated its new branch in Frisco, Texas on 7 November 2026. This opening marks the subsidiary's first physical expansion beyond California, with its US branches now at eight locations.
Located in the rapidly growing North Dallas region, the new Frisco branch offers a full suite of retail and business banking services. These include personal and business deposits, commercial lending, and international remittances, tailored specifically for individuals, professionals, entrepreneurs, and corporate entities across North Texas.
SBI already has a direct presence in the US through full-service branches in New York, Chicago and Los Angeles, as well as a representative office in Washington. These operations are separate from the eight locations run by its California subsidiary.
The lender's broader international footprint comprises 245 overseas points of presence spread across 29 countries, encompassing branches, sub-offices, representative units, subsidiaries, and joint ventures. SBI also maintains correspondent banking arrangements with 222 financial institutions across 56 nations to support cross-border trade settlements and payment transfers.
Digital operations continue through SBI's YONO Global application, which operates across 14 overseas offices and subsidiaries. For the quarter ended September 30, 2026, foreign advances rose 22.86 percent year-on-year to Rs 8,31,332 crore, while deposit mobilisation at overseas branches registered a 22.61 percent increase to reach Rs 2,83,319 crore.
Economy
The manufacturing corporate sector recorded 9.28 percent growth in Gross Value Added (GVA) in 2024–25, while net value added per operating factory rose 6.59 percent, according to detailed Annual Survey of Industries (ASI) results released by the Ministry of Statistics and Programme Implementation (MoSPI) on 4 November 2026. GVA per person engaged increased 2.25 percent over the previous year, while the gross value of plant and machinery in the registered manufacturing sector grew 7.25 percent.
The manufacturing corporate sector, which accounted for more than 89 percent of total GVA, recorded a 3.45 percent increase in operating factories and 7.57 percent growth in persons engaged.
The Ministry released Volume I and the Summary Results of the Factory Sector, along with unit-level data and metadata, following the publication of the ASI factsheet on September 30. The survey covers the financial year from April 2024 to March 2025, with fieldwork conducted between October 2025 and June 2026. Food products, textiles, basic metals, motor vehicles and wearing apparel together accounted for more than 41 per cent of manufacturing employment covered by the survey.
Maharashtra, Gujarat, Tamil Nadu, Karnataka and Uttar Pradesh were the top five states by GVA, contributing more than 54 percent of the total.
The findings showed a concentration of capital, output and value addition among larger factories. Units with plant and machinery investment of up to Rs.5 crore represented 78.69 percent of operating factories and employed 34.32 percent of persons engaged. They accounted for 10.55 percent of fixed capital, 19.24 percent of output and 17.61 percent of net value added.
Economy
India and Mexico formally launched negotiations for a Preferential Trade Agreement (PTA) after signing the Terms of Reference (ToR) in Mexico City on 26 October 2026. The signing took place during the visit of India’s Commerce Secretary Rajesh Agrawal. The proposed agreement follows an understanding reached by Prime Minister Narendra Modi and Mexican President Claudia Sheinbaum at the G7 Summit in Canada in June 2025.
A Preferential Trade Agreement provides tariff concessions on selected goods traded between participating countries. Its coverage is generally narrower than that of a free trade agreement, which can cover a wider range of goods and services. The ToR sets out the framework, scope, negotiating modalities and roadmap for the India–Mexico negotiations. Mexico’s tariffs of up to 50% on 1,463 items from countries without bilateral trade agreements took effect on 1 January 2026. The proposed PTA is intended to address the effect of these tariffs on Indian exports, including automobiles, textiles, footwear, plastics, steel, chemicals and toys.
Bilateral merchandise trade between India and Mexico was approximately US7.83 billion in fiscal year 2025–26. India exported goods worth US5.73 billion to Mexico during that period, including automobiles valued at US$1.92 billion.
Economy
The India–New Zealand Free Trade Agreement (FTA) came into force on October 20, 2026. New Zealand eliminated tariffs on all Indian goods from that date, while India began implementing tariff concessions on selected imports from New Zealand. Under this agreement, India will grant concessions on 70% of its tariff lines, covering about 95% of the current bilateral trade value. Duty-free access will apply to 57% of the tariff lines from October 20, 2026, rising to 82% as concessions are phased in. New Zealand has removed tariffs on 100% of Indian exports. Indian sectors covered by zero-duty access include textiles and clothing, leather and footwear, pharmaceuticals, engineering goods and processed foods. The agreement sets a target to increase bilateral trade in goods and services from around $2.4 billion to about 7 billion New Zealand dollars, equivalent to approximately Rs.35,000 crore, by 2030.
A free trade agreement is a pact through which participating economies reduce or remove trade barriers on goods and services under agreed conditions. A tariff line is a product classification in a country’s customs tariff schedule, and concessions may vary by line and phase-in period.
Negotiations began on March 16, 2025, and concluded on December 22, 2025. The agreement was signed on April 27, 2026, and both countries completed ratification by September 21, 2026.
Economy
The World Bank Group mobilised a cumulative 36 billion in private capital for India over four years, including 9.6 billion for Micro, Small and Medium Enterprises (MSMEs). Private capital mobilisation rose from about 3 billion in fiscal year 2022 to 14.5 billion in fiscal year 2026. The figures were noted on 14 October 2026 by Manuel Reyes-Retana, Division Director for South Asia at the International Finance Corporation (IFC).
The World Bank Group comprises five institutions: the International Bank for Reconstruction and Development, the International Development Association, the International Finance Corporation, the Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes. The IFC provides financing and advisory services to private-sector businesses in developing countries.
Economy
♦ The Cabinet Committee on Economic Affairs (CCEA) on 14 October 2026 approved Canada-based Fairfax Financial Holdings Ltd. as the strategic buyer for a 60.72% stake in IDBI Bank for approximately Rs.52,878.08 crore. The transaction comprises the sale of a 30.48% stake held by the Government of India and a 30.24% stake held by Life Insurance Corporation of India. Following the sale, the government will retain 15% and LIC 19% in the bank. The winning offer of Rs.81 per share exceeded the benchmark valuation of Rs.75.99 per share and the individual fair-value estimates of both independent valuation agencies.
♦ The Union Cabinet also approved the continuation of the National Social Assistance Programme for five years, from 2026–27 to 2030–31, with an outlay of Rs.53,428 crore, while expanding disability pension eligibility and increasing assistance. The programme will be renamed Pradhan Mantri Samajik Sahayata Yojana. The decision, taken by the Cabinet chaired by Prime Minister Narendra Modi, will benefit 3.20 crore beneficiaries across all 36 states and Union Territories.
♦ Under the renamed Pradhan Mantri Divyangjan Pension Yojana, assistance will rise to Rs.375 for beneficiaries aged up to 79 and Rs.625 for those aged 80 and above.
Posted Date: October 14, 2026Economy
The International Monetary Fund (IMF) has upgraded India's growth forecast for the current year (2026-27) to 7%, from 6.4%, making it the fastest-growing major economy. IMF's latest World Economic Outlook estimated inflation at 5% this year with per capita output projected to rise 4.7% in 2026 compared with 5.2% last year.
The revision in estimate comes on the back of a "stronger-than-expected momentum, supported by resilient domestic demand and robust services activity".
GDP growth for 2027-28 is also projected at 7 percent, up from the July estimate of 6.7 percent.
In 2026, the IMF sees the world growing by 3.1 per cent, only slightly higher than 3 percent in July. Meanwhile, global growth in 2027 is seen unchanged at 3.4 percent.
Economy
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on 7 October 2026 raised the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points to 5.50%. It also shifted its stance to ‘calibrated tightening’ from ‘neutral’, signalling that rate cuts are off the table in the near term.
The policy repo rate, which was cut to 5.25% in December 2025, had been kept on hold at the next four MPC meetings. In the easing cycle, the MPC had cut the rate by 125 basis points in phases, from 6.50% to 5.25%, before increasing it on October 7. The previous, longer hold lasted 11 meetings, with the rate kept at 6.50% from April 2023 to December 2024.
The MPC raised the central bank’s real GDP growth projection for the current financial year 2026-27 by 40 basis points to 7.1 percent, citing the resilience of domestic economic activity despite global headwinds.
Economy
Swiss President Guy Parmelin has described the India–European Free Trade Association (EFTA) Trade and Economic Partnership Agreement (TEPA) as a potential “win-win” for both countries, saying strong corporate interest in the pact could boost bilateral trade, investment and employment. Marking the first anniversary of the agreement entering into force in October 2025, Parmelin gave a positive assessment of its implementation following delegation-level talks with Prime Minister Narendra Modi.
Parmelin said the agreement’s investment focus brought together the complementary strengths of the two economies. Switzerland offered companies with global reach, specialised technologies, strong innovation capabilities and a long-term investment approach, while India combined scale with a dynamic economy, a highly skilled workforce and an increasingly important role in global value chains.
The agreement covers India and the four EFTA members—Switzerland, Norway, Iceland and Liechtenstein.
Switzerland will host the next AI Summit in Geneva in June 2027. Parmelin described India as a key partner and said Switzerland was committed to ensuring continuity between the two summits and looked forward to India’s participation.
Economy
♦ The Indian government collected Rs.2,03,521 crore as Gross goods and services tax (GST) for the month of September 2026, up 14.7% against the same month last year (2025 September). The cumulative gross collection for the first half of this fiscal (April-Sep), stood at Rs.12,46,278 crore, up 11.6%. Refunds in September were down 3% (YoY) at Rs 27,001 crore.
♦ In the September collection, CGST amounted to Rs.37,762 crore, SGST amounted to Rs 45,363 crore, while IGST stood at Rs.1,20,396. Total Net GST revenue rose by 18.1% year-on-year, amounting to Rs.1,76,520.
♦ India's Gross domestic revenue jumped 10.1% from Rs.1,25,334 crore to Rs.1,37,996 crore, while the Net domestic revenue jumped 13.5% to Rs.1,24,491.
Posted Date: October 1, 2026Economy
♦ The National Stock Exchange of India (NSE) listed on the Bombay Stock Exchange (BSE) on 24 September 2026. The shares opened at Rs.1,800 apiece against an issue price of RS.1,785 per share, and the listing valued the exchange at over Rs.4.45 lakh crore. The public issue was an Offer for Sale of 12.64 crore equity shares by existing shareholders. In an Offer for Sale, the issuing company does not receive the proceeds, and the money goes to the selling shareholders.
♦ The IPO closed for subscription on 21 September 2026 and was valued at RS.22,562 crore. The issue was subscribed 5.71 times overall, with Qualified Institutional Buyers subscribing 12.68 times, Non-Institutional Investors 6.55 times, and retail investors 1.39 times.
♦ The Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporation) Regulations, 2019, govern stock exchange and clearing corporation structures in India. These regulations prevent an exchange from listing its own shares to avoid conflicts of interest, which is why NSE listed on BSE.
Posted Date: September 24, 2026Economy
Fitch Ratings on 23 September 2026 raised India’s GDP growth forecast for the current fiscal year to 6.9 percent, from 6.4 percent, citing strong economic growth in the June quarter and overall economic resilience. According to Fitch, India’s economic momentum is likely to moderate over the remaining fiscal year, prompting the Reserve Bank of India (RBI) to increase interest rates by 0.25 per cent in its October monetary policy meeting.
The Asian Development Bank (ADB) also raised its forecast for India’s economic growth in the current fiscal to 7 percent, up from 6.6 per cent projected in July, citing stronger-than-expected economic performance in the first quarter despite supply-side disruptions caused by the West Asia crisis. In its Asian Development Outlook (ADO) September 2026, the multilateral lender said, the revision reflects India’s stronger-than-expected economic performance, with GDP expanding by 7.8 percent year-on-year in the first quarter of FY2026 (2026-27), supported by robust investment demand, resilient consumption, and solid growth in manufacturing and service sectors.
Economy
India’s semiconductor market is projected to grow more than threefold from nearly 64 billion US dollars in 2026 to 200 billion US dollars by 2035, according to an EY-IESA report. The report, titled ‘Semicon India 2.0: From capacity creation to ecosystem leadership’, said the projected growth presents an opportunity to convert rising domestic demand into manufacturing, innovation and greater supply-chain resilience.
Consumer electronics currently accounts for around 30 percent of India’s semiconductor market, followed by the automotive sector at 16 percent and industrial applications at 15 percent.
The report noted that India’s semiconductor imports increased more than fivefold from 5.7 billion US dollars in FY17 to 30.3 billion US dollars in FY25, registering a compound annual growth rate of 23 percent.
Economy
The New Zealand Parliament passed legislation to implement a free trade agreement between New Zealand and India. The bill was approved by 93 votes to 29, and the agreement is expected to enter into force after ratification by both countries.
The India-New Zealand Free Trade Agreement was signed in New Delhi on 27 April 2026. Negotiations began in March 2025 and concluded in December 2025. The agreement covers trade in goods and services, border procedures, and market access commitments.
Under the agreement, tariffs on about 95% of New Zealand exports to India will be eliminated or reduced. More than half of these exports will become duty-free from the date the agreement takes effect. Indian goods will receive 100% duty-free access to the New Zealand market once the agreement becomes operational.
Economy
The National Payments Corporation of India (NPCI) has introduced a charge of 0.4% that most merchants will have to pay banks and payment processors on UPI payments they receive in excess of Rs.2,000 per transaction, it said in a circular issued on 15 September 2026.
The charge, or Merchant Discount Rate (MDR), will not be applicable to person-to-person UPI transactions and UPI transactions to small vendors. All person-to-merchant transactions of up to Rs.2,000 done on UPI or through RuPay debit cards will also be exempt. In some sectors, such as Railways, telecom, insurance, fuel and agriculture inputs, transactions over Rs.2,000 will incur a flat MDR of Rs.5. There are no monthly quotas, volume limits, or tiered caps on free UPI transactions for individuals.
The MDR framework has been introduced under the Payment and Settlement Systems Act, 2007, following detailed deliberations by the UPI Steering Committee on the applicable rates, operational arrangements and consumer safeguards.
Economy
Government e-Marketplace (GeM) and the Textiles Committee (TC) have signed a Memorandum of Understanding (MoU) to promote the procurement of recycled and upcycled textile products made from textile waste, scrap and second-hand clothes by government buyers. The partnership between the Ministry of Commerce and Industry’s GeM and the Ministry of Textiles’ Textiles Committee was formalised during the 62nd Foundation Day celebrations of the Textiles Committee in Mumbai.
The initiative aims to create a ‘Waste-to-Value-to-Market’ ecosystem under which textile waste can be converted into quality, value-added products and brought to government buyers through the GeM platform.
Under the agreement, the Textiles Committee will identify, verify, certify and recognise eligible producers of recycled and upcycled textile products.
Economy
The gross Goods and Services Tax (GST) revenue rose 14.8 percent year-on-year to Rs.1,99,853 crore in August 2026. Net GST revenue for the month, after refunds, increased 8.3 percent year-on-year to Rs.1,68,057 crore from Rs.1,55,181 crore a year ago. Gross revenue from domestic transactions grew 9.3 percent to Rs.1,37,249 crore in August 2026, compared with Rs.1,25,570 crore in the same month last year.
Revenue from imports saw a sharper increase, rising 29 percent to Rs.62,604 crore from Rs.48,546 crore a year earlier.
The Central GST collection stood at Rs.38,413 crore, while State GST collections were Rs.46,316 crore, while integrated GST collections from domestic transactions stood at Rs.52,520 crore.
Economy
India and Brazil have reaffirmed their commitment to deepen bilateral trade and economic cooperation, setting a target of USD 30 billion in bilateral trade by 2030, as the two countries held the 8th India-Brazil Trade Monitoring Mechanism (TMM) meeting in Brasília. The meeting was co-chaired by Commerce Secretary Rajesh Agrawal and Brazil’s Secretary of Foreign Trade Tatiana Lacerda Prazeres. The discussions focused on expanding and diversifying economic ties between the two countries, particularly in pharmaceuticals, chemicals, engineering goods and machinery.
Bilateral trade between India and Brazil reached USD 15.07 billion in 2025-26. Both sides said the complementarities between their economies could be leveraged to build a more diversified, balanced and sustainable trade partnership and achieve the USD 30 billion target by 2030.
India and Brazil also reviewed progress on the India-MERCOSUR (Mercado Común del Sur/Southern Common Market) Terms of Reference, with both sides committing to their early finalisation.
Economy
The government on 31 August 2026 notified the Semicon 2.0 scheme with an outlay of Rs.1.27 lakh crore to strengthen and expand India’s semiconductor manufacturing and design ecosystem, with fiscal support planned across the industry’s entire value chain. The scheme has been structured around six pillars covering semiconductor design, manufacturing equipment and materials, fabrication units, chip assembly and packaging, research and development, and talent development.
According to the government notification, Semicon 2.0 seeks to provide sustained policy support to the semiconductor sector and accelerate the development of a comprehensive design and manufacturing ecosystem in the country.
The scheme is designed to extend support beyond semiconductor fabrication and build capabilities across the wider chip ecosystem. It covers areas including semiconductor design by Indian companies, manufacturing of capital equipment required for chip production, semiconductor fabrication facilities and chip assembly, testing, marking and packaging.
Economy
Indian Oil Corporation Limited and the State Trading Corporation of Mauritius signed a five-year sales and purchase agreement in Port Louis. Under the agreement, Indian Oil Corporation Limited will supply 100% of Mauritius’s import requirements for motor spirit, high-speed diesel and aviation turbine fuel.
India and Mauritius signed a government-to-government Memorandum of Understanding for cooperation in oil and gas, biofuels, capacity building and training.
Economy
The Ministry of Electronics and Information Technology (MeitY) has notified the Mobile Phone Manufacturing Scheme (MPMS) with a budgetary outlay of Rs.62,500 crore, aimed at enhancing India’s global competitiveness, deepening domestic value addition and strengthening the country’s mobile phone manufacturing ecosystem. The five-year scheme, covering FY 2026-27 to FY 2030-31, seeks to expand manufacturing scale, strengthen domestic supply chains and support Indian mobile phone brands in developing indigenous technology, intellectual property and design capabilities.
The MPMS has two target segments, with the first, Target Segment 1 (TS1), focused on incentivising mobile phone manufacturing, while Target Segment 2 (TS2) is aimed at supporting Indian mobile phone brands. Under TS1, the scheme provides differentiated incentives ranging from 2.25 percent to 5 percent. Under TS2, Indian brands will receive a 5 percent incentive, along with an additional 3 percent incentive for Indian design and research and development (R&D).
The scheme will also provide non-fiscal support to Indian brands.
Eligibility criteria:
Under TS1, mobile phone manufacturers, including EMS companies registered in India, must have recorded a minimum turnover of Rs.10,000 crore in FY 2025-26.
Existing brands must achieve annual sales of at least Rs.5,000 crore over and above their FY 2025-26 sales threshold. A new brand will become eligible after achieving annual sales of Rs.10,000 crore in India and must thereafter meet the year-on-year threshold of Rs.5,000 crore.
Under TS2, applicants must have a minimum turnover of Rs.1,000 crore in FY 2025-26 and meet the criteria prescribed for an Indian brand.
These criteria include registration or incorporation in India, ownership of intellectual property and trademarks in India, management control by Indian citizens, more than 51 percent shareholding held by Indian citizens, and in-house R&D and design capabilities in the country.
Economy
The Government of India and the Asian Development Bank (ADB) on 21 August 2026 signed a $230 million loan agreement to modernise and expand water supply and sanitation infrastructure in Chennai. The loan documents were signed by Saurabh Singh, Deputy Secretary, Department of Economic Affairs (DEA), Ministry of Finance, on behalf of the Government of India, and Mio Oka, Country Director of ADB’s India Resident Mission, on behalf of the multilateral lender.
The Chennai Climate-Resilient Water Security and Sewerage Project aims to improve access to safe and reliable water supply and sanitation services across the city. The project is also expected to strengthen Chennai’s resilience to climate change, improve public health and quality of life, and support a more efficient and financially sustainable urban water system.
Under the project, more than 170 km of water supply and sewer pipelines will be constructed, while seven water pumping stations and 38 sewer pumping stations will be upgraded.
Economy
The Central Board of Direct Taxes (CBDT) has notified the Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS) Rules, 2026. The Scheme will come into force today. The last date for filing a declaration under this scheme is 31st December this year. No declaration can be filed after this date.
The Foreign Assets of Small Taxpayers-Disclosure Scheme 2026 is a one-time voluntary disclosure scheme contained in Chapter IV of the Finance Act, 2026. It enables eligible taxpayers to declare certain undisclosed foreign assets, undisclosed foreign income, or undeclared foreign assets, on payment of a specified tax or fee.
Economy
State-owned Oil and Natural Gas Corp (ONGC) has secured a licence from the U.S. Treasury's Office of Foreign Assets Control (OFAC), allowing it to resume full operations in Venezuela after years of limiting activity because of sanctions-related risks. The U.S. approval removes a key hurdle for ONGC's Venezuelan investments and could pave the way for the state-run explorer to expand production, sign new agreements and take over operatorship of some projects from Venezuela's state oil company PDVSA, Anupam Agarwal, director-finance at ONGC, said at an investor call post first quarter earnings announcement.
Posted Date: August 16, 2026Economy
Mukesh Ambani's Reliance Industries Ltd and Rolls-Royce announced they plan to jointly develop a sovereign indigenous combat engine for India's Advanced Medium Combat Aircraft (AMCA).
As part of the partnership to design, develop, manufacture and deliver the same, Reliance and Rolls-Royce will explore formation of a dedicated aerospace gas turbine complex that will be a centre for power and propulsion technology in India.
The aero gas turbine complex will build sovereign, end-to-end Indian capability across design, development, manufacturing, testing, production and through-life support, while unlocking wider collaborations across defence, civil aerospace, and new power and propulsion systems.
Aeronautical Development Agency under DRDO is officially designing and managing the AMCA project. As per initial planning, ADA is progressing with imported US GE F414 engines for the initial five AMCA prototypes under the Rs.15,000-crore programme.
Economy
India’s total exports of merchandise and services rose 13.31 percent year-on-year to USD 80.14 billion in July 2026, compared with USD 70.72 billion in the same month last year, (2025 July) according to the latest data released by the Ministry of Commerce and Industry. Total imports during the month also increased by 15.83 percent to USD 95.16 billion from USD 82.16 billion in July 2025. The overall trade deficit stood at USD 15.03 billion, compared with USD 11.43 billion a year earlier.
Merchandise exports recorded strong growth of 19.63 percent, rising to USD 44.24 billion in July 2026 from USD 36.98 billion in July 2025.
Services exports were estimated at USD 35.89 billion during the month, compared with USD 33.74 billion a year earlier. The services data for July is an estimate, as the latest services-sector data released by the Reserve Bank of India is for June 2026.
During April-July 2026-27, India’s total exports of merchandise and services are estimated at USD 316.42 billion, registering a growth of 13.16 per cent over USD 279.63 billion in the corresponding period of 2025-26.
Total imports during the four-month period rose 17.28 percent to USD 365.85 billion, compared with USD 311.94 billion a year earlier. The cumulative trade deficit stood at USD 49.43 billion.
Merchandise exports during April-July 2026-27 increased 17.04 per cent to USD 173.78 billion from USD 148.48 billion in the corresponding period last year.
Non-petroleum exports also recorded growth, rising 12.79 percent to USD 143.61 billion during the April-July period from USD 127.32 billion a year earlier.
Economy
The Centre allocated around 24.15 lakh metric tonnes (MT) of foodgrains to States and Union Territories under the PM-POSHAN scheme during 2025-26, down from 25.31 lakh MT in 2024-25 and 26.82 lakh MT in 2023-24, according to data tabled in the Lok Sabha on 10 August 2026. Under PM-POSHAN, the Centre and States jointly provide hot and nutritious meals to children studying in Bal Vatika and Classes I to VIII in government and government-aided schools. The Central Government provides 100 percent assistance towards the cost of foodgrains, transportation and Management, Monitoring and Evaluation (MME).
The foodgrains are supplied through the Food Corporation of India (FCI), with allocations made twice a year by the Department of School Education and Literacy in consultation with the Department of Food and Public Distribution.
Among states, Bihar received the highest allocation in 2025-26 at 3,01,148.29 MT, followed by Uttar Pradesh at 2,97,399.06 MT, Maharashtra at 2,49,637.79 MT and West Bengal at 2,29,596.92 MT.
Madhya Pradesh received 1,30,864.22 MT, while Rajasthan received 1,32,888.46 MT. Karnataka was allocated 1,15,707.65 MT and Gujarat 1,17,839.94 MT.
Odisha received 1,28,285.65 MT, while Assam was allocated 89,238 MT and Jharkhand 81,904.97 MT.
The overall allocation stood at 26,81,575.28 MT in 2023-24, declined to 25,31,266.40 MT in 2024-25, and further to 24,15,007.25 MT in 2025-26.
Economy
♦ The US Senate has approved a bill that will allow President Donald Trump to impose 100% tariffs on the world's top five purchasers of Russian oil or natural gas, including India and China. The bill, named in honour of Republican senator Lindsey Graham, a staunch supporter of Ukraine who died on July 11, was approved by the Senate by an 86-11 vote.
♦ The bill will now go to the House of Representatives for approval when it reconvenes on August 31.
Posted Date: August 8, 2026Economy
The Ministry of Micro, Small and Medium Enterprises (MSME) is promoting quality-driven and environmentally sustainable manufacturing through the MSME Sustainable (Zero Defect, Zero Effect – ZED) Certification Scheme, with more than 6.7 lakh MSMEs receiving certification to enhance their competitiveness in domestic and global markets. The scheme aims to help MSMEs improve manufacturing processes, adopt higher quality standards and reduce their environmental footprint. A major focus of the initiative is encouraging women entrepreneurs, with the government providing a 100 percent subsidy on the cost of ZED certification for women-owned MSMEs since November 11, 2023, effectively making the certification free for eligible enterprises.
The ZED framework offers Bronze, Silver and Gold certifications, allowing MSMEs to progressively improve their quality and sustainability standards. In addition to certification support, eligible enterprises can avail financial assistance of up to 75 percent of the cost of testing, system or product certification (up to Rs.50,000), Rs.2 lakh for consultancy and handholding support, and ₹3 lakh for adopting cleaner technologies, pollution-control measures and Zero Effect solutions.
As of July 7, 2026, nearly 9.49 lakh MSMEs had registered under the scheme. Of these, over 6.67 lakh received Bronze certification, around 6,700 achieved Silver certification and about 4,800 secured Gold certification. The ministry said financial assistance exceeding RS.913 crore has been extended to help enterprises adopt quality and sustainable manufacturing practices.
Economy
♦ The Indian Chamber of Commerce (ICC) hosted the second edition of the Defence MSME Manufacturers Forum (DMMF) under the theme “Make in India for the World: Empower MSMEs for India’s Defence & Aerospace Future,” in Hyderabsd on 1 August 2026. The forum focused on enhancing the role of micro, small and medium enterprises (MSMEs) in the country's defence production and aerospace supply chain.
♦ According to a report released by Indian Chamber of Commerce (ICC), the production of the Indian defence goods was Rs.1.78 lakh crore in the fiscal year of 2025-26 while the export of the defence goods was Rs.38,000 crore which indicates that India has established itself as a trustworthy exporter of defence goods and technologies globally. The policy changes along with increased procurement have made MSMEs contribute significantly to the defence supply chain of India.
♦ Hyderabad, widely regarded as India's Defence Capital, continues to play a pivotal role in this transformation. The city is home to leading Defence Public Sector Undertakings, DRDO laboratories, missile and aerospace manufacturing facilities, defence electronics companies, advanced engineering firms and a rapidly expanding network of technology-driven MSMEs and startups.
Posted Date: August 1, 2026Economy
♦ India's gross Goods and Services Tax (GST) collections rose 15.4 percent year-on-year to Rs.2.11 lakh crore in July 2026, according to data released by the Goods and Services Tax Department. Gross GST revenue stood at Rs.1.83 lakh crore in July 2025. In July 2026, domestic gross GST revenue increased 10.1 percent to Rs.1.45 lakh crore from Rs.1.31 lakh crore a year earlier.
♦ Revenue from imports recorded a significantly stronger growth of 28.8 percent, rising to Rs.66,511 crore from Rs.51,626 crore in July 2025.
♦ After accounting for refunds, net GST revenue increased 15.8 percent year-on-year to Rs.1.81 lakh crore in July 2026, compared with Rs.1.57 lakh crore in the corresponding month last year. Net domestic revenue rose 10.5 percent to Rs.1.27 lakh crore, while net revenue from customs-related GST climbed 30.3 percent to Rs 54,223 crore.
♦ Total GST refunds stood at Rs 29,968 crore in July, up 13.1 per cent from Rs 26,495 crore a year earlier. Domestic refunds increased 7.3 per cent to Rs 17,680 crore, while refunds related to exports through ICEGATE rose 22.7 per cent to Rs 12,288 crore.
Posted Date: August 1, 2026Economy
♦ The Maldives Monetary Authority (MMA) announced the successful operationalisation of the integration between the Maldives Instant Payment System, Favara, and India’s Unified Payments Interface (UPI) on 31 July 2026, marking a significant milestone in cross-border digital payments and bilateral economic cooperation.
♦ With the launch of the service, users in the Maldives can initiate real-time person-to-person (P2P) transfers in Maldivian Rufiyaa (MVR), with the funds being credited directly in Indian Rupees (INR) to beneficiaries’ UPI-enabled bank accounts in India.
♦ The service has been introduced in its first phase through two participating financial institutions—Bank of Maldives Plc and Maldives Islamic Bank Plc.
♦ Customers of these banks can send money to India using their mobile banking applications via the Favara payment system.
♦ The cross-border payment corridor has been developed through collaboration between the Maldives Monetary Authority, the Reserve Bank of India (RBI), NPCI International Payments Limited (NIPL), participating financial institutions and other stakeholders from both countries.
♦ UPI is currently accepted in nine countries – Cambodia, Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar and Sri Lanka – allowing Indian travellers to make seamless digital payments overseas.
Posted Date: July 31, 2026Economy
♦ India’s total exports reached a record US$863.1 billion in the financial year 2025-26, driven by strong growth in both merchandise and services exports and supported by expanding market access under the country’s free trade agreements (FTAs), the government informed Parliament on 28 July 2026.
♦ According to the Ministry of Commerce and Industry, mMerchandise exports stood at US$441.8 billion, while services exports reached US$421.3 billion, reflecting the combined strength of both sectors in driving India’s export growth.
♦ The Ministry said India’s recent trade agreements have significantly expanded export opportunities, particularly with the United Arab Emirates (UAE), the United Kingdom, Australia, Oman and EFTA countries, while also helping diversify export markets and strengthen labour-intensive sectors.
♦ Among FTA partners, merchandise exports were highest to ASEAN countries at US$38.42 billion, followed by the UAE at US$37.36 billion, SAFTA countries at US$25.77 billion, the UK at US$13.44 billion and Singapore at US$11.86 billion during FY 2025-26.
♦ Since the India-UAE Comprehensive Economic Partnership Agreement (CEPA) came into force in May 2022, more than 4.45 lakh Certificates of Origin have been issued.
♦ The number of tariff lines exported to the UAE increased from 7,546 in FY22 to 8,053 in FY26, with exports valued at US$37.3 billion, indicating greater export diversification and deeper market penetration.
♦ Similarly, under the India-Australia Economic Cooperation and Trade Agreement (ECTA), which became operational in December 2022, over 2.73 lakh Certificates of Origin have been issued.
♦ The number of tariff lines exported to Australia increased from 5,396 to 5,668, while merchandise exports reached US$7.28 billion in FY26.
♦ The recently implemented India-Oman CEPA, which came into force on June 1, 2026, has also shown encouraging results. According to the government, 783 Certificates of Origin have already been issued.
♦ Exports to Oman in June 2026 rose to US$622.8 million, registering a 54.7% month-on-month increase and 189.6% year-on-year growth, while the number of tariff lines exported increased from 2,879 in May to 3,371 in June.
Posted Date: July 28, 2026Economy
The United States unveiled fresh tariff slabs of 10 and 12.5 percent on several economies under its Section 301 on 24 July 2026. India has been placed in the lower 10% tariff category.
The United States has imposed a 10% tariff on goods imported from India and 16 other countries over concerns about the use of forced labour in the production of such goods.
The Office of the US Trade Representative (USTR) said that Greer had taken the final action, at President Donald Trump's direction, under Section 301 of the Trade Act of 1974 by imposing tariffs on 60 economies for their failure to impose and effectively enforce a prohibition on the importation of goods produced with forced labour.
The 10 per cent tariff rate applies to 17 countries, including India, Canada, the UK, Bangladesh and Pakistan.
The US is India's second largest trade partner and the largest destination for exports. In 2025, bilateral goods trade was pegged at nearly USD 141 billion, with India's exports pegged at USD 87.3 billion, according to commerce department data.nt to 12.5 percent on 60 economies as part of action directed by US President Donald Trump over what it described as inadequate measures to prohibit the import of goods produced with "forced labour".
Economy
♦ The Government said that the Production Linked Incentive (PLI) Schemes have attracted investments of more than Rs.2.40 lakh crore and generated over 14.15 lakh jobs as of March 31, 2026, while exports under the schemes have crossed Rs.15.2 lakh crore, reflecting the growing strength of India’s manufacturing sector.
♦ The PLI Schemes, covering 14 key sectors with an approved financial outlay of Rs.1.91 lakh crore, were launched to enhance domestic manufacturing capabilities, attract investments, boost exports, generate employment and improve India’s global competitiveness.
♦ The Department for Promotion of Industry and Internal Trade (DPIIT) serves as the nodal department for overall coordination and monitoring of the schemes, while their implementation is handled by the respective ministries and departments.
♦ Cumulative exports under the schemes rose significantly from Rs.4 lakh crore in 2023-24 to Rs.6.5 lakh crore in 2024-25 before reaching Rs.15.2 lakh crore in 2025-26.
♦ In the pharmaceutical sector, cumulative sales under the scheme have crossed RS.3.64 lakh crore.
♦ The scheme has enabled the domestic manufacture of 1,931 pharmaceutical products, including 191 bulk drugs being produced in India for the first time, strengthening the country’s manufacturing capabilities.
Posted Date: July 22, 2026Economy
♦ India’s Unified Payments Interface (UPI) continued its rapid expansion in 2025-26, with the number of onboarded users reaching 55.49 crore as of June 2026, according to information shared by the government in Parliament.
♦ Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha on 20 July 2026, said UPI, operated by the National Payments Corporation of India (NPCI) under the Payment and Settlement Systems Act, 2007, has witnessed sustained growth in both transaction volume and value over the past five financial years.
♦ According to the data, UPI processed 24,161.69 crore transactions worth Rs.314.23 lakh crore in FY 2025-26, registering a sharp increase from 18,586.60 crore transactions valued at Rs.260.56 lakh crore in FY 2024-25.
♦ The government’s data shows that UPI transactions have grown consistently over the years.
♦ Transaction volume increased from 4,595.61 crore in FY 2021-22 to 8,371.44 crore in FY 2022-23, 13,112.95 crore in FY 2023-24, 18,586.60 crore in FY 2024-25 and 24,161.69 crore in FY 2025-26.
♦ During the same period, the value of transactions rose from Rs.84.16 lakh crore to Rs.139.15 lakh crore, Rs.199.95 lakh crore, Rs.260.56 lakh crore and Rs.314.23 lakh crore, respectively.
♦ UPI-based merchant payments are currently operational in Bhutan, Singapore, the United Arab Emirates, France, Mauritius, Sri Lanka, Nepal, Qatar and Cambodia, while cross-border person-to-person remittance services are available with Singapore, Greece and Nepal through partner institutions.
Posted Date: July 20, 2026Economy
♦ EXIM Bank of India has presented a Rs.428 crore dividend cheque to Finance Minister Nirmala Sitharaman for financial year 2025-26.
♦ The bank reported a net profit of Rs.4,273 crore for 2025-26, of which 10 percent was transferred as balance of net profit to the government of India.
♦ During 2025-26, Exim Bank recorded 32 percent growth in net profit and robust financial indicators, underscoring its continued commitment to advancing India’s international trade and investment objectives, while also supporting the development priorities of partner countries, it said.
Posted Date: July 16, 2026Economy
♦ The NITI Aayog released a report titlrd, ‘Roadmap for Building India as a Leading Bio Economy Powerhouse by 2035’ on 16 July 2026.
♦ It targets expanding India’s bioeconomy from $195.3 billion in 2025 to $691 billion by 2035 and $2.6 trillion by 2047, while generating more than 30 million high-value jobs.
♦ The report says India should move beyond the broad framework laid out under the Biotechnology for Economy, Environment and Employment (BioE3) policy and adopt a mission-mode execution strategy backed by new financing, regulatory reforms and cross-ministerial governance.
♦ It recommends establishing a Rs 50,000-crore BioEconomy Growth Fund between 2026 and 2035 to bridge the gap between laboratory research and commercial manufacturing.
♦ According to the report, India's bioeconomy has expanded nearly 16-fold over the past decade, growing from $10 billion in 2014 to $195.3 billion in 2025, and it now contributes 4.8% to the country's GDP.
Posted Date: July 16, 2026Economy
♦ AI software platform Emergent has turned unicorn with a $130 million Series C funding.
♦ The round was led by Creaegis, with MNI Ventures - Claypond Capital and Sentinel Global as co-lead investors, and participation from Khosla Ventures, SoftBank Vision Fund 2, Lightspeed, and Y Combinator.
♦ The latest round values Emergent at $1.5 billion. The valuation has increased fivefold in four months, making it a unicorn in a year after its launch.
♦ Founded by Jha and cofounder Surojit Chatterjee, the San Francisco- and Bengaluru-based startup allows entrepreneurs and businesses to build full-stack web and mobile applications using autonomous AI agents.
♦ Around 11 million users have built more than 12 million applications on the platform.
♦ The company’s current monthly revenue translates into an annualised run-rate of $120 million, Jha said. Emergent crossed $100 million in annual recurring revenue in February 2026.
Posted Date: July 15, 2026Economy
♦ The Union Cabinet, chaired by Prime Minister Narendra Modi, on 15 July 2026 approved India Semiconductor Mission (ISM) 2.0, earmarking Rs.1.27 lakh crore, along with a Rs.62,500-crore Mobile Phone Manufacturing Scheme (MPMS), in a major expansion of the government's push to build a domestic electronics manufacturing ecosystem and strengthen India's position in the global semiconductor supply chain.
♦ The semiconductor package, approved with a budgetary outlay of Rs.1,27,500 crore, builds on the momentum of Semicon 1.0 and seeks to further the government's commitment to putting India on the global semiconductor map by strengthening the country's semiconductor design and manufacturing ecosystem.
♦ The government said Semicon 2.0 has been designed as a long-term programme to strengthen India's semiconductor ecosystem by building capabilities across the entire value chain while carrying forward the momentum generated under Semicon 1.0.
Posted Date: July 15, 2026Economy
♦ The government has released the country’s first trial Index of Services Production (ISP) for 19 sub-sectors, providing, for the first time, a monthly measure of short-term activity in the formal services sector.
♦ The inaugural index, with 2024-25 as the base year, covers April 2026 and accounts for nearly 60 percent of India’s services sector.
♦ The Ministry of Statistics and Programme Implementation (MoSPI) described the sub-sectoral ISP as a major milestone in improving the measurement of India’s services sector and strengthening the country’s statistical system.
♦ Fourteen of the 19 sub-sectors recorded double-digit growth in April this year compared to the corresponding month last year, while almost all remaining sectors also registered positive growth.
♦ The fastest-growing sectors are accommodation and food services with 37.2 percent and Retail Trade with 30.8 percent.
Posted Date: July 14, 2026Economy
♦ Net direct tax collection grew 16.40% to over Rs.6.51 lakh crore till July 13 this fiscal (2026-27), driven by higher corporate tax mop-up.
♦ Net corporate tax collection rose 22% to Rs.2.40 lakh crore, and mop-up from net non-corporate tax (NCT), which includes taxes paid by individuals, HUFs, and firms, grew about 12% to over Rs,3.84 lakh crore till July 13.
♦ Non-corporate tax collections grew 11.7% to Rs.3.85 lakh crore, while securities transaction tax stood at Rs.26,429 crore as of July 13.
♦ The government has budgeted to collect Rs 26.97 lakh crore from direct taxes in the current fiscal year, a 15% growth over Rs 23.40 lakh crore collected in FY26.
Posted Date: July 14, 2026Economy
♦ The World Bank Board of Executive Directors approved an $890 million financing package for India’s national rooftop solar programme.
♦ The package supports PM Surya Ghar: Muft Bijli Yojana, a residential rooftop solar scheme for households in rural and urban India.
♦ The 890 million package includes an $820 million loan from the International Bank for Reconstruction and Development (IBRD), a $60 million concessional loan from the Clean Technology Fund and a $10 million grant from the IBRD’s Livable Planet Fund.
♦ The multilateral lender will also mobilise an estimated $4.2 billion in private financing through commercial loans to help households install rooftop solar systems.
♦ The financing package aims to reduce financial barriers for households and to build capacity among distribution companies, banks, and vendors.
♦ Distribution companies, also called discoms, are key entities in India’s electricity supply chain and consumer service network.
Posted Date: July 10, 2026Economy
♦ The government has waived basic customs duty on goods used in the manufacturing of display assemblies, lithium-ion cells and inductor coil modules as it looks to promote domestic production of electronic devices like smartphones, laptops, wearables and smart TVs.
♦ The Ministry of Finance has issued three separate notifications giving effect to the basic customs duty waiver on the goods used in manufacture of the three key components used in electronic devices.
♦ This exemption is in line with the government's efforts to promote domestic electronics manufacturing under the PLI scheme.
♦ The duty waiver would reduce import dependence and strengthen the electronics ecosystem with local production.
♦ The exemptions on inputs used in display assemblies and inductor coil modules would be valid till March 31, 2029, the notifications said.
Posted Date: July 9, 2026Economy
♦ According to the United Nations, Foreign Direct Investment (FDI) into India rose 44% to $39 billion in 2025. The 2026 World Investment Report, released by the United Nations Trade and Development (UNCTAD) on 7 July 2026, said global FDI remained resilient during 2025, although the recovery continued to be fragile.
♦ According to the report, India continued to consolidate its position as an attractive investment destination in 2025, supported by an active policy framework aimed at diversifying investment beyond the services sector and accelerating the growth of advanced manufacturing.
♦ Worldwide FDI flows increased 6% to $1.6 trillion, with developed economies recording an 11% rise and developing economies seeing a 2% increase.
♦ South Asia witnessed a sharp rise in FDI inflows, which climbed from $34 billion to $46 billion, largely driven by India, where inflows expanded to $39 billion, the report noted. At the same time, UNCTAD observed that project-related indicators suggested a more cautious investment environment despite the increase in overall inflows.
Posted Date: July 7, 2026Economy
♦ The Bilateral Investment Agreement (BIA) between India and Israel came into force on 4 July 2026, marking a significant step towards strengthening bilateral economic ties and promoting a secure and predictable investment environment between the two countries. The agreement was signed on September 8, 2025, in New Delhi by the Government of the Republic of India and the Government of the State of Israel. According to the Ministry of Finance, the BIA has come into effect from July 4, 2026.
♦ In a statement, the ministry described the agreement as a landmark initiative aimed at enhancing bilateral economic relations while providing robust protection to investments and investors. At the same time, it retains sufficient flexibility to preserve the sovereign policy space of both countries in line with legitimate public policy objectives, reflecting modern principles and the evolving jurisprudence of international investment law.
Posted Date: July 4, 2026Economy
♦ State Bank of India unveiled a suite of AI-powered digital innovations to strengthen retail and business banking to mark its 71st foundation day, reaffirming its commitment to delivering intelligent and future-ready banking experiences for over 53 crore customers. The announcements span SBI's YONO platform, introducing new customer journeys, AI-driven capabilities and industry-first features that simplify banking, empower businesses and promote financial and sustainability wellness, the bank said in a statement.
♦ For retail customers, State Bank of India (SBI) has expanded YONO with new digital journeys designed to make banking more intuitive and comprehensive.
♦ New customers can now open a Savings Account, along with a demat and trading account with SBICAP Securities Ltd through a single 3-in-1 digital onboarding process.
Posted Date: July 1, 2026Economy
♦ India's gross Goods and Services Tax (GST) collections rose 13.9 percent year-on-year to Rs.1,94,812 crore in June 2026, according to provisional data released by the finance ministry on 1 July 2026. The latest collections were higher than the Rs.1,71,105 crore recorded in June 2025, while net GST revenue, after adjusting for refunds, increased 11.2 percent to Rs.1,62,377 crore from Rs.1,45,984 crore a year earlier.
♦ According to the provisional data released by the Finance Ministry, Gross domestic GST revenue stood at Rs.1,34,774 crore, up 6.5% from a year ago. GST collections from imports surged 34.6% to Rs.60.38 crore.
Posted Date: July 1, 2026Economy
♦ The Ministry of Statistics and Programme Implementation (MoSPI) is set to launch the Index of Services Production (ISP) in July 2026, introducing a new monthly macroeconomic indicator aimed at measuring short-term changes in the growth of India’s services sector. Designed as the services-sector counterpart to the Index of Industrial Production (IIP), the ISP will provide high-frequency data on the performance of formal service industries and strengthen the country’s economic monitoring framework.
♦ The services sector has contributed more than 50 percent of India’s Gross Value Added (GVA) since 2013-14, making it the largest component of the economy.
♦ To support policymaking and align with international practices, MoSPI constituted a Technical Advisory Committee (TAC) on ISP in May 2025 under the chairpersonship of Debjani Ghosh.
♦ Following extensive consultations, an approach paper outlining the methodology and framework for the index was released in April 2026 for stakeholder feedback.
♦ The TAC report is expected in the first fortnight of July 2026.
♦ The ISP will initially cover key formal-sector service activities, including wholesale and retail trade, transport, banking, insurance, telecommunications, hotels and restaurants, real estate, professional and technical services, and arts and entertainment.
♦ Health and education services will be added later after data from the Annual Survey of Incorporated Services Sector Enterprises (ASISSE) becomes available.
♦ The base year for the index has been fixed at 2024-25.
♦ MoSPI will release trial monthly indices for 2025-26 and April 2026 on July 14, 2026.
♦ Thereafter, monthly trial indices will be published with a lag of around 60 days.
♦ The index will draw data from administrative sources, GST returns and ASISSE surveys.
Posted Date: June 24, 2026Economy
♦ Real estate consultant Square Yards achieve unicorn status. It has became the sixth unicorn of 2026.
♦ Square Yards has raised Rs.900 crore through a mix of debt and equity, at a valuation of more than USD 1 billion, thereby helping the company achieve unicorn status.
♦ The funding round was anchored by real estate investment firm EAAA Alternatives, with participation from global corporate credit manager Muzinich & Co.
♦ During the last fiscal, Square Yards reported revenue of Rs.2,086 crore, a 48 per cent year-on-year growth. The EBITDA jumped 3.7 times to Rs.176 crore.
Posted Date: June 23, 2026Economy
♦ Kolkata-based warship builder Garden Reach Shipbuilders and Engineers (GRSE) Ltd has been conferred with the coveted 'Navratna' status by the Department of Public Enterprises on 20 June 2026.
♦ A 'Navratna' status facilitates public sector enterprises to make larger investments, enhancing financial and operational autonomy.
♦ The recognition comes amid a period of rapid growth for the company. GRSE's revenue from operations rose from Rs.1,754 crore in FY 2021-22 to Rs.7,002 crore in FY 2025-26, marking an increase of nearly 300 percent.
♦ Over the same period, profit after tax grew from Rs.190 crore to Rs.748 crore, representing a growth of almost 294 percent.
♦ GRSE is one of India's leading warship builders and has delivered the largest number of warships to the Indian Navy, the Coast Guard and friendly foreign countries.
♦ Of the 118 warships delivered by the company so far, 80 have been inducted into the Indian Navy.
Posted Date: June 20, 2026Economy
♦ The World Bank has approved a loan of Rs. 4,000 crore under the Rs. 5,714 crore ‘Jal Sanrakshit Haryana’ Project, aimed at making the state self-reliant in the water sector in Haryana.
♦ Under the project, 15 clusters have been created in the state, covering an area of 48.94 lakh acres.
♦ The Chief Minister, Nyab Singh said that the officers have been directed to prepare a comprehensive water management plan and ensure its effective implementation at the grassroots level so that water reaches every field.
Posted Date: June 20, 2026Economy
♦ India and the United Kingdom on 17 June 2026 announced that the Comprehensive Economic and Trade Agreement (CETA) and the Agreement on Social Security Contributions, also known as the Double Contribution Convention (DCC), will come into force on July 15, 2026, ushering in a new phase of bilateral economic cooperation. According to the Ministry of Commerce and Industry, the development marks a major milestone in India’s economic diplomacy and a significant step towards the country’s Viksit Bharat 2047 vision. The DCC, which will take effect alongside the trade pact, extends the exemption period from dual social security contributions for Indian professionals working temporarily in the UK from three years to five years.
♦ The foundation for the agreement was laid in May 2021 through the India-UK Enhanced Trade Partnership and the Roadmap 2030, which sought to elevate bilateral ties to a Comprehensive Strategic Partnership and double bilateral trade to USD 100 billion by 2030.
♦ After fourteen rounds of negotiations, the CETA was concluded on May 6, 2025, and formally signed in London on July 24, 2025, by Union Commerce and Industry Minister Piyush Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds in the presence of Prime Minister Narendra Modi and UK Prime Minister Keir Starmer. The accompanying Double Contribution Convention was signed on February 10, 2026.
Posted Date: June 17, 2026Economy
♦ Commerce Minister Piyush Goyal on 16 June 2026 launched Unified Payments Interface (UPI) at the iconic Galeries Lafayette in Nice, France, which will enable Indian travellers visiting the country to make seamless payments abroad through familiar platforms.
♦ This digital payment corridor represents a major shift in how commerce operates between the two countries, delivering immediate benefits of enhanced traveller convenience by eliminating the friction of physical currency exchange, carrying large amounts of cash, or navigating unfamiliar foreign exchange fees.
♦ France is the second country this month (June 2026) in which UPI has been launched, after Cambodia on June 3.
Posted Date: June 16, 2026Economy
♦ According to the Ministry of Defence (MoD), India’s defence production reached an all-time high of Rs.1.78 lakh crore in the financial year 2025-26.
♦ Defence production registered a 15.6 percent increase over the previous fiscal year’s output of Rs.1.54 lakh crore.
♦ The growth has been even more pronounced over the longer term, with production rising by 110 percent since FY 2020-21, when the figure stood at Rs.84,643 crore.
♦ The latest achievement also highlights the rapid expansion of indigenous manufacturing capabilities.
♦ Defence production has nearly quadrupled from Rs.43,746 crore recorded in FY 2013-14, reflecting sustained investments in domestic defence industrial capacity over the past decade.
♦ Defence Public Sector Undertakings (DPSUs) and other public sector entities continued to play a dominant role in production, accounting for nearly 76 percent of the total output during FY26.
♦ However, the private sector’s contribution reached a record level, accounting for 24 percent of total defence production, up from 22 percent in the previous financial year.
♦ Private companies contributed approximately Rs.42,000 crore, the highest-ever participation by the sector in India’s defence manufacturing ecosystem.
♦ India’s defence exports touched a record Rs.38,424 crore in FY26, underlining the increasing global acceptance of Indian-made defence equipment and platforms.
Posted Date: June 16, 2026Economy
♦ According to the Ministry of Commerce and Industry, India’s exports have increased from 466 billion USD to 866 billion USD over the last 12 years.
♦ The exports have recorded a growth of 5.7 percent during this period.
♦ The services sector has witnessed a remarkable increase of over 9 percent in exports.
Posted Date: June 9, 2026Economy
♦ The Agricultural and Processed Food Products Export Development Authority (APEDA) has facilitated the first export consignment of Geographical Indication (GI)-tagged Tezpur Litchi from Assam to Dubai.
♦ The one-metric-tonne consignment was shipped on June 7, marking a new milestone in expanding international market access for agricultural products from the region.
♦ Tezpur Litchi is among Assam’s most well-known horticultural products and is recognised for its sweetness, bright red colour, distinctive aroma and superior quality.
♦ Tezpur Litchi is cultivated in several popular varieties, including Bombaya, Bilati, Elaichi, Piyaji and Sahi, which are known for their distinct flavour and quality.
♦ The GI tag has helped enhance the product’s identity and market recognition, increasing its appeal among international buyers.
♦ Established under the APEDA Act, 1985, APEDA functions under the Ministry of Commerce and Industry and is mandated to promote exports of agricultural and processed food products through quality development, infrastructure support, capacity building and market promotion initiatives.
Posted Date: June 9, 2026Economy
♦ State-run Bharat Heavy Electricals (BHEL) and Steel Authority of India Limited (SAIL) have been placed under a one-year review period by the Centre after failing to meet the profitability criterion required for Maharatna status.
♦ If their financial performance does not improve during the review period, the two public sector undertakings could be downgraded to Navratna status.
♦ BHEL and SAIL are the only two among India's 14 Maharatna companies that do not meet the requirement of maintaining an average annual profit after tax of more than Rs.5,000 crore over the preceding three years.
♦ To qualify as a Maharatna, a central public sector enterprise must also have an average annual turnover exceeding Rs.25,000 crore, net worth above Rs.15,000 crore over the previous three years, and a significant international presence.
♦ A downgrade would reduce the companies' financial autonomy.
♦ Maharatna firms can make equity investments of up to Rs.5,000 crore without prior government approval, against a limit of Rs.1,000 crore for Navratna companies.
♦ The Steel Ministry informed the committee that SAIL's average annual turnover exceeded Rs.1 lakh crore over the last four years, with average net worth at Rs.53,976 crore, though the company last met the three-year average PAT threshold in 2022–23.
♦ In BHEL's case, NITI Aayog flagged human resource policies as a major constraint on growth and called for a comprehensive review.
♦ The Ministry of Heavy Industries told the panel that a plan to improve BHEL's financial performance was already in place.
Posted Date: June 6, 2026Economy
♦ India’s economy expanded by 7.7 percent in real terms during the financial year 2025-26, while growth accelerated to 7.8 percent in the January–March quarter, according to the Provisional Estimates of Gross Domestic Product (GDP) released by the Ministry of Statistics and Programme Implementation (MoSPI) on 5 June 2026.
♦ The latest figures indicate an improvement over the 7.1 percent real GDP growth recorded in FY 2024-25, reflecting continued momentum across agriculture, manufacturing, construction, and services sectors despite global economic uncertainties.
♦ According to the provisional estimates, India’s real GDP, measured at constant 2022-23 prices, reached Rs.323.12 lakh crore in FY 2025-26, compared with Rs.299.89 lakh crore in FY 2024-25.
♦ At current prices, nominal GDP is estimated at Rs.346.36 lakh crore, up from Rs.318.07 lakh crore in the previous financial year, registering a growth rate of 8.9 percent.
♦ Real GVA increased by 7.9 percent to Rs.294.91 lakh crore during FY 2025-26, compared with 7.3 percent growth in the previous year.
♦ Nominal GVA rose by 9.1 percent to Rs,314.87 lakh crore.
Posted Date: June 5, 2026Economy
♦ NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India, has officially partnered with ACLEDA Bank Plc. launched Unified Payments Interface (UPI) acceptance in Cambodia on 3 June 2026. The breakthrough collaboration went live following a formal ceremony in Phnom Penh, attended by Chea Serey, Governor of the National Bank of Cambodia, alongside high-level representatives from the Reserve Bank of India (RBI).
♦ The event marked the completion of Phase 1 in establishing a cross-border QR payment linkage between the two nations through Bakong’s KHQR, Cambodia’s national QR code.
♦ The first phase enables millions of Indian travellers to make seamless QR payments at over 4.5 million Cambodian merchants, with a two-way corridor to follow.
♦ UPI is already accepted in eight countries – Singapore, the United Arab Emirates, France, Mauritius, Nepal, Bhutan, Qatar and Sri Lanka – enabling Indian travellers to make seamless payments abroad through familiar platforms. Now, Cambodia is the ninth country joining the list.
Posted Date: June 3, 2026Economy
♦ The Union Cabinet on 3 June 2026 approved a one-time budgetary support package of up to Rs.10,000 crore for Oil Marketing Companies (OMCs) to provide Aviation Turbine Fuel (ATF) price stabilization support to scheduled Indian airlines, a move aimed at shielding carriers and passengers from the impact of volatile fuel prices triggered by the ongoing West Asia crisis. The assistance will be provided to Oil Marketing Companies (OMCs) in the form of interest-free advances through the Ministry of Petroleum and Natural Gas. The fund aims to cushion airlines from unprecedented fuel price volatility while ensuring uninterrupted domestic and international air connectivity.
♦ According to the government, international ATF prices have surged nearly 2.5 times – from Rs.60.50 per litre in March 2026 to Rs.142 per litre in May 2026 – placing significant financial pressure on airlines. ATF currently accounts for around 40 percent of airline operating costs and can rise to as much as 60 percent during periods of extreme fuel price volatility.
♦ Under the approved mechanism, OMCs will be compensated whenever the prevailing import parity price of ATF exceeds a benchmark price determined by the government.
Posted Date: June 3, 2026Economy
♦ National Payments Corporation of India (NPCI)-operated Unified Payments Interface (UPI) recorded its highest-ever monthly transaction volume and value in May 2026. The platform processed 23.2 billion transactions during the month, with the total transaction value reaching Rs 29.9 trillion. The latest figures mark an increase from April 2026, when UPI recorded 22.35 billion transactions worth Rs 29.03 trillion. On a month-on-month basis, transaction volume grew by about 4 percent, while transaction value rose by nearly 3 percent.
♦ Compared with May 2025, UPI transactions increased by 24 percent in volume and 19 percent in value. In May last year, the platform processed 18.67 billion transactions, while the total transaction value stood at Rs 25.14 trillion.
Posted Date: June 2, 2026Economy
♦ The Comprehensive Economic Partnership Agreement (CEPA) between India and Oman came into force on 1 June 2026, marking a significant milestone in bilateral economic relations.
♦ This marks the fifth free trade agreement (FTA) implemented under the Modi government since 2014.
♦ It follows trade pacts rolled out with Mauritius (April 2021), the UAE (May 2022), Australia (December 2022), and the European Free Trade Association (EFTA—comprising Switzerland, Iceland, Liechtenstein, and Norway in October 2025).
♦ India has also signed deals with the UK (July 2025) and New Zealand (April 2026), alongside concluding trade talks with the 27-nation European Union (EU) on January 27, 2026.
♦ The India-Oman CEPA was signed on 18th December, 2025 in Muscat in the presence of Prime Minister Narendra Modi and His Majesty Sultan Haitham bin Tarik Al Said.
♦ Oman is India's second-largest trading partner in the Gulf region and serves as a strategic gateway to the wider GCC market through its advanced port infrastructure.
♦ Bilateral trade between India and Oman reached USD 11.18 billion in FY 2025-26, registering a positive trend from USD 10.61 billion in FY 2024-25.
♦ CEPA provides duty-free access for 99.38% of India’s exports to Oman by value, covering 98.08% of Oman’s tariff lines, making it one of the most comprehensive market access outcomes secured by India in the Gulf region.
♦ All zero-duty concessions come into effect immediately providing certainty and competitiveness to Indian exporters.
♦ India has offered tariff liberalization on 77.79% of tariff lines covering 94.81% of imports from Oman by value, while maintaining strong safeguards for sensitive sectors.
♦ Products protected under the exclusion list include dairy products, cereals, fruits, vegetables, edible oils, oilseeds, rubber, leather, spices and key agricultural products.
Posted Date: June 1, 2026Economy
♦ Electronics and IT Minister Ashwini Vaishnaw along with Odisha Chief Minister Mohan Charan Majhi and CEO of Intel witnessed the signing of an MoU to bring substrate manufacturing technology to India. Vaishnaw said this will further advance semiconductor ecosystem in India. He stressed that signing of the landmark MoU is in line with the Government’s vision of developing the entire ecosystem of semiconductor manufacturing in India.
♦ The MoU has been signed between the Government of Odisha, Intel Corporation and 3DGS Inc. USA for a framework to establish an Advanced Packaging Glass Core Substrate Manufacturing Facility in Odisha. The project represents one of the largest high-technology manufacturing investments in the country. The facility is proposed to be located in the Bhubaneswar-Khurda region.
♦ The proposed project would be implemented in phases over a period of five-six years. It is expected to generate direct high-skilled employment opportunities while creating significant indirect employment across the broader manufacturing and technology ecosystem.
Posted Date: May 29, 2026Economy
♦ The Asian Infrastructure Investment Bank (AIIB) has launched a $10 billion fund facility to support member countries affected by the economic fallout of the ongoing Middle East conflict. India is the second-largest shareholder in the China-led multilateral lender after China.
♦ The Beijing-headquartered bank said the newly launched Energy, Food Security and Economic Resilience Facility will be available to member countries whose development prospects have been affected by the conflict, which has triggered energy disruptions across several parts of the world.
♦ According to AIIB, the facility will supplement the bank's regular financing instruments and provide a time-bound financing envelope of up to $10 billion over two years to offer "exceptional financing support to its members and clients in addressing their acute needs for energy security, food security and economic resilience."
♦ The financing support will include fast-disbursing budgetary assistance, funding for critical expenditures and imports, and liquidity support to affected countries and institutions.
Posted Date: May 23, 2026Economy
♦ The Reserve Bank of India (RBI) on 22 May 2026 declared a record surplus transfer of Rs 2.87 lakh crore to the government for FY26.
♦ RBI's balance sheet expanded by 20.61% to Rs 91.97 lakh crore at the end of March 31, 2026. In this year’s Union Budget, the government estimated Rs 3.16 lakh crore in total dividend receipts from state-owned enterprises and surplus transfers from the central bank.
♦ The Reserve Bank’s gross income rose 26.42 percent from the previous year, while expenditure before risk provisions increased 27.60 percent.
♦ The RBI’s balance sheet expanded 20.61 percent to Rs.91,97,121.08 crore as of March 31, 2026.
♦ The Central Board approved the transfer of Rs.1,09,379.64 crore to the Contingent Risk Buffer (CRB) for FY26, compared with Rs.44,861.70 crore in the previous year.
♦ The Board also decided to keep the CRB at 6.5 percent of the RBI’s balance sheet size.
Posted Date: May 22, 2026Economy
♦ Indian Railways has electrified 99.6 percent of its broad gauge network, operates about 25,000 trains daily and has carried 741 crore passengers in 2025–26, the government said on 19 May 2026.
♦ In 2025–26, the total revenue reached approximately Rs 80,000 crore, while freight movement touched a record 1,670 million tonnes (MT).
♦ Only about 20 percent of India’s railway network was electrified by 2014, limiting operational efficiency, with increased reliance on diesel fuel. As much as 69,873 route kilometres (rkm) have been electrified as of March 2026, up from 21,801 rkm in 2014.
♦ Railway electrification saved approximately 180 crore litres of diesel in 2024–25, cutting crude oil imports and producing savings of around Rs 6,000 crore, the government said.
♦ The country’s electrification levels now exceed those of the UK (39 percent), Russia (52 percent), and China (82 percent).\
♦ Kavach Automatic Train Protection System commissioned over 3,100 route kilometres, with implementation underway on an additional 24,400 kilometres.
Posted Date: May 19, 2026Economy
♦ Hyderabad-based spacetech startup Dhruva Space has received a grant of Rs.105 crore from the Government of India's Research, Development and Innovation Fund, commonly known as RDIF on 14 May 2026. The initiative aims to develop a 500 kg-class satellite platform tailored for constellation-scale missions, marking a significant milestone in the country’s growing space ecosystem.
♦ The project is designed to accelerate India’s ability to build scalable, high-performance satellites for both domestic and global markets. The funding will support the development of an indigenous, modular, and mass-producible satellite platform.
Posted Date: May 14, 2026Economy
♦ The Indian Cyber Crime Coordination Centre (I4C) under the Ministry of Home Affairs (MHA) and the Reserve Bank Innovation Hub (RBIH) have signed a Memorandum of Understanding (MoU) to strengthen collaboration in combating cyber-enabled financial frauds and curbing mule accounts across India’s banking and digital payments ecosystem. The agreement aims to enhance fraud-risk intelligence sharing, analytical support, and operational coordination to improve proactive fraud detection and prevention mechanisms.
♦ Under the MoU, I4C will share intelligence related to mule accounts and suspect identifiers from its Suspect Registry, while RBIH will utilise the data to train and enhance AI-powered fraud-risk assessment models.
♦ The I4C has been actively working to bolster cybercrime monitoring and intelligence-sharing through platforms such as the National Cybercrime Reporting Portal (NCRP) and the Suspect Registry. Meanwhile, RBIH, a wholly owned subsidiary of the Reserve Bank of India, has been promoting innovation in the financial sector through technology-driven initiatives and AI-enabled fraud detection frameworks aimed at making digital transactions safer and more resilient.
Posted Date: May 13, 2026Economy
♦ Public Sector Banks (PSBs) recorded their highest-ever aggregate net profit of Rs.1.98 lakh crore in the financial year 2025–26, marking the fourth consecutive year of profitability, according to data released by the Finance Ministry on 12 May 2026. The aggregate business of PSBs rose by 12.8 percent year-on-year to Rs.283.3 lakh crore as on March 31, 2026. Aggregate deposits increased by 10.6 percent to Rs.156.3 lakh crore, while gross advances grew by 15.7 percent to Rs.127 lakh crore.
♦ Credit growth remained broad-based across the Retail, Agriculture and MSME (RAM) sectors during FY26. Retail advances registered a growth of 18.1 percent, agriculture advances increased by 15.5 percent, while MSME advances rose by 18.2 percent.
♦ Asset quality of PSBs also improved substantially during the financial year. The Gross Non-Performing Assets (GNPA) ratio declined to 1.93 percent, while the Net NPA ratio dropped to 0.39 percent as of March 31, 2026, the lowest levels recorded historically.
Posted Date: May 12, 2026Economy
♦ The Reserve Bank of India (RBI) and the European Central Bank (ECB) have signed a Memorandum of Understanding (MoU) aimed at enhancing cooperation in the field of central banking. The agreement was signed by RBI Governor Sanjay Malhotra and ECB President Christine Lagarde on the sidelines of the Bank for International Settlements (BIS) meetings in Basel.
♦ The MoU updates the earlier agreement signed in 2015 and establishes a framework for regular exchange of information, policy dialogue, and technical cooperation between the two central banks in areas of mutual interest.
♦ The RBI said the renewed arrangement is expected to further strengthen institutional engagement and collaboration on central banking practices and financial sector developments.
Posted Date: May 11, 2026Economy
♦ An SBI Research Report for May 2026 has said that India’s economy is projected to grow at 6.6% in the Financial Year 2026-27, as against the GDP growth for the Financial Year 2025-26, which is likely to be at 7.5%. Stating that India continues to demonstrate resilience despite global uncertainties and regional conflicts, the report says that credit growth is likely to remain robust for the first half of 2026-27.
♦ Emphasizing that Artificial Intelligence – AI – added roughly 0.1 to 0.5% to GDP levels annually in Advanced Economies during 2024-25, the report states that it is high time for India to rededicate itself towards AI-led productivity gains, competitiveness and global value chain integration through carefully crafted policies.
Posted Date: May 11, 2026Economy
♦ India and Trinidad and Tobago have signed eight agreements in sectors including tourism, healthcare, infrastructure and Ayurveda on 10 May 2026. This was hapend during External Affairs Minister S Jaishankar's two-day visit to the Caribbean nation. Jaishankar held talks with Prime Minister Kamla Persad-Bissessar and other senior leaders on expanding bilateral cooperation and reviewed progress on announcements made during Prime Minister Narendra Modi's visit to Trinidad and Tobago last year (2025).
♦ In the presence of Persad-Bissessar, Jaishankar handed over the first batch of 2,000 laptops to selected schoolchildren and inaugurated an agro-processing facility for which machinery worth $1 million was provided by India last year (2025).
Posted Date: May 10, 2026Economy
♦ India and Vietnam signed 13 Memoranda of Understanding (MoUs) across diverse sectors on 6 May 2026. The decisions were taken following wide-ranging talks between Prime Minister Narendra Modi and Vietnamese President To Lam at Hyderabad House in New Delhi. Among the agreements, IREL (India) Limited and Vietnam’s Institute for Technology of Radioactive and Rare Elements formalised cooperation in rare earth elements and emerging technologies. A Cultural Exchange Programme for 2026–2030 was also agreed upon, building on the longstanding cultural agreement between the two nations.
♦ The two nations agreed to significantly deepen their bilateral engagement, setting an ambitious target of $25 billion in trade by 2030 and elevating their relationship to an “Enhanced Comprehensive Strategic Partnership.”
♦ At the sub-national level, a sister-city agreement was concluded between Brihanmumbai Municipal Corporation and Ho Chi Minh City to facilitate exchange of expertise in urban management and economic development. Academic and capacity-building cooperation was reinforced through partnerships involving the Indian Council for Cultural Relations (ICCR), universities in Da Nang and Ho Chi Minh City, and Nalanda University.
Posted Date: May 6, 2026Economy
♦ India’s direct tax collections grew 5.12 percent to over Rs.23.40 lakh crore in 2025-26, but missed the revised target set for the fiscal year that ended March 2026. In the revised estimates (RE) for the 2025-26 fiscal, the government lowered the direct tax collection target to Rs.24.21 lakh crore. The original budget estimate was set at Rs.25.20 lakh crore.
♦ The government subdued direct tax collection in FY’26 follows the income tax cuts that were announced in the 2025-26 budget on February 1, 2025.
♦ The gross direct tax collections stood at Rs.28,11,936 crore in FY 2025–26, marking a growth of 4.03% over Rs.27,03,107 crore collected in FY 2024–25.
♦ Corporation tax collections rose to ₹13,81,606 crore from ₹12,72,542 crore in the previous year, indicating continued profitability and compliance among corporate taxpayers. Meanwhile, non-corporate tax collections, which include taxes paid by individuals, Hindu Undivided Families (HUFs), firms, and other entities, remained largely stable at Rs.13,72,474 crore as compared to Rs.13,73,905 crore in FY 2024–25.
Posted Date: May 4, 2026Economy
♦ The Reserve Bank of India has said that 98.47 percent of the 2,000 rupees denomination banknotes in circulation have been returned, nearly three years after it announced their withdrawal. The central bank had declared the withdrawal of Rs.2,000 notes from circulation on May 19, 2023, as part of its currency management exercise. At that time, the total value of such notes in circulation stood at 3.56 lakh crore rupees.
♦ According to the latest data, this figure has now sharply declined to 5,451 crore rupees as of April 30, 2026. The facility to exchange 2,000 rupees banknotes has been available at 19 RBI issue offices since the withdrawal announcement. The RBI also clarified that despite their withdrawal and return, the 2,000 rupees banknotes continue to remain legal tender.
Posted Date: May 3, 2026Economy
♦ The Finance Ministry on 2 May 2026 notified 100% foreign direct investment (FDI) in the insurance sector under the automatic route. While 100% foreign investment will be allowed in insurance companies and intermediaries, including brokers, under the automatic route, the cap is 20% for Life Insurance Corporation (LIC), said the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2026.
♦ The move comes after Parliament gave its nod to Sabka Bima Sabki Raksha Bill, 2025, in December 2025, which increased the limit on foreign investment to 100 per cent from the existing 74 per cent under the automatic route. Later, the Bill also received the President’s assent.
Posted Date: May 2, 2026Economy
♦ The Goods and Services Tax (GST) gross collections in April 2026 rose to an all-time high of Rs.2.42 lakh crore. Collections in the corresponding month of the last fiscal stood at Rs.2.33 lakh crore — a year-on-year growth of 8.7 percent.
♦ Data from GST portal showed that collections from domestic sources is over Rs.1.85 crore, showing a growth of 4.3 percent. At the same time, gross import revenue stood at over Rs.57,000 crore, showing a growth of 25.8 percent. Total refund increased by 19.3 percent taking the net collection to around Rs.2.11 lakh crore, a 7.3 percent hike compared to the corresponding month of last fiscal.
Posted Date: May 1, 2026Economy
♦ The Reserve Bank of India (RBI) has launched Mission SAKSHAM for capacity building of the Urban Co-operative Banking sector. It aims to enhance managerial and operational capabilities, improve compliance culture, and strengthen institutional resilience across UCBs. Mission SAKSHAM is a mission-mode, sector-wide and all-India capacity-building training initiative for UCBs, under which the RBI will conduct a large number of training programmes, both in-person and through e-learning courses, covering about 1 crore 40 lakh participants.
♦ These programmes will target groups including board members, senior management, heads of risk, among others, and will also include content delivery in regional languages wherever feasible. Mission SAKSHAM aims to establish a sustainable, self-reinforcing ecosystem for systemic stability and the healthy growth and development of the UCB sector.
Posted Date: April 29, 2026Economy
♦ India and New Zealand signed a free trade agreement (FTA) on 27 April 2026. The pact, which is likely to come into force later this year, will have to be ratified by the Parliament in New Zealand. New Zealand's trade minister Todd McClay and India's commerce minister Piyush Goyal signed the official document of the pact at Bharat Mandapam in New Delhi.
♦ The agreement covers 20 chapters, including trade in goods, remedies, dispute settlement, legal provisions, and more.
Key points..
♦ Based on the fact sheet issued by both governments, New Zealand has committed to a $20 billion investment over the next 15 years.
♦ Another key feature of the FTA is that it eliminates 100 per cent of the duty on Indian exports to New Zealand.
♦ The FTA will also allow temporary employment for Indian professionals in New Zealand. Under the FTA, Opens Skilled Employment Pathways, at least 5,000 visas, called the 'Temporary Employment Entry Visa', will be guaranteed for Indian professionals in skilled occupations, with a stay of up to three years.
♦ Duty-free wine and spirits from India and wines from New Zealand will enter the domestic market at concessional duties, which will be gradually reduced over 10 years.
♦ Indian goods, including labour-intensive sectors such as textiles, plastic items, leather, and engineering goods, will enter New Zealand at zero duty.
♦ Meanwhile, India has opened 70.03 percent of its tariff lines to New Zealand, which covers 95 percent of current imports.
♦ The Oceanic country is expected to benefit from exports of its wool, wine, wood, coal and fruits such as avocados and blueberries.
♦ The FTA will also allow cooperation in agriculture and include a plan to support Indian farmers in growing kiwis and apples, as well as in the production of honey.
Posted Date: April 27, 2026Economy
♦ India has approved the first withdrawal of Rs.30 billion under its continuing economic and financial assistance to Maldives. The funds are being released under the first drawdown of the SAARC Currency Swap Framework, the Indian mission said in a statement.
♦ The Indian High Commission in Male said the funds are being released as part of the first drawdown under the framework agreed between the Reserve Bank of India and the Maldives government during President Mohamed Muizzu’s state visit to New Delhi in October 2024.
Posted Date: April 26, 2026Economy
♦ India’s textile sector recorded steady growth in global markets during FY 2025-26, with total exports rising by 2.1 percent to Rs.3,16,334.9 crore, according to the Ministry of Textiles. The increase from Rs.3,09,859.3 crore in FY 2024-25 reflects sustained international demand and the sector’s competitiveness across key product categories, including garments, yarn, fabrics, and handicrafts.
♦ Ready-made garments (RMG) continued to dominate India’s textile exports, growing by 2.9 percent to Rs.1,39,349.6 crore. Cotton yarn, fabrics, made-ups, and handloom products recorded relatively stable growth of 0.4 percent, reaching Rs.1,02,399.7 crore. Meanwhile, man-made textiles posted stronger gains, with exports rising 3.6 percent to Rs.42,687.8 crore.
♦ Among value-added segments, handicrafts (excluding handmade carpets) emerged as the fastest-growing category, registering a 6.1 percent increase to Rs.15,855.1 crore.
Posted Date: April 22, 2026Economy
♦ The Centre on 2026, April 18 said it recognised more than 55,200 startups in 2025-26, the highest ever in a single year since the launch of the Startup India initiative in 2016. With this, the total number of recognised startups in the country has crossed 2.23 lakh as of March 31, 2026, collectively generating over 23.36 lakh direct jobs.
♦ According to the Ministry of Commerce & Industry, startup recognition grew by 51.6% year-on-year compared to FY25, while direct employment rose by 36.1% during the same period.
♦ In FY26 alone, startups created more than 4.99 lakh jobs, up from over 3.66 lakh in the previous year, reflecting continued expansion of the innovation ecosystem.
♦ Notably, nearly 48% of recognised startups – over 1.07 lakh – have at least one woman director or partner, indicating rising participation of women in entrepreneurship.
♦ The government highlighted expanded financial support through key schemes. Under the Fund of Funds for Startups (FFS), more than ₹7,000 crore has been disbursed to over 135 Alternative Investment Funds, which in turn invested over ₹26,900 crore in more than 1,420 startups. The Credit Guarantee Scheme for Startups has also been strengthened, with the guarantee cover per borrower doubled to ₹20 crore. By the end of FY26, over 410 loans worth more than ₹1,250 crore had been guaranteed.
♦ Under the Startup India Seed Fund Scheme, 219 incubators have been supported, approving funding of over ₹605 crore to more than 3,400 startups. Startup-led innovation has also driven intellectual property creation, with patent filings rising sharply from over 2,850 in FY25 to more than 4,480 in FY26.
Posted Date: April 17, 2026Economy
♦ US-based aerospace maker Jeh Aerospace has signed a long-term agreement with France-based original equipment manufacturer (OEM) Liebherr-Aerospace on 15 Apeil 2026, for precision landing gear components for narrow-body commercial aircraft programmes. Under the agreement, Jeh Aerospace will manufacture and supply these components from its Hyderabad facility.
♦ The pact was formalised during a visit by senior Liebherr-Aerospace leadership, including Chief Operating Officer and Managing Director at Liebherr-Aerospace & Transportation SAS, Martin Wandel, to Jeh's Hyderabad facility.
Posted Date: April 15, 2026Economy
♦ Commerce and Industry Minister Piyush Goyal said that filing of patent applications has increased by 30.2 percent to 1,43,729 in 2025-26 against 1,10,375 in the previous fiscal (2024-25). Over 69 per cent of patents have been filed domestically, led by innovators from Tamil Nadu, Karnataka, and Maharashtra. He noted that India is the world’s 6th largest patent filer, reflecting a confident India set to become a global innovation powerhouse.
♦ Patent filings have been on a steady rise since 2016-17, when they stood at 45,444. The number increased to 47,894 in 2017-18, 50,660 in 2018-19, 56,268 in 2019-20, 58,503 in 2020-21, 66,440 in 2021-22, 82,208 in 2022-23, and 92,163 in 2023-24.
♦ Patent applications are granted only after substantive examination to ensure compliance with requirements such as novelty, inventive step and industrial applicability under the Patents Act, 1970. The examination follows a two-tier system, where applications are first examined and then reviewed by the controller. The Act also provides for pre-grant opposition by any person and post-grant opposition by any interested party, ensuring that only genuine and quality patents are granted.
Posted Date: April 12, 2026Economy
♦ Unified Payments Interface (UPI), the country’s most popular digital payment platform, closed the FY 26 processing transactions worth over Rs.308 lakh crore. In March 2026, UPI transaction value approached the Rs.30 lakh crore milestone amounting to an average of almost Rs.1 lakh crore daily, according to data available with the National Payments Corporation of India, which runs UPI.
♦ The full-year daily average transaction value stood at Rs.84,500 crore.
♦ The value of transactions grew by only 18.5 percent during the financial year, from Rs.260 lakh crore reported during FY 25. During the last financial year, UPI transaction value had recorded a 30 percent growth.
Posted Date: April 11, 2026Economy
♦ Reliance Retail has been ranked seventh among the world’s 100 most valuable privately held, venture capital-backed companies, according to research by the Stanford Graduate School of Business. The rankings were published under Stanford's Venture Capital Initiative based on data up to January 2026.
♦ Reliance Retail has surpassed a post-money valuation of $100 billion, placing it in the elite "hectacorn" category of firms valued above this threshold, the study said. It is also the only retail-focused company in the top 7.
♦ India has three companies in the top 100 list. Alongside Reliance Retail, the National Stock Exchange of India ranks 27th with a valuation of $24 billion, while Tata EV Mobility is placed 93rd with a valuation of $9 billion.
♦ Together, these firms account for a combined valuation of $133 billion-still well below the $634 billion total valuation of Chinese companies on the list.
Posted Date: April 9, 2026Economy
♦ The Reserve Bank of India (RBI) on 8 April 2026 projected India’s real GDP growth at 7.6 percent for FY26 under a new GDP series, citing resilience driven by strong domestic demand, services activity and manufacturing expansion. For FY27, the central bank has estimated growth at 6.9 percent, indicating a likely moderation amid rising global uncertainties and cost pressures.
♦ Announcing the projections after the Monetary Policy Committee (MPC) meeting, RBI Governor Sanjay Malhotra said global developments, including geopolitical tensions, continue to pose downside risks to growth.
♦ The RBI has slightly revised its quarterly projections for FY27.
♦ Growth for the first quarter has been lowered to 6.8 percent from 6.9 percent, while the second quarter estimate has been reduced to 6.7 percent from 7 percent, reflecting global headwinds and rising energy prices.
♦ On inflation, the RBI projected consumer price inflation at 4.6 percent for FY27. Quarterly estimates stand at 4 percent in Q1, 4.4 percent in Q2, 5.2 percent in Q3, and 4.7 percent in Q4.
Posted Date: April 9, 2026Economy
♦ India has recorded its highest-ever annual wind energy capacity addition of 6.05 gigawatts (GW) in the financial year 2025–26, marking a significant milestone in the country’s renewable energy journey.
♦ The latest addition represents a sharp 46 percent increase compared to the previous financial year (2024-25), signalling a strong acceleration in onshore wind energy deployment.
♦ With this, India’s cumulative installed wind power capacity has surpassed 56 GW, reinforcing its position among the world’s leading wind energy markets.
♦ Key states including Gujarat, Karnataka, and Maharashtra have played a major role in the capacity addition, supported by the expansion of wind-solar hybrid projects and green energy open access initiatives.
Posted Date: April 6, 2026Economy
♦ The Insurance Regulatory and Development Authority of India (IRDAI) has designated Life Insurance Corporation of India, The New India Assurance Company Limited and General Insurance Corporation of India as Domestic Systemically Important Insurers (D-SIIs) for FY 2025-26.
♦ The list of D-SIIs remains unchanged from the previous financial year.
♦ D-SIIs refer to insurers of such size, market importance, and domestic as well as global interconnectedness that their distress or failure could cause significant dislocation in the domestic financial system.
♦ Therefore, the continued functioning of these insurers is critical for the uninterrupted availability of insurance services to the national economy.
Posted Date: April 4, 2026Economy
♦ The Ministry of Steel-owned NMDC has registered its highest-ever iron ore production output at 53 million tonnes in the Financial year 2025-26, the Ministry of Steel said on 2 April 2026.
♦ The ministry noted that NMDC has emerged as the first company in the India mining history to surpass the 50 million tonnes annual production mark.
♦ The company produced 5.35 MT and sold 5.90 MT of iron ore in the month of March 2026, with an exceptional growth of 51 percent and 40 percent respectively over the comparable period last year.
♦ The total production output reached 53.15 MT with a growth of 21 percent and sales reached 50.23 MT, with a 13 percent jump, marking its best ever volumes since inception.
Posted Date: April 2, 2026Economy
♦ India’s net Goods and Services Tax (GST) collections increased to Rs.1.78 lakh crore in March 2026, marking a rise of 8.2% compared to the previous month.
♦ Gross GST revenue for March stood at Rs.2 lakh crore, which is an 8.8% increase over the same month last year.
♦ Refunds during the month totalled Rs.0.22 lakh crore, up 13.8% on a year-on-year basis, which resulted in net GST collections of Rs.1.78 lakh crore.
♦ Domestic GST revenue reached Rs 1.46 lakh crore, registering a growth of 5.9%, while revenue from imports was recorded at Rs 0.54 lakh crore, rising sharply by 17.8% during the period.
♦ Maharashtra contributed the highest amount to the overall collections at Rs.0.13 lakh crore on a pre-settlement basis, followed by Karnataka and Gujarat.
Posted Date: April 1, 2026Economy
♦ The Government approved a new intervention titled RELIEF (Resilience & Logistics Intervention for Export Facilitation) under the Export Promotion Mission (EPM) to support Indian exporters facing disruptions due to the evolving geopolitical situation in West Asia. The move comes amid heightened security concerns around the Strait of Hormuz, which have led to vessel diversions, longer shipping routes, congestion at transshipment hubs, and increased freight and insurance costs.
♦ Under the RELIEF framework, Export Credit Guarantee Corporation of India has been designated as the nodal implementing agency responsible for verification, claim processing, disbursement, and monitoring.
♦ The scheme will cover shipments destined for countries including United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Iraq, Iran, Israel and Yemen.
The scheme comprises three key components:
1. Enhanced insurance coverage: Exporters with existing ECGC insurance will receive up to 100% risk coverage for eligible consignments shipped between February 14 and March 15, 2026, without additional cost.
2. Support for upcoming shipments: Exporters planning shipments between March 16 and June 15, 2026, can avail up to 95% risk coverage with government support, helping sustain trade flows.
3. Relief for MSMEs: Small exporters without ECGC cover during the disruption period will be eligible for partial reimbursement of up to 50% of increased freight and insurance costs, subject to a ceiling of ₹50 lakh per exporter.
Posted Date: March 19, 2026Economy
♦ Fitch Ratings on 13 March 2026 raised India’s GDP growth forecast marginally to 7.5 percent for current fiscal (2025-26).
♦ In December 2025, Fitch had projected India’s GDP growth at 7.4 percent for current fiscal.
♦ For next fiscal (2026-27), Fitch has revised upwards its growth estimate to 6.7 percent, from 6.4 percent projected in December 2025.
♦ In its Global Economic Outlook- March 2026, Fitch projected world GDP growth at 2.6 percent in 2026 on the assumption that the Iran war does not result in a larger or an enduring spike in energy prices that pushes the annual 2026 oil price forecast above $70/barrel.
Posted Date: March 13, 2026Economy
♦ NMDC Limited has become the first mining company in India to produce 50 million tonnes (MT) of iron ore in a single financial year, reaching the landmark days before the close of FY 2025–26.
♦ The state-run miner, a Navratna CPSE under the Ministry of Steel, described the achievement as a key step in strengthening India’s raw material base for its expanding steel sector.
♦ Established in 1958 to develop India’s iron ore resources, NMDC produced around 10 MT in 1978.
♦ The milestone also reflects a sharp acceleration in the company’s growth in recent years.
♦ Production has increased by nearly two-thirds since 2015, rising from around 30 MT to 50 MT, with almost one-fifth of the current capacity added in the last four years alone — the fastest expansion phase in NMDC’s history.
Posted Date: March 13, 2026Economy
♦ India’s gross Goods and Services Tax (GST) collections rose 8.1 percent year-on-year to Rs.1.83 lakh crore in February 2026. With this, total gross GST revenue for the financial year 2025–26 up to 28 February stood at Rs.20.27 lakh crore, marking an 8.3 percent increase over the corresponding period last year (2025). After refunds of Rs.22,595 crore, up 10.2 percent year-on-year, net GST revenue for February was Rs.1.61 lakh crore.
♦ Domestic revenue contributed Rs.1.36 lakh crore, reflecting a 5.3 percent rise, while revenue from imports stood at Rs.47,837 crore, registering a sharper 17.2 percent increase.
Posted Date: March 2, 2026Economy
♦ The Commerce Ministry said the base year of India’s merchandise trade Indices has been revised from 2012–13 to 2022–23 to reflect structural changes in the economy, shifts in commodity composition, evolving trade patterns and better alignment with current macroeconomic indicators.
♦ The revision has been undertaken on the recommendations of a committee constituted by DGCI&S under the Chairmanship of Professor Nachiketa Chattopadhyay, Professor, Indian Statistical Institute, Kolkata.
♦ The new base year FY 2022–23 makes the indices reflect the current structure of India’s external trade more accurately.
♦ The earlier base year (2012–13) no longer adequately reflected the prevailing trade structure.
♦ These indices are used by key government institutions for economic analysis and policy formulation.
Posted Date: February 21, 2026Economy
Andhra Pradesh Finance Minister Payyavula Keshav presented the State Budget for the 2026–27 financial year in the Assembly on 14 February 2026). The Budget specified a total outlay of Rs.3,32,205 crore. Of this, revenue expenditure is estimated at Rs.2,56,142 crore, while capital expenditure stands at Rs.53,915 crore. The revenue deficit is estimated at Rs.22,002 crore and the fiscal deficit at Rs.75,868 crore.
Major initiatives and allocations in Budget..
Allocations for farmers: Allocations for farmers' schemes, irrigation projects The allocations in the Andhra Pradesh Budget of FY 2026-27 for farmers’ schemes and irrigation projects are;
Allocations for education, children: The allocations in the Andhra Pradesh Budget for education, children and women-related initiatives for FY 2026-27 include:
Welfare and Social Security:.
Highlights:
Economy
♦ The government on 13 Febuary 2026 approved the second tranche of the Startup India Fund of Funds Scheme with a corpus of Rs.10,000 crore, aimed at encouraging early-stage startups and deep-tech research.
♦ These entities are eligible for incentives under the Startup India action plan. The scheme was designed to catalyse venture capital investments and is operationalised by Small Industries Development Bank of India (SIDBI), which provides capital to Securities and Exchange Board of India (SEBI)-registered Alternative Investment Funds (AIFs), which in turn invest in startups.
♦ AIFs supported under the Fund of Funds Scheme (FFS) are required to invest at least two times the amount committed under FFS in startups. DPIIT is the monitoring agency, while SIDBI is the operating agency for the FFS.
Posted Date: February 13, 2026Economy
♦ The Reserve Bank of India (RBI) on 13 february 2026 released draft guidelines to revise the Lead Bank Scheme (LBS), aiming to streamline its operations and enhance its effectiveness in coordinating development activities at the district level. The scheme, introduced in 1969, seeks to improve credit flow to priority sectors while deepening financial inclusion across rural and semi-urban areas. Under the proposed guidelines, the structure, membership, and agenda of the various fora under LBS will be fine-tuned, with clear delineation of roles and responsibilities for key functionaries.
♦ The draft also focuses on strengthening State Level Bankers’ Committees (SLBCs) and Lead District Manager offices, ensuring better coordination among banks, government bodies, and other development agencies.
♦ According to the RBI circular, a designated commercial bank in each district will serve as the Lead Bank, responsible for coordinating credit activities of financial institutions and stakeholders to promote inclusive growth.
Posted Date: February 13, 2026Economy
♦ Reserve Bank of India Governor Sanjay Malhotra on 6 February 2026 announced that the Monetary Policy Committee (MPC) has unanimously decided to keep the policy repo rate unchanged at 5.25 percent while maintaining a neutral policy stance. The Governor said India’s economic activity is expected to hold up well in 2026–27.
♦ The RBI Governor noted that despite global headwinds, India’s economy continues on a steadily improving trajectory, with real GDP growth expected to reach 7.4 percent in 2025–26, supported by private consumption and fixed investment. However, net external demand remained a drag on growth, as imports continued to outpace exports. Real Gross Value Added (GVA) growth for the year is estimated at 7.3 percent, driven largely by services and a revival in manufacturing.
Posted Date: February 6, 2026Economy
♦ Finance Minister Nirmala Sitharaman laid the 16th Finance Commission report for tax revenue devolution between Centre and states for the period 2026-2031 in the Lok Sabha on 1 February 2026. The 16th Finance Commission’s recommendations that have been accepted by the government and which, while keeping the share of states the same as in the 15th Finance Commission. It has done so by primarily, introducing the size of a state’s economy as a variable, and altering both the measure and the weightage assigned to demographic performance.
♦ The 16th Finance Commission has recommended retaining states’ share in the divisible pool of central taxes at 41 percent, while pitching for outcome-based spending, greater transparency in tax devolution data and stronger fiscal discipline at the state level. The panel said there is a need to improve efficiency in public spending and strengthen fiscal accountability frameworks across states.
♦ The Finance Commission, established under Article 280 of the Indian Constitution, is a constitutional body that recommends the devolution of tax revenues between the central and state governments. Cess and surcharge levied by the Centre are not part of the divisible pool.
♦ The Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations and is set up periodically.
♦ The 16th Finance Commission, with Dr Arvind Panagariya as Chairman, was set up on December 31, 2023 for the April 2026–March 2031 period.
Posted Date: February 1, 2026Economy
Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman presented the Union Budget 2026-27 for the ninth consecutive year in Parliament on 1 February 2026. The budget proposes a grand total expenditure of Rs.53.47 lakh crore, comprising Rs.41.25 lakh crore in revenue expenditure and Rs.12.22 lakh crore in capital expenditure.
Ministry-wise allocations..
Finance ministry: The ministry of finance has received the largest allocation of Rs.19.72 lakh crore, including Rs.17.22 lakh crore for revenue expenditure and Rs.2.50 lakh crore for capital expenditure.
Defence ministry: The ministry of defence has been allocated Rs.7.85 lakh crore, comprising Rs.5.54 lakh crore in revenue expenditure and Rs.2.31 lakh crore in capital outlay.
Ministry of home affairs: The ministry of home affairs received Rs.2.55 lakh crore, including Rs.2.28 lakh crore in revenue expenditure and Rs 0.27 lakh crore in capital spending.
Ministry of agriculture and farmers welfare: The ministry of agriculture and farmers welfare has been allocated Rs.1.40 lakh crore. The allocation supports farmer income enhancement, agri-tech initiatives such as Bharat-VISTAAR, crop diversification, allied activities and rural livelihoods.
Ministry of consumer affairs, food and public distribution: With an allocation of Rs.2.39 lakh crore, the ministry remains one of the largest social-sector spenders. The funding, largely revenue expenditure, supports food subsidies, procurement, storage and distribution under the public distribution system.
Ministry of rural development: The ministry of rural development has been allotted Rs.1.97 lakh crore, supporting flagship schemes such as rural housing and livelihood programmes.
Ministry of jal shakti: The ministry of jal shakti received Rs.94,80 crore, supporting drinking water supply, sanitation and irrigation projects.
Ministry of education: The ministry of education has been allocated Rs.1.39 lakh crore, largely for revenue expenditure on schools, higher education, research and capacity building, including initiatives for girls’ hostels and STEM education.
Ministry of health and family welfare: The ministry of health and family welfare received Rs.1.07 lakh crore, supporting healthcare delivery systems, institutions and public health infrastructure.
Ministry of road transport and highways: The ministry of road transport and highways has been allocated Rs.3.10 lakh crore, with the bulk of the spending directed towards capital expenditure, underlining the continued push for highways, logistics efficiency and connectivity.
Ministry of railways: The ministry of railways received Rs.2.81 lakh crore, largely for capital outlay to support network expansion, station redevelopment and modernisation.
Ministry of housing and urban affairs: The ministry of housing and urban affairs has been allotted Rs.85,522 crore, supporting urban transport, housing, sanitation and city infrastructure.
Ministry of chemicals and fertilisers: The ministry of chemicals and fertilisers received Rs.1.77 lakh crore, largely towards fertiliser subsidies and support to farmers.
Power and renewable energy: The ministry of power was allocated Rs.29,996 crore, while the ministry of new and renewable energy received Rs 32,914 crore, supporting energy security and clean power transition.
Electronics and information technology: The ministry of electronics and Information Technology has been allocated Rs.21,632crore, supporting digital public infrastructure, electronics manufacturing and technology-driven governance.
Commerce and industry: The ministry of commerce and industry received Rs.17,843 crore, aligning with export promotion, industrial growth and manufacturing support.
Other ministries..
The ministry of women and child development has been allocated Rs.28,183 crore, supporting programmes related to nutrition, maternal and child welfare, and women’s empowerment.
The ministry of tribal affairs received Rs.15,421 crore to strengthen education, livelihoods and welfare initiatives for tribal communities, while the ministry of social justice and empowerment was also allotted Rs.15,357 crore.
The ministry of youth afairs and sports received Rs.4,479 crore, while the ministry of skill development and entrepreneurship was allocated Rs.9,885 crore, supporting skilling, employability and youth-focused programmes.
Posted Date: February 1, 2026Economy
♦ The Reserve Bank of India (RBI) has signed a Memorandum of Understanding (MoU) with the European Securities and Markets Authority (ESMA) during the recent visit of the President of the European Council and the President of the European Commission to India. The Ministry of Finance stated that the primary objective of the MoU is to enable formal recognition of the Clearing Corporation of India Limited (CCIL) and other RBI-regulated Central Counterparties (CCPs) by ESMA. The MoU is effective from the date of signing by the Authorities and will remain operative for an unlimited period.
♦ The Ministry said that RBI and ESMA will consult, cooperate, and exchange information regarding the covered CCPs and monitor their compliance with the recognition conditions.
Posted Date: January 29, 2026Economy
♦ Credit-focused fintech platform ZET has received approval from the National Payments Corporation of India (NPCI) to operate as a Third-Party Application Provider (TPAP), enabling it to enter the Unified Payments Interface (UPI) ecosystem.
♦ Following the approval, the company has launched ZET UPI, allowing users to make UPI payments using RuPay credit cards issued through its platform. The feature enables credit card-linked UPI transactions, extending card-based credit usage to routine, low-value payments typically made via UPI.
Posted Date: January 24, 2026Economy
♦ The International Monetary Fund (IMF) has upgraded its forecast for India’s real gross domestic product (GDP) growth in the current fiscal year 2025–26 (FY26) to 7.3 percent. This represents a significant upward revision of 0.7 percentage point compared with the IMF’s previous estimates from late 2025. The revision was published in the IMF’s World Economic Outlook Update released in January 2026.
♦ IMF’s latest projections have no real surprises as far as growth for the global economies and other major economies is concerned as well. Global GDP growth is expected at 3.3% in 2025, same as 2024 and also in 2026.
Posted Date: January 19, 2026Economy
♦ The Reserve Bank of India (RBI) has issued the Foreign Exchange Management (Guarantees) Regulations, 2026, providing a comprehensive framework for guarantees involving persons resident outside India. The RBI has directed all Authorised Dealer Category-I banks to follow the new regulations while facilitating such guarantees and to ensure compliance with regulatory guidelines issued by the Department of Regulation.
♦ Further, guarantee-related provisions in several existing Master Directions, including those on External Commercial Borrowings, Trade Credits, Export and Import of Goods and Services, and Reporting under FEMA, 1999, have been amended.
♦ Authorised dealer banks have been advised to bring the contents of the circular to the notice of their customers. RBI said the directions have been issued under the provisions of the Foreign Exchange Management Act, 1999.
Posted Date: January 12, 2026Economy
♦ The UN Department of Economic and Social Affairs (UNDESA) released the World Economic Situation and Prospects 2026 report. It predicts that India will grow at 6.6 percent in the 2026-27 financial year and 6.8 percent in the 2027-28 financial year.
♦ The report said that recent tax reforms and monetary easing will provide additional near-term support. According to the UN’s report, several large developing economies, including India and Indonesia, are expected to continue experiencing solid growth driven by resilient domestic demand or targeted policy measures.
♦ Global headline inflation is projected to fall to 3.1 per cent in 2026 from 3.4 per cent in 2025. However, high prices continue to erode real incomes, particularly for low-income households, with food, energy and housing costs remaining a major source of pressure and inequality.
Posted Date: January 9, 2026Economy
♦ India’s real GDP growth rate has been projected at 7.4 percent for FY 2025–26, up from 6.5 percent in FY 2024–25, according to the advanced estimates released by the Ministry of Statistics and Programme Implementation on 7 January 2026. The estimates show that strong momentum in the services sector will be the main driver of growth. Financial services, real estate, professional services and public administration are projected to grow by 9.9 percent at constant prices in FY 2025–26.
♦ Trade, hotels, transport, communication and services related to broadcasting are estimated to expand by 7.5 percent.
♦ The agriculture sector is estimated to record a growth rate of 3.1 percent.
♦ Gross Fixed Capital Formation (GFCF), a key indicator of investment activity, is estimated to grow by 7.8 percent at constant prices during FY 2025–26, compared to 7.1 percent in the previous financial year (2024-25).
Posted Date: January 7, 2026Economy
♦ India’s pharmaceutical exports reached $30.47 billion in FY 2024–25, registering a year-on-year growth of 9.4 percent, and are on track to surpass last year’s performance in the current financial year, the Pharmaceuticals Export Promotion Council of India (PHARMEXCIL) informed Commerce Secretary Rajesh Agrawal on 5 January 2026.
♦ PHARMEXCIL highlighted that India is the world’s third-largest pharmaceutical producer by volume and a trusted supplier of affordable, quality-assured medicines to more than 150 countries,a underscoring the sector’s potential for sustained export-led growth.
Posted Date: January 5, 2026Economy
♦ Tobacco products and pan masala products are set to face a new tax structure from February 1. This comes as the Centre rolls out additional excise duty and a health cess, above the current GST rates. The new structure will replace the compensation cess which is applied on 'sin goods.'
♦ From February 1, pan masala, cigarettes, tobacco and similar products will attract a GST rate of 40 per cent, while biris will attract 18 per cent Goods and Services Tax (GST).
♦ Parliament had in December approved two Bills allowing the levy of the new Health and National Security Cess on pan masala manufacturing and excise duty on tobacco.
Posted Date: January 2, 2026Economy
♦ The gross Goods and Services Tax (GST) collections for December 2025 were at Rs.1.75 lakh crore. The collection rose 6.1% against Rs.1.64 lakh crore in December 2024. Local GST revenue rose 1.2% year-on-year to Rs.1.22 lakh crore. GST revenue from imports rose 19.7% year-on-year to Rs.51,977 crore. GST refunds were up 31% year-on-year at Rs.28,980 crore. Net GST revenue rose 2.2% year-on-year to Rs.1.45 lakh crore. GST compension cess fell 64.69% year-on-year to Rs.4,238 crore. Gross GST collection rose 6.1% year-on-year to Rs.1.74 lakh crore.
♦ On 22 September 2025, the Narendra Modi government cut GST rate on soaps to small cars, while doing away with the compensation cess altogether. That made hundreds of items cheaper but reduced the monthly revenue for the government exchequer.
Posted Date: January 1, 2026Economy
♦ India recorded more than 5.5 lakh domestic trademark filings during 2024–25, marking the highest ever registrations in a single year, Commerce and Industry Minister Piyush Goyal said. The surge in filings reflects the growing strength of India’s institutional framework for protecting intellectual property and safeguarding the interests of innovators and creators, he said, noting that such protection plays a direct role in supporting economic growth.
♦ Goyal said the Trade Marks Act, 1999 has remained a central pillar in protecting intellectual property for over two decades.
♦ According to the minister, the highest number of trademark registrations during the year were recorded in pharmaceuticals, veterinary, and sanitary preparations.
♦ The Trade Marks Act provides legal protection to businesses against infringement, allowing them to secure brand identity while ensuring fair competition in the marketplace. Under the Act, trademarks are registered for an initial period of 10 years and can be renewed for successive 10-year terms.
Posted Date: December 31, 2025Economy
♦ India has surpassed Japan to become the world's fourth largest economy, the government said in a statement on 31 December 2025. India is also the world's fastest-growing major economy with a size of USD 4.18 trillion, and is poised to overtake Germany to become the third-largest economy by 2028.
♦ The United States is the world's largest economy, followed by China which occupies the second position.
♦ The government statement said the real Gross Domestic Product (GDP) of the country has increased by 8.2 percent in Q2 of FY 2025-26. This is an increase from 7.8 percent growth in Q1, and 7.4 percent growth in Q4 of FY 2024-25.
Posted Date: December 31, 2025Economy
♦ Prime Minister Narendra Modi on 22 December 2025 held a telephone conversation with New Zealand Prime Minister Christopher Luxon, during which the two leaders jointly announced the conclusion of a landmark India-New Zealand Free Trade Agreement (FTA). The agreement has been finalised in a record nine months since negotiations were initiated during PM Luxon’s visit to India in March 2025.
♦ The FTA provides zero-duty market access on 100 per cent of New Zealand’s tariff lines, granting duty-free access for all Indian exports. India has offered tariff liberalisation on about 70 per cent of tariff lines, covering nearly 95 per cent of bilateral trade. To protect farmers and domestic industry, market access excludes sensitive sectors such as dairy, coffee, milk and milk products, sugar, spices, edible oils, rubber and onions.
Posted Date: December 22, 2025Economy
♦ India and Oman signed a Comprehensive Economic Partnership Agreement (CEPA) on 18 December 2025, during Prime Minister Narendra Modi’s official visit to the Sultanate of Oman. The pact was inked by Union Commerce and Industry Minister Piyush Goyal and Oman’s Minister of Commerce, Industry and Investment Promotion Qais bin Mohammed Al Yousef, reflecting the shared vision of both nations to deepen economic integration and unlock new growth opportunities.
♦ The agreement also marks a breakthrough in services trade. For the first time, Oman has made ambitious commitments across 127 services sub-sectors, including computer-related services, business and professional services, audio-visual services, research and development, education and health. These commitments are expected to unlock high-value opportunities for Indian service providers and drive skilled job creation.
♦ The agreement allows 100 per cent foreign direct investment by Indian companies in major services sectors in Oman, enabling Indian firms to establish and expand their commercial presence in the Gulf nation.
♦ The India-Oman CEPA is the second free trade agreement signed by India in the last six months, following the pact with the United Kingdom, and aligns with New Delhi’s broader strategy of forging trade agreements with complementary economies.
Posted Date: December 18, 2025Economy
♦ India and the Asian Development Bank (ADB) on 15 December 2025 signed loan agreements worth over $2.2 billion to support five major development projects spanning skilling, renewable energy, healthcare, urban transport and sustainable livelihoods across multiple states. The agreements were finalised under the guidance of the Department of Economic Affairs, Ministry of Finance.
♦ The loan documents were signed by Deputy Secretary Saurabh Singh on behalf of the Government of India and by Aarti Mehra, Officer-in-Charge and Deputy Country Director of the ADB India Resident Mission, on behalf of the multilateral lender.
♦ The financing package includes support for the Pradhan Mantri Skilling and Employability Transformation through Upgraded Industrial Training Institutes Programme ($846 million), Accelerating Affordable and Inclusive Rooftop Solar Systems Development Programme – Subprogramme 1 ($650 million), Assam State Tertiary Health Care Augmentation Project ($398.8 million), Chennai Metro Rail Investment Project – Tranche 2 ($240 million), and the Integrated Ecotourism and Sustainable Agri-based Livelihood Development in Meghalaya Project ($77 million).
♦ The skilling programme aims to create a future-ready workforce by modernising 650 Industrial Training Institutes across 12 states and upgrading five National Skill Training Institutes into centres of excellence. The initiative is expected to improve employability for at least 1.3 million youth by offering demand-driven courses in high-growth sectors such as renewable energy, electric mobility and advanced manufacturing.
Posted Date: December 15, 2025Economy
♦ The Union Cabinet approved a proposal to raise the foreign direct investment (FDI) limit in insurance firms from 74% to 100% on 12 December 2025. The move is expected to draw substantial foreign capital, increase competition, and improve customer services across India’s insurance market.
♦ By lifting the cap, the government aims to attract long-term global investors and deepen the sector’s capital base.
♦ The reforms form part of a broader push to expand insurance penetration and align with the government’s long-term vision of achieving ‘Insurance for All by 2047’.
♦ To give effect to the changes, amendments to the Life Insurance Corporation Act, 1956, the Insurance Regulatory and Development Authority Act, 1999, and the Insurance Act, 1938 will be introduced as part of the comprehensive legislative exercise.
MGNREGA name changed:
♦ The Union Cabinet is likely to approve renaming the national employment scheme from MGNREGA to Pujya Bapu Gramin Rojgar Yojna. The government will bring the Pujya Bapu Gramin Rozgar Guarantee Bill for MGNREGA, which will guarantee 125 days of work to the rural poor in a year. The government will allocate Rs.1.51 lakh crore.
♦ The National Rural Employment Guarantee Act 2005 (NREGA), later renamed as the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA), is a labour law and social security measure that aims to guarantee the “right to work”.
♦ It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work.
Posted Date: December 12, 2025Economy
♦ The Asian Development Bank (ADB) has raised India’s growth forecast for 2025-26 by 0.7 percentage points—from 6.5 percent to 7.2 percent. ADB said India’s upgraded projection reflects a more robust third-quarter expansion, aided by tax cuts that have supported consumption. The forecast for 2026 remains unchanged at 6.5 percent.
♦ The ADB also revised upward its growth outlook for developing Asia and the Pacific for both 2025 and 2026, citing stronger-than-expected exports and reduced trade uncertainty following recent trade agreements with the United States.
♦ Inflation in developing Asia and the Pacific is expected to ease slightly to 1.6 percent this year, compared with the earlier 1.7 percent projection—driven mainly by lower-than-anticipated food inflation in India. The region’s inflation forecast for 2026 remains unchanged at 2.1 percent.
Posted Date: December 10, 2025Economy
♦ The Reserve Bank of India (RBI) has slashed its repo rate by 25 basis points from 5.5% to 5.25%, the central bank's governor, Sanjay Malhotra, announced this on 5 December 2025. The latest rate cut takes the total reduction in 2025 to 125 basis points. The decision was taken unanimously after a meeting of the RBI's Monetary Policy Committee (MPC).
♦ The MPC had earlier reduced the key lending rate in June from 6% to 5.5% in view of a softening inflation.
♦ The RBI has also sharply raised the Gross Domestic Product (GDP) forecast for the current financial year to 7.3% from its earlier estimate of 6.8%. The GDP forecast for the current quarter (Q3, October-December) is also higher at 6.7% than the earlier 6.4%.
Posted Date: December 5, 2025Economy
♦ Fitch Ratings on 4 December 2025 revised India’s GDP growth forecast for FY26 to 7.4%, up from its earlier estimate of 6.9%, citing strong domestic demand and the positive impact of recent tax reforms. It said private consumption remains the primary engine of growth this fiscal year, supported by “strong real income dynamics, improved consumer sentiment, and the benefits of goods and services tax reforms.”
♦ For FY27, Fitch expects growth to moderate to 6.4%, with domestic demand continuing to drive the economy. Public investment is likely to soften, while private investment is expected to strengthen in the second half of FY27.
♦ Fitch also expects the Indian rupee to strengthen to around 87 per US dollar next year (2026).
Posted Date: December 4, 2025Economy
♦ State Bank of India (SBI) and Bank of India (BoI), have signed a Memorandum of Understanding (MoU) to work together on a Centre of Excellence in Strategic Partnership. This collaboration aims to strengthen leadership and expertise in project financing across India while encouraging innovation and teamwork in the banking sector.
♦ The Centre of Excellence is basically a shared workspace and knowledge hub where experts from both banks collaborate. It operates on three main ideas.
♦ First is co-financing. Bank of India and SBI will jointly fund big projects. Second is strengthening the brand. Third is training people.
Posted Date: December 2, 2025Economy
♦ The Gross Goods and Services Tax (GST) collections for the 2025 November came in at over Rs 1.70 lakh crore. Official provisional figures indicate total Gross GST revenue reached Rs.1,70,276 crore in November 2025, rising 0.7% from Rs. 1,69,016 crore in November 2024.
♦ For April-November 2025, cumulative gross collections increased to Rs.14,75,488 crore, demonstrating robust 8.9% yearly growth.
♦ November's Net GST revenue amounted to Rs.1,52,079 crore, showing 1.3% yearly growth. The year-to-date net revenue reached Rs.12,79,434 crore, growing 7.3% annually.
♦ The Gross Domestic Revenue stood at Rs.1,24,300 crore in November 2025, compared to Rs.1,27,281 crore previously.
Posted Date: December 1, 2025Economy
♦ Reserve Bank Governor Sanjay Malhotra released the National Strategy for Financial Inclusion: 2025-30 on 1 December 2025. The framework, as approved by the Sub-Committee of the Financial Stability and Development Council, lays down five strategic objectives towards elevating the state of financial inclusion in the country.
♦ According to an official press release, these Panch-Jyoti and a menu of 47 action points to achieve them, include improving the availability and use of equitable, responsible, suitable, and affordable bouquet of financial services to achieve financial safety and financial security for households and micro enterprises. It also aims to adopt a gender-sensitive approach for women-led financial inclusion and differentiated strategies for improving financial resilience of households, especially for the underserved and vulnerable segments.
Posted Date: December 1, 2025Economy
♦ The Union Government and the Asian Development Bank (ADB) have signed loan agreements worth more than $800 million for major development projects in Maharashtra, Madhya Pradesh and Gujarat, along with a $1 million technical assistance grant for a fisheries and wetlands project in Assam. The agreements were formalised under the guidance of the Department of Economic Affairs, with Saurabh Singh,
♦ Deputy Secretary, signing on behalf of the Government of India, and Mio Oka, Country Director of ADB’s India Resident Mission, signing for the Bank.
♦ The largest component of the financing is the $500 million loan for the Maharashtra Power Distribution Enhancement Programme aimed at agricultural solarization.
♦ For Madhya Pradesh, ADB has extended a Japanese Yen-denominated loan of ¥27.14 billion (about $190.6 million) for the Indore Metro Rail Project.
♦ In Gujarat, a $109.97 million loan was signed for the Skills Development Programme.
♦ The centre and ADB also signed a $1 million technical assistance grant to support the upcoming Sustainable Wetland and Integrated Fisheries Transformation (SWIFT) Project in Assam.
Posted Date: November 29, 2025Economy
♦ India’s Gross Domestic Product (GDP) registered a robust 8.2 percent growth in the second quarter (July - September) of the current financial year (2025-26), driven by strong performance in the manufacturing, secondary, and tertiary sectors.
♦ GDP growth in the second quarter was higher than the 7.8 percent recorded in the first quarter of the current financial year and the 5.6 percent seen in the corresponding period last year (2024-25).
♦ The country’s nominal GDP grew by 8.7 percent during the second quarter of this financial year.
♦ Manufacturing, which makes up 14 percent of the country’s Gross Domestic Product, rose by 9.1 percent in the second quarter, up from 2.2 percent in the same quarter last financial year.
Posted Date: November 28, 2025Economy
♦ The Reserve Bank of India (RBI) has announced interlinking of the Unified Payments Interface (UPI) system with fast payment systems of other jurisdictions to promote cross-border payments. These initiatives are aligned with the G20 Roadmap for enhancing cross-border payments, focusing on cheaper, more efficient, transparent, and accessible remittances.
♦ Reserve Bank of India and NPCI International Payments Limited (NIPL) have been engaging with the European Central Bank on the initiative to connect UPI with the TARGET Instant Payment Settlement (TIPS), the instant payment system operated by the Eurosystem. Following constructive and sustained engagement, both sides have agreed to start the realisation phase for the UPI-TIPS link.
♦ The proposed UPI-TIPS interlinkage aims to facilitate cross-border remittances between India and the European Union, and is expected to benefit users in both jurisdictions.
♦ The RBI and NIPL will continue to collaborate closely with the European Central Bank to operationalise the UPI-TIPS link, including technical integration, risk management and settlement arrangements.
Posted Date: November 21, 2025Economy
♦ India’s IT spending is projected to reach $176.3 billion in 2026, marking a 10.6 percent year-on-year rise, supported by accelerated adoption of cloud services and digital technologies, a Gartner report said on 18 November 2025. According to the report, the data centre systems segment is expected to record the fastest annual growth, rising 20.5 percent to $9,385 million in 2026.
♦ The report projects software spending to grow 17.6 percent to $24.7 billion, fuelled by increased investment in AI-enabled software and modern IT systems.
♦ IT services spending is expected to rise 11.1 percent in 2026, with sustained double-digit growth predicted in the following years due to strong enterprise demand for IaaS, consulting, and application modernisation.
Posted Date: November 18, 2025Economy
♦ The 16th Finance Commission, chaired by economist Arvind Panagariya, has submitted its report to the President of India Droupadi Murmu on 17 November 2025. The commission submitted its report for 2026-2031.
♦ The 16th FC’s recommendations would apply for a period of five years beginning on April 1, 2026.
♦ The Sixteenth Finance Commission (XVIFC) was constituted by the President in pursuance of clause (1) of Article 280 of the Constitution. Ministry of Finance said that during its tenure, the XVIFC analyzed the finances of the Union and States in detail and has come up with a report after wide-ranging consultations with the Union Government, State Governments, Local Governments at different tiers, and other domain experts. The Ministry informed that the report will be available in the public domain once it is tabled in the Parliament by the Union Finance Minister under Article 281 of the Constitution of India.
Posted Date: November 17, 2025Economy
♦ NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), and BENEFIT, Bahrain’s leading fintech and electronic financial transactions company, have entered into a partnership to enable real-time cross-border remittances between India and Bahrain.
♦ This new partnership connects India’s Unified Payments Interface (UPI) with Bahrain’s Electronic Fund Transfer System (EFTS), specifically through the Fawri+ service, enabling users in both countries to send and receive money instantly and securely.
♦ The collaboration, developed under the guidance of the Reserve Bank of India and the Central Bank of Bahrain, represents a key milestone in strengthening financial connectivity and promoting digital financial inclusion between the two countries.
♦ It reflects the shared vision of both sides to enhance cooperation in the area of fintech and digital payments.
♦ During the state visit of Prime Minister Narendra Modi to Bahrain in August 2019, an MoU between NPCI and BENEFIT was signed.
♦ Building on this foundation, the 4th India-Bahrain High Joint Commission Meeting held in December 2024 reaffirmed both sides’ intent to work towards closer collaboration in the fintech and digital payments sector.
Posted Date: November 11, 2025Economy
♦ Hindustan Aeronautics Limited (HAL) on 7 November 2025 inked a deal with US-based General Electric (GE) for the supply of 113 F404-GE-IN20 jet engines to power the Light Combat Aircraft (LCA) Tejas Mark-1A.
♦ Engine deliveries are scheduled to take place between 2027 and 2032.
♦ The size of the deal is learnt to be close to USD 1 billion (approximately Rs 8,870 crore).
Posted Date: November 7, 2025Economy
♦ State Bank of India (SBI) has become the sixth Indian company to enter the coveted USD 100 billion market-cap club.
♦ On 6 November 2025, SBI shares rose as much as 1.47% to a fresh all-time high of Rs.971.15 apiece on the BSE, taking its market cap to Rs.8.96 lakh crore (over $100 billion).
♦ The list is topped by Reliance Industries ($228.7 billion), followed by HDFC Bank ($183.6 billion), Bharti Airtel ($140.3 billion), Tata Consultancy Services ($124.8 billion), and ICICI Bank ($108.5 billion).
Posted Date: November 6, 2025Economy
♦ India’s goods and services tax (GST) collections in October 2025 rose 4.6% to Rs.1,95,936 crore, compared with Rs.1,87,346 crore in September.
♦ This is the fifth highest monthly collection since the tax regime’s 2017 launch.
♦ The gross domestic revenue in October 2025 grew 2.0 percent to Rs.1.45 lakh crore, while tax from imports rose 12.84 percent to Rs.50,884 crore.
♦ GST refunds were up by 39.6 percent year-on-year to Rs.26,934 crore.
♦ The Central GST collection in October stood at 36 thousand 547 crore rupees and State GST is at 45 thousand 134 crore rupees.
♦ The Integrated IGST collected amounts to one lakh six thousand 443 crore rupees and cess is at 7 thousand 812 crores.
Posted Date: November 1, 2025Economy
♦ Hindustan Aeronautics Ltd (HAL) and Russia’s United Aircraft Corporation (PJSC-UAC) signed a Memorandum of Understanding (MoU) to jointly produce the SJ-100 civil commuter aircraft in India.
♦ The agreement was signed in Moscow on 28 October 2025.
♦ The SJ-100 is a twin-engine, narrow-body aircraft currently operated by more than 16 commercial airlines.
♦ Over 200 such aircraft have already been produced globally.
♦ The deal marks the first time a complete passenger aircraft will be produced in India since the AVRO HS-748 programme, which ran from 1961 to 1988.
♦ Under the arrangement, HAL will manufacture the SJ-100 for India’s domestic market — a move aimed at improving short-haul connectivity under the government’s regional air connectivity scheme, UDAN.
Posted Date: October 28, 2025Economy
♦ India’s net direct tax revenue climbed 6.33 percent to over Rs.11.89 lakh crore in the current fiscal year 2025-26 (till October 12), driven by stronger corporate tax collections and slower refund payouts.
♦ The total gross direct tax collection stood at Rs.13.92 lakh crore, up from Rs.13.60 lakh crore during the same period last year.
♦ Refunds issued declined to Rs.2.03 lakh crore, a fall of nearly 16% compared to Rs.2.41 lakh crore in FY 2024-25.
♦ Non-corporate tax stood at around 6.56 lakh crore rupees, up from over 5.94 lakh crore rupees in the same period in 2024.
♦ For the full fiscal year 2025-26, the government has set a direct tax collection target of Rs 25.20 lakh crore, aiming for a 12.7% increase over the previous year.
♦ The government also plans to raise Rs 78,000 crore from STT in the current fiscal.
Posted Date: October 13, 2025Economy
♦ Reserve Bank of India (RBI) has developed a Unified Markets Interface (UMI) which is envisioned as new next generation financial market infrastructure.
♦ Asset tokenization converts real-world assets into digital tokens on blockchain, creating fractional ownership and global trading opportunities.
♦ It offers new possibilities for the financial markets in expanding access, improving transparency and enhancing settlement efficiency through smart contracts.
Posted Date: October 12, 2025Economy
♦ India exported an estimated 7.75 lakh tonnes (775,000 tonnes) of sugar in the 2024-25 marketing year (October to September), the All India Sugar Trade Association (AISTA) announced on 12 October 2025.
♦ The sugar marketing year runs from October to September.
♦ The government had allowed exports of up to 10 lakh tonnes for 2024-25, beginning January 20, 2025.
♦ AISTA said mills shipped a total of 7.75 lakh tonnes between February and September, including 6.13 lakh tonnes of white sugar, 1.04 lakh tonnes of refined sugar, and 33,338 tonnes of raw sugar.
♦ About 21,000 tonnes of raw sugar delivered to Special Economic Zone refineries were considered deemed exports.
♦ The largest shipments went to Djibouti (1.46 lakh tonnes), followed by Somalia (1.35 lakh tonnes), Sri Lanka (1.34 lakh tonnes) and Afghanistan (75,533 tonnes).
Posted Date: October 12, 2025Economy
♦ The World Bank has raised India’s growth forecast for FY26 to 6.5%, up from its earlier projection of 6.3% in June.
♦ The revision reflects resilient domestic demand, a strong rural recovery, and the positive impact of recent tax reforms.
♦ It said, India is expected to remain the world’s fastest-growing major economy, driven by strong consumption growth, improved agricultural output, and rising rural wages.
♦ However, it downgraded the country’s growth forecast to 6.3 per cent for the financial year 2027 on the back of the 50 percent tariff imposed by the US.
♦ For other South Asian economies, the report projects mixed trends.
♦ Bangladesh is expected to grow at 4.8% in FY26, while Bhutan’s forecast has been downgraded to 7.3% due to delays in hydropower construction, although growth is expected to rebound in FY27.
♦ Growth in the Maldives is projected to slow to 3.9%, and Nepal’s economy is likely to expand by only 2.1%, amid recent unrest and heightened political and economic uncertainty.
♦ Sri Lanka, on the other hand, has seen its FY26 forecast upgraded to 3.5% due to strong performance in tourism and service exports.
Posted Date: October 7, 2025Economy
♦ GST collections climbed to Rs.1.89 lakh crore in 2025 September, marking a 9.1 percent (Rs.1.73 lakh crore) increase from the year-ago period (2024 September).
♦ It is to be noted that GST 2.0 reforms in the form of rate rationalisation, which came into force on September 22, have been reflected in the collections.
♦ During the month, the gross domestic revenue grew 6.8% to Rs.1.36 lakh crore, while tax from imports rose 15.6% to Rs.52,492 crore in September.
♦ However, GST refunds also rose by a steep 40.1% year-on-year to Rs.28,657 crore.
♦ In 2025 August, gross GST collections stood at Rs.1.86 lakh crore, a 6.5% increase from Rs.1.75 lakh crore in August 2024.
Posted Date: October 1, 2025Economy
♦ Moody's Ratings affirmed India's long-term local and foreign-currency issuer ratings and the local-currency senior unsecured rating at BSS3 on 29 September 2025.
♦ The rating agency has maintained its outlook for India as stable.
♦ The global rating agency also affirmed India's other short-term local-currency rating at P-3.
♦ The move reflects confidence in India’s strong economic growth.
♦ Moody noted that India remains a safe investment destination.
♦ While fiscal weaknesses and high debt remain concerns, the agency expects limited near-term impact from US tariffs and policy shifts on India’s economy.
Posted Date: September 29, 2025Economy
♦ India’s Sovereign Rating has been upgraded to BBB plus rating by a Japanese credit rating agency namely ‘Rating and Investment Information (R&I)’.
♦ BBB plus rating indicates stability.
♦ This is the third credit rating upgrade India has got this year (2025) from American credit rating agency S&P, Morningstar DBRS and R&I.
Posted Date: September 19, 2025Economy
♦ NITI Aayog launched two transformative initiatives, AI for Viksit Bharat Roadmap: Opportunity for Accelerated Economic Growth and NITI Frontier Tech Repository under its Frontier Tech Hub on 15 September 2025.
♦ These reports said that AI is expected to add nearly USD 2 trillion to India’s economy by 2035.
♦ The report titled “AI for Viksit Bharat: The Opportunity for Accelerated Economic Growth” projects that AI adoption across industries, coupled with innovation in research and development, could help India bridge nearly half of the growth gap required to reach an aspirational GDP of USD 8.3 trillion by 2035 from a projected USD 6.6 trillion.
♦ The analysis identifies two major growth drivers: accelerating AI adoption across industries, accounting for 30-35 percent of the growth push, and transforming R&D with generative AI, contributing another 20-30 percent.
♦ Banking and manufacturing are expected to be immediate beneficiaries.
♦ In financial services, AI could enable hyper-personalised customer experiences, advanced fraud detection, and more inclusive lending, unlocking an estimated USD 50-55 billion in value.
♦ In manufacturing, productivity gains and intelligent product design could add USD 85-100 billion.
♦ The report also points to future growth engines, including AI-enabled drug discovery, next-generation auto components, and software-assisted vehicles.
♦ By 2035, India could see up to 20 million such vehicles on its roads, delivering USD 20-25 billion in export gains and import substitution.
Posted Date: September 15, 2025Economy
♦ Research and ratings firm Crisil said that the headline inflation during 2025-26 is projected to be 3.2 percent, lower than its earlier estimate of 3.5 percent.
♦ In its latest report, Crisil said that the moderation implies a decline of 140 basis points in CPI inflation during this financial year, which is likely to give space for monetary easing.
♦ It said the RBI may cut rates by another 25 basis points this year.
♦ CPI inflation inched up to 2.1 percent in August 2025, from 1.6 per cent in July, moving above the RBI tolerance threshold of two percent.
Posted Date: September 13, 2025Economy
The Government has reduced GST on several items across different categories. The new tax structure has two major slabs now 5 percent and 18 percent, and a whopping 40 percent for sin goods. These decisions were taken at the 56th Meeting of the GST Council, chaired by the Union Finance Minister Nirmala Sitharaman on 3 September 2025. The GST rate rationalisation will be implemented from September 22.
Highlights:
♦ The GST Council endorsed a transition from the existing four-tier GST framework (5, 12, 18 and 28 per cent) to a simplified two-rate structure of 5 and 18 percent.
♦ A special 40 percent slab is, however, proposed for a select few items such as high-end cars, tobacco and cigarettes.
♦ Items such as hair oil, toilet, soap bars, soap bars, shampoos, toothbrushes, toothpaste, bicycles, tableware, kitchenware and other household articles are now at 5%.
♦ Essential food items will remain tax-free, whilst various everyday food products and beverages will likely see reduced rates from 18 percent to 5 percent.
♦ This includes butter, ghee, dry nuts, condensed milk, sausages, meat, sugar boiled confectionery, jam, fruit jellies, tender coconut water, namkeen, 20-litre packaged drinking water, fruit pulp, juice, milk-based beverages, ice cream, pastry, biscuits, corn flakes, cereals and sugar confectionery.
New GST rates..
| Items | From | To |
| Hair Oil, Shampoo, Toothpaste, Toilet Soap Bar, Tooth Brushes, Shaving Cream |
18% | 5% |
| Butter, Ghee, Cheese & Dairy Spreads | 12% | 5% |
| Pre-packaged Namkeens, Bhujia & Mixtures | 12% | 5% |
| Utensils | 18% | 5% |
| Feeding Bottles, Napkins for Babies & Clinical Diapers | 12% | 5% |
| Sewing Machines & Parts | 12% | 5% |
| Tractor Tyres & Parts | 18% | 5% |
| Tractors | 12% | 5% |
| Specified Bio-Pesticides, Micro-Nutrients | 12% | 5% |
| Drip Irrigation System & Sprinklers | 12% | 5% |
| Agricultural, Horticultural or Forestry Machines for Soil Preparation, Cultivation, Harvesting & Threshing |
12% | 5% |
| Individual Health & Life Insurance | 18% | Nil |
| Thermometer | 18% | 5% |
| Medical Grade Oxygen | 18% | 5% |
| All Diagnostic Kits & Reagents | 12% | 5% |
| Glucometer & Test Strips | 12% | 5% |
| Corrective Spectacles | 12% | 5% |
| Petrol & Petrol Hybrid, LPG, CNG Cars (not exceeding - 1200 cc & 4000mm) |
28% | 18% |
| Diesel & Diesel Hybrid Cars (not exceeding - 1500 cc & 4000mm) | 28% | 18% |
| 3 Wheeled Vehicles | 28% | 18% |
| Motor Cycles (350 cc & below) | 28% | 18% |
| Motor Vehicles for transport of goods | 28% | 18% |
| Maps, Charts & Globes | 12% | Nil |
| Pencils, Sharpeners, Crayons & Pastels | 12% | Nil |
| Exercise Books & Notebooks | 12% | Nil |
| Eraser | 5% | Nil |
| Air Conditioners | 28% | 18% |
| Television (above 32") (including LED & LCD TVs) | 28% | 18% |
| Monitors & Projectors | 28% | 18% |
| Dish Washing Machines | 28% | 18% |
Posted Date: September 3, 2025
Economy
♦ The Unified Payments Interface (UPI) crossed 20 billion transactions in August for the first time in its history, the National Payments Corporation of India (NPCI) data showed on 1 September 2025.
♦ In August, UPI transactions reached 20.01 billion mark, registering a 2.8 percent increase over July (19.47 billion). On the annual basis, this is a 34 percent increase.
♦ In terms of value, UPI recorded transactions worth Rs.24.85 lakh crore during August, up 24 percent on-year, the data showed.
♦ Moreover, the average daily transaction count jumped to 645 million (up from 628 million in July), and the daily transaction value stood at Rs 80,177 crore, as per the NPCI data.
♦ UPI had earlier achieved a record of crossing 700 million transactions in a single day on August 2.
Posted Date: September 1, 2025Economy
♦ India’s Goods and Services Tax (GST) collections rose by 6.5% year-on-year to Rs.1.86 lakh crore in August 2025, according to government data released on September 1.
♦ This marks the eighth consecutive month that revenues have remained above the Rs.1.8 lakh crore mark.
♦ During August, gross domestic GST revenue grew 9.6% to Rs.1.37 lakh crore, while tax from imports slipped 1.2% to Rs.49,354 crore.
♦ Refunds fell sharply by 20% year-on-year to Rs.19,359 crore.
♦ Net GST revenue, however, showed strong momentum, rising 10.7% to Rs.1.67 lakh crore.
Posted Date: September 1, 2025Economy
♦ Aaccording to an RBI article, Capital investment by the private sector is likely to rise 21.5 percent to Rs.2.67 lakh crore in 2025-26 aided by robust macroeconomic fundamentals, and a 100-bps policy rate cut.
♦ The article, titled Private Corporate Investment: Growth in 2024-25 and Outlook for 2025-26, said Indian companies entered the fiscal year with healthier balance sheets, stronger cash buffers, improved profitability, and better access to diversified funding sources despite global uncertainties.
♦ The article has been authored by Snigdha Yogindran, Sukti Khandekar, Rajesh B Kavediya and Aloke Ghosh, all from the RBI's Department of Statistics and Information Management.
Posted Date: August 31, 2025Economy
♦ India and Australia have reaffirmed their commitment to further advance Comprehensive Economic Cooperation Agreement (CECA).
♦ Both sides discussed this during the Eleventh Round of India-Australia Comprehensive Economic Cooperation Agreement (CECA) negotiations, which concluded in New Delhi on 23 August 2025.
♦ The six-day CECA negotiations were aimed at further advancing the shared objective of strengthening bilateral trade and economic partnership.
♦ Commerce and Industry Ministry said, India and Australia remain strongly aligned to the early conclusion of a mutually beneficial Comprehensive Economic Cooperation.
Posted Date: August 23, 2025Economy
♦ India’s total fish production surging by 104 percent from 96 lakh tonnes in 2013-14 to 195 lakh tonnes in 2024-25, according to the latest data from the Department of Fisheries.
♦ This expansion, particularly in inland fisheries which grew by 142 percent to 147.37 lakh tonnes, underscores the country’s emergence as the world’s second-largest fish producer, contributing around 8 percent to global output.
♦ This growth reflects a shift towards sustainable, high-yield methods, bolstered by investments in hatcheries, pond systems, cold chains and market networks.
♦ The Union Budget for 2025-26 has allocated a record Rs 2,703.67 crore for the sector.
♦ The journey began with the Blue Revolution in 2015, aimed at enhancing productivity and infrastructure in marine and inland fisheries.
♦ However, gaps in post-harvest handling, traceability and fisher welfare persisted, leading to the launch of PMMSY in 2020.
♦ With a total outlay of Rs 20,050 crore over five years (extended to 2025-26), the scheme has approved projects worth Rs 21,274.16 crore as of July 22, 2025, including a central share of Rs 9,189.79 crore.
♦ So far, Rs 5,587.57 crore has been released, generating direct and indirect jobs in fishing, aquaculture, processing and marketing.
♦ Under PMMSY, the government has also greenlit the formation of 200 existing fisheries cooperatives into Fish Farmer Producer Organisations (FFPOs) and 195 new ones as of July 29, 2025.
♦ Infrastructure projects total Rs.17,210.46 crore, with Rs.6,761.80 crore from the Centre.
Posted Date: August 23, 2025Economy
♦ President Droupadi Murmu has given her assent to the Income-tax Act, 2025 on 22 August, which will replace the archaic Income Tax Act, 1961.
♦ The Income Tax Act, 2025, will come into effect from 2026 April 1.
♦ The new Act will make tax laws simple and reduce wordage in the legislation, making it easy to understand.
♦ The new law removes redundant provisions and archaic language and reduces the number of Sections from 819 in the Income Tax Act of 1961 to 536 and the number of chapters from 47 to 23.
♦ The number of words had been reduced from 5.12 lakh to 2.6 lakh in the new Income Tax Act, and for the first time, it introduces 39 new tables and 40 new formulas, replacing the dense text of the 1961 law to enhance clarity.
Posted Date: August 22, 2025Economy
♦ The total Assets Under Management (AUM) of Infrastructure Investment Trusts (InvITs) in India have reached $73 billion in FY 2025, driven by large-scale infrastructure investments, According to the Knight Frank report.
♦ This figure is projected to grow 3.5 times to $257.9 billion by 2030.
♦ India has emerged as one of the fastest-growing destinations for Infrastructure Investment Trusts and Real Estate Investment Trusts (REITs) in Asia.
♦ Central government spending on core infrastructure surged from $12 bn in FY 2015 to $75 bn in FY 2025, a 6.2-fold rise, growing from 0.6 percent of the GDP to 2.0 percent over the same period, reflecting a strong policy focus on infrastructure-led growth, the report stated.
♦ Infrastructure development will be crucial to achieving India’s $7 trillion economy target, which Knight Frank estimates will require $2.2 trillion in investment.
♦ The report said, globally, there are over 1,000 publicly listed REITs and InvITs, also termed master business trusts, boasting a combined market capitalisation of approximately $3 trillion.
♦ In India, there are currently five REITs and 17 InvITs listed on the stock exchange, with a combined market capitalisation of $33.2 billion.
Posted Date: August 19, 2025Economy
♦ India’s merchandise exports showed a strong performance in July, registering an increase of around 7.3 percent to 37.24 billion dollars on an annual basis.
♦ According to provisional data by the Ministry of Commerce and Industry, major drivers of goods exports growth were engineering goods, gems and jewellery, electronics, pharmaceuticals and organic and inorganic chemicals.
♦ Among these, electronic goods exports increased around 34 per cent from 2.81 billion dollars in July 2024 to 3.77 billion dollars last month.
♦ The total exports of goods and services during the same period is estimated at 277.63 billion dollars, registering a growth of 5.23 per cent as compared to corresponding figure last year.
Posted Date: August 16, 2025Economy
♦ Kerala State Financial Enterprises (KSFE) has become the first miscellaneous non-banking financial company in India to achieve a business turnover of Rs.1 lakh crore.
♦ The state-owned firm reached this figure in record time, doubling its turnover from Rs.50,000 crore in just four years.
Posted Date: August 11, 2025Economy
♦ India’s Goods and Services Tax (GST) collections rose to Rs.1.96 lakh crore in 2025 July, up 7.5 percent from the same month of the previous year (2024 July).
♦ The data was released by the Union Government on 1 August 2025.
♦ In July 2025, the total gross GST collection comprised Rs.35,470 crore from Central GST, Rs.44,059 crore from State GST, Rs.1,03,536 crore from Integrated GST (including Rs 51,626 crore from imports), and Rs.12,670 crore from cess (including Rs 1,086 crore from imports).
♦ While July 2025, marked the seventh consecutive month with collections above Rs.1.8 lakh crore, the figure was lower than the Rs.2.1 lakh crore average seen in the first quarter of FY26.
Posted Date: August 1, 2025Economy
♦ The International Monetary Fund (IMF) has revised its forecast for India’s economic growth to 6.4 percent for both 2025 and 2026.
♦ Earlier in its April 2025 World Economic Outlook, IMF had projected India’s GDP growth at 6.2 percent for 2025 and 6.3 percent for 2026.
♦ The IMF has also modestly raised its global growth outlook to 3.0 percent in 2025 and 3.1 percent in 2026, citing lower-than-expected impact from tariffs, a weaker US dollar, and improved financial conditions.
♦ China is forecast to grow at 4.8 percent in 2025 and 4.2 percent in 2026, while the US is expected to expand 1.9 percent in 2025 and 2.0 percent in 2026.
Posted Date: July 29, 2025Economy
♦ India and the Maldives have signed a Memorandum of Understanding (MoU) to strengthen bilateral collaboration in fisheries and aquaculture.
♦ The agreement, inked during Prime Minister Narendra Modi’s state visit to the Maldives, is aimed at promoting sustainable marine practices and innovation across both nations.
♦ The partnership aims to promote sustainable tuna and deep-sea fisheries, strengthen aquaculture and sustainable resource management, foster fisheries-based eco-tourism, and support innovation and scientific research across both countries.
♦ The MOU also will facilitate training and knowledge exchange programs, with a focus on capacity building in aquatic animal health, biosecurity screening, aquaculture farm management, and specialized technical fields such as refrigeration, mechanical engineering, and marine engineering to support long-term skills development within the sector.
Posted Date: July 26, 2025Economy
♦ Prime Minister Narendra Modi and his British counterpart Keir Starmer signed the India-UK Free Trade Agreement (FTA) on 24 July 2025, marking a landmark moment in the bilateral economic relationship.
♦ As part of the historic pact, the UK will reduce duties on 99 percent of Indian exports, while India will lower tariffs on 90 percent of British goods, significantly easing tariff barriers and regulatory procedures across multiple sectors.
♦ The agreement is expected to make imported goods more affordable for Indian consumers, including luxury cars, cosmetics, medical devices, gin, and Scotch whisky.
♦ Within the next two years, India’s leather industry is projected to increase its market share in the UK by 5 percent.
♦ The two leaders adopted the India-UK Vision 2035, a roadmap for the next decade that aims to enhance cooperation in the areas of economy, technology, innovation, research, education, defence, climate action, health, and people-to-people ties.
Posted Date: July 24, 2025Economy
♦ The National Payments Corporation of India (NPCI) announced the onboarding of 13 more Indian banks to the UPI-PayNow cross-border payments linkage between India and Singapore.
♦ With this expansion, a total of 19 Indian banks are now part of the real-time remittance system, aimed at further simplifying international money transfers for individuals and small businesses.
♦ The UPI-PayNow linkage is a real-time cross-border remittance service launched as a joint initiative between the Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS).
♦ Designed to simplify and accelerate international money transfers, the system enables people in India and Singapore to send and receive funds using just their UPI ID, mobile number or Virtual Payment Address (VPA).
♦ List Of 13 New Banks Recently Added To UPI-PayNow Linkage:
1. Bank of Baroda, 2. Bank of India, 3. Canara Bank, 4. Central Bank of India, 5. Federal Bank, 6. HDFC Bank, 7. IDFC FIRST Bank, 8. IndusInd Bank, 9. Karur Vysya Bank, 10. Kotak Mahindra Bank, 11. Punjab National Bank, 12. South Indian Bank. 13. UCO Bank
♦ Banks Previously Live On The UPI-PayNow Linkage:
1. Axis Bank, 2. DBS Bank India, 3. ICICI Bank, 4. Indian Bank, 5. Indian Overseas Bank, 6. State Bank of India (SBI).
Economy
♦ The Confederation of Indian Industry (CII) has projected India’s real GDP growth to remain in the range of 6.4% to 6.7% in the financial year 2025-26.
♦ CII said that India must anchor its growth in competitiveness, driven by scale, productivity, innovation and resilience, especially at a time when global trade and technology dynamics are changing rapidly.
♦ Highlighting India’s energy transition goals, CII called for sector-specific strategies, including for mobility, and advocated the proactive creation of Green Hydrogen and Renewable Energy hubs.
♦ The industry body also plans to launch a dedicated Mission on Energy Transition to encourage industries to shift towards low-carbon alternatives.
Posted Date: July 3, 2025Economy
♦ India’s gross Goods and Services Tax (GST) collection for 2025 June stood at Rs.1.85 lakh crore.
♦ Gross GST collections stood at Rs.1.73 lakh crore in June 2024.
♦ In comparison, the revenue in April 2025 had touched a record Rs.2.37 lakh crore, while May’s mop-up was Rs.2.01 lakh crore.
♦ As per the official statement, the components of the Rs.1.84 lakh crore collected in June 2025 include:
Central GST (CGST): Rs.34,558 crore
State GST (SGST): Rs.43,268 crore
Integrated GST (IGST): Rs.93,280 crore
GST Cess: Rs.13,491 crore
Posted Date: July 1, 2025Economy
♦ Gross GST collections have doubled in five years to reach an all-time high of Rs.22.8 lakh crore in the financial year 2024-25.
♦ According to the GST data, a year-on-year growth of 9.4 percent has been witnessed in the tax collection during last five years (2020-25).
♦ In 2020-21, the total collection was Rs.11.37 lakh crore.
♦ As per the data, the average monthly GST collection in last fiscal stood at Rs.1.84 lakh crore.
♦ Introduced in 2017, July 1 as a major step towards economic integration and tax reforms.
♦ GST replaced a maze of indirect taxes with a single, unified system.
♦ It made tax compliance easier, reduced costs for businesses, and allowed goods to move freely across states.
♦ These measures not only improved ease of doing business but also strengthened the tax base.
Posted Date: June 30, 2025Economy
♦ According to a report by S&P Global Ratings, India’s economy is projected to grow at 6.5 percent in the current fiscal year (2025-26).
♦ The report, which covers Asia-Pacific economies, noted that India’s domestic demand resilience is especially crucial in limiting economic slowdowns in economies less reliant on goods exports.
♦ India’s Wholesale Price Index (WPI)-based inflation dropped to a 14-month low of 0.39 per cent in May, down from 0.85 percent in April and 2.05 percent in March.
♦ Meanwhile, Consumer Price Index (CPI)-based retail inflation declined to 2.82 percent in May—its lowest level since February 2019—compared to the same month a year ago.
♦ Food inflation specifically fell to 0.99 percent in May, the lowest since October 2021.
♦ This marks the seventh consecutive month of declining food inflation, supported by rising agricultural output.
Posted Date: June 24, 2025Economy
♦ According to the Fossil Fuel Finance Report 2025, the world’s largest 65 banks committed $869 billion in 2024 to companies in the fossil fuels sector, up from $707 billion in 2023.
♦ This represents the 16th annual report documenting the largest banks’ commitments to financing fossil fuels, with financing for fossil fuel expansion also increasing in 2024 in another reverse of trends.
♦ As per the report, SBI was the only Indian bank in the top 65 with a $65 million increase in fossil fuel financing in 2024 from 2023 to $2.62 billion, putting it at the 47th spot out of the 65 banks, up from 49 in 2023.
♦ In comparison, JPMorgan Chase retained its top spot in the list as it gave $53.5 billion to fossil fuel companies last year, $15 billion more than it did in 2023.
♦ This is more than SBI’s total fossil fuel financing of $10.6 billion from 2021 to 2024.
Posted Date: June 22, 2025Economy
♦ The National Payments Corporation of India (NPCI) and the Institute for Development and Research in Banking Technology (IDRBT) signed a memorandum of understanding (MoU) to work together on strengthening cyber security and resilience in India's fast-growing digital payments ecosystem, including UPI.
♦ This partnership aims to improve the overall safety of digital transactions by focusing on training, awareness, and proactive risk management.
♦ Under the MoU, both organisations will jointly offer specialised training programmes for technology and cyber security professionals in the banking and digital payments sectors.
Posted Date: June 13, 2025Economy
♦ The World Bank kept India’s economic growth projection at 6.3 percent for FY 2025-26, as the country remains the fastest-growing economy globally.
♦ The global growth has been projected to slow to 2.3 percent in 2025, nearly half a percentage point lower than the rate that had been expected at the start of the year.
♦ The World Bank said these points in its latest Global Economic Prospects report.
♦ In January 2025, the World Bank had forecast India's growth projection for 2025-26 at 6.7 percent.
♦ World Bank expects China to grow at 4.5 percent in 2025 and 4 percent next year (2026).
Posted Date: June 10, 2025Economy
♦ According to the latest World Bank data, India has made remarkable progress in reducing extreme poverty, with 269 million people moving out of it between 2011-12 and 2022-23.
♦ Extreme poverty rate dropped significantly from 27.1 percent in 2011-12 to just 5.3 percent in 2022-23.
♦ In 2011-12, around 344.47 million people in India were living in extreme poverty. By 2022-23, that number fell sharply to 75.24 million.
♦ Much of this progress came from states like Uttar Pradesh, Maharashtra, Bihar, West Bengal, and Madhya Pradesh, which together accounted for 65 percent of India’s extreme poor in 2011-12.
♦ These states contributed to two-thirds of the total poverty reduction over the past decade.
♦ Using the earlier 2.15 Dollars per-day poverty line, based on 2017 prices, the poverty rate in India fell from 16.2 percent in 2011 to just 2.3 percent in 2022.
♦ This translates to a drop in the number of people living in extreme poverty from 205.93 million to 33.66 million.
♦ The World Bank defines extreme poverty as living on less than 3.00 US Dollars per day, adjusted to 2021 prices.
♦ The decline in poverty has been widespread across both rural and urban areas. Rural poverty decreased from 18.4 percent to 2.8 percent, while urban poverty fell from 10.7 percent to just 1.1 percent over the 11-year period.
♦ India has also seen strong improvement in reducing multidimensional poverty, which includes factors such as health, education, and standard of living.
♦ The Multidimensional Poverty Index dropped from 53.8 percent in 2005-06 to 16.4 percent in 2019-21, and further down to 15.5 percent in 2022-23.
Posted Date: June 7, 2025Economy
♦ The Reserve Bank of India’s six-member Monetary Policy Committee (MPC) has slashed the repo rate by a 50 basis points to 5.50 percent, marking the third consecutive reduction since February 2025.
♦ The MPC move aims to boost growth prospects as inflation remains below the 4 percent target.
♦ The rate cut will benefit borrowers, especially home loans, while depositors and savers can expect lower returns on their bank deposits in the coming months.
♦ The central bank also cut the cash reserve ratio of banks by 100 basis points to 3 percent, releasing Rs 2.5 lakh crore of lendable resources to the banking system.
Highlights:
♦ The RBI has revised its inflation outlook for 2025-26 downwards from the earlier forecast of 4 percent to 3.7 percent.
♦ The RBI has projected India’s Gross Domestic Product (GDP) growth at 6.5 percent for 2025-26, with domestic economic activity showing resilience on the back of a strong agriculture sector, industry picking up, and the services sector expected to maintain momentum.
Posted Date: June 6, 2025Economy
♦ Singapore continued to be India's largest source of foreign direct investment (FDI) for the last seven years, as the country received the highest inflows of about $15 billion in 2024-25.
♦ The overseas inflow grew 13 percent to $50 billion in the last fiscal.
♦ The total FDI, which includes equity inflows, reinvested earnings and other capital, grew by 14 percent to $81.04 billion during the last financial year.
♦ It is the highest in the last three years.
♦ FDI from Singapore in 2024-25 increased to $14.94 billion from $11.77 billion in 2023-24, according to the latest government data.
♦ Singapore accounted for around 19 percent of total inflows in 2024-25.
Posted Date: June 1, 2025Economy
♦ India’s gross Goods and Services Tax (GST) collection for May 2025 stood at Rs.2.01 lakh crore, registering a 16.4 percent increase over the Rs.1.72 lakh crore collected in May 2024, data released by the Ministry of Finance on 1 June 2025.
♦ In April 2025, India's GST collections had surged by 12.6 percent to an all-time high of Rs.2.37 lakh crore.
♦ The year-on-year growth was driven by a 25.2 percent increase in GST collected from imports and a 13.7 percent rise from domestic transactions.
♦ Gross GST revenue from imports stood at Rs.51,266 crore, while domestic sources contributed Rs.1,49,785 crore.
♦ In 2025 May, the gross Central GST revenues stood at Rs.35,434 crore, State GST revenues at Rs.43,902 crore and Integrated GST at about Rs.1.09 lakh crore.
♦ Revenues from Cess was at Rs.12,879 crore.
Posted Date: June 1, 2025Economy
♦ The National Statistics Office (NSO), under the Ministry of Statistics and Programme Implementation (MoSPI), has released the Provisional Estimates of Annual Gross Domestic Product (GDP) for the financial year 2024–25 on 30 May 2025.
♦ India’s real GDP at constant (2011–12) prices is estimated to have grown by 6.5% in FY 2024–25, reaching Rs.187.97 lakh crore, compared to Rs.176.51 lakh crore in 2023–24.
♦ At current prices, the nominal GDP has increased by 9.8%, amounting to Rs.330.68 lakh crore, up from Rs.301.23 lakh crore in the previous financial year (2024-25).
♦ Real Gross Value Added (GVA) for the year is estimated at Rs.171.87 lakh crore, reflecting a 6.4% growth from Rs.161.51 lakh crore in FY 2023–24.
♦ The nominal GVA stands at Rs.300.22 lakh crore, a 9.5% increase over the previous year.
♦ The primary sector, which includes agriculture, livestock, forestry, fishing, mining, and quarrying, registered a growth rate of 4.4% in FY 2024–25, a notable improvement from 2.7% in the previous year.
Posted Date: May 30, 2025Economy
♦ NITI Aayog CEO BVR Subrahmanyam on 25 May 2025. India’s GDP is currently $4.187 trillion, overtaking Japan’s $4.186 trillion.
♦ India is now behind only three countries in terms of GDP size: USA ($30.51 trillion), China ($19.23 trillion) and Germany ($4.74 trillion). UK is at the fifth position now with a GDP of $3.38 trillion. USA’s GDP is 7 times of India’s as of now.
♦ According to the April 2025 edition of the IMF’s World Economic Outlook, India’s economy is expected to grow by 6.2 percent in 2025 and 6.3 percent in 2026, maintaining a solid lead over global and regional peers.
♦ India’s GDP was 2.1 trillion dollar in 2015, since then, the country has more than doubled its economy. According to the report, the high rate of growth will see India’s GDP increasing to 5.5 trillion dollar in 2028 overtaking Germany to become the third-largest economy.
♦ The IMF has projected a zero growth rate for Germany in 2025, followed by 0.9 percent in 2026 as it is expected to be hit the hardest among the European countries due to the ongoing global trade war.
Posted Date: May 25, 2025Economy
♦ Global rating agency Fitch Ratings upped India's average growth estimate for 2023-2028 to 6.4 percent, from 6.2 percent on 22 May 2025.
♦ Fitch highlighted that the revised estimate for India shows a stronger contribution from labour inputs, mainly total employment, rather than labour productivity.
♦ At the same time, the global rating agency has scaled down China’s growth projection by 0.3 percentage points to 4.3 percent from 4.6 percent earlier.
Posted Date: May 22, 2025Economy
♦ Union Commerce and Industry ministry said, India is now the fourth largest exporter of marine products.
♦ A total of 130 countries importing Indian marine products in FY 2024-25, as against 105 in 2014-15.
♦ In 2024-25, India exported 16.85 lakh metric tonnes (LMT) of marine products from 10.51 LMT in 2014-15.
♦ Backed by advancements in aquaculture practices, better cold chain infrastructure, and adherence to international quality norms, the country’s marine exports grew to $7.2 billion in 2024-25 from $5.4 billion in FY15.
♦ India’s ranking rose four notches from eighth in 2014-15 in marine product exports, signalling its growing competitiveness and credibility in the global market.
♦ With a Compound Annual Growth Rate of 3.15% during this period (2014-15), India has outpaced the global average growth rate of 2.7%, further solidifying its rising stature in the international seafood arena.
Posted Date: May 18, 2025Economy
♦ According to the UN, India remains the fastest-growing large economy and is expected to record a 6.3 percent growth this fiscal year (2025-26), while the global economy faces a “precarious moment”.
♦ The UN’s mid-year update of the World Economic Situation and Prospects (WESP) report said India’s economy is projected to grow a tad faster next year at 6.4 per cent, even though it is also 0.3 percent lower than the January projection.
♦ The projection for China is 4.6 per cent, for the US 1.6 percent, Germany (negative) -0.1 percent, Japan 0.7 percent, and the European Union 1 percent.
Posted Date: May 15, 2025Economy
♦ Bhutan became the first country to launch a nationwide tourism payment infrastructure powered by cryptocurrency, marking a significant milestone in national-level blockchain adoption.
♦ The initiative is a collaboration between Binance Pay and Bhutan’s state-owned DK Bank, a subsidiary of Druk Holding & Investments.
♦ The new system allows international tourists to use cryptocurrencies—including Bitcoin (BTC), Ethereum (ETH), BNB, and select stablecoins—to pay for a wide range of tourism-related services.
♦ These include visa fees, air travel, accommodations, tour guides, and even purchases at local markets.
♦ All transactions are processed through the Binance Pay platform.
Posted Date: May 13, 2025Economy
♦ The world’s first commercial-scale e-methanol plant began operations in Denmark on 13 May 2025, with shipping giant Maersk set to buy part of the production as a low-emission fuel for its fleet of container ships.
♦ The shipping sector is under pressure to find new sources of fuel after a majority of countries gave their backing to measures to help meet the International Maritime Organization’s targets towards elimating carbon emissions by 2050.
♦ Located in Kasso in southern Denmark, the new plant, which has cost an estimated 150 million euros ($167 million), will produce 42,000 metric tons, or 53 million litres, of e-methanol per year.
Posted Date: May 13, 2025Economy
♦ Public sector banks' cumulative profit rose to a record level of Rs.1.78 lakh crore in the fiscal year ended March 2025, registering a growth of 26 percent over the previous year (2023-24). All 12 public sector banks had earned a total profit of Rs.1.41 lakh crore in FY24.
♦ The year-on-year increase in profit in absolute terms rose by about Rs 37,100 crore in FY25.
♦ Out of the total profit of Rs.1,78,364 crore earned during the FY25, market leader State Bank of India (SBI) alone contributed over 40 percent of the total earnings, as per the published numbers on stock exchanges.
♦ SBI logged a net profit of Rs.70,901 crore in FY25, 16 percent higher than the previous fiscal (Rs.61,077 crore).
♦ In percentage terms, Delhi-based Punjab National Bank reported the highest net profit growth of 102 percent to Rs.16,630 crore, followed by Punjab & Sind Bank with a 71 percent rise to Rs.1,016 crore.
♦ During the year, all 12 public sector banks (PSBs) reported a rise in profit.
Posted Date: May 10, 2025Economy
♦ India got a rating upgrade to ‘BBB’ with a ‘Stable’ outlook from Morningstar DBRS, a global sovereign credit rating agency on 9 May 2025.
♦ The rating scale for Morningstar DBRS is similar to the Fitch and S&P rating scales (It uses ‘high’ and ‘low’ as suffixes compared to the +/- nomenclature used by Fitch and S&P). ‘BBB-Low’ or ‘BBB- is the last investment grade.
♦ A 'BBB' rating denotes adequate credit quality, suggesting a capacity to meet financial obligations despite potential vulnerabilities to economic shocks.
♦ India’s overall debt-to-GDP ratio exceeds 80%, encompassing both state and central government debt.
♦ The central government’s debt ratio stood at 57.5% in FY24, projected to decline to 56.1% by FY26, according to the finance ministry.
Posted Date: May 9, 2025Economy
♦ According to the latest World Economic Outlook released by the International Monetary Fund (IMF).
♦ India will become the world’s fourth-largest economy in 2025, overtaking Japan.
♦ The report estimates India’s nominal GDP will reach 4,187.02 billion dollars next year (2026), marginally ahead of Japan’s 4,186.43 billion dollars.
♦ The IMF forecasts that India will continue to be the fastest-growing major economy, maintaining a growth rate above 6 percent over the next two years.
♦ In contrast, Japan is expected to see muted growth of just 0.6 percent in both 2025 and 2026, as the global trade slowdown weighs on its export-driven economy.
♦ India’s strong economic momentum is likely to propel it further up the global rankings.
♦ By 2028, the country’s GDP is projected to rise to 5,584.48 billion dollars, placing it ahead of Germany and making it the third-largest economy globally.
Posted Date: May 8, 2025Economy
♦ India and the United Kingdom have officially signed a landmark Free Trade Agreement (FTA) on 6 May 2025, that promises to reshape the future of bilateral trade, create new employment opportunities, and strengthen India’s integration with global markets.
♦ Under the agreement, India will reduce duties on British exports such as Scotch whisky and premium automobiles by up to 90 per cent, making these goods more accessible to Indian consumers.
♦ In exchange, the UK will eliminate tariffs on Indian textile imports, a move that could lower prices for British consumers and enhance the competitiveness of Indian exporters.
♦ Concluded after more than three years of negotiations, the deal is expected to boost the UK economy by up to Euro 5 billion annually and significantly expand trade and investment between the two nations.
♦ Bilateral trade between India and the United Kingdom rose to USD 21.34 billion in 2023-24, up from USD 20.36 billion the previous year.
♦ Currently, goods imported from India into the UK attract an average tariff of 4.2 percent.
Posted Date: May 6, 2025Economy
♦ As per the latest data released by the Reserve Bank of India, India’s total exports have touched an all-time high of 824.9 billion dollars in the financial year 2024-25, which includes the services trade for March 2025.
♦ This marks a growth of 6.01 percent over the previous year’s (2023-24) export figure of 778.1 billion dollars. Services exports led the surge, rising 13.6 percent to an all-time high of 387.5 billion dollars.
♦ In 2025 March alone, services exports grew 18.6 percent year-on-year to 35.6 billion dollars.
♦ Merchandise exports reached 437.4 billion dollars, with non-petroleum exports hitting a record 374.08 billion dollars, up 6 percent from the previous year (2024).
♦ The updated figures surpass the Commerce Ministry’s earlier estimate of 820.93 billion dollars, reflecting stronger-than-expected services trade performance.
Posted Date: May 2, 2025Economy
♦ Goods and Services Tax (GST) collection rose 12.6 percent to an all-time high of about Rs 2.37 lakh crore in April 2025 compared to the same month last year.
♦ The GST mop-up was Rs 2.10 lakh crore in April 2024, the second highest collection ever since the roll-out of the indirect tax regime on July 1, 2017. In March 2025, the collection was Rs 1.96 lakh crore.
♦ GST revenue from domestic transactions rose 10.7 percent to about Rs.1.9 lakh crore, while revenue from imported goods was up 20.8 percent to Rs.46,913 crore.
♦ Refunds issuance rose 48.3 per cent to Rs.27,341 crore during April.
♦ After adjusting refunds, net GST collection rose 9.1 percent to over Rs.2.09 lakh crore in April.
Posted Date: May 1, 2025Economy
♦ Stockholm International Peace Research Institute (SIPRI) released a report, titled “Trends in World Military Expenditure 2024”, on 28 April 2025.
♦ According ti this India's military spending in 2024 was almost nine times higher than Pakistan's.
♦ India spent $86.1 billion on its military in 2024. That's a 1.6 percent rise compared to 2023.
♦ In contrast, Pakistan's military budget stood at $10.2 billion.
♦ India is now the fifth-largest military spender in the world.
♦ The top five — the United States ($997 billion), China ($314 billion), Russia ($149 billion), Germany ($88.5 billion), and India — together accounted for 60 pecent of global defence spending, with a combined total of $1635 billion.
♦ Global military expenditure reached $ 2,718 billion in 2024, an increase of 9.4 percent in real terms from 2023.
Posted Date: April 28, 2025Economy
♦ Ministry of Electronics and Information Technology (MeitY) in collaboration with the International Council for Circular Economy (ICCE) launched the ‘I Am Circular’ Coffee Table Book on 23 April 2025.
♦ The book is a vibrant celebration of India’s innovative spirit in driving the circular economy forward.
♦ The book is a rich showcase of India’s commitment to sustainability and innovation through the lens of the circular economy a system that emphasizes reusing, recycling, and reducing waste.
Posted Date: April 23, 2025Economy
♦ The World Bank lowered India’s growth forecast for the current fiscal (2025-26) by 4 percentage points to 6.3% amid global economic weakness and policy uncertainty on 23 April 2025.
♦ In its previous estimate, the World Bank had projected India’s growth at 6.7% for the fiscal year 2025-26.
♦ The IMF revised its projection downward to 6.2 percent for the financial year 2025-26 (FY26).
♦ The RBI too recently cut India’s growth forecast to 6.5 percent from 6.7 percent estimated earlier.
Posted Date: April 23, 2025Economy
♦ India’s smartphone exports crossed Rs.2 lakh crore for the first time in the financial year 2024–25 (FY25).
♦ This achievement, announced by Union Minister for Electronics and IT, Ashwini Vaishnaw, showcases the impact of the Production-Linked Incentive (PLI) scheme and India’s strengthening position in global supply chains.
♦ Smartphone exports rose by 54% compared to the previous financial year (2023-24), as global value chains (GVCs) continued to integrate with India’s growing electronics manufacturing sector.
♦ The India Cellular and Electronics Association (ICEA) had projected smartphone exports to touch $20 billion (around Rs.1.68 lakh crore) in FY25, but actual figures exceeded expectations by a wide margin.
♦ Apple emerged as the single largest contributor to this export surge, with its iPhone supply chain accounting for nearly 70% of total smartphone exports.
♦ Foxconn’s facility in Tamil Nadu alone contributed about 50% of all shipments, recording a 40% year-on-year growth.
Posted Date: April 22, 2025Economy
♦ The International Monetary Fund (IMF) has projected India’s GDP growth to remain above 6 percent, despite all the odds amid rising global trade tensions.
♦ The IMF released the April 2025 World Economic Outlook (WEO) report in Washington on 22 April 2025.
♦ The outlook report pegs the Indian economy to grow at 6.2 percent in Fiscal Year 2025-26 and 6.3 percent in 2026-27.
♦ The IMF expects global growth to decrease to 2.8 percent this year and 3 percent next year (2026), indicating a cumulative downgrade of around 0.8 percentage points, following.
♦ While for China, the growth projection has been slashed to 4 percent for 2025 and 4.6 percent for next year (2026), the US is expected to be more affected with 1.8 percent GDP growth forecast this year, followed by 1.7 percent in 2026.
Posted Date: April 22, 2025Economy
♦ Bharat Heavy Electricals Ltd (BHEL) registered a revenue of Rs.27,350 crore for FY 2024–25, marking a robust growth of around 19 percent over the previous year (2023-24).
♦ The company also secured its highest-ever order inflows during the year, amounting to Rs.92,534 crore.
♦ With this, BHEL's total order book at the end of FY 2024–25 stood at Rs.1,95,922 crore.
Posted Date: April 20, 2025Economy
♦ India’s economy is projected to grow by 6.5% in 2025, the United Nations Conference on Trade and Development (UNCTAD) report said.
♦ India was listed among the countries that are propelling growth with higher government expenditure and monetary policy stimulus in the report titled ‘Trade and Development Foresights 2025.
♦The report projected China’s growth rate at 4.4 percent, while the US economy is expected to grow at 1 percent.
♦ The growth for the European Union has also been projected at 1 percent, although France, Germany and Italy are all expected to record below 1 percent growth.
♦ Similarly, Japan’s economic growth rate is expected to come down to a mere 0.5 percent.
Posted Date: April 18, 2025Economy
♦ The Reserve Bank of India (RBI) and Financial Intelligence Unit-India (FIU-IND) signed a Memorandum of Understanding (MoU) as part of continued coordinated efforts in effective implementation of requirements of the Prevention of Money Laundering Act and Rules framed under it.
♦ The MoU was signed by Director of FIU-IND Vivek Aggarwal and Executive Director, Department of Regulation of RBI R.L.K. Rao. According to the MoU, FIU-IND and RBI will cooperate with each other in the areas of mutual interest.
♦ It includes sharing of relevant intelligence and information, available in their respective database and upgradation of Anti-Money Laundering and Combating Financing of Terrorism skills in the regulated entities.
Posted Date: April 18, 2025Economy
♦ The World Economic Forum (WEF) has named Civil Aviation Minister K Ram Mohan Naidu and six others from India among the young global leaders.
♦ WEF unveiled its 2025 cohort of young global leaders -- 116 exceptional individuals under the age of 40, who are redefining leadership in a changing world.
♦ Apart from Naidu, there are six others from India on the list are - Ritesh Agarwal, Founder and Group Chief Executive Officer, OYO Hotels and Homes; Alok Medikepura Anil, Managing Director, Next Big Innovation Labs; Natarajan Sankar, Managing Director and Partner, Boston Consulting Group; Nipun Malhotra, Founder, Nipman Foundation; Manasi Subramaniam, Editor-in-Chief and Vice-President, Penguin Random House and Anurag Maloo, Mountaineer, Entrepreneur & Keynote Speaker, Orophile Ventures (Climbing4SDGs).
♦ The 116 people will join the Forum of Young Global Leaders, an influential community of 1,400 members, who include heads of state, Nobel Prize winners, and Fortune 500 CEOs, among others.
Posted Date: April 17, 2025Economy
♦ India’s total exports of goods and services rose by 5.5% to a record $820.93 billion in the financial year 2024-25, compared to $773 billion in the previous year (2023-24).
♦ Merchandise exports stood at $437.4 billion, while non-petroleum exports registered a 6% year-on-year increase, reaching $374.08 billion in FY25.
♦ However, India’s trade deficit widened to $21.54 billion in 2025 March, up from $14.05 billion in 2025 February, according to data from the Ministry of Commerce and Industry.
♦ Compared to February, exports in March jumped 13.75%, while imports grew 24.6%.
Posted Date: April 15, 2025Economy
♦ Global credit rating agency Crisil projected India’s GDP to grow by 6.5% in fiscal 2026 on 14 April 2025, while cautioning that US tariff hikes remain a significant downside risk to the forecast.
♦ Crisil also anticipates that a decline in global crude oil prices, potentially driven by a global slowdown, will provide further support to domestic economic activity.
♦ In its monetary policy announcement the RBI earlier this month (April) lowered India’s GDP growth projection for 2025-26 to 6.5 percent.
Posted Date: April 14, 2025Economy
♦ India will provide a funding support of 990,000 dollar to Sierra Leone for the project Enabling Economic Independence For Specially Abled Persons In Sierra Leone (Persons With Disabilities).
♦ The initiative, titled “Enabling Economic Independence for Specially Abled Persons in Sierra Leone”, is supported under the India-UN Development Partnership Fund and executed in collaboration with the United Nations Development Programme (UNDP).
♦ The project aligns with Sierra Leone’s national priorities and underscores India’s commitment to inclusive development, sustainability, and South-South cooperation.
Posted Date: April 11, 2025Economy
♦ India’s goods and services exports have crossed a record $820 billion in financial year 2024-25, which represents a close to 6 percent increase over the corresponding figure of $778 billion for the previous financial year (2023-24).
♦ The figures were revealed at a meeting held by Commerce and Industry Minister Piyush Goyal with the Export Promotion Councils and industry bodies in New Delhi to discuss the emerging trade scenario.
♦ The minister complimented the exporters for the all-time high achievement in exports despite multiple headwinds, including the Red Sea crisis, Israel-Hamas conflict spilling over to the Gulf region, continuation of the Russia-Ukraine conflict and slow growth in some developed economies.
Posted Date: April 10, 2025Economy
♦ The Monetary Policy Committee of the Reserve Bank of India (RBI) announced a reduction of 25 basis points in the policy repo rate, bringing it down to 6 percent on 9 APril 2025.
♦ Consequently, the standing deposit facility -SDF rate under the liquidity adjustment facility shall stand adjusted to 5.75 percent and the marginal standing facility – MSF rate and the Bank Rate to 6.25 percent.
♦ In 2025 February, the MPC lowered the repo rate by 25 basis points.
♦ It was the first reduction since May 2020 and the first revision after two-and-a-half years.
♦ RBI has projected GDP growth for 2025-26 at 6.5 percent.
♦ RBI has said that this downward revision of its earlier assessment of 6.7 percent essentially reflects the impact of global trade and policy uncertainties.
Posted Date: April 9, 2025
Economy
♦ India and the UK have reaffirmed their commitment to continue collaboration in the financial services sector, FinTech and the digital economy.
♦ India and the UK held the 13th Economic and Financial Dialogue in London on 9 April 2025.
♦ The Indian delegation, led by Finance Minister Nirmala Sitharaman, held high-level discussions with the UK delegation led by the Chancellor of the Exchequer, Rachel Reeves.
♦ Both sides look forward to the signing of the ‘India-UK Defence Industrial Roadmap’ to strengthen ties between industrial sectors and support supply chains.
Posted Date: April 9, 2025Economy
♦ The Department of Financial Services (DFS) under the Ministry of Finance on 2025 April 8 notified the amalgamation of 26 Regional Rural Banks (RRBs) as part of the fourth phase of RRB consolidation.
♦ The move follows the principle of “One State, One RRB” and aims to improve operational efficiency and cost rationalization.
♦ The amalgamation covers RRBs operating across 10 states and one union territory.
♦ According to the Ministry, the consolidation is expected to enhance the scale of operations and optimize resource use, building on the success of previous phases of amalgamation that have improved the performance of RRBs.
♦ Prior to the latest restructuring, 43 RRBs were operational across 26 states and 2 union territories.
♦ Following the merger, the total number of RRBs has been reduced to 28. These banks collectively operate more than 22,000 branches, serving around 700 districts nationwide.
♦ Approximately 92% of these branches are located in rural and semi-urban areas, reaffirming the banks’ core mandate of rural financial inclusion.
♦ This marks the fourth round of RRB amalgamations undertaken by the government.
♦ In the first phase (FY 2006 to FY 2010), the number of RRBs was reduced from 196 to 82.
♦ The second phase (FY 2013 to FY 2015) brought the number down to 56, while the third phase (FY 2019 to FY 2021) further reduced it to 43.
Posted Date: April 8, 2025Economy
♦ According to data from the Union Ministry of Statistics and Programme Implementation (MoSPI), Tamil Nadu has recorded a remarkable real economic growth rate of 9.69% for the financial year 2024-25, making it the top-performing state in India.
♦ This growth is the highest in the last decade for Tamil Nadu.
♦ As per the MoSPI data, Andhra Pradesh registered the second highest growth rate in the country with 8.21%.
♦ At constant prices (base year: 2011-12), the value of the Gross State Domestic Product (GSDP) of Tamil Nadu, estimated at Rs.15,71,368 crore for 2023-24, had risen to Rs.17,23,698 crore for 2024-25.
Posted Date: April 6, 2025Economy
♦ The Ministry of Statistics and Programme Implementation (MoSPI) released the 26th edition of its publication 'Women and Men in India 2024:
♦ Selected Indicators and Data' on 6 April 2025.
♦ The Labour Force Participation Rate (LFPR) for women aged 15 and above improved significantly, rising from 49.8% in 2017-18 to 60.1% in 2023-2, the report said.
♦ In the financial sector, women own 39.2% of all bank accounts and contribute to 39.7% of total deposits, with their presence most prominent in rural areas, where they account for 42.2% of account holders.
♦ Between March 2021 and November 2024, the number of DEMAT accounts surged from 33.26 million to 143.02 million.
♦ Of these. the number of women account holders rose from 6.67 million in 2021 to 27.71 million in 2024.
♦ The number of male and female voters grew from 173.2 million in 1952 to 978 million in 2024, with an increasing share of females.
♦ In the 2024 general elections, female voter turnout (65.8%) surpassed male turnout, even as it dipped slightly from 67.2% in 2019.
♦ The number of startups recognized by DPIIT with at least one woman director rose sharply from 1,943 in 2017 to 17,405 in 2024.
Posted Date: April 6, 2025Economy
♦ Gross GST collections increased 9.9% to Rs.1.96 lakh crore in March 2025 as against Rs.1.78 lakh crore in the March 2024, according to data from Central Board of Indirect Taxes and Customs (CBIC) released on 1 April 2025.
♦ This was the highest since April 2024, when gross GST collections were slightly higher at Rs.2.01 lakh crore.
♦ Net GST increased 7.3% to Rs.1.76 lakh crore in the month under review as against Rs.1.64 lakh crore in the year ago period.
♦ On an annual basis, the government collected Rs.22.08 lakh crore in Gross GST in 2024-25, which was 9.4% more than revenue collected in 2023-24.
♦ Net GST collections rose 8.6% to Rs.19.6 lakh crore in the past fiscal against Rs.18.01 lakh crore in the year before.
Posted Date: April 1, 2025Economy
♦ The market capitalisation of NSE-listed companies reached Rs.410.87 lakh crore ($4.81 trillion) in FY25 (till March 31), from Rs.384.2 lakh crore ($4.61 trillion) in FY24 — a growth of 6.94 percent year-on-year, according to the data released by the National Stock Exchange on 31 March 2025. The total number of companies listed on the NSE stood at 2,720 (as on March 31, 2025).
♦ Total unique registered investors reached 11.3 crore (till March 28), with total unique accounts at 21.94 crore (till March 27). New investor registrations in FY25 were 2.09 crore (till March 28), according to the NSE data.
Posted Date: March 31, 2025Economy
♦ India’s GDP will grow at 6.5 percent in the fiscal year ending March 31, 2026, S&P Global Ratings said on 25 March 2025.
♦ In its Economic Outlook for Asia-Pacific (APAC), S&P said despite these external strains, it expects domestic demand momentum to remain solid in most emerging-market economies.
♦ On rate cuts, S&P Global Ratings projected that that the Reserve Bank of India (RBI) will cut interest rates by another 75 bps-100 bps in the current cycle.
Posted Date: March 25, 2025Economy
♦ Parminder Chopra was appointed as the Chairman and Managing Director (CMD) of REC Limited for a three-month tenure.
♦ Currently she holds the position of CMD at Power Finance Corporation Ltd. (PFC).
♦ Chopra made history on August 14, 2023, when she became the first woman to lead India’s largest Non-Banking Financial Company (NBFC), PFC.
♦ Her remarkable career also includes serving as Director (Finance) at PFC since 2020 and holding the additional charge of CMD from June 1, 2023.
Posted Date: March 24, 2025Economy
♦ Ajay Seth was appointed Finance Secretary in the Union Ministry of Finance on 24 March 2025.
♦ He is currently the secretary in the Department of Economic Affairs in the finance ministry and holds additional charge as revenue secretary.
♦ Ajay is a 1987-batch Indian Administrative Service officer from the Karnataka cadre. He was the officer-in-charge of the finance track of the Group of 20 (G20) under India’s presidency.
♦ The role of the finance secretary usually goes to the senior-most officer in the finance ministry. The post had fallen vacant after the previous finance secretary, Tuhin Kanta Pandey, was appointed chairman of the Securities and Exchange Board of India (SEBI).
Posted Date: March 24, 2025Economy
♦ Bharat Petroleum Corporation Limited (BPCL) inaugurated it’s floating solar power plant at the Kochi Refinery.
♦ The 3.2MW AC floating solar plant has been set up in the rainwater harvesting pond and covers eight acres of the waterbody, which has a total area of around 19 acres.
♦ The plant has been set up at a cost of Rs.28.93 crore.
Posted Date: March 23, 2025Economy
♦ According to the RBI research report, India’s energy efficiency improved by 1.9 percent between 2000 and 2023, which is faster than the global average of 1.4 percent.
♦ The report also stated that India was far ahead of the other BRICS countries which averaged 1.62 percent.
♦ However, India’s energy efficiency lagged developed markets, like the US and Germany, which witnessed an over 2 percent rise during this period.
♦ Between 2012 and 2022, India’s energy-related Carbon dioxode emissions rose by 706 million tonnes, primarily driven by economic growth.
♦ A lesser contribution came from changes in the fuel mix.
♦ Had a small but significant impact on emission reduction over the past decade, with solar and wind accounting for 2.1 percent of total primary energy in 2022-23, the report stated.
Posted Date: March 20, 2025Economy
♦ The Reserve Bank of India (RBI) was selected for the Digital Transformation Award 2025 by Central Banking at London in UK.
♦ The central bank was awarded for its digital initiatives named Pravaah and Sarthi, which were developed by its in-house developer team.
♦ The awards committee noted how these digital initiatives have reduced the use of paper-based submissions, thus transforming RBI’s internal and external processes.
♦ Sarthi, launched in January 2023, digitised RBI’s internal workflows, enabling its employees to store and share documents securely, improving record management, and increasing the options for data analysis through reports and dashboards.
♦ Sarthi has helped the RBI boost operational efficiency by automating processes.
♦ Launched in May 2024 as Pravaah, a digitised means was created for external users to submit regulatory applications to the RBI.
♦ Documents submitted and processed through the portal are plugged into the Sarthi database, where they can be handled digitally across RBI offices, with centralised cybersecurity systems and digital tracking.
Posted Date: March 15, 2025Economy
♦ Moody’s Ratings has projected that India’s economic growth will surpass 6.5% in the fiscal year 2025-26, up from 6.3% in FY 2024-25.
♦ The agency attributed this growth to increased government capital expenditure, tax cuts, and interest rate reductions.
♦ Moody's expects India's average inflation rate to decline to 4.5 percent in fiscal 2025-26 from 4.8 percent in the previous year this is expected to provide adequate headroom a soft monetary policy to spur growth through lower interest rates more liquidity in the banking system for loans to consumers and businesses.
Posted Date: March 14, 2025Economy
♦ According to Morgan Stanley, India will be the world's third-largest economy by 2028 as it becomes the world's most sought-after consumer market and gains share in global output.
♦ From a USD 3.5 trillion economy in 2023, the Indian economy is projected to expand to USD 4.7 trillion in 2026, which will make it the fourth largest in the world behind the US, China and Germany. In 2028, India will overtake Germany as its economy will expand to USD 5.7 trillion.
Highlights:
♦ According to Morgan Stanley, India was the 12th largest economy in the world in 1990, slipped to 13th position in 2000 before rising to 9th rank in 2020 and 5th in 2023.
♦ India's share in the world GDP is projected to rise from 3.5 per cent to 4.5 per cent in 2029.
♦ It projects three scenarios for India's growth - Bear - where the economy expands to USD 6.6 trillion by 2035 from USD 3.65 trillion in 2025, Base - where it grows to USD 8.8 trillion and Bull - where the size balloons to USD 10.3 trillion.
♦ It saw GDP per capita rising from USD 2,514 in 2025 to USD 4,247 in the Bear scenario in 2035, USD 5,683 under the Base scenario and USD 6,706 under the Bull scenario.
♦ Morgan Stanley expected inflation will be 4.3 per cent year-on-year in FY2026-27, lower than 4.9 per cent in FY2025.
Posted Date: March 13, 2025Economy
♦ Life Insurance Corporation of India (LIC) has been ranked third among the world's strongest insurance brands, as per the Brand Finance Insurance 100 2025 report.
♦ It achieved a Brand Strength Index (BSI) score of 88 out of 100.
♦ Poland-based PZU secured the top spot with a BSI score of 94.4, followed by China Life Insurance, which ranked second with a BSI score of 93.5.
♦ As per the Brand Finance report, the top 100 insurance brands have grown 9 percent in brand value in 2025, driven by improved underwriting results, higher investment income, rising interest rates, and increased profitability.
Posted Date: March 9, 2025Economy
♦ According to the latest data from the Official Airline Guide (OAG), IndiGo Airlines has emerged as the world’s second fastest-growing airline in terms of seat capacity, which increased by 10.1 percent year-on-year to over 134.9 million seats in 2024.
♦ It is only behind Qatar Airways, which grew slightly faster at 10.4 percent in the same period.
♦ IndiGo has also been ranked as the fastest-growing airline in the world in terms of flight frequency growth at 9.7 percent year-on-year in 2024.
♦ The airline recorded a flight frequency of 749,156 for the year.
♦ OAG has also recorded that IndiGo holds one of the world’s largest aircraft orders, with over 900 aircraft on order and has the largest recipient of 58 new Airbus aircraft during 2024.
Posted Date: March 8, 2025Economy
♦ CRISIL report said on 6 March 2025, India’s real GDP growth is expected to remain steady at 6.5 percent for the 2026 fiscal.
♦ The credit rating agency’s forecast depends on two major factors: a normal monsoon and stable commodity prices, both of which are expected to keep food inflation in check.
♦ The agency predicted that cooling food inflation, tax benefits from the Union Budget 2025-26, and lower borrowing costs will boost discretionary consumer spending.
♦ The report also noted that India’s economic growth would gradually return to pre-pandemic levels as the impact of fiscal stimulus will fade and the high-base effect subsides.
Posted Date: March 6, 2025Economy
♦ India's gross Goods and Services Tax (GST) collections rose 9.1 percent to about Rs.1.84 lakh crore in February 2025.
♦ According to official data released on 1 March 2025, on a gross basis, mop-up from the central GST stood at Rs,35,204 crore, state GST at Rs.43,704 crore, integrated GST at Rs.90,870 crore, and compensation cess at Rs.13,868 crore in the month under review.
♦ GST revenues from domestic transactions jumped 10.2 percent to Rs.1.42 lakh crore, while those from imports grew 5.4 percent to Rs.41,702 crore during February 2025.
♦ India's gross and net GST revenues in February 2024 were Rs.1.68 lakh crore and Rs.1.50 lakh crore, respectively.
♦ However, the gross GST collections in February 2025, at Rs.1.84 lakh crore, are lower than the Rs.1.96 lakh crore collected in January 2025.
Posted Date: March 1, 2025Economy
Indian economy grew by 6.2% in real terms during the October-December quarter of the current financial year 2024-25, according to official data released by the Ministry of Statistics and Programme Implementation on 28 February 2025.
♦ The October-December growth was higher than the 5.6% recorded in the July-September quarter. However, it fell short of the Reserve Bank of India’s (RBI) forecast of 6.8%.
♦ The RBI has projected real GDP growth for 2024-25 at 6.6%, with the economy expected to expand by 7.2% in the January-March quarter, according to its December monetary policy review.
Economy
♦ The Wall Street Journal published the list of 24 individuals dubbed "super billionaires" on 27 February 2025.
♦ These individuals, each possessing a net worth of $50 billion or more, are not just accumulating wealth but actively shaping industries, influencing global markets, and driving innovation.
♦ Adani Group Chairman Gautam Adani and Reliance Industries’ Mukesh Ambani are among the world’s super billionaires. Ambani, the chairman of Reliance Industries—India’s most valuable company—has a fortune of $84.9 billion, while Adani’s net worth stands at $65.4 billion.
Full List Of Superbillionaires:
| Rank |
Name |
Net Worth (Billion $) |
Country |
| 1 | Elon Musk | 349 | United States |
| 2 | Mark Zuckerberg | 237 | United States |
| 3 | Jeff Bezos | 235 | United States |
| 4 | Bernard Arnault | 195 | France |
| 5 | Larry Ellison | 193 | United States |
| 6 | Bill Gates | 166 | United States |
| 7 | Larry Page | 193 | United States |
| 8 | Warren Buffett | 155 | United States |
| 9 | Sergey Brin | 147 | United States |
| 10 | Steve Ballmer | 140 | United States |
| 11 | Michael Dell | 118 | United States |
| 12 | Jim Walton | 118 | United States |
| 13 | Rob Walton | 116 | United States |
| 14 | Alice Walton | 115 | United States |
| 15 | Jensen Huang | 112 | United States |
| 16 | Amancio Ortega | 109 | Spain |
| 17 | Mukesh Ambani | 84.9 | India |
| 18 | Carlos Slim | 82.6 | Mexico |
| 19 | Francoise Bettencourt Meyers | 77.2 | France |
| 20 | Julia Flesher Koch & family | 74.7 | France |
| 21 | Charles Koch | 67.7 | United States |
| 22 | Gautam Adani | 65.4 | India |
| 23 | Thomas Peterffy | 61.9 | United States |
| 24 | Zhong Shanshan | 57.4 | China |
Economy
♦ According to a Crisil report, India’s annual wind power capacity addition is projected to more than double to an average of 7.1 GigaWatts (GW) over the next two financial years, compared with 3.4 GW in fiscal year 2023-24.
♦ This growth, driven by government measures to accelerate the sector, is expected to increase the country’s total installed wind capacity to approximately 63 GW by 2026-27.
♦ Capacity additions in financial years 2023-24 and 2024-25 remained tepid, ranging between 6-7 GW, due to fewer successful auctions of wind capacities—5.9 GW in FY21-23 and 5.2 GW in FY23-25.
♦ The government’s push for hybrid renewable projects—combining solar, wind, and/or storage—along with a more favorable cost structure for wind projects, is expected to drive capacity growth, the report stated.
♦ Wind power is expected to account for 30–50% of these hybrid projects, as it generates electricity during peak demand periods, unlike solar power, which is mostly active during daytime hours.
Posted Date: February 25, 2025Economy
♦ The Indian technology industry is projected to achieve $300 billion in revenue by the financial year 2026-27, according to a report by Nasscom.
♦ For the current fiscal year (2025-26), the sector is expected to add approximately 126,000 net new employees, bringing the total workforce to 5.8 million.
♦ Segments such as engineering research and development (ER&D) and global capability centers (GCCs) have been key growth drivers for India’s technology sector.
♦ The Annual Strategic Review 2025 by Nasscom highlighted that the industry grew by 5.1% during FY25, adding $13.8 billion in incremental revenue.
♦ This increase has taken the sector’s total revenue, including hardware, to over $282.6 billion.
Posted Date: February 24, 2025Economy
♦ Moody's Analytics said, India's growth will slow to 6.4 percent in 2025, from 6.6 percent in 2024, as new US tariffs and softening global demand weigh on exports.
♦ In its report titled 'Asia-Pacific Outlook: Chaos Ahead', Moody's Analytics said growth across the Asia-Pacific economy will slow in 2025 as trade tensions, policy shifts, and uneven recoveries knock the region's fortunes.
♦ It projected Chinese GDP growth slowing to 4.2 percent in 2025 and 3.9 percent in 2026 from 5 percent in 2024.
Posted Date: February 23, 2025Economy
♦ The State Bank of India (SBI) has estimated GDP growth during the current financial year (2024-25) to be 6.3 percent in its research report.
♦ The report said that leveraging 36 high-frequency indicators, the estimated GDP growth for the third quarter of the current financial year should be between 6.2 percent and 6.3 percent.
♦ According to the National Statistics Office (NSO), the real and nominal GDP growth rates for 2024-25 are projected at 6.4 pecent and 9.7 percent, respectively.
Posted Date: February 22, 2025Economy
♦ Bain & Company and Nasscom released the 'India @2047: Transforming India into a Tech-Driven Economy' report on 20 February 2025.
♦ According to this, India is set to transform into a high-income country with a projected GDP of $23–$35 trillion by 2047, driven by sustained annual growth of 8-10 percent.
Key Highlights:
♦ By 2047, the services sector is expected to contribute 60% of India’s GDP, while manufacturing will account for 32%, both playing a crucial role in economic expansion.
♦ Electronics, energy, chemicals, automotive, and services sectors would act as strategic growth levers due to alignment with global trends and scalability.
♦ Advances in AI-driven chip design, touchless manufacturing, and backward integration into component manufacturing and design could enhance cost competitiveness and innovation, driving the sector’s export share from 24 percent to 45 percent-50 percent by 2047 and its GDP contribution from 3 percent to 8 percent-10 percent.
♦ India’s share of renewables in overall energy generation has the potential to rise from 24 percent in 2023 to 70 percent in 2047 backed by modernising energy infrastructure, and scaled investments in green energy.
♦ India is also likely to transition from a net energy importer to a net exporter.
♦ Auto-components exports sector is likely to reach $200–$250 billion (by 2047), driven by near-term share capture in ICE market and longer-term shift to EVs.
Posted Date: February 20, 2025Economy
♦ India’s annual Wholesale Price Index (WPI) inflation eased to 2.31% in January 2025 from 2.37% in December 2024, according to data released by the Commerce and Industry Ministry on 14 February 2025.
♦ Month-over-month, the WPI declined by 0.45% in January, driven by lower food prices.
♦ The index for primary articles fell by 2.01% as food article prices dropped by 3.62%. However, prices of crude petroleum and natural gas (6.34%), non-food articles (0.66%), and minerals (0.22%) increased.
♦ Inflation in the fuel and power category rose by 0.47%, though coal prices remained unchanged from December 2024.
♦ Manufactured products, which account for 64.23% of the index, saw a marginal increase of 0.14%. Out of 22 manufacturing groups, 15 recorded price increases, five saw declines, and two remained unchanged.
♦ The WPI Food Index inflation dropped from 8.89% in December 2024 to 7.47% in January 2025.
Posted Date: February 14, 2025Economy
♦ The Reserve Bank of India (RBI) has announced that it will inject Rs 2,50,000 crore through its Variable Rate Repo (VRR) auction to enhance liquidity in the banking system.
♦ The RBI also said it will be conducting daily VRR auctions on all working days in Mumbai with reversal taking place on the next working day, until further notice.
♦ India’s banking system liquidity deficit quadrupled in less than a week to around 2 trillion rupees as on February 10, with traders citing tax outflows and aggressive dollar sales by the central bank as reasons for the jump.
Posted Date: February 13, 2025Economy
♦ The Securities and Exchange Board of India (SEBI) introduced a new digital platform, MITRA, to assist investors in tracking and reclaiming inactive or unclaimed mutual fund folios on 12 February 2025.
♦ The objective of the platform, Mutual Fund Investment Tracing and Retrieval Assistant, is to encourage investors to search for forgotten MF investments and update KYC as per the current norms.
♦ Mutual Fund Investment Tracing and Retrieval Assistant (MITRA) will help with investments that may have been overlooked, lost, or left unclaimed due to outdated know your customer (KYC) details or the demise of the original investor.
Posted Date: February 12, 2025Economy
♦ India’s net direct tax collection, comprising corporate tax and personal income tax, increased by 14.69% to cross Rs.17.78 lakh crore as of February 10 in the current financial year (2024-25), compared to Rs.15.51 lakh crore in the same period of 2023-24, according to data released by the Central Board of Direct Taxes (CBDT) on 11 February 2025.
♦ The gross direct tax revenue surged by 19.06% to exceed Rs.21.88 lakh crore, up from Rs.18.38 lakh crore in the corresponding period of the previous year (2023-24).
♦ Revenue from net non-corporate taxes, primarily personal income tax, grew by 21% year-on-year to Rs.9.48 lakh crore during this period.
♦ Meanwhile, net corporate tax collection rose by over 6% to more than Rs.7.78 lakh crore between April 1, 2024, and February 10, 2025.
Posted Date: February 11, 2025Economy
♦ According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), India has surpassed the $1 trillion mark in cumulative Foreign Direct Investment (FDI) inflows from April 2000 to September 2024.
♦ This milestone includes $109,219 million in total FDI during the period, with equity investments amounting to Rs.45.96 trillion ($708.65 billion).
♦ Over 69 percent of these inflows were recorded in the last decade (April 2014–September 2024).
♦ During the July-September 2024 quarter, total FDI inflows stood at $19.81 billion, with equity inflows contributing $13.61 billion.
♦ Mauritius emerged as the top source of FDI, accounting for 25 percent of total inflows. Between April 2000 and September 2024, Mauritius contributed over $177 billion, including $5.34 billion in H1FY25.
♦ Singapore ranked second, accounting for 24 percent of inflows with $167.5 billion over the same period. Notably, Singapore outpaced Mauritius in H1FY25 with $7.5 billion in investments.
♦ The USA ranked third with 10 percent of total inflows, followed by the Netherlands (7 percent), Japan (6 percent), and the United Kingdom (5 percent). Smaller contributors, such as the UAE, Germany, and Cyprus, accounted for 2–3 percent each.
Posted Date: February 9, 2025Economy
♦ Reserve Bank of India (RBI) Governor Sanjay Malhotra confirmed that the Monetary Policy Committee (MPC) had unanimously decided to reduce the policy rate by 25 basis points (bps), from 6.50% to 6.25% on 7 February 2025.
♦ This was the first reduction since May 2020 and the first revision after two-and-a-half years. The move is expected to reduce borrowing costs, potentially improving credit availability and boosting demand across sectors.
RBI MPC Meeting February 2025 Key Highlights:
♦ GDP expected to grow at 6.7% in 2025-26, driven by consumption & investment.
♦ Inflation projected at 4.2% for 2025-26, barring major shocks.
♦ Global risks (geopolitics, trade policy, financial volatility) remain key concerns.
Other Adjustments: Standing Deposit Facility (SDF) rate: 6.00%
Marginal Standing Facility (MSF) rate & Bank Rate: 6.50%
India’s Economic Growth (2024-25):
GDP Growth Estimate: 6.4% YoY, driven by private consumption recovery; (Quarterly estimates: Q1 - 6.7%, Q2 - 7.0%, Q3 & Q4 - 6.5% each)
Headline Inflation: Declined from 6.2% in Oct 2024 to lower levels in Nov-Dec 2024 due to falling food inflation
Projections for 2024-25:
CPI Inflation: 4.8% (Q4: 4.4%);
Projections for 2025-26:
CPI Inflation: 4.2%
Posted Date: February 7, 2025Economy
♦ Goods and Services Tax (GST) collections for the month of January 2025 touched Rs.1.96 lakh crore, an increase of 12.3% year-on-year basis. For the previous month, India's GST collections rose 7.3% to Rs.1.77 lakh crore in December compared to the previous year (2024).
♦ Central GST collections stood at Rs.36,100 crore while states was at Rs.44,900 crore. Additionally, for this month (January 2025), integrated GST collections remained at Rs.1.01 lakh crore. Furthermore, GST cess collections was reported at Rs.13,400 crore.
Posted Date: February 2, 2025Economy
♦ Union Finance Minister Nirmala Sitharaman tabled the Economic Survey for the year 2024-25 in Parliament on 31 January 2025. Here is the key takeaways from the Economic Survey 2024-25:
♦ The Survey reports that India’s real GDP growth of 6.4% in FY25 remains close to the decadal average and projects real GDP growth for FY26 to range between 6.3% and 6.8%.
♦ The Economic Survey 2024-25 reports that food inflation, measured by the Consumer Food Price Index (CFPI), rose from 7.5% in FY24 to 8.4% in FY25 (April-December), driven mainly by rising prices of vegetables and pulses.
♦ Retail inflation, tracked by the Consumer Price Index (CPI), averaged 5.4% during the same period (2024-25). Food inflation, in particular, crossed 8% multiple times, largely due to supply disruptions affecting key commodities like onions, tomatoes, and pulses.
♦ The manufacturing sector, while steadily recovering, remains slightly below its pre-pandemic trajectory as it recovers from slowing global demand and supply chain disruptions, according to the Economic Survey 2024-25.
♦ The country’s foreign exchange reserves act as a means to service external debt and imports, maintain liquidity and plays an important role in monetary policy. As of December 2024, the reserve stood at 640.3 billion U.S. dollars as per the Survey. This amount will cover 90% of India’s external debt of 711.8 billion dollars as of September 2024, as per the document.
♦ India’s labour market has expanded in recent years, driven by post-pandemic recovery and greater formalisation, according to the Economic Survey 2024-25. The 2023-24 annual Periodic Labour Force Survey (PLFS) report shows that the unemployment rate for individuals aged 15 and above has declined steadily from 6% in 2017-18 to 3.2% in 2023-24.
♦ The value of exports and imports fell by 0.1% and 2.3% in FY24 when compared to FY23. But they have seen a rise in FY25 (April to December) by a 6.6% and 3%.
♦ UPI payments have seen an exponential growth since it was launched in FY2016. The total value of UPI payments almost touched Rs.2 lakh billion in FY24, and it has already surpassed Rs.1.9 lakh billion from April to December in FY25.
Posted Date: January 31, 2025Economy
♦ The Union Cabinet, chaired by the Prime Minister Narendra Modi has approved the launch of the National Critical Mineral Mission (NCMM) with an expenditure of Rs.16,300 crore and expected investment of Rs.18,000 crore by PSUs, etc.
♦ The mission will intensify the exploration of critical minerals within the country and in its offshore areas.
♦ The mission aims to encourage Indian public sector enterprises and private sector companies to acquire critical mineral assets abroad and enhance trade with resource-rich countries. It also proposes development of stockpile of critical minerals within the country.
♦ Till now, Geological Survey of India (GSI) has undertaken 368 exploration projects over the past three years, with 195 projects currently underway, and the mines ministry has auctioned off 24 critical mineral blocks.
Posted Date: January 29, 2025Economy
♦ IDFC FIRST Bank announced the launch of the UPI enabled RuPay Credit Card called – FIRST EA₹N.
♦ The new card, which is the result of the bank's partnership with RuPay, is backed by fixed deposit (FD), enabling everyone to instantly avail the service online.
♦ It also offers cashback on UPI payments thus making the product rewarding for users.
Posted Date: January 24, 2025Economy
♦ The Ministry of Commerce and Industry stated that India is now the seventh-largest coffee producer globally with exports reaching USD 1.29 billion in financial year (FY) 2023-24.
♦ This is nearly double the 719 million dollars worth of exports in 2020-21.
♦ In the first half of January 2025 India exported over 9,300 tonnes of coffee with top buyers including Italy, Belgium, and Russia.
♦ Meanwhile, Karnataka leads in coffee production, contributing 248,000 metric tonnes in 2022-23, followed by Kerala and Tamil Nadu.
Posted Date: January 20, 2025Economy
♦ According to the latest Global Economic Prospects (GEP) report of the World Bank, India is expected to remain the fastest growing among the major economies at a pace of 6.7% in both FY26 and FY27.
♦ The GEP report is a flagship publication of the World Bank that examines global economic trends and challenges, particularly in emerging markets and developing economies.
♦ The January 2025 edition marks a milestone, providing a comprehensive review of these economies’ progress since 2000 and their prospects for the next quarter-century.
♦ The world's largest economy, the US, was estimated to have grown by 2.8 last year (2023) with the projected growth slowing down to 2.3 percent this year (2024) and 2 percent next year (2025).
Posted Date: January 19, 2025Economy
♦ The International Monetary Fund (IMF) retained India's growth forcastat 6.5 percent for for fiscal 2026 and fiscal 2027, the global economic body said in its World Economic Outlook report.
♦ It predicts that growth in the second half of FY25 will be better than the first half.
♦ On the international front, the IMF forecasted that global growth is projected at 3.3 percent in both 2025 and 2026, below the historical (2000-19) average of 3.7 percent.
Posted Date: January 17, 2025Economy
♦ According to a Crisil Intelligence report, India’s gross domestic product (GDP) growth is projected to improve to 6.7% in the next fiscal year (FY25).
♦ The report noted that a sustained decline in food inflation, combined with stable non-food inflation, could create room for a rate cut by the Reserve Bank of India (RBI) in the coming months.
♦ The Consumer Price Index (CPI) inflation cooled to 5.2% in December 2024, down from 5.5% in November 2024. Food inflation eased to 8.4% from 9%, while non-food inflation remained stable at 3.1%.
♦ The Index of Industrial Production (IIP) rose to 5.2% in November 2024, up from 3.7% in October (revised from an earlier estimate of 3.5%).
♦ This growth was primarily driven by strong performance in investment goods and consumer durables, aided by a low base effect.
♦ The National Statistical Office’s (NSO) first advance estimates indicate a moderation in GDP growth to 6.4% for the current fiscal, down from 8.2% last year (2024).
Posted Date: January 14, 2025Economy
♦ India’s net direct tax collections recorded a robust 15.88% jump to Rs.16.90 lakh crore during April 1, 2024–January 12, 2025, compared to the same period of the previous financial year (2023-24), according to the latest figures compiled by the Income Tax Department.
♦ The gross direct tax collections, before refunds, increased by 19.94% to Rs.20.64 lakh crore during this period, compared to Rs.17.21 lakh crore in the corresponding period of the previous year (2023-24).
♦ Personal income tax collections surged 21.6% to Rs.8.74 lakh crore, compared to Rs.7.2 lakh crore in the previous year, while corporate tax collections rose by 8.12% to Rs.7.7 lakh crore from Rs.7.10 lakh crore in the same period of 2023–24.
♦ The government aims to reduce the fiscal deficit to 4.9% of gross domestic product (GDP) in the current financial year, down from 5.6% in 2023–24, as part of its fiscal consolidation efforts to strengthen the economy.
Posted Date: January 13, 2025Economy
♦ The Union Government has disbursed Rs.1,73,030 crore to state governments as part of tax devolution.
♦ This marks a rise from the Rs.89,086 crore distributed in December 2024.
♦ The increased devolution aims to support states in enhancing capital spending and funding development and welfare initiatives.
♦ Among the states, Uttar Pradesh received the highest allocation of Rs.31,039.84 crore, followed by Bihar with Rs.17,403.36 crore and West Bengal with Rs.13,017.06 crore.
♦ Maharashtra and Rajasthan were allocated Rs.10,930.31 crore and Rs.10,426.78 crore respectively. Smaller states such as Goa and Sikkim received Rs.667.91 crore and Rs.671.35 crore.
♦ For the period 2021 to 2026, the Finance Commission recommended maintaining the states’ share in central taxes at 41 percent, consistent with the 2020–21 ratio.
Posted Date: January 10, 2025Economy
♦ India’s Index of Industrial Production (IIP) recorded a growth of 5.2% in November 2024, marking the highest growth rate in the past six months.
♦ This increase follows a growth rate of 3.5% in October 2024, according to data released by the Ministry of Statistics.
♦ The November performance represents an improvement over the 2.5% growth recorded in the same month in 2023.
♦ The manufacturing sector, which constitutes the largest share of the IIP, recorded a growth of 5.8% during November, compared to 4.1% in October.
♦ Eighteen out of 23 industry groups within the manufacturing sector showed growth during November when compared to the same period last year.
♦ Among these, the manufacture of basic metals grew by 7.6%, electrical equipment production rose by 37.2%, and other non-metallic mineral products saw a 12% increase.
♦ For the April-November period of the 2024-25 financial year, the industrial growth rate stands at 4.1%.
Posted Date: January 10, 2025Economy
♦ According to a United Nations report released on 9 January 2025, Global economic growth is projected to remain at 2.8% in 2025.
♦ The report said U.S. growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labour market softens and consumer spending slows.
♦ India is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
♦ It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Posted Date: January 9, 2025Economy
♦ The GDP growth is expected to be about 6.3 percent in the current fiscal year (2024-25), SBI research report said on 8 January 2025.
♦ According to the first advance estimates (FAE) of National Income for 2024-25 released by the National Statistics Office (NSO), released on January 7, India's economic growth rate is estimated to slip to a four-year low of 6.4 percent in 2024-25.
♦ The difference between the estimates of the Reserve Bank of India (RBI) and the NSO is always in the range of 20-30 bps and hence the 6.4 percent estimate for the 2024-25 fiscal year is along expected and reasonable lines, the SBI's research report 'Ecowrap' said.
♦ We, however, believe that GDP (gross domestic product) growth for FY25 could be around 6.3 percent, with downward bias, it said.
Posted Date: January 8, 2025Economy
♦ The National Statistical Office (NSO) released the first advanced estimates of GDP for the fiscal year 2024-25 on 4 January 2025. According to this, India’s Gross Domestic Product (GDP) is projected to grow at 6.4 percent in the fiscal year 2024-25. This number was 7% and 8.2% in 2022-23 and 2023-24.
♦ The 2021-22 GDP growth of 9.7% is misleading because it came on the back of a -5.8% number in 2020-21.
♦ The real Gross Value Added (GVA) in the Indian economy is reckoned to rise 6.4% as well, relative to a 7.2% uptick in 2023-24, with Agriculture GVA growth surging to 3.8% from 1.4% last year (2023-24).
♦ The estimates highlighted that real GVA of agriculture and allied sectors is estimated to grow by 3.8 percent, a marked increase from the previous year’s 1.4 percent.
♦ Apart from agriculture, the only other sector expected to record an improvement in GVA growth this year is Public Administration, Defence and Other Services, which the NSO said will rise 9.1% from 7.8% last year.
♦ Manufacturing GVA growth is expected to nearly halve from 9.9% in 2023-24 to 5.3% this year, while GVA in Mining and Quarrying is estimated to rise just 2.9% from 7.1% a year ago.
Posted Date: January 7, 2025Economy
♦ According to the State Bank of India (SBI) research report, India’s rural poverty has declined significantly to 4.86 percent in the financial year 2023-24. It stood at 25.7 percent in the financial year 2011-12.
♦ The urban poverty has fallen to 4.09 percent from 13.7 percent over the last twelve years (2011-12 to 2023-24).
♦ The poverty line, originally defined in 2011-12 and adjusted for inflation, now stands at Rs 1,632 for rural areas and Rs.1,944 for urban areas.
♦ Using this benchmark and fractile distribution data, poverty rates were calculated at 4.86% for rural areas and 4.09% for urban areas in FY24.
Posted Date: January 3, 2025Economy
♦ India’s Goods and Services Tax (GST) collections rose to Rs.1.77 lakh crore in December 2024, a 7.3% increase compared to Rs.1.65 lakh crore in December 2023. The breakdown of December’s GST collections includes Rs.32,836 crore from the Central GST, Rs.40,499 crore from the State GST, Rs.47,783 crore from the Integrated GST, and Rs.11,471 crore from cess. Revenue from domestic transactions grew by 8.4% to Rs.1.32 lakh crore, while tax collections from imports increased by 4% to Rs.44,268 crore during the month.
♦ In November 2024, the GST revenue stood at Rs.1.82 lakh crore, marking an 8.5% year-on-year growth. The highest-ever GST collection was recorded in April 2024, exceeding Rs.2.10 lakh crore.
Economy
♦ India’s fiscal deficit for the first 8 months from April to November of the current financial year (2024-25) is estimated at Rs.8.47 lakh crore which works out to 52.5 percent of the estimate for the financial year. Net tax receipts for the first eight months of the current financial year were at Rs.14.43 lakh crore, or 56 per cent of the annual target, up from Rs.14.36 lakh crore for the same period last year, the data showed.
♦ Total government expenditure for the eight months was Rs.27.41lakh crore which constitutes 57 percent of the annual target fixed in the Union Budget. The government spent Rs.26.52 lakh crore in the same period last year.
♦ The government aims to bring down the fiscal deficit to 4.9 per cent of gross domestic product (GDP) in the current financial year from 5.6 percent in 2023-24. The government aims to contain the fiscal deficit at Rs.16.13 lakh crore during the current fiscal.
Economy
♦ India's foreign exchange reserves have surged past 700 billion US dollars, placing the nation in the 4th position globally. Over the last decade between 2014 to 2024, the total Foreign Direct Investment inflows were around over 709 billion dollars.
♦ India has jumped from 71st in 2014 to 39th in 2018 on the Global Competitiveness Index highlighting advancements in infrastructure, market size, and innovation.
♦ In 2024, India became the world’s second-largest producer of crude steel, after China. It also secured the second position globally in mobile phone production, solidifying its status as a major manufacturing hub.
♦ India is today the world’s fifth-largest economy and advancing toward the goal of becoming the third-largest economy.
Posted Date: December 30, 2024Economy
♦ The India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA) has completed two years, marking a significant milestone in bilateral trade relations and fostering mutual growth.
♦ The Ind-Aus ECTA has significantly advanced trade ties, creating new opportunities for MSMEs, businesses and employment in both nations while reinforcing the foundation of their economic partnership.
♦ India signed a free trade agreement with Australia on April 2, 2022 that was operationalised on December 29, 2022.
♦ Since its signing, bilateral merchandise trade has more than doubled, surging from USD 12.2 billion in 2020-21 to USD 26 billion in 2022-23.
♦ Total trade, however, moderated in the year 2023-24 to USD 24 billion in 2023-24, with India’s exports to Australia growing by 14%. Total merchandise bilateral trade from April-November 2024 reached USD 16.3 billion.
♦ Key sectors like textiles, chemicals, and agriculture have shown substantial growth, while exports on new lines, including gold studded with diamonds and turbojets highlight the diversification enabled by the agreement.
♦ Imports of essential raw materials, such as metalliferous ores, cotton, wood and wood products have fuelled India’s industries, contributing to the win-win nature of this partnership.Sectors such as electronics and engineering have room for growth.
Posted Date: December 29, 2024Economy
♦ The total voluntary contribution to the PM CARES Fund fell to Rs.912 crore in the fiscal year 2022-23.
♦ This is the lowest amount since the public charitable trust was created in March 2020 following the COVID-19 outbreak.
♦ The Prime Minister's Citizen Assistance and Relief in Emergency Situations (PM CARES) Fund voluntary contribution peaked at Rs.7,184 crore in 2020-21 and then fell to Rs.1,938 crore in 2021-22, before declining further in 2022-23 as the Covid threat receded after 2021.
Posted Date: December 28, 2024Economy
♦ The Reserve Bank announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector on 26 December 2024.
♦ The committee was headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering).
♦ The panel will assess the current level of adoption of AI in financial services, globally as well as in India.
♦ It will also review regulatory and supervisory approaches to AI with a focus on the financial sector globally. The panel will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc.
♦ The committee will recommend a framework including governance aspects for responsible, ethical adoption of AI models/applications in the Indian financial sector.
Posted Date: December 26, 2024Economy
♦ according to the latest ‘EY Economy Watch December 2024’ report India is projected to witness 6.5 percent real GDP growth in the current and next fiscal (FY25 and FY26). The report estimated that by combining the real GDP growth of the first two quarters of FY25, at 6.7 percent and 5.4 percent, respectively, the annual FY25 real GDP growth may be projected at 6.6 percent.
Posted Date: December 25, 2024Economy
♦ The Government of India and the Asian Development Bank (ADB) on 20 December 2024 signed a $350 million policy-based loan under the second subprogram of Strengthening Multimodal and Integrated Logistics Ecosystem (SMILE) program.
♦ The signatories to the loan agreement were Department of Economic Affairs (DEA), Ministry of Finance; Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry; and the ADB.
♦ The SMILE program is a programmatic policy-based loan (PBL) to support the government in undertaking wide-ranging reforms in the logistics sector in India.
♦ The programmatic approach comprises two subprograms, which aim to expand India’s manufacturing sector and improve the resilience of its supply chains.
Posted Date: December 20, 2024Economy
♦ India Ratings and Research (Ind-Ra) has projected India's economy to grow by 6.6% in 2025-26. The agency forecasts a 6.4% growth for 2024-25.
♦ Retail inflation is forecast to average 4.4% in FY26, lower than the 4.9% expected for FY25.
♦ Ind-Ra forecasts a merchandise trade deficit of US$ 308 billion (Rs.26,15,536 crore) in FY26, compared to US$ 277.4 billion (Rs.23,55,681 crore) in FY25 and US$ 244.9 billion (Rs.20,79,691 crore) in FY24.
Posted Date: December 20, 2024Economy
♦ The Union Government and the Asian Development Bank (ADB) signed a 42 million dollar loan on 19 December 2024 to strengthen coastal protection to help boost community resilience in Maharashtra.
♦ The ADB will help build the capacity of the Maharashtra Maritime Board in shore management planning, including the establishment of a coastal infrastructure management unit.
♦ The project will support capacity building of stakeholders on gender equality and social inclusion, coastal management, and livelihood activities.
Posted Date: December 19, 2024Economy
♦ IDFC FIRST Private Banking and Hurun India launched the second edition of the 'IDFC FIRST Private & Hurun India’s Top 200 Self-Made Entrepreneurs of the Millennium 2024' list on 18 December 2024. It contains a list of the 200 most valuable companies in India founded after the year 2000.
♦ Radhakishan Damani, the founder of Avenue Supermarts (DMart), led the list with a valuation of over Rs.3.4 lakh crore, reflecting a remarkable 44% growth.
♦ Zomato CEO Deepinder Goyal secured the second position with a valuation of Rs.2.51 lakh crore.
Top 10 names in this list:
1. Radhakishan Damani (Avenue Supermarts): 3,42,600 crore
2. Deepinder Goyal (Zomato): 2,51,900 crore
3. Sriharsha Majety & Nandan Reddy (Swiggy): 1,01,300 crore
4. Deep Kalra & Rajesh Magow (Makemytrip): 99,300 crore
5. Abhay Soi (Max Healthcare Institute): 96,100 crore
6. Yashish Dahiya & Alok Bansal (Policy Bazaar): 78,600 crore
7. Bhavit Sheth & Harsh Jain (Dream11): 66,500 crore
8. Nithin Kamath & Nikhil Kamath (Zerodha): 64,800 crore
9. Harshil Mathur & Shashank Kumar (Razorpay): 62,400 crore
10. Falguni Nayar (Nykaa): 56,600 crore
Economy
♦ According to the Finance Ministry, Public Sector Banks (PSBs) in India have recorded their highest-ever aggregate net profit of Rs.1.41 lakh crore in the financial year 2023-24.
♦ The Gross Non-Performing Assets (GNPA) ratio steeply declined, dropping to 3.12% in September 2024 from a peak of 14.58% in March 2018.
♦ In the first half of FY 2024-25, Public Sector Banks (PSBs) reported a net profit of Rs.85,520 crore, marking an impressive 26% growth compared to Rs.67,850 crore during the same period in the previous year (2023-24).
Posted Date: December 17, 2024Economy
♦ Elon Musk became the first person in history to achieve a net worth exceeding $400 billion, according to the Bloomberg Billionaires Index.
♦ This milestone follows a substantial insider share sale at SpaceX, his aerospace venture, which added approximately $50 billion to his wealth.
♦ The Bloomberg Billionaires Index estimates Musk’s current net worth at $447 billion.
♦ Amazon founder Jeff Bezos holds the second spot with a net worth of $249 billion, followed by Mark Zuckerberg in third place at $224 billion.
♦ Larry Ellison ranks fourth with $198 billion, while Bernard Arnault rounds out the top five at $181 billion.
Posted Date: December 13, 2024Economy
♦ India has marked a significant achievement in its economic progress with foreign direct investment (FDI) inflows crossing the $1 trillion (Rs. 84 lakh crore) mark from April 2000 to September 2024.
♦ This milestone comes alongside a notable 26% increase in FDI, reaching $42.1 billion during the fiscal year's first half (2024-25).
♦ From April 2014 to September 2024, India saw $709.84 billion in FDI inflows, which accounted for nearly 69% of the total FDI received over the past 24 years.
♦ This underscores India’s growing role in the global economy.
Posted Date: December 12, 2024Economy
♦ Sanjay Malhotra took charge as the 26th Governor of the Reserve Bank of India on 11 December 2024 for a three-year term.
♦ He replaced Shaktikanta Das, whose tenure ended on December 10. Sanjay is a 1990-batch IAS officer of the Rajasthan cadre. He is a former Revenue Secretary.
♦ He had earlier worked as the Chairman and Managing Director of state-run Rural Electrification Corporation (REC) Limited.
Posted Date: December 11, 2024Economy
♦ The Asian Development Bank (ADB) lowered its India growth forecast for the current financial year (FY25) to 6.5 percent from 7 percent earlier. It also revised downwards its forecast for FY26 to 7 percent from 7.2 percent earlier.
♦ As a result, the growth forecasts for South Asia have also been revised downwards to 5.9 per cent for 2024 and 6.3 per cent for 2025.
Posted Date: December 11, 2024Economy
♦ Reserve Bank of India (RBI) has announced Introduction of the Secured Overnight Rupee Rate (SORR) a benchmark based on the secured money markets.
♦ The RBI had set up the Committee on the MIBOR Benchmark to review the Rupee interest rate benchmarks in the country, especially the usage of Mumbai Interbank Outright Rate (MIBOR), and to examine the need for transition to new benchmarks.
♦ The Committee recommended several important measures to further develop the interest rate derivative market and improve the credibility of interest rate benchmarks.
Posted Date: December 8, 2024Economy
♦ Foreign Direct Investment (FDI) inflows into India have crossed the $1 trillion milestone (Rs.84 lakh crore) in the April 2000-September 2024 period, firmly establishing the country’s reputation as a safe and key investment destination globally.
♦ According to data from the Department for Promotion of Industry and Internal Trade (DPIIT), the cumulative amount of FDI, including equity, reinvested earnings and other capital, stood at $1,033.40 billion during the said period.
♦ Approximately 25% of the FDI originated from Mauritius, followed closely by Singapore at 24%, the United States at 10%, and the Netherlands at 7%.
♦ Other notable contributors included Japan (6%), the United Kingdom (5%), the UAE (3%), with the Cayman Islands, Germany, and Cyprus each accounting for 2%.
♦ The sectors that attracted the highest FDI inflows included services, computer software and hardware, telecommunications, trading, construction development, automobiles, chemicals, and pharmaceuticals.
♦ Since 2014, India has reportedly drawn in a cumulative FDI inflow of US$ 667.4 billion, reflecting a significant increase of 119% compared to the preceding decade (2004-14).
Posted Date: December 8, 2024Economy
♦ The Union Government announced its decision to change the base year for GDP calculation from 2011-12 to 2022-23 on 2 December 2024.
♦ This significant move aims to present a more accurate reflection of the current economic structure and improve policymaking. The base year is a benchmark for calculating GDP by eliminating the effects of inflation, allowing for a comparison of economic growth over time.
♦ The shift from 2011-12 to 2022-23 is particularly relevant because the Indian economy has undergone substantial transformations over the past decade.
♦ The GDP base year of 2011-12 was fixed in January 2015 when the Central Statistics Office (CSO), now part of the Ministry of Statistics and Programme Implementation (MoSPI), revised the base year for calculating national accounts.
Posted Date: December 2, 2024Economy
♦ The total gross Goods and Services Tax (GST) collections grew 8.5 percent to over Rs.1.82 lakh crore in November 2024 as compared to the same month in 2023. The total gross GST revenue in November 2023 was Rs.1.68 lakh crore.
♦ In 2024 November, the Central GST collection stood at Rs.34,141 crore, State GST at Rs.43,047 crore, Integrated IGST at Rs.91,828 crore and cess at Rs.13,253 crore.
♦ In 2024 October, GST collections of Rs.1.87 lakh crore were the second-best GST mop-up with 9 percent annual growth. The highest-ever collection was in April 2024 at over Rs.2.10 lakh crore.
Posted Date: December 1, 2024Economy
♦ The Union Government and the Asian Development Bank (ADB) signed a $98 million loan on 29 November 2024 to improve horticulture crop farmers’ access to certified disease-free planting materials, which will boost their crops’ yield, quality, and resilience to climate impacts.
♦ The project supports the Government’s Atmanirbhar Clean Plant Programme (CPP) that enhances plant health management. It will help develop regulatory framework and institutional systems to effectively implement the CPP for horticulture in India.
♦ The project will involve close consultation with private nurseries, researchers, state governments, and growers’ associations to ensure its success and sustainability.
Posted Date: November 29, 2024Economy
♦ According to the ASSOCHAM-Egrow report, India’s nominal GDP is forecasted to surge from $3.5 trillion in 2023 to $22.8 trillion by 2047, with an annual growth rate of 7.5%.
♦ The report has projected that India’s economic transformation by 2047 will be driven by the manufacturing and services sectors, which are expected to employ 67% of the workforce and contribute 75% of the country’s GDP.
♦ The services sector is set to dominate, increasing its GDP share from 54.2% in 2023 to 60% in 2047. Manufacturing will see modest growth, accounting for 18% of GDP, while agriculture’s contribution is expected to decline sharply to 10%, reflecting the ongoing structural transformation of the economy.
♦ Employment patterns will mirror this shift. By 2047, the services sector is expected to employ 52.3% of the workforce, compared to just 24.3% in 2000. Manufacturing employment will also rise, growing from 10.9% in 2023 to 15% in 2047. Conversely, agriculture’s share of employment is projected to drop dramatically, from 59.4% in 2000 to 22%.
Posted Date: November 29, 2024Economy
♦ The Asian Development Bank (ADB) Board of Governors has unanimously elected Masato Kanda as ADB’s 11th President on 28 November 2024.
♦ He is currently serves as Special Advisor to Japan’s Prime Minister and Minister of Finance. Kanda will assume office in February 2025, succeeding Masatsugu Asakawa.
♦ Since 2016, Kanda has served as Chair of the OECD Corporate Governance Committee, overseeing the review of the G20/OECD Principles of Corporate Governance in 2023.
♦ ADB is a regional development bank established in 1966, which is headquartered in Manila, Philippines. The bank also maintains 31 field offices around the world to promote social and economic development in Asia.
♦ The bank admits the members of the UN Economic and Social Commission for Asia and the Pacific, and non-regional developed countries. Starting with 31 members at its establishment, ADB now has 68 members.
Posted Date: November 28, 2024Economy
♦ The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi approved the Income Tax Department’s PAN 2.0 project with an allocation of Rs.1,435 crore on 25 November 2024.
♦ The PAN 2.0 project aims to introduce a technology-driven overhaul of taxpayer registration services, offering several key benefits, including improved accessibility, faster service delivery, enhanced data accuracy, eco-friendly processes, cost efficiency, and upgraded infrastructure security for greater agility.
♦ The project will consolidate core and non-core PAN/TAN activities and upgrade the PAN validation service, thereby replacing the existing PAN/TAN 1.0 system.
♦ The CCEA noted that the PAN 2.0 project aligns with the government’s Digital India vision by establishing PAN as a universal identifier across digital systems for specified government agencies.
Posted Date: November 25, 2024Economy
♦ IndusInd Bank and UNICEF announced a strategic partnership to support the 'Disaster Resilient Communities and Climate Risk-Informed Efficient Administrative Systems' as part of the Flagship CSR program of IndusInd Bank.
♦ The program aims to enhance government policies and develop climate-informed administrative systems in five select districts across India: Dharashiv (Maharashtra), Begusarai (Bihar), Virudhunagar (Tamil Nadu), Baran (Rajasthan), and Bahraich (Uttar Pradesh).
♦ The partnership, formalized through a Statement of Intent (SOI), will focus on building disaster-resilient communities and empowering local governments to implement climate solutions.
Posted Date: November 24, 2024Economy
♦ Reserve Bank of India (RBI) and the Maldives Monetary Authority (MMA) have signed a Memorandum of Understanding (MoU) to establish a framework for promoting the use of local currencies Indian Rupee and Maldivian Rufiyaa in cross-border transactions.
♦ The MoU was signed by RBI Governor Shaktikanta Das and MMA Governor Ahmed Munawar in Mumbai on 21 November 2024.
♦ The MoU encourages the use of Indian Rupee (INR) and Maldivian Rufiyaa (MVR) in current account transactions, permissible capital account transactions, and any other economic or financial transactions agreed upon by both countries.
Posted Date: November 21, 2024Economy
♦ S&P Global Ratings projected the Indian economy to grow between 6.5-7 percent annually in the three fiscal years till March 2027.
♦ India’s infrastructure spending and private consumption will support robust economic growth said S&P Global Ratings in its latest global bank outlook report released on 14 November 2024.
♦ According to the report, Indian banking sector’s weak loans will decline to about 3.0 percent of gross loans by March 31, 2025, “from our estimate of 3.5 percent as of March 31, 2024”.
♦ For the current fiscal, the Reserve Bank has projected economic growth to be 7.2 percent, lower than 8.2 percent in 2023-24.
Posted Date: November 14, 2024Economy
♦ The Reserve Bank of India released its latest list of Domestic Systemically Important Banks (D-SIBs) on 13 Novembet 2024. The list includes State Bank of India, HDFC Bank, and ICICI Bank.
♦ RBI said SBI, HDFC Bank and ICICI Bank continue to be identified as Domestic Systemically Important Banks (D-SIBs) under the same bucketing structure as in the 2023 list of D-SIBs.
♦ The framework for D-SIBs was issued in July 2014. SBI and ICICI Bank were identified as D-SIBs in 2015 and 2016, while HDFC Bank was classified as D-SIB in 2017, apart from SBI and ICICI Bank.
♦ Also as per the D-SIB requirements, SBI and HDFC Bank would need to maintain an additional capital buffer starting April 2025.
Posted Date: November 13, 2024Economy
♦ According to the World Intellectual Property Indicators 2024 report, India secured sixth place globally for patents, trademarks, and industrial designs. This report was published by the World Intellectual Property Organization (WIPO) on 12 November 2024.
♦ In 2023, India recorded a remarkable 15.7% growth in patent applications, the fastest among the top 20 countries. This growth marks the fifth consecutive year of double-digit increases in patent filings.
♦ India now ranks 6th globally with 64,480 patent applications, with over half (55.2%) of these applications coming from domestic applicants - a first for the country.
♦ Furthermore, India granted 149.4% more patents in 2023 compared to the previous year, underscoring the rapid expansion of its IP ecosystem.
♦ The WIPO report also highlighted India’s strong performance in trademark filings, with a 6.1% increase in 2023. India ranked 4th globally for trademarks, with nearly 90% of these filings originating from domestic businesses.
♦ The sectors leading in trademark filings included Health (21.9%), Agriculture (15.3%), and Clothing (12.8%). India’s trademark office now holds the second-largest number of active trademark registrations worldwide, with over 3.2 million trademarks in force.
Posted Date: November 12, 2024Economy
♦ Global Tuberculosis Report 2024 said that India’s journey towards tuberculosis (TB) elimination has been recognized globally, with a noteworthy 17.7 percent decline in TB incidence from 2015 to 2023.
♦ The rate is twice the global average decline of 8.3 percent. This report was published by the World Health Organization (WHO).
♦ India, as a signatory to the United Nations Sustainable Development Goals had pledged to achieve the “End TB” targets by 2025, five years ahead of the SDG deadline of 2030.
♦ There has been an 80 percent reduction in the TB incidence rate and a 90 percent reduction in the TB mortality rate compared to the 2015 levels.
Posted Date: November 6, 2024Economy
♦ Gross Goods and Services Tax (GST) collection in 2024 October rose 9 percent to over 1.87 lakh crore, the second-highest ever, mainly due to rise in domestic sales and improved compliance. The Central GST collection stood at 33,821 crore rupees, State GST at 41,864 crore rupees, Integrated IGST at 99,111 crore rupees and cess at 12,550 crore rupees during the month. The total gross GST revenue grew 8.9 percent to 1,87,346 crore rupees. In October 2023, the mop-up was at 1.72 lakh crore rupees.
♦ October 2024 recorded the second-best GST mop-up. The highest-ever collection was in April 2024 at over 2.10 lakh crore rupees.
Economy
♦ The National Stock Exchange of India (NSE) said it has crossed the milestone of 20 crore client accounts in October 2024. Among States, Maharashtra leads with the highest number of accounts at 3.6 crore, followed by Uttar Pradesh (2.2 crore), Gujarat (1.8 crore), Rajasthan and West Bengal at 1.2 crore each.
♦ Together, these States account for nearly 50% of total client accounts, while the top 10 States account for approximately three-fourths of the total. Additionally, the unique registered investor base now stands at 10.5 crore, having crossed the 10-crore (100 million) mark on August 8, 2024.
Posted Date: October 30, 2024Economy
♦ The International Monetary Fund (IMF) maintained its projection for India’s GDP growth at 7% for the current fiscal year (2024-25). It also forecast India’s growth rate to moderate to 6.5% in the fiscal year 2025-26.
♦ The latest estimates, published in the IMF’s World Economic Outlook (WEO).
♦ The report also updated the forecast for the US, raising its 2024 growth estimate to 2.8%, up from the previous forecast of 2.6%, and its 2025 projection to 2.2%, compared to the July estimate of 1.9%.
♦ Global growth remains steady at 3.2% for both 2024 and 2025. However, China’s growth outlook for 2024 was lowered to 4.8% from 5%, with no change to the 2025 projection of 4.5%.
Posted Date: October 23, 2024Economy
♦ According to the 2024 Global Multidimensional Poverty Index (MPI) report, approximately 1.1 billion people live in acute multidimensional poverty, with 455 million residing in conflict-affected regions. This report was jointly released by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI).
♦ The report contains updated data from 112 countries and over 1,359 subnational regions.
South Asian countries in the MPI 2024 report:
♦ India: 0.105 MPI value, with 234 million people living in multidimensional poverty (23.8% incidence)
♦ Pakistan: 0.198 MPI value, with 93 million people living in poverty (38.3% incidence)
♦ Nepal: 0.092 MPI value, with about 7.5 million people living in poverty (22.5% incidence).
♦ Bangladesh: 0.104 MPI value, with 41.7 million people living in poverty (24.6% incidence).
Economy
♦ CMD of Reliance Industries, Mukesh Ambani has retained the top spot on Forbes’ 2024 list of India’s 100 richest tycoons. Ambani’s net worth now stands at $119.5 billion. Adani group Chairman Gautam Adani came second on the Forbes list with a combined family wealth of $116 billion.
♦ Savitri Jindal ($43.7 billion), Shiv Nadar ($40.2 billion), Dilip Shanghvi ($32.4 billion), Radhakishan Damani ($31.5 billion), Sunil Mittal ($30.7 billion), Kumar Birla ($24.8 billion), Cyrus Poonawalla ($24.5 billion) and the Bajaj Family ($23.4 billion) completed the list of top 10 richest individuals/ families.
♦ The combined wealth of the top 100 on the Forbes rich list for 2024 crossed an historic milestone of a trillion dollar and the total wealth jumped 40 percent to $1.1 trillion in 2024, rising from $799 billion reported in 2023.
Posted Date: October 10, 2024Economy
♦ The National Bank for Agriculture and Rural Development (NABARD) survey reveals that the average monthly income of rural households rose by 57.6% over a five-year period (2016-2021).
♦ The second ‘All India Rural Financial Inclusion Survey (NAFIS) 2021-22 found that the average monthly income grew by 57.6%, from Rs 8,059 in 2016-17 to Rs 12,698 in 2021-22.
♦ The survey also found that financial savings in rural households improved, with the average annual savings reaching Rs.13,209 in 2021-22, compared to Rs.9,104 five years earlier. A noteworthy 66% of households reported saving in 2021-22, up from 50.6% in 2016-17. However, the proportion of households with outstanding debt rose from 47.4% to 52%.
♦ Covering a total of one lakh rural households, the survey highlighted an improvement in household income. Alongside rising incomes, household expenditures also grew, with average monthly spending increasing from Rs.6,646 in 2016-17 to Rs.11,262 in 2021-22.
♦ The survey noted a rise in reliance on institutional loans, with 75.5% of agricultural households borrowing from institutional sources in 2021-22, up from 60.5% in 2016-17. Conversely, non-institutional borrowing among agricultural households decreased from 30.3% to 23.4%.
Posted Date: October 9, 2024Economy
♦ India has become the fourth economy in the world to surpass 700 billion US dollars in foreign reserves, joining China, Japan, and Switzerland. India’s foreign exchange reserves surged by 12.588 billion dollars to touch a new all-time high of 704.885 billion dollars for the week ending September 27.
♦ In the previous week ended September 20, the forex reserves jumped by 2.8 billion to 692.3 dollars.
♦ According to the latest RBI data, India’s gold reserves rose 2.184 billion to 65.796 billion dollars. The special drawing rights with the International Monetary Fund increased by 8 million to 18.547 billion dollars.
Posted Date: October 4, 2024Economy
♦ India and Uzbekistan signed a Bilateral Investment Treaty (BIT) to assure appropriate protection to investors of the two countries.
♦ The Bilateral Investment Treaty was signed by Union Minister for Finance and Corporate Affairs Nirmala Sitharaman and H.E. Mr. Khodjayev Jamshid Abdukhakimovich, Deputy Prime Minister of Uzbekistan at Tashkent.
♦ Investments in various fields, including pharma and healthcare, textiles and auto components, agriculture and food processing, and mining and jewellery sector are in various stages of discussion.
♦ India is among the top 10 trade partners of Uzbekistan with bilateral trade $756.60 million (as per Uzbek statistics-2023) is well below potential.
Posted Date: September 30, 2024Economy
♦ The Asian Development Bank (ADB) has projected India’s economic growth at 7% for the financial year 2024-25 and 7.2% for FY2025-26. It stating that the country’s economy remains strong. In its latest Asian Development Outlook (ADO), ADB reported that a favorable monsoon across most regions of India is expected to lead to strong agricultural output, positively impacting the rural economy in FY2024.
♦ The report said, With the government’s fiscal consolidation efforts, central government debt is projected to decrease from 58.2% of GDP in FY2023 to 56.8% in FY2024. The general government deficit, which includes state governments, is expected to fall below 8% of GDP in FY2024.
♦ India’s current account deficit is forecast to be 1.0% of GDP in FY2024 and 1.2% in FY2025, down from the previous estimate of 1.7% for both years. This reduction is attributed to improved exports, lower imports, and strong remittance inflows.
Posted Date: September 25, 2024Economy
♦ S&P Global Ratings maintained its growth forecast for India’s Gross Domestic Product (GDP) at 6.8% for current fiscal (2024-25). In its latest Asia-Pacific economic outlook report, it also kept its forecast of 6.9% for the next fiscal year (2025-26).
♦ The Indian economy grew 8.2 per cent in the last fiscal (2023-24).
♦ S&P expects inflation to average 4.5 per cent in the 2024-25 fiscal.
Posted Date: September 24, 2024Economy
♦ According to the Kantar BrandZ latest report, Tata Consultancy Services (TCS) was ranked the most valuable brand for the third consecutive year with a brand value of $49.7 billion. HDFC Bank ($38.3 billion), Airtel ($29.9 billion), Infosys ($25.3 billion) and State Bank of India ($18 billion) were ranked among the top five in the Kantar BrandZ Most Valuable Indian Brands Report 2024. ICICI Bank, Jio, Asian Paints, HCL Tech and LIC also featured in the top ten rankings.
♦ The report noted that the combined brand value of the top 75 brands in India saw a 19 per cent increase over 2023 to $450.5 billion which was led by a diverse set of brands.
♦ Zomato, which is ranked on 31 spot, was seen as the “Fastest Riser” with 100 percent growth in brand value year-on-year on the back of innovation and expansion into quick commerce.
Posted Date: September 19, 2024Economy
♦ According to the S&P Global latest report, India will become the world's third-largest economy by 2030-31, with an expected annual growth rate of 6.7 percent this fiscal year (2024-25). According to the report, titled "India Forward", continued reforms are crucial to improving business transactions and logistics, boosting private sector investment, and reducing reliance on public capital.
♦ The report highlighted that reforms are key to sustaining this momentum, with an anticipated 8.2 percent growth in FY2024.
Highlights:
♦ Infrastructure development and geopolitical strategies will play an important role in maximising trade benefits.
♦ The report also mentioned that foreign inflows into Indian government bonds have surged since the country joined major emerging market indexes, with further growth anticipated.
Economy
♦ The Life Insurance Corporation of India (LIC) has selected IT major Infosys to develop its NextGen digital platform.
♦ This initiative will focus on providing omnichannel experiences and data-driven hyper-personalization for customers, agents, and employees.
♦ Infosys will provide LIC with turnkey system integration services using AI capabilities from Infosys Topaz and DevSecOps services from Infosys Cobalt.
What is NextGen Platform?
♦ The NextGen Digital Platform will be modular, flexible, cloud-native, and have platform driven architecture which will be capable of quickly adopting innovative technologies, new products and features.
♦ This platform will form the foundation for building high value business applications such as the Customer & Sales Super Apps, Portals and Digital Branch for LIC.
Posted Date: September 17, 2024Economy
♦ 22 Indian-born companies were featured on TIME's World's Best Companies of 2024 list. The list consists of 1000 companies globally. The survey was conducted in over 50 countries with around 170,000 participants assessed companies based on direct and indirect recommendations, work conditions, salary, equality, and overall company image. Companies with revenues exceeding US$100 million in 2023 and demonstrated growth from 2021 to 2023 were evaluated.
List of all Indian firms, rankings
1. HCLTech - Rank: 112, Score: 91.75
2. Infosys - Rank: 119, Score: 91.55
3. Wipro - Rank: 134, Score: 91.29
4. Mahindra Group - Rank: 187, Score: 90.57
5. Axis Bank - Rank: 504, Score: 86.72
6. State Bank of India - Rank: 518, Score: 86.56
7. ICICI Bank - Rank: 525, Score: 86.43
8. Larsen & Toubro - Rank: 549, Score: 86.12
9. Kotak Mahindra Bank - Rank: 551, Score: 86.10
10. ITC Limited - Rank: 586, Score: 85.60
11. Hero MotoCorp - Rank: 597, Score: 85.50
12. Reliance Industries - Rank: 646, Score: 84.87
13. Motherson Group - Rank: 697, Score: 84.19
14. Adani Group - Rank: 736, Score: 83.72
15. NTPC Limited - Rank: 752, Score: 83.45
16. Yes Bank - Rank: 783, Score: 82.64
17. Bank of Baroda - Rank: 850, Score: 80.96
18. Godrej & Boyce - Rank: 921, Score: 78.30
19. Bajaj Group - Rank 952, Score: 76.39
20. Cipla - Rank: 957, Score: 76.04
21. Bharat Electronics Limited - Rank: 987, Score: 73.69
22. MRF - Rank: 993, Score: 72.98
Economy
♦ The World Bank has raised India’s growth forecast for the Financial Year 2024-25 to 7%, up from an earlier projection of 6.6 percent. World Bank projected this in its report, 'India Development Update: India’s Trade Opportunities in a Changing Global Context', released in New Delhi on 3 September 2024.
Highlights
♦ The report underscores India’s status as the fastest-growing major economy, with an impressive growth rate of 8.2% recorded in FY23-24.
♦ The World Bank projects India's growth rate to stay strong at 7% for 2024-25, as noted in the India Development Update. While a slight slowdown in industry is expected, the recovery in agriculture will help balance this out, and the services sector will continue to perform well.
♦ India's medium-term economic growth rate will remain strong at an average of 6.7% over the next two fiscal years.
♦ The main challenges to India's economy include job creation. The urban unemployment rate remains high at an average of 17%, the World Bank said.
Posted Date: September 3, 2024Economy
♦ Gross GST collection in August 2024 recorded a 10 percent jump to Rs.1,74,962 crore. The country’s revenue from the Goods and Services Tax (GST) had stood at Rs.1,59,069 crore in August 2023.
♦ GST collections in July rose 10.3 percent to over Rs 1.82 lakh crore.
♦ The GST refunds during August 2024 stood at Rs 24,460 crore. After adjusting the refunds, India’s net GST collection rose 6.5 per cent to Rs 1,50,501 crore in August 2024, compared with Rs 1,41,346 crore a year ago.
Economy
♦ According to the Paysecure report, Unified Payments Interface (UPI) processed nearly Rs.81 lakh crore transactions in the 2024 April-July period. This transaction number converts to a 37% increase on a year-over-year (YoY) basis.
♦ With 117.6 billion transactions in 2023, India leads in digital transactions.
♦ UPI processed 3,729.1 transactions per second, which is a 58% surge over the 2,348 transactions every second registered in 2022.
♦ With this data, UPI surpassed China’s Alipay, Paypal and Brazil’s PIX in the number of transactions processed.
♦ UPI processed 117.6 billion transactions in 2023 – the highest in the world. In July, UPI processed Rs 20.6 lakh crore worth of transactions – marking the highest-ever monthly transaction value for UPI, surpassing the Rs 20 lakh crore mark for the third consecutive month.
Economy
♦ Fitch Ratings has reaffirmed India’s sovereign debt rating at 'BBB-' with a stable outlook. Fitch Ratings has released its report on 29 August 2024. In this it has attributed to the country’s robust medium-term growth prospects and solid external finance position.
♦ On the growth front, Fitch projected India’s GDP growth at 7.2 percent in Financial Year 2025 and 6.5 percent in Financial Year 2026, bolstered by public infrastructure investments, strong private sector investment in real estate, and a resurgence in manufacturing.
♦ The ‘BBB’ rating reflects low default risk expectations, where the capacity to meet financial commitments remain adequate despite potential vulnerabilities from adverse business or economic conditions.
Economy
Moody’s Ratings raised India’s growth forecast for 2024-25 to 7.2 percent from 6.8 percent projected earlier on 29 August 2024. It has also raised its growth projections to 6.6 percent for 2025, up from 6.4 percent. Moody’s said, these forecast changes assume strong broad-based growth and we recognize potentially higher forecasts if the cyclical momentum, especially for private consumption, gains more traction.
Economy
♦ Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers. As part of the agreement, the customers can avail themselves of loans up to Rs.90 lakh with collateral-free options and tenure extending up to 5 years.
♦ TPREL is an arm of Tata Power, is a developer of renewable energy projects.
Economy
♦ Goldman Sachs Group Inc. has lowered India’s growth forecast by 20 basis points each for 2024 and 2025, citing a contraction in central government expenditure.
♦ Goldman Sachs expects the nation’s economy to expand at 6.7% in calendar 2024, and 6.4% in 2025.
Economy
♦ Bandhan Bank announced the launch of ‘Avni’, a savings account exclusively for women on 23 August 2024. Avni comes with a debit card that offers free airport lounge access, personal accident insurance cover of Rs 10 lakh, and lost card liability of Rs.3.5 lakh, among other offers.
♦ Avni also offers a 25 percent discount on locker rentals and a 50 percent discount on gold loan processing fees. Customers are required to maintain an average quarterly balance of Rs.25,000.
♦ The bank also launched an enterprise-wide loyalty programme, Bandhan Bank Delights, where customers can earn reward points called Delight Points and use the accrued points for purchases.
Economy
♦ According to the Brand Finance Food & Drink 2024 report, Amul has been recognized as the strongest food and dairy brand globally. This is an annual report on the most valuable and strongest food, dairy & non-alcoholic drinks brands by Britan's BrandFinance.
♦ The Amul's brand strength was evaluated with a Brand Strength Index (BSI) score of 91.0 out of 100, earning it the prestigious AAA+ rating.
♦ Amul’s brand value saw an 11 percent increase from 2023, reaching $3.3 billion in the latest ranking. In 2022-23, Amul clocked its highest ever sales of Rs 72,000 crore (about $8,5 billion), a jump of 18.5 per cent over the previous year (2021-22).
Economy
♦ The Ministry of Micro, Small and Medium Enterprises has signed a Memorandum of Understanding (MoU) with the Small Business Administration (SBA) of the Government of the United States of America to promote Cooperation on Micro, Small and Medium Enterprises (MSMEs). The MoU was signed between Secretary, Ministry of MSME S. C. L Das and Administrator, SBA, Government of the United States of America, Isabel Casillas Guzman in New Delhi on 13 August 2024.
♦ It aimed at enabling MSMEs from both countries to participate more effectively in global markets and foster trade.
♦ The MoU also provides for the joint conduct of programmes for women entrepreneurs to empower them and facilitate trade partnerships between women-owned small businesses in the two countries.
Posted Date: August 14, 2024Economy
♦ Ministry of Statistics and Programme Implementation (MoSPI) released the 25th issue of its publication titled “Women and Men in India 2023” on 12 August 2024. According to this by 2036, population of India is expected to reach 152.2 Crore, with a slightly improved female percentage of 48.8% as compared to 48.5 percent in 2011. The proportion of individuals under 15 years is projected to decrease from 2011 to 2036, likely due to declining fertility.
Highlights:
♦ India's population in 2036 is expected to be more feminine compared to the 2011 population, as reflected in the sex ratio which is projected to increase from 943 in 2011 to 952 by 2036.
♦ It is evident that from 2016 to 2020, Age Specific Fertility Rate in the age group of 20-24 and 25-29 has reduced from 135.4 and 166.0 to 113.6 and 139.6 respectively.
♦ Infant Mortality Rate has been decreasing over the years for both male and female. Female IMR had always been higher than that of male but in 2020, both were equal at the level of 28 infants per 1000 live births.
♦ Up to the 15thNational Election (1999), less than 60% of women electors participated, with men's turnout being 8 percentage points higher. However, the 2014 elections marked a significant change, with women's participation increasing to 65.6%, and further rising to 67.2% in the 2019 elections.
♦ For the first time, the voter turnout percentage was marginally higher for women, highlighting the impact of increasing literacy and political awareness among women.
♦ The Department for Promotion of Industry and Internal Trade (DPIIT) has recognized a total of 1,17,254 start-ups since its inception in January 2016 up to December 2023. Among these, 55,816 start-ups are led by women, constituting 47.6% of the total recognized start-ups.
Posted Date: August 12, 2024Economy
♦ The Reserve Bank of India (RBI) has increased the limit for making payments through UPI from Rs.1 lakh to Rs.5 lakh. According to the RBI, the UPI user base has reached 42.4 crore. The proposal to introduce ‘Delegated Payments’ in UPI is expected to increase the reach and usage of digital payments across the country.
♦ Payments through the Unified Payments Interface (UPI) reported a 45 percent yearly growth, according to data from the National Payment Corporation of India (NPCI). The value of transactions also saw a growth of over 35 percent, totaling Rs.20.64 trillion. This marks the third consecutive month when total transactions exceeded Rs.20 trillion.
♦ In June 2024, the total UPI transaction value was Rs.20.07 trillion, while in May it was Rs.20.44 trillion.
Posted Date: August 8, 2024Economy
♦ Reliance Industries Ltd (RIL) maintained the highest-ranked Indian firm on the 2024 Fortune Global 500 list. Globally it was in 86th rank. The company has gained 69 places in the last three years from 155 in 2021. Reliance has been on the 500 list for 21 years now. It had revenues of $108.8 billion and a profit of $8.4 billion in 2023-24.
♦ US retailer Walmart remains No.1 for the 11th consecutive year while Amazon reached the No.2 spot. Chinese state-owned electric utility State Grid is ranked at No.3 on the list which also has two other Chinese firms in the top 10 - Sinopec Group at No.5 and China National Petroleum at No.Q6.
♦ Saudi Aramco fell to No.4 from being at No.2 in 2023. Apple was ranked at No.7.
♦ Indian firms in this list:
♦ India has nine companies in the 2024 Fortune’s Global 500 list. They are:
| Company | Rank |
| Reliance Industries Ltd (RIL) | 86 |
| Life Insurance Corporation of India (LIC) | 95 |
| Indian Oil Corporation (IOC) | 116 |
| State Bank of India (SBI) | 178 |
| Oil and Natural Gas Corporation (ONGC) | 180 |
| Bharat Petroleum Corporation Ltd (BPCL) | 258 |
| Tata Motors | 271 |
| HDFC Bank | 306 |
| Rajesh Exports | 463 |
Posted Date: August 6, 2024
Economy
♦ India Ratings & Research (Ind-Ra) upped India's GDP growth forecast for the current fiscal to 7.5 percent from 7.1 percent projected earlier on expectation of improved consumption demand. It said the ongoing growth momentum led by government capex, deleveraged balance sheets of corporates/ banks, and incipient private corporate capex cycle has now found support from the union government budget.
♦ The revised growth projection by India Ratings is higher than most other estimates including the Reserve Bank of India (7.2per cent), Economic Survey (6.5 to 7per cent), the International Monetary Fund (7per cent) and the Asian Development Bank (7per cent).
♦ According to the ratings agency, growth in private final consumption expenditure is likely to accelerate from 4 per cent in 2023-24 to 7.4 per cent in the current financial year, the highest in three years.
Posted Date: August 5, 2024Economy
♦ According to a World Bank report, India may take nearly 75 years just to achieve one-fourth of US income per capita. More than 100 countries, including India, China, Brazil, and South Africa face serious challenges in becoming high-income countries in the next few decades. The report titled 'World Development Report 2024: The Middle Income Trap'.
Highlites:
♦ At current trends, it will take China more than 10 years just to reach one-quarter of US income per capita, Indonesia nearly 70 years, and India 75 years.
♦ At the end of 2023, 108 countries were classified as middle-income, each with annual GDP per capita in the range of $1,136 to $13,845. These countries are home to six billion people—75% of the global population—and two out of every three people living in extreme poverty.
♦ Since 1990, only 34 middle-income economies have managed to shift to high-income status and more than a third of them were either beneficiaries of integration into the European Union, or of previously undiscovered oil.
Posted Date: August 2, 2024Economy
♦ India’s goods and services tax (GST) collections rose 10.3 percent to athree-month high of Rs.1.82 lakh crore in 2024, July as compared to Rs.1.74 lakh crore in the 2024, June. This is the third-highest monthly collection recorded since the indirect tax regime was rolled out seven years ago on July 1, 2017.
♦ The Gross GST revenue stood at Rs.1,82,075 crore, which includes Central GST of Rs.32,386 crore, State GST of Rs.40,289 crore, and Integrated GST of Rs.96,447 crore. The compensation cess mopup was Rs.12,953 crore.
Posted Date: August 2, 2024Economy
♦ Markets regulator SEBI launched a chatbot named ‘SEVA’ for investors on 29 July 2024. SEVA is an Artificial Intelligence (AI) based conversation platform. The chatbot is presently enabled to answer questions relating to general information on the securities market, the latest master circulars, grievance redressal process, etc.
♦ The Beta version of chatbot SEVA (Sebi’s Virtual Assistant) includes features like citations for generated responses, speech-to-text and text-to-speech functionality for accessibility, and follow-up questions, among others.
♦ Chatbot: A chatbot is a computer program designed to simulate human conversation through text or voice interactions. Think of it as a virtual assistant that can understand and respond to your questions, requests, or commands.
Economy
♦ Rapido has joined the unicorn club after raising around $120 million (Rs.1,000 crore) in its latest Series E funding round led by its existing investor WestBridge Capital.
♦ A unicorn means a privately owned startup valued at over $1 billion. Rapido closely competes with players like Ola, Uber and Namma Yatri.
♦ Rapido was founded in 2015 by Aravind Sanka, Pavan Guntupalli and Rishikesh SR.
♦ Rapido is the third to become a unicorn this year (2024) after Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI turned unicorns earlier. In 2023, there were only two new unicorns - Zepto and InCred Wealth.
Economy
♦ The Reserve Bank of India (RBI) has released its report on Currency and Finance (RCF) for the year 2023-24 on 29 July 2024. The report titled "India's Digital Revolution".
Highlights:
♦ The report noted that the average cost of data breaches in India has risen to $2.18 million in 2023, a 28% increase since 2020.
♦ Globally, the cost of cybercrime is expected to reach $13.82 trillion by 2028, up from $8.15 trillion in 2023.
♦ The Aadhaar system has facilitated over 116 billion authentications and 20 billion electronic-know-your-customer (e-KYC) verifications, since 2014.
♦ Direct Benefit Transfers (DBTs) have streamlined the distribution of subsidies, transferring Rs 6.9 lakh crore for 315 schemes to 176 crore beneficiaries in 2023-24.
♦ The UPI system has witnessed a dramatic rise in transaction volume, from 12.5 billion transactions in 2019-20 to 131 billion transactions in 2023-24, accounting for 80 percent of all digital payment volumes.
♦ n June 2024 alone, the UPI recorded nearly 14 billion transactions, supported by 424 million unique users.
Economy
♦ Union Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 in Lok Sabha on 23 July 2024. This is her seventh consecutive budget and eclipsing the late Moraji Desai’s record of six consecutive budgets. The government is estimated to spend Rs.48,20,512 crore in 2024-25, 8.5% higher than the actual expenditure in 2023-24. Total capital expenditure was projected to be Rs.11,11,111 crore, fiscal deficit is estimated at Rs.16,13,312 crore, revenue receipts are estimated at Rs.31,29,200 crore, while the net tax revenue to the Centre is projected to be Rs.25,83,499 crore.
♦ Highlights & Sector wise allocations:
♦ The budget highlights nine core priorities of the government - Agriculture, Employment, Social Justice, Manufacturing and Services, Urban Development, Energy Security, Innovation, Research and Development, Next-Generation Reforms.
♦ The Union Government had Rs.1247211.28 crores of Union taxes and duties to distribute to the states. In statement showing the state-wise distribution of net proceeds of Union Taxes and Duties for Budget Estimates 2024-25, Uttar Pradesh receives the highest share at around 18% with Rs.223737.23 crores.
♦ Union Finance Minister Nirmala Sitharaman allocated Rs1.52 lakh crore to the agriculture sector.
♦ The government allocated an outlay of Rs.6,21,940.85 crore for defence for FY25, which is the highest among all the Union ministries.
| Department wise allocations | In Rs. crores |
|---|---|
| Ministry of Defence | :Rs.621940.85 |
| Ministry of Road Transport and Highways | : Rs.278000 |
| Ministry of Railways | : Rs.255393 |
| Ministry of Consumer Affairs, Food and Public Distribution | :Rs.223323.36 |
| Ministry of Home Affairs | :Rs.219643.31 |
| Ministry of Rural Development | :Rs.180233.43 |
| Ministry of Chemicals and Fertilisers | :Rs.168499.87 |
| Ministry of Communications | : Rs.137293.9 |
| Ministry of Agriculture and Farmers Welfare | :Rs.132469.86 |
| Ministry of Education | :Rs.120627.87 |
| Ministry of Jal Shakti | : Rs.98713.78 |
| Ministry of Health and Family Welfare | : Rs.90958.63 |
| Ministry of Housing and Urban Affairs | : Rs.82576.57 |
| Ministry of Women and Child Development | : Rs.26092.19 |
| Department of Atomic Energy | : Rs.24968.98 |
| Ministry of Labour and Employment | : Rs.22531.47 |
| Ministry of External Affairs | : Rs.22154.67 |
| Ministry of Micro, Small and Medium Enterprises | : Rs.22137.95 |
| Ministry of Electronics and Information Technology | : Rs.21936.9 |
| Ministry of Power | : Rs.20502 |
| Ministry of New and Renewable Energy | : Rs.19100 |
| Ministry of Science and Technology | : Rs.16628.12 |
| Ministry of Petroleum and Natural Gas | : Rs.15930.26 |
| Ministry of Social Justice and Empowerment | : Rs.14225.47 |
| Department of Space | : Rs.13042.75 |
| Ministry of Tribal Affairs | : Rs.13000 |
| Ministry of Commerce and Industry | : Rs.11469.14 |
| Ministry of Heavy Industries | : Rs.7242 |
| Ministry of Fisheries, Animal Husbandry and Dairying | : Rs.7137.68 |
| Ministry of Law and Justice | : Rs.6788.33 |
| Ministry of Development of North Eastern Region | : Rs.5900 |
| Ministry of Statistics and Programme Implementation | : Rs.5453.83 |
| Ministry of Skill Development and Entrepreneurship | : Rs.4520 |
| Ministry of Textiles | : Rs.4417.03 |
| Ministry of Information and Broadcasting | : Rs.4342.55 |
| Ministry of Ayush | : Rs.3712.49 |
| Ministry of Youth Affairs and Sports | : Rs.3442.32 |
| Ministry of Environment, Forests and Climate Change | : Rs.3330.37 |
| Ministry of Food Processing Industries | : Rs.3290 |
| Ministry of Culture | : Rs.3260.93 |
| Ministry of Minority Affairs | : Rs.3183.24 |
| Ministry of Earth Sciences | : Rs.3064.8 |
| Ministry of Corporate Affairs | : Rs.2667.06 |
| Ministry of Tourism | : Rs.2479.62 |
| Ministry of Personnel, Public Grievances and Pensions | : Rs.2379.87 |
| Ministry of Ports, Shipping and Waterways | : Rs.2377.49 |
| Ministry of Civil Aviation | : Rs.2357.14 |
| Ministry of Mines | : Rs.1941.06 |
| The President, Parliament, Union Public Service Commission and the Secretariat of the Vice President | : Rs.1884.92 |
| Ministry of Panchayati Raj | : Rs.1183.64 |
| Ministry of Cooperation | : Rs.1183.39 |
| Ministry of Planning | : Rs.837.26 |
| Ministry of Steel | : Rs.325.66 |
| Ministry of Coal | : Rs.192.55 |
| Ministry of Parliamentary Affairs | : Rs.64 |
Posted Date: July 24, 2024
Economy
♦ Union Finance Minister Nirmala Sitharaman presented the Economic Survey 2023-24 in Parliament on 22 July 2024. The survey projects the FY25 real GDP growth at 6.5-7%.
♦ It reveals that India’s workforce of nearly 56.5 crores is distributed across several sectors: over 45% in agriculture, 11.4% in manufacturing, 28.9% in services, and 13% in construction.
♦ The survey highlighted a significant rise in female labour force participation over the past six years. The participation rate increased from 23.3 percent in 2017-18 to 37 percent in 2022-23, driven primarily by the growing participation of rural women. Additionally, the unemployment rate has been declining, dropping to 3.2 percent in 2022-23.
♦ Highlights:
♦ Job Creation: India needs to generate approximately 7.85 million jobs annually in the non-farm sector until 2030 to accommodate its growing workforce.
♦ Inflation Management: Retail inflation decreased to 5.4 percent in FY24, down from 6.7 percent in FY23, due to effective policy responses amidst both global and domestic challenges.
♦ Foreign Direct Investment (FDI): FDI remained resilient, despite a slight decline in new capital inflows to USD 45.8 billion in FY24 from USD 47.6 billion in FY23, reflecting broader global economic trends.
♦ Sectoral Growth: The services sector grew by 7.6 percent in FY24, while the agriculture sector expanded by 4.18 percent over the past five years.
♦ The first economic survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the Budget documents and presented the day before the Union Budget.
Posted Date: July 23, 2024Economy
♦ The Asian Development Bank (ADB) has approved $240.5 million in loans to finance rooftop solar systems in India that will help the government expand energy access using renewable energy. The financing will support tranches 2 and 3 of the Multitranche Financing Facility (MFF) Solar Rooftop Investment Program approved by ADB in 2016. The program was restructured in 2023 to focus on deploying residential solar rooftop systems.
♦ The financing will be made available to the State Bank of India (SBI) and the National Bank for Agriculture and Rural Development (NABARD) to provide loans to developers and end-users throughout India to install rooftop solar systems. ADB will provide SBI $90.5 million from its Clean Technology Fund (CTF) while NABARD will receive $150 million—comprised of $80 million from ADB’s ordinary capital resources and $70 million from CTF.
Posted Date: July 19, 2024Economy
♦ The Asian Development Bank (ADB) projected India's GDP growth forecast at 7 percent for the current financial year 2024-25. For the financial year 2025-26, ADB has pegged India’s GDP growth at 7.2 percent.
♦ The International Monetary Fund (IMF) also revised upward its GDP growth projections for India to 7 percent compared to 6.8 percent projected in April, 2024.
♦ In 2024, June, the Reserve Bank of India (RBI) revised upward its growth forecast to 7.2 percent, from 7 percent estimated earlier.
Posted Date: July 18, 2024Economy
♦ The International Monetary Fund (IMF) has raised India’s growth projections for 2024 from 6.8 percent earlier to 7 percent in its latest outlook.
♦ The IMF had earlier projected growth rate of 6.5 percent for 2024, revising it to 6.8 percent and now 7 percent.
♦ For the year 2025, the IMF projected India’s growth rate at 6.5 percent.
♦ According to official data of the Indian government, the country’s GDP grew at an impressive 8.2 percent during the financial year 2023-24, and it continued to remain the fastest-growing major economy. India’s economy grew 7.2 percent in 2022-23 and 8.7 percent in 2021-22 respectively.
Posted Date: July 17, 2024Economy
♦ Hurun India released 2024 GROHE-Hurun India Real Estate 100 report on 11 July 2024. It provides a comprehensive view of India's real estate landscape, detailing the individuals and companies leading in wealth and valuation as of May 31, 2024.
♦ Chairman of DLF Rajiv Singh emerges at the top spot with a wealth of Rs.1,24,420 crore. Mangal Prabhat Lodha, founder of Macrotech Developers secured second rank with a significant Rs.91,700 crore.
♦ Gautam Adani of Adani Realty claims the third spot with Rs 56,500 crore.
Posted Date: July 11, 2024Economy
♦ According to a RBI report, India's employment growth rate stood at 6 percent in that 2023-24 fiscal year. India provisionally created 46.7 million jobs in the financial year ended March 2024. India's total employment surged to 643.3 million in 2023-24, up from 596.7 million in FY23.
Posted Date: July 8, 2024Economy
♦ India and the Asian Development Bank (ADB) signed a $170 million policy-based loan to enhance India’s preparedness and response capacity for future pandemics. The agreement, part of the ‘Strengthened and Measurable Actions for Resilient and Transformative Health Systems Programme was signed by Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs, Ministry of Finance, on behalf of the Indian government, and Mio Oka, Country Director of ADB’s India Resident Mission.
♦ The programme aims to enhance disease surveillance systems by establishing laboratory networks for infectious disease surveillance at various levels and building robust data systems to monitor and coordinate national health programmes for vulnerable groups. It will also improve the governance of India’s One Health approach and its multisector response to emerging infectious diseases.
Posted Date: July 3, 2024Economy
♦ The World Bank has approved a $1.5-billion loan to help India accelerate its low-carbon energy development. The funds will be used to promote a market for green hydrogen, electrolysers, and increased renewable energy penetration.
♦ This is the second round of funding from the World Bank towards India's green energy push. In June 2023, the World Bank approved the $1.5-billion First Low-Carbon Energy Programmatic Development Policy Operation to accelerate India’s development of low-carbon energy.
Economy
♦ The Reserve Bank of India with the concurrence of the Government of India has decided to put in place a revised Framework on Currency Swap Arrangement for SAARC countries for the period 2024 to 2027. Under this Framework, the Reserve Bank would enter into bilateral swap agreements with SAARC central banks, who want to avail of the swap facility.
♦ Under the Framework for 2024-27, a separate INR Swap Window has been introduced with various concessions for swap support in Indian Rupee. The total corpus of the Rupee support is Rs 250 billion.
♦ The RBI will continue to offer swap arrangement in US$ and Euro under a separate US Dollar/ Euro Swap Window with an overall corpus of US$ 2 billion.
Economy
♦ According to the Brand Finance Report 2024, Tata Group has retained its position as India’s most valuable brand. Tata Group has a 9% growth in brand value to $28.6 billion. Infosys too retained the second spot on the list of most valuable Indian brands with a steady 9% growth in brand value (USD 14.2 billion). HDFC Group has ranked third with a valuation of $10.4 billion.
♦ The other companies on the list are:
♦ LIC Group (4th rank) - $10.1 billion, Reliance Group (5th) - $8.4 billion, SBI Group (6th) - $8.2 billion, Airtel (7th) - $7.7 billion, HCLTech (8th) - $7.6 billion, Larsen & Toubro Group (9th) - $7.2 billion, Mahindra Group (10th) - $6.6 billion.
Posted Date: June 27, 2024Economy
♦ India ranked 15 in the World Investment Ranking in 2023 released by the United Nations Conference of Trade and Development (UNCTAD). Foreign Direct Investment (FDI) flows to India plummeted by 43 percent in 2023 to $28 billion amid a global decline of 2 percent. India was ranked eighth in the 2022 report, attracting inflows worth $48 billion.
♦ The USA topped this list, followed by China, Singapore and Hong Kong, China.
Posted Date: June 24, 2024Economy
♦ The government monetised assets worth Rs.1.56 lakh crore under the National Monetisation Pipeline (NMP) in 2023-24, lower than the target of Rs.1.8 lakh crore, NITI Aayog said. Under the NMP, taking the total monetisation to Rs.3.85 lakh crore in three years since the launch of the programme in 2020-21.
♦ The Ministries of Road Transport and Highways monetised assets, worth Rs.40,314 crore in FY24, while the amounts for the coal ministry were Rs.56,794 crore, Power (Rs.14,690 crore), Mines (Rs.4,090 crore), Petroleum, and Natural gas (Rs.9,587 crore), Urban (Rs.6,480 crore), and Shipping (Rs.7,627 crore). All these ministries achieved 70 per cent of their monetisation targets.
Posted Date: June 22, 2024Economy
♦ The Asian Development Bank (ADB) sanctioned a $170 million (Rs.1418 crore) loan to enhance India’s health systems by aiding in implementing the National Health Policy 2017. This policy aims to ensure universal access to high-quality healthcare services across the country.
♦ The funding will help fill the gaps in policy, legislative, and institutional governance and structures, as well as contribute to India’s goal of providing universal access to high-quality and affordable healthcare services.
Posted Date: June 21, 2024Economy
♦ India Post Payments Bank (IPPB) has partnered with Ria Money Transfer to provide convenient and affordable doorstep financial services to customers in remote areas across the country. This partnership will increase people’s access to banking services at their doorstep & help them withdraw only to the extent they need immediately, ensuring they get saved from the earlier hassles and risks, thereby experiencing financial inclusion in true sense, leading to their long-term economic growth.
♦ Through this partnership, the International Inward Money Transfer service will initially be available at over 25 thousand Post Office locations, with an expected reach to over One Lakh locations through the Post Offices.
Posted Date: June 20, 2024Economy
♦ Nvidia became the world's most valuable company with a market capitalization of about $3.3 trillion on 19 June 2024. This company is now ahead of Microsoft and Apple.
♦ Nvidia Corporation is an American multinational corporation and technology company headquartered in Santa Clara, California
Posted Date: June 19, 2024Economy
♦ Fitch Ratings has raised India's growth forecast for FY25 to 7.2% from 7% earlier on 18 June 2024. The ratings agency has also raised its world growth forecast for 2024 to 2.6% from 2.4% earlier.
♦ The Indian economy grew at an impressive rate of 8.2 percent in FY24, driven by a stronger-than-expected expansion of 7.8 percent in the fourth quarter.
♦ While the Asian Development Bank (ADB) estimates growth at 7 per cent, S&P Global Ratings and Morgan Stanley project a growth rate of 6.8 per cent. Moody’s Ratings and Deloitte India estimates India’s GDP to grow at 6.6 per cent in 2024-25 fiscal.
Posted Date: June 18, 2024Economy
♦ According to the Celebrity Brand Valuation Report, Virat Kohli is India's most valued celebrity with a brand value of USD 227.9 million (Rs.1899 crores). Consultancy firm Kroll released this report. The report ranks India’s most influential celebrity brands by assessing their brand values derived from endorsements and social media presence.
♦ Bollywood actors Ranveer Singh (Rs.1692 crores) and Shah Rukh Khan (Rs.1006 crores) were ranked 2nd and 3rd respectively.
Posted Date: June 18, 2024Economy
♦ The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) has decided to keep the repo rate unchanged at 6.5%. The MPC has revised its GDP growth forecast upwards from the earlier 7% estimate to 7.2% for the financial year 2024-2025.
♦ RBI has kept inflation figures unchanged for financial year 2025 at 4.5%.
Economy
♦ SBI Mutual Fund (SBI MF) made history by becoming the first fund house in the country to achieve the Rs.10 trillion milestone in Assets Under Management (AUM). The growth in MF AUM hinges on both the appreciation in assets held by schemes and fresh inflows.
♦ As of April 2024, SBI accounted for Rs 2 trillion of SBI MF’s AUM. Over Rs 5 trillion of the AUM was in direct plans, with the remaining Rs 2.2 trillion linked to other distributors.
Posted Date: June 6, 2024Economy
♦ The World Economic Forum published Technology Pioneers 2024 list on 6 June 2024. The list has total 100 leading tech startups which are focused on applying new breakthroughs in AI to develop clean energy solutions, healthcare innovation and progress in biotech, space and neurotechnology.
♦ A total of ten Indian startups are present in this list. They are:
1. Pixxel: Developing hyperspectral satellite imagery to capture geospatial data.
2. Niramai: Developing a novel AI-based test for detecting early-stage breast cancer, which is affordable, portable and non-invasive.
3. Sarvam AI: Building foundation AI models and platforms for their use with a focus on Indian languages and use cases.
4. Amperehour: Creating dispatchable renewable energy generating plants.
5. Cropin: Developing a farm monitoring and management solution to help farmers geo-tag their farms, digitize farm records, monitor crop productivity and improve farm activity.
6. Entri: Giving access to learning and upskilling programmes in Indian local languages.
7. HealthPlix: Developing AI-powered electronic medical records software for the healthcare sector.
8. International Battery Company: Manufacturing large-sized rechargeable prismatic li-ion nickel manganese cobalt batteries.
9. NxtWave: Providing AI-driven, vernacular-based coding courses.
10. String Bio: Producing next-generation ingredients for agriculture, animal feed and human nutrition from GHG gases.
Economy
♦ The Unified Payments Interface (UPI) network has set a new record by processing 14.04 billion transactions in May 2024, up from 13.3 billion in April. UPI is operated by the National Payments Corporation of India (NPCI). By value, UPI transactions amounted to Rs.20.45 lakh crore in May, compared to Rs.19.64 lakh crore in April.
♦ In May, the average daily transaction amount was Rs 65,966 crore, with an average daily transaction count of 453 million, reflecting a 49 percent year-on-year growth.
Posted Date: June 3, 2024Economy
♦ Reliance Industries Limited (RIL) and Tata Group have been named among the World’s 100 ‘Most Influential Companies’ by TIME magazine. RIL was placed in TIME’s list of 100 World’s Most Influential Companies of 2024 under the ‘Titans’ category. It is one of the five categories under which the companies were divided. The remaining four categories are Leaders, Disrupters, Innovators, and Pioneers.
♦ This is the second time Reliance Industries has made it to the TIME 100 list, making it the only Indian company to be recognised twice. Prior to this, Jio Platforms was included in the inaugural TIME 100 Most Influential Companies List of 2021.
♦ Tata Group, on the other hand, was listed in ‘Titan’s’ category. Another Indian company that was named in the list is Serum Institute which was placed under ‘Pioneers’ category.
Posted Date: May 31, 2024Economy
♦ Asian Development Bank (ADB) committed USD 2.6 billion (about Rs 21,500 crore) in sovereign lending to India in 2023 for various projects. The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India's climate resilience, and enhance connectivity.
♦ ADB also extended USD 23.53 million in technical assistance and USD 4.1 million in grants under the sovereign portfolio.
♦ In addition, ADB committed over USD 1 billion for private sector projects during the past year, the Manila-based multi-lateral development bank said in a statement.
Economy
♦ Smartphones have become the fourth-largest export item from India, with a 42% growth to US$ 15.6 billion in FY24. India started tracking smartphone exports separately from April 2022.
♦ According to commerce department data, the spike in smartphone exports was driven by a 158 percent increase in shipments to the US at $5.6 billion, followed by the United Arab Emirates ($2.6 billion), the Netherlands ($1.2 billion), and the UK ($1.1 billion). The value of mobile devices produced in India for both export and domestic markets in FY24 soared to Rs 4.1 trillion ($49.16 billion).
♦ This represents an increase of at least 17% compared to the previous year (2022-23), as per preliminary estimates by the Indian Cellular and Electronics Association (ICEA), which represents most of the mobile companies in the country.
Posted Date: May 27, 2024Economy
♦ The market capitalization of companies listed on the National Stock Exchange (NSE) exceeded USD 5 trillion (Rs.416.57 lakh crore) on 23 May 2024, coinciding with the Nifty 50 index reaching a record high of 22,993.60.
♦ The journey of market capitalisation of listed companies from USD 2 trillion (July 2017) to USD 3 trillion (May 2021), USD 3 trillion to USD 4 trillion (December 2023).
♦ The top five companies by market capitalisation on the exchange are Reliance Industries, Tata Consultancy Services, HDFC Bank, ICICI Bank and Bharti Airtel
Posted Date: May 23, 2024Economy
♦ India ranked 39th position in the World Economic Forum’s Travel & Tourism Development Index 2024. India also ranks the highest in South Asia among the lower-middle-income economies. Earlier, India was ranked 54th in 2021 published index.
♦ This index was compiled in collaboration with the UK-based University of Surrey.
♦ While US topped the list followed by Spain, Japan, France and Australia.
♦ This index analysed the travel and tourism sectors of 119 countries around a range of factors and policies.
♦ Germany was ranked 6th, followed by the UK, China, Italy and Switzerland in the top ten.
Posted Date: May 21, 2024Economy
♦ Moody’s Ratings said the Indian economy is expected to grow at 6.6 percent in the current financial year 2024-25.
♦ The global rating agency for the next financial year 2025-26 pegged India’s growth at 6.2 percent.
♦ The Indian economy is estimated to have expanded 8 percent in the 2023-24 fiscal year.
♦ India’s economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22, respectively.
Posted Date: May 19, 2024Economy
♦ According to the data of economic think tank GTRI, China overtook the US as India’s top trading partner in FY 2023-24 with a total trade of $118.4 billion. The bilateral trade between India and the US stood at $ 118.3 billion in 2023-24. USA was the top trading partner of New Delhi during 2021-22 and 2022-23.
♦ The Global Trade Research Initiative (GTRI) data showed that India's exports to China rose by 8.7 percent to $ 16.67 billion in the 2023-24. The main sectors which recorded healthy growth in exports to that country include iron ore, cotton yarn/fabrics/madeups, handloom, spices, fruits and vegetables, plastic and linoleum.
♦ Imports from the neighbouring country increased by 3.24 percent to $ 101.7 billion.On the other hand, exports to the US dipped by 1.32 per cent to $ 77.5 billion in 2023-24 as against $ 78.54 billion in 2022-23, while imports dipped by about 20 per cent to $ 40.8 billion.
Posted Date: May 15, 2024Economy
♦ The 12 Public Sector Banks (PBCs) cumulative profit recorded Rs.1,41,203 crore in FY 2023-24. In 2022-23 PBCs earned a net profit of Rs.1,04,649 crore.
♦ Out of the total profit of Rs.141,203 crore earned during the FY24, market leader State Bank of India (SBI) alone contributed over 40 percent of the total earnings, as per the published numbers on exchanges. SBI earned a profit of Rs.61,077 crore 22 percent higher than the previous financial year (Rs.50,232 crore).
♦ In percentage terms Punjab National Bank had the highest net profit growth with 228 percent to Rs.8,245 crore, followed by Union Bank of India with a 62 percent rise to Rs.13,649 crore and Central Bank of India with a 61 percent increase to Rs.2,549 crore.
♦ Among the banks which recorded over 50 percent jump in net profit included Bank of India with a 57 percent growth to Rs.6,318 crore while Bank of Maharashtra with a 56 percent rise to Rs.4,055 crore and India Bank recorded a 53 percent improvement to Rs.8,063 crore.
♦ Punjab & Sind Bank reported a 55 percent decline in annual net profit, dropping from Rs.1,313 crore in 2022-23 to Rs.595 crore in the fiscal year ending March 2024.
Posted Date: May 15, 2024Economy
♦ The government announced the IIP (Index of Industrial Production) data for March 2024 on May 10. The IIP growth rates for the month of March 2024 over the corresponding period of previous year is 4.9 percent. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of March 2024 over March 2023 are 1.2 percent, 5.2 percent and 8.6 percent respectively.
♦ Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of March 2024 are – “Manufacture of basic metals” (7.7%), “Manufacture of pharmaceuticals, medicinal chemical and botanical products” (16.7%), and “Manufacture of other transport equipment” (25.4%).
♦ The cumulative growth rate for the period of April-March 2023-24 over the corresponding period of the previous year stands at 5.8 percent. The cumulative growth rates of the three sectors, Mining, Manufacturing and Electricity for the period of April-March 2023-24 over the corresponding period of the previous year are 7.5 percent, 5.5 percent and 7.1 percent respectively.
Economy
♦ The 4th session of the India-Ghana Joint Trade Committee (JTC) was held in Accra (Ghana). India and Ghana agreed to operationalize the Unified Payment Interface (UPI) of the National Payments Corporation of India (NPCI) on Ghana’s Interbank Payment and Settlement Systems (GHIPSS) within six months.
♦ The two countries also explored the possibility of signing Memorandums of Understanding (MoUs) on Digital Transformation Solutions and the local currency settlement system.
♦Ghana is a key trading partner for India in the African region, with bilateral trade amounting to USD 2.87 billion in 2022-23.
Posted Date: May 6, 2024Economy
♦ India Ratings and Research (Ind-Ra) upgraded its GDP growth forecast for 2024-25 to 7.1% from 6.5%.
♦ The improved growth outlook is supported by several factors, including sustained government capital expenditure, deleveraged corporate and banking sector balance sheets, and the emerging private corporate capital expenditure cycle.
♦ The agency said it expects the growth in private final consumption expenditure to jump to 7 per cent in FY25, up from 3 per cent in FY24, and added that this will be a three-year high.
Posted Date: May 6, 2024Economy
♦ Girish Chandra Murmu, the Comptroller and Auditor General of India (CAG), has signed a Memorandum of Understanding (MoU) with Toyam Raya, Auditor General of Nepal.
♦ The agreement aims to enhance collaboration and exchange of expertise in the field of auditing between the two countries’ Supreme Audit Institutions (SAIs).
Posted Date: May 3, 2024Economy
♦ NPCI International Payments Ltd. (NIPL), the international arm of the National Payments Corporation of India (NPCI), has signed an agreement with the Bank of Namibia (BoN) to support the institution in developing an instant payment system like the Unified Payment Interface (UPI) for Namibia.
♦ This partnership marks NPCI’s first-ever collaboration with a central bank to deploy the UPI stack in an international market.
♦ The collaboration is aimed at developing real-time person-to-person (P2P) and person-to-merchant (P2M) transactions in Namibia. The agreement aims at improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability of payments.
Posted Date: May 3, 2024Economy
♦ The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at Rs 2,10,267 crore. While the Central Goods and Services Tax (CGST) was registered at Rs 43,846 crore, the State Goods and Services Tax (SGST) was Rs 53,538 crore. The Integrated Goods and Services Tax (IGST) stood at Rs 99,623 crore, including Rs 37,826 crore collected on imported goods, the finance ministry said. While Cess was recorded at Rs 13,260 crore, including Rs 1,008 crore collected on imported goods.
♦ This is the highest level of GST collections recorded since the indirect tax reform started in July 2017. Also, this is the first time that the overall mop-up crossed the Rs 2 lakh crore mark. The previous highest level was registered in April 2023 at Rs.1.87 lakh crore.
Economy
♦ According to Invest India, India is set to become the 3rd largest online retail market by 2030. Currently, India's e-commerce sector stands at a market size of USD 70 billion, constituting around 7 percent of the total retail market in the country.
♦ With 881 million users, India has the 2nd largest Internet user-base globally. The internet penetration has witnessed significant growth, with 52 percent of the Indian population, approximately 759 million people, accessing the internet in 2022.
♦ Several factors contribute to India's e-commerce boom:
♦ One of the primary drivers is the increasing internet penetration, with around 87 per cent of Indian households expected to have internet connections by 2025. The duration of internet access through mobiles has seen a 21 percent rise compared to 2019.
♦ The number of online shoppers in India is projected to increase significantly, with a compound annual growth rate (CAGR) of 22 per cent to 88 million in rural India and 15 per cent to 263 million across urban India between 2019 and 2026.
♦India’s affordability in data prices also plays a pivotal role, with one gigabyte of data costing approximately USD 0.17 (Rs 13.5), driving the majority of the population online.
Posted Date: April 30, 2024Economy
♦ According to the Global Trade Research Initiative (GTRI) report, India's dependence on Chinese industrial goods rose to 30% from 21% in the last 15 years. The goods include telecom, machinery and electronics.
♦ From 2019 to 2024, India's exports to China have stagnated at around $16 billion annually, while imports from China have surged from $70.3 billion in 2018-19 to over $101 billion in 2023-24, resulting in a cumulative trade deficit exceeding $387 billion over five years.
♦ In 2023-24, India's total merchandise imports amounted to $677.2 billion, with $101.8 billion of that coming from China.
Economy
♦ Adani’s Vizhinjam Port has received the approval of The Port and Shipping Ministry to operate as India's first trans-shipment port. This port is located in Kerala. A transshipment port is a crucial hub where cargo is transferred from one big vessel to several smaller ones before they reach the final port of discharge. It will now help India in its ambition to become a manufacturing hub.
♦ Approximately 75 per cent of India’s transshipment cargo is currently processed at ports overseas, with destinations such as Colombo, Singapore, and Klang handling about 85 per cent of this cargo.
Economy
♦ National Institute of Public Finance and Policy (NIPFP) estimated India's GDP growth at 7.1 percent for the current fiscal (2024-25). NIPFP said that in 2023-24, states' capex growth is robust due to significant capex transfers from the Centre.
♦ While the Asian Development Bank (ADB) and Fitch Ratings have estimated India's growth at 7 percent, the International Monetary Fund (IMF), S&P Global Ratings and Morgan Stanley projected a 6.8 percent growth rate for 2024-25.
Economy
♦ India’s drugs and pharmaceutical exports increased 9.67 percent year-on-year to USD 27.9 billion in 2023-24. According to the commerce ministry data, pharma exports in March grew by 12.73 percent to USD 2.8 billion. In 2022-23, the exports stood at USD 25.4 billion.
♦ The top five export markets, for the sector during the last fiscal (2023-24), are the United States, the United Kingdom, the Netherlands, South Africa and Brazil. The US accounted for over 31% of India’s total pharmaceutical exports.
♦ India’s pharmaceutical industry is the third largest by volume and the 13th largest by value in the world, producing more than 60,000 generic drugs across 60 therapeutic categories.
Economy
♦ India’s net direct tax collections grew 17.7% in 2023-24 to hit Rs.19.58 lakh crore. In 2022-23 the direct tax collections stood at Rs. 16.64 lakh crore.
♦ The Budget Estimates for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs.18.23 lakh crore which were revised and the Revised Estimates were fixed at Rs. 19.45 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.
♦ The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stands at Rs. 23.37 lakh crore showing a growth of 18.48% over the gross collection of Rs. 19.72 lakh crore in FY 2022-23.
Economy
♦ The International Monetary Fund (IMF) released its World Economic Outlook on 16 April 2024. In it IMF has raised India's growth forecast for 2024-25 to 6.8% from 6.5%. It revised upwards the growth figure for 2023-24 to 7.8% from 6.7% it had forecast in January 2024.
♦ The IMF estimates Asia's third largest economy's gross domestic product to grow at 6.5% in the next financial year (2025-26).
Economy
Moody's Analytics projected India's economy to expand 6.1% in 2024, a decrease from the 7.7 percent growth recorded in 2023. Moody's Analytics released its latest report, ' APAC Outlook: Listening Through the Noise' on 12 April 2024. It said the APAC (Asia-Pacific) region is faring relatively well compared to the rest of the world. The report forecasts 3.8 percent growth for the APAC economy in 2024, in contrast to the global economy's 2.5 percent growth.
Economy
♦ HDFC Bank inaugurated a branch in Lakshadweep's Kavaratti island.
♦ It became the first private sector lender to have a branch in the Lakshadweep.
♦ HDFC Bank has branches in the cold climes of Kashmir, the southern tip of Kanyakumari and now the island of Lakshadweep.
♦ As of December 31, 2023, the HDFC Bank’s distribution network was at 8,091 branches and 20,688 ATMs across 3,872 cities or towns as against 7,183 branches and 19,007 ATMs across 3,552 cities or towns as of December 31, 2022.
Posted Date: April 11, 2024Economy
♦ The Asian Development Bank (ADB) upgraded India’s gross domestic product (GDP) growth forecast for 2024-25 (FY25) to 7 percent from 6.7 percent earlier.
♦ The forecast is part of the latest edition of ADB’s flagship economic publication, Asian Development Outlook (ADO) April 2024, released on 12 April 2024.
♦ The ADB’s projection is in line with the Reserve Bank of India’s (RBI’s) estimate of 7 percent growth in FY25.
Posted Date: April 11, 2024Economy
♦ The World Bank projected that the Indian economy would grow 7.5 percent in 2024 in its “Jobs for Resilience” report. The report highlighted ongoing structural challenges that pose a threat to sustained growth, thereby hindering the South Asian region’s ability to generate employment and respond to climate shocks.
♦ The report forecasts a mild recovery in the Pakistan economy with growth projected at 2.3 percent in FY24-25, while in Sri Lanka output growth is expected to increase to 2.5 percent in 2025, with recoveries in reserves, remittances, and tourism.
♦ In Bangladesh, output is expected to rise by 5.7 percent in FY24/25, with high inflation and restrictions on trade and foreign exchange constraining economic activity.
Economy
♦ Paradip Port Authority (PPA) emerged as the highest cargo-handling major port in the country in the financial year 2023-24. PPA handling 145.38 Million Metric Tons (MMT) of cargo, marking a 7.4% growth from the previous year (2022-23).
♦ For the first time in the 56-year history of operation, the port on the east coast in Odisha has surpassed previous records, set by Deendayal Port. Paradip Port has also recorded growth of 10.02 million metric tonnes (7.4 percent) of traffic on a year-on-year basis.
Economy
♦ The Reserve Bank of India (RBI) entered its 90th year on 1 April 2024. On this occasion Prime Minister Narendra Modi unveiled a commemorative coin at Mumbai's National Centre for the Performing Arts (NCPA).
♦ RBI was founded in 1935, April 1 and is regulated by the Reserve Bank of India Act, 1934, as well as the Hilton Young Commission's recommendations.
Economy
♦ Goods and Service Tax (GST) collection in March 2024 rose 11.5 percent on an annual basis to Rs.1.78 lakh crore. This is the second highest since the regime came into force in July 2017. Of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was Rs 43,746 crore and Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, including Rs 40,322 crore collected on imported goods. The Cess collections stood at Rs 12,259 crore, including Rs 996 crore collected on imported goods.
♦ FY 2023-24 marks a milestone with total gross GST collection of Rs.20.18 lakh crore exceeding Rs.20 lakh crore, a 11.7% increase compared to the previous year (2023).
♦ The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.
Economy
♦ Foreign Institutional Investors (FIIs) pumped $3.63 billion into Indian equities in their biggest buying binge since December 2023. Domestic institutions continued to be net buyers, investing around 52,467 crore rupees in the market to hit a four-year high.
♦ Outside India, South Korea, Taiwan and Indonesia were the investment destinations for FIIs, while they chose to pull out money from markets in Japan, Malaysia, the Philippines, Thailand, Vietnam and Sri Lanka. South Korea received inflows of $2.91 billion, Taiwan $1.14 billion and Indonesia $585 million. The Japanese market recorded the biggest FII outflow of $5.35 billion, followed by Thailand and Malaysia at $1.13 billion and $514 million. In Vietnam, the outflow reached $197 million, and $40 million in the Philippines.
Economy
Morgan Stanley has revised its Gross Domestic Product (GDP) growth forecast for India for the financial year 2024-25 (FY25) to 6.8 percent, up from the previous estimate of 6.5 percent. The firm also revised its growth forecast for the ongoing financial year (FY24) to 7.9 percent. The revised projections come in the wake of an optimistic outlook on India’s economic trajectory, with Morgan Stanley highlighting the country’s strength and stability as hallmarks of the current cycle.
Economy
♦ According to the Brand Finance Insurance 100, 2024 report, Life Insurance Corporation of India (LIC) has emerged as the strongest insurance brand globally. The brand value of LIC remains stable at Rs.816 billion. It also has a Brand Strength Index score of 88.3 and an associated AAA brand strength rating.
♦ Cathay Life Insurance (Taiwan) was shown as the second strongest brand on the list after LIC. The brand value of Cathay Life Insurance has increased by nine per cent to Rs.408 billion.
Economy
♦ The New York-based agency S&P Global raised India's Gross Domestic Product (GDP) growth forecast for the Financial Year 2024-25 (FY25) to 6.8 percent. It expects India to grow at 7.6 percent in FY24, projecting in a report called "Economic Outlook Asia-Pacific Q2 2024: APAC Bides Its Time On Monetary Policy Easing". It retained India's GDP growth prediction for FY26 and FY27 at 7 percent.
♦ China’s GDP growth is likely to slow down to 4.6 per cent in FY25 from 5.2 per cent in FY24, it said.
Posted Date: March 26, 2024Economy
♦ YES Bank announced its partnership with the Indian Olympic Association (IOA) as the Official Banking Partner for Team India at the Paris Olympics 2024. This partnership aims to demonstrate the strength an ecosystem plays in nurturing Olympic talent. As part of the collaboration, the bank launched the campaign 'Milkar Jitayengey' and introduced the 'YES Glory Debit Card,' specially designed for India’s Olympic athletes.
♦ The bank also unveiled the 'YES Glory' savings account proposition, extending benefits to athletes and their immediate family members.
Economy
The Government of India and the Asian Development Bank (ADB) signed a $23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT-City). GIFT City is an initiative of the Government of India and the State Government of Gujarat to foster India’s financial services and fintech ecosystem.
Economy
Global ratings agency Fitch Ratings raised India's FY25 GDP growth forecast to 7 percent from 6.5 percent earlier. It also expects the growth in the current financial year (2023-24) to clock 7.8 percent, slightly higher than the government's own forecast of 7.6 percent.
Economy
♦ The Reserve Bank of India (RBI) and the Bank Indonesia (BI) signed a Memorandum of Understanding (MoU) in Mumbai for establishing a framework to promote the use of local currencies. The MoU was signed by the Reserve Bank of India governor Shaktikanta Das and the Bank Indonesia governor Perry Warjiyo.
♦ The MoU on establishing a framework for cooperation in the area of cross-border transactions in local currencies between India and Indonesia, aims to promote the use of Indian Rupee (INR) and the Indonesian Rupiah (IDR) bilaterally.
♦ This collaboration marks a key milestone in strengthening bilateral cooperation between RBI and BI.
Economy
♦ Moody's ratings agency increased India's GDP growth forecast for 2024 to 6.8 percent from 6.1 percent earlier. It said that it has pegged the GDP growth projection for 2025 at 6.4 percent.
♦ Moody's further said India will continue to remain the fastest-growing economy among G20 nations. G20 economies, collectively, are anticipated to experience modest growth of 2.4 percent in 2024 and 2.6 percent in 2025, a slight decline from the 2.9 per cent growth recorded in 2023.
♦ India's real GDP expanded 8.4 percent year-over-year in the fourth quarter of calendar year 2023, resulting in a 7.7 percent growth for full-year 2023.
Economy
India's Gross Goods and Services Tax (GST) revenue collected for February 2024 has reached an impressive Rs. 1,68,337 crore, marking a substantial 12.5% increase compared to the same month in 2023. GST revenue net of refunds for February 2024 stood at Rs 1.51 lakh crore, which is a 13.6 per cent growth over that for the same period in 2023.
With the latest collections of February 2024, the total gross GST collection for the current financial year stands at Rs 18.40 lakh crore, which is 11.7 percent higher than the collection for the same period in FY 2022-23.
Economy
A Memorandum of Understanding (MoU) was signed between the Investor Education and Protection Fund Authority (IEPFA) and DBS Bank to spread awareness on investment and fraudulent schemes. The MoU aims to support IEPFA's investor awareness activities by disseminating safety messages via its various digital platforms. Previously, IEPFA has also signed MoUs with the Bank of Baroda and ICICI Bank for similar activities.
Economy
♦ Reliance Industries Ltd (RIL) became the first Indian company to reach Rs.20 lakh crore in market value. It took the company 12 years to reach Rs.10 lakh crore in 2017 from Rs.1 lakh crore in 2005 and five more years to double to Rs 20 lakh crore.
♦ Reliance Industries continued to rule the chart in the ranking of top-10 most valued firms, followed by TCS, HDFC Bank, ICICI Bank, Infosys, Life Insurance Corporation of India, State Bank of India, Bharti Airtel, Hindustan Unilever and ITC.
Economy
♦ Tata Group companies' combined market capitalisation crossed Rs,30 lakh crore on February 6.
♦ With this the Tata group has become India's first conglomerate to hit such a milestone.
♦ More than half of the group’s market value comes from Tata Consultancy Services, whose market cap hit the Rs.15 lakh crore mark for the first time.
♦ The Reliance Group holds the second position on the market-cap leaderboard, at Rs.21.60 lakh crore.
♦ The Adani Group is ranked third with a combined market value of Rs.15.54 lakh crore.
Posted Date: February 6, 2024Economy
The gross GST revenue collected in the month of January, 2024 is Rs.1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of Rs.155,922 crore collected in January 2023. This is the second highest monthly collection ever and marks the third month in this financial year with collection of Rs.1.70 lakh crore or more. The government has settled Rs.43,552 crore to CGST and Rs.37,257 crore to SGST from the IGST collection.
Economy
Union Finance Minister Nirmala Sitharaman presented the Interim Budget (2024-25) in Lok Sabha on 1 February 2024. The government is estimated to spend Rs.47,65,768 crore in 2024-25. The receipts (other than borrowings) in 2024-25 are estimated to be Rs 30,80,274 crore.
Highlights:
♦ Capital expenditure hiked 11% to Rs.11.11 lakh crore
♦ The interim budget 2024-25 allocated Rs.2,02,868.70 crore to the Ministry of Home Affairs (MHA). The 2023-24 budget allocation to the MHA was Rs.1,96,034.94 crore.
♦ The Defence budget increased to Rs.6.21 lakh crore for 2024-25 from last year’s allocation of Rs.5.25 lakh crore.
♦ The government has allocated Rs.1,27,469.88 crore budget for the Ministry of Agriculture for 2024-25.
♦ The Social Justice and Empowerment Ministry has been allocated Rs.14,225.47 crore in the interim Budget for 2024-25.
♦ The Election Commission has been granted Rs.385.67 crore for conducting elections this fiscal.
♦ The Ministry of External Affairs (MEA) was allocated a total of Rs.22,154 crore for the fiscal 2024-25.
Economy
According to the Finance Ministry, India is expected to become the third-largest economy in the world with a GDP of $5 trillion in the next three years. India's GDP touch $7 trillion by 2030 on the back of continued reforms.
♦ Ten years ago, India was the 10th largest economy in the world, with a GDP of $1.9 trillion at current market prices.
♦ Based on IMF data, India is currently placed at the fifth slot with the size of its economy at over $3.7 trillion. The list has US (around $27 trillion) on top followed by China (around $17.7 trillion), Germany ($4.4 trillion) and Japan ($4.2 trillion).
Posted Date: January 29, 2024Economy
According to data released by the Central Board of Direct Taxes (CBDT), India's direct tax-to-GDP ratio hit a 15-year high of 6.11 percent in 2022-23. The previous highest direct taxes-to-GDP ratio was 6.3 percent in 2007-08.
♦ The total number of taxpayers stood at over 9.37 crore in 2022-23, of which 95 percent or about 8.9 crore are individual taxpayers and the rest are Hindu Undivided Families (HUFs). The number of individual taxpayers increased nearly 80 percent from 4.95 crore in 2013-14 to 8.9 crore in 2022-23, the data showed.
♦ The number of income-tax returns filed was also the highest since financial year 2013-14, with over 7.40 crore returns filed in 2022-23.
Economy
Sony Pictures terminated the $10-billion (Rs.83,000 crores) merger deal with Zee Entertainment Enterprises Limited on January 22. The agreement, signed on December 22, 2021, involved ZEEL and Culver Max Entertainment (CME), formerly Sony Pictures Networks India.
Economy
According to Forbes, Kuwaiti Dinar was the strongest currency in the world. One Kuwaiti Dinar is equal to Rs.270.23 and $3.25. Next it the list is Omani Rial (Rs. 215.84 and $2.60), followed by Jordanian Dinar (Rs. 117.10 and $1.141), Gibraltar Pound (Rs.105.52 and $1.27), British Pound (Rs.105.54 and $1.27), Cayman Island Dollar (Rs.99.76 and $1.20), Swiss Franc (Rs.97.54 and $1.17) and the Euro (Rs.90.80 and $1.09).
♦ The US Dollar is last on the list, with one USD valued at Rs.83.10.
♦ Kuwaiti Dinar was introduced in 1960. According to the Forbes report, the currency has been in high demand due to the Middle East country's economic stability due to its oil reserves and tax-free system.
Economy
♦ The United Nations World Economic Situation and Prospects Report 2024 revised India’s gross domestic product (GDP) growth estimate for the 2023-24 to 6.2 percent, compared to 6.7 percent earlier. The report stated that, Economic growth in India is projected to remain strong at 6.2 percent in 2024, following an estimated expansion of 6.3 percent in 2023, mainly supported by resilient private consumption and strong public investment. Despite revising the growth estimates for 2024 downward by 0.5 percentage points, the report projects a rebound in 2025, with a GDP growth projection of 6.6 percent.
Economy
♦ According to the National Statistical Office (NSO), India’s real GDP growth in 2023-24 is estimated at 7.3%. NSO released its first advance estimates of national income on 5 January 2024. The government anticipates a year-on-year Gross Value Added (GVA) growth of 6.9% for fiscal year 2024, slightly lower than the 7% recorded in fiscal year 2023. NSO surpasses the 7.2% growth recorded in the 2022-23.
Economy
♦ India Ratings and Research (Ind-Ra) raised its estimate for India's GDP growth for FY24 to 6.7 per cent from 6.2 percent earlier. Earlier in October 2023, India Ratings had raised its projection for India's GDP growth in FY24 to 6.2% from 5.9%.
♦ Morgan Stanley, Citi, and Goldman Sachs have also raised their forecasts for India's FY24 GDP growth, with the economy maintaining strong growth momentum during the first two-quarters of the ongoing fiscal year.
Economy
The gross GST revenue collected in the month of December, 2023 is Rs.1,64,882 crore out of which CGST is Rs.30,443 crore, SGST is Rs.37,935 crore, IGST is Rs.84,255 crore and cess is Rs.12,249 crore. Notably, this marks the seventh month so far this year with collections exceeding Rs.1.60 lakh crore.
♦ In December 2022 the GST revenue was Rs.1.49 lakh crore.
♦ During the April-December 2023 period, gross GST collection witnessed a robust 12% year on year growth, reaching Rs.14.97 lakh crore, as against Rs.13.40 lakh crore collected in the same period of the previous year (April-December 2022).
Economy
Reserve Bank of India has given its nod for the reverse merger of IDFC Ltd with its banking subsidiary IDFC First Bank on 27 DEcenber 2023. The boards of IDFC First Bank and IDFC have approved the reverse merger in July 2023. As part of the composite scheme of amalgamation, IDFC FHCL would first merge with IDFC and then IDFC into IDFC First Bank Ltd. Under the proposed reverse merger scheme, an IDFC shareholder will get 155 shares for every 100 shares she/he holds in the bank. Both stocks have a face value of Rs 10 each.
Economy
♦ Fintech firm InCred has turned unicorn after raising $60 million in a funding round from new and existing investors on 25 December 20223. InCred has been valued at $1.04 billion and has become the second company to gain unicorn status this year after Zepto.
Economy
♦ According to a report by the World Bank, India has topped the list of remittance recipient countries in the world.
♦ Indian received USD 125 billion in remittances in 2023.
♦ The World Bank's latest Migration and Development Brief indicates a continued growth in remittance flows to Low- and Middle-Income Countries (LMICs) in 2023.
♦ Mexico and China stand in second and third place with a remittance inflow of $67 billion and $50 billion respectively.
♦ Remittances to LMICs grew by an estimated 3.8% in 2023, totaling USD 669 billion.
♦ In South Asia, remittance flows to India experienced notable growth, contributing to the region's overall positive trend. South Asia witnessed a 7.2% increase in remittances in 2023.
Posted Date: December 19, 2023Economy
♦ Rating agency ICRA was revised its forecast for India’s FY2024 GDP growth to 6.5 percent from 6.2 percent.
♦ Earlier this month, the RBI had revised upwards its GDP estimate to 7 percent from 6.5 percent.
♦ The ICRA Business Activity Monitor reported an uptick in year-on-year (YoY) growth to 11.3 per cent in October-November FY24 (+10.3 per cent in October-November FY23) from 9.5 per cent in Q2 FY24 (+12.2 per cent in Q2 FY23), suggesting that the growth momentum remained strong in the first two months of the ongoing quarter.
♦ As many as eight of the 14 available indicators witnessed an uptick in their YoY performance in October-November FY24 relative to Q2 FY2024.
Posted Date: December 19, 2023Economy
♦ The United Nations Development Programme (UNDP) and the Organisation for Economic Cooperation and Development (OECD) have jointly launched a programme 'Tax Inspectors Without Borders' (TIWB) in Saint Lucia on 14th December 2023.
♦ India has been chosen as the Partner Administration and will provide Tax Experts for this programme.
♦ This programme is expected to be of 12-18 months’ duration in which India, in collaboration with the TIWB Secretariat and support of the UNDP Country Office, Barbados and the Eastern Caribbean.
♦ It aims to aid Saint Lucia in strengthening its tax administration by transferring technical knowledge and skills to its tax administration, and through sharing of best practices.
♦ This programme is the seventh TIWB programme which India has supported by providing Tax Experts.
Posted Date: December 17, 2023Economy
♦ State Bank of India (SBI) signed a 70 million euro (about Rs. 630 crore) Line of Credit (LoC) with the German Development Bank KfW on 14 December 2023.
♦ The agreement was signed at the bank's IFSC Gift City Branch in Ahmedabad.
♦ This LoC aims to support Solar Photovoltaics (PV) projects in India.
Posted Date: December 14, 2023Economy
♦ The Asian Development Bank (ADB) has raised India’s growth forecast to 6.7 percent for the current financial year 2023-24 from its earlier projection of 6.3 percent.
♦ ABD released ‘Asian Development Outlook December 2023’ on 13 December 2023.
♦ The report said India’s growth also accelerated to 7.1 percent in the first three quarters of the calendar year, driven by strong industrial production and investment. ADB’s growth forecast for FY25 is unchanged at 6.7 percent.
Posted Date: December 13, 2023Economy
♦ Hurun India released its 'Top 100 Under 30 Entrepreneurs Watchlist 2023' on 13 December 2023.
♦ Quick commerce start-up Zepto’s co-founder Kaivalya Vohra (21) is the youngest in this list.
♦ He is followed by Zepto’s other co-founder Aadit Palicha (22).
♦ Devanshi Kejriwal (27) of Skillmatics is the youngest woman in the list that features five women.
♦ SaaS (software as a service) leads the way with 19 entrepreneurs in the list, and this is followed by fintech and edtech with 11 entities each.
♦ Bengaluru leads with 10 entrepreneurial groups, followed by Mumbai (9) and New Delhi (8).
Posted Date: December 13, 2023Economy
♦ Union Bank of India (UBI) is collaborating with Accenture to design and develop a scalable and secure enterprise data lake platform with advanced analytics and reporting capabilities. This program will boost the bank’s operational efficiency and enhance its ability to offer customer-centric banking services and manage risk. The program will enable the bank to develop robust data visualization and reporting capabilities including interactive dashboards and reports for business, operational and regulatory purposes.
Economy
♦ According to the S&P Global Market Intelligence, Life Insurance Corporation of India (LIC) is the fourth largest insurer in the world with a total reserves of $503.7 billion. The ranking is based on the life and accident & health reserves of companies for the year 2022. Allianz SE (Germany) secured the top spot with reserves amounting to $750.20 billion. China Life Insurance Company (China) is in the second position with reserves totaling $616.90 billion. Nippon Life Insurance Company (Japan) got the third position with reserves reaching $536.80 billion.
Economy
NSE Indices Limited launched a new variant of the Nifty 50 index named the Nifty 50 Net Total Return (NTR) Index on 5 December 2023.
♦ The Nifty 50 Net Total Return index aims to measure the performance of the Nifty 50 index considering that the cash dividends and the gains from bonus issues are reinvested in the Nifty 50 index after applying relevant withholding tax and capital gains tax respectively.
♦ With the launch of these new indices the Nifty 50 index has three variants - Nifty 50 Price Return (PR), Nifty 50 Total Return (TR), and Nifty 50 Net Total Return (NTR). These are all will be available for each of the two currencies - Indian Rupee (INR) and US Dollar (USD).
Posted Date: December 5, 2023Economy
♦ The gross GST revenue collected in the month of November, 2023 is Rs.1,67,929 crore out of which CGST is Rs.30,420 crore, SGST is Rs.38,226 crore, IGST is Rs.87,009 crore and cess is Rs.12,274 crore. This is the fastest uptick in tax collections so far in 2023-24, surpassing the 10-month high growth of 13.4% recorded in October. The revenues for the month of November, 2023 are 15% higher than the GST revenues in the same month last year.
Economy
♦ Radhakishan Damani, founder of Avenue Supermarts, ranked no.1 in the list of the 'Top 200 Self-made Entrepreneurs of the Millennia 2023' with a market capitalization of Rs 2,38,188 crore.
♦ It was released by IDFC First Private Banking Hurun India on 30 November 2023.
♦ Flipkart founders Sachin Bansal and Binny Bansal were second on the list with Rs.119,472 crore. Zomato founder Deepinder Goyal is ranked thirdwith Rs.86,835 crore.
♦ The 200 self-made entrepreneurs came from 23 India cities, led by Bengaluru (129), Mumbai (78) and Gurugram and New Delhi (49).
♦ These three cities account for over half of India's Top 200 Self-made Entrepreneurs of the Millennia 2023.
Posted Date: November 30, 2023Economy
♦ According to the National Statistical Office data, India’s economy grew 7.6 percent during the second quarter (July-September) of the current financial year 2023-24.
♦ This data was released by the Ministry of Statistics and Programme Implementation on 30 November 2023.
♦ The real GDP or GDP at constant (2011-12) prices in Q2 2023-24 is estimated to attain a level of Rs.41.74 lakh crore, as against Rs.38.78 lakh crore in Q2 2022-23, showing a growth of 7.6 percent, compared to 6.2 percent in Q2 2022-23.
Posted Date: November 30, 2023Economy
♦ S&P Global Ratings raised India's Gross Domestic Product (GDP) growth forecast for the current financial year (2023-24) to 6.4% from 6% earlier on 27 November 2023. However, it cut the the country's GDP growth projection for the next financial year (2024-25) to 6.4% from 6.9% earlier. It mentioned that India’s GDP exceeded the 2019 level by 15.5 percent in the first half of the current fiscal year, and the fixed investment had recovered considerably more than private consumer spending.
♦ The RBI estimates growth to remain at 6.5 percent for FY24.
Economy
♦ Mastercard has tied up a strategic partnership with U GRO Capital, a Non-Banking Financial Company (NBFC) specializing in Micro, Small, and Medium Enterprises (MSME) financing. This collaboration aims to provide financial solutions to small businesses in India, addressing the longstanding challenge of limited access to capital faced by MSMEs.
♦ MSMEs in India have long grappled with substantial challenges, including constrained access to capital. According to recent reports, out of over 64 million MSMEs in India, only 14 per cent have access to credit.
Economy
♦ The Securities and Exchange Board of India (SEBI) Chairperson, Madhabi Puri Buch inaugurated the Investor Risk Reduction Access (IRRA) platform at the Bombay Stock Exchange (BSE).
♦ This platform, conceptualized and implemented by Market Infrastructure Institutions (MIIs), is poised to revolutionize the investor experience by addressing potential risks arising from technical glitches at Trading Member ends.
♦ The platform is tailored for trading members supporting Internet-based trading (IBT) and Security Trading through Wireless Technology (STWT) for their investors.
Economy
♦ According to the 'Global Banks Country-By-Country Outlook 2024' report, India's GDP is anticipated to expand between 6-7.1 percent annually in the fiscal years 2024-2026. This report was released by S&P Global Ratings.
Highlights in the report:
♦ The banking sector is expected to witness a decline in weak loans, reaching 3-3.5 percent of gross advances by March 31, 2025, attributed to structural improvements, healthier corporate balance sheets, tighter underwriting standards, and enhanced risk-management practices.
♦ Interest rates in India are unlikely to rise materially, and this should limit the risk for the banking industry.
♦ Global uncertainties will have a lesser impact on the Indian economy.
Economy
♦ India’s overall exports (Merchandise and Services combined) in October 2023 is estimated to be USD 62.26 billion, exhibiting a positive growth of 9.43 percent over October 2022.
♦ Overall imports in October 2023 is estimated to be USD 79.35 billion, exhibiting a positive growth of 11.10 percent over October 2022.
Posted Date: November 15, 2023Economy
♦ According to data released by the Ministry of Commerce and Industry, the Wholesale Price Index (WPI) recorded a 0.52 percent decline in October compared to the same period last year (2022). This marks the seventh consecutive month of deflation.
♦ Wholesale inflation recorded a contraction of 0.26 percent in September. Retail inflation, based on Consumer Price Index (CPI), eased to 4.87 percent in October compared to 5.02 percent in September 2023.
Economy
♦ The Small Industries Development Bank of India (SIDBI) has collaborated with Jocata to launch a unique MSME Economic Activity Index named ‘Sumpoorn’. Jocata is a digital lending transformation platform.
♦ This index aims to provide a real-time snapshot of India’s vital MSME sector, which contributes significantly to the country’s Gross Value Added (GVA) and exports.
♦ Small Industries Development Bank of India (SIDBI), was established under an Act of Parliament in 1990.
♦ Jocata has enabled over 50 large financial institutions in India, ASEAN and Middle East embark on their digital transformation journeys.
Economy
♦ Morgan Stanley Research projected India's economic growth at around 6.5% for FY2024 - 25. In its "2024 India Economics Outlook" report it highlighted the resilience of India's economy amidst global uncertainties, citing strong corporate and financial sector balance sheets and the positive impact of policy reforms. It expects headline inflation to moderate to 4.9% in FY2025 from 5.4% in FY2024.
♦ Recently, Moody's Investor Services retained India's economic growth at 6.7% for 2023-24.
♦ The Reserve Bank of India (RBI) estimates growth at 6.5% for FY24.
Posted Date: November 12, 2023Economy
♦ Moody's Investors Service retained India's economic growth forecast for 2023 at 6.7 percent on 9 November 2023.
♦ In its Global Macro Outlook 2024-25 report, said sustained domestic demand growth is propelling India's economy.
♦ Moody expects India's real GDP to grow about 6.1 percent in 2024 and 6.3 percent in 2025.
Economy
♦ The gross GST revenue collected in the month of October, 2023 is Rs.1,72,003 crore out of which Rs.30,062 crore is CGST, Rs.38,171 crore is SGST, Rs.91,315 crore is IGST and Rs.12,456 croreis cess.
♦ The gross GST revenue for the month of October, 2023 is 13% higher than that in the same month last year.
♦ The average gross monthly GST collection in the FY 2023-24 now stands at Rs. 1.66 lakh crore and is 11% per cent more than that in the same period in the previous financial year.
Posted Date: November 2, 2023Economy
♦ Finance Minister Nirmala Sitharaman inaugurated the State Bank of India's branch in Trincomalee, Sri Lanka on 2 November 2023.
♦ Recognizing SBI's 159-year-long presence, Mrs. Sitharaman praised its commitment to growth at home and abroad, especially during the Sri Lankan economic crisis.
♦ SBI's endeavors facilitated the smooth extension of a Line of Credit worth 1 billion dollars by the Government of India to Sri Lanka.
♦ She noted that SBI Sri Lanka has been a pivotal support for international trade corporations and has actively bolstered remittance activities through a robust digital platform.
Posted Date: November 2, 2023Economy
♦ Fincare Small Finance Bank (Fincare SFB) is set to merge with AU Small Finance Bank (AU SFB) from February 1, 2024.
♦ As per the terms of the merger, shareholders of Fincare SFB will receive 579 shares in AU SFB for every 2,000 shares they hold in Fincare SFB.
♦ Following the transaction, it is expected that existing shareholders of Fincare SFB will maintain approximately 9.9% ownership in AU SFB.
Economy
♦ RBI Deputy Governor, Michael Debabrata Patra inaugurated the sub-office of the Reserve Bank of India (RBI) in Itanagar, Arunachal Pradesh on October 20.
♦ The sub-office in Itanagar began functioning with the departments/ cells such as Financial Inclusion and Development Department (FIDD), Human Resource Management Department (HRMD), Consumer
Education and Protection Cell (CEPC) and Market Intelligence Cell (MIC).
♦ With the opening of this office, the RBI now has presence in all the seven states of the North-Eastern region (NER) viz., Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland and Tripura.
Posted Date: October 21, 2023Economy
♦ According to a new report titled ‘How India Travels’, India will become the fourth-largest global spender in the travel sector by 2030, with total expenditures expected to significantly increase to $410 billion.
♦ This report was released by online travel platform Booking.com along with McKinsey & Company as the knowledge partner on 20 October 2023.
♦ Highlights in the report:
♦ India became the leading market to post recovery in tourism expenditure in 2022 by reaching 78 percent of 2019 levels as against 52 percent recovery recorded by the Asian market.
♦ The number of aggregate trips by travellers in India is expected to increase from 2.3 billion in 2019 to 5 billion in 2030.
♦ Indian travellers spent a total of USD 150 billion on travel marking India as the sixth largest global spender.
Posted Date: October 20, 2023Economy
♦ According to the Periodic Labour Force Survey Report 2022-23 released by the Ministry of Statistics and Programme Implementation shows that the Female Labour Force Participation Rate in the country has improved significantly by 4.2% points to 37.0% in 2023, as per ‘usual status’ concept of measuring labour force participation.
♦ This significant jump in the female labour force participation rate is an outcome of the decisive agenda set by the Government for ensuring women’s empowerment through policy initiatives aimed at their long term socio-economic and political development.
♦ Government’s initiatives have spanned across women’s lifecycle including large scale initiatives for girls’ education, skill development, entrepreneurship facilitation and safety in the workplace. Policies and legislations in these areas have been driving Government’s ‘women-led development’ agenda.
Economy
♦ ICICI Bank announces the launch of ‘iFinance’, enabling crores of customers-retail and sole proprietors, to get a consolidated view of their savings and current accounts in one place.
♦ ‘iFinance’ provides a single-view dashboard of all accounts. Users can check account balances, get valuable insights on spending patterns, download statements and more.
♦ The dashboard offers significant convenience to users and assists them to exercise better control over expenses and monitor their finances in a seamless manner.
Economy
♦ India’s retail inflation eased from 6.83% in August to 5.02% in September, breaking a two-month streak over the tolerance threshold of the Reserve Bank of India (RBI), with the rise in food prices easing to 6.6% from almost 10%.
♦ Rural inflation stood at 5.33% in September, compared to 7% in August, while the price rise faced by urban consumers moderated more sharply to 4.65% last month from 6.6% in August.
Economy
♦ The Reserve Bank of India (RBI) has retained its GDP growth forecast of 6.5 percent for 2023-24 and 2024-25, although it has narrowed down the range of its quarterly projections for the next financial year.
♦ In 2024-25, the RBI now sees the quarterly growth rates in the range of 6.3-6.6 percent as against 5.5-7.0 percent it had forecast in April.
♦ The RBI's latest growth forecast comes a month after data released by the statistics ministry on August 31 showed the Indian economy expanded by 7.8 percent in April-June - marginally higher than economists' expectations of 7.8 percent but lower than the RBI's view of 8.0 percent.
Posted Date: October 7, 2023Economy
♦ The World Bank has decided to maintain its growth forecast for India in the fiscal year 2023-24 at 6.3 percent.
♦ This decision comes as India continues to exhibit strong economic growth despite facing substantial external challenges.
♦ The World Bank in its April report had cut India's growth forecast for 2023-24 to 6.3 percent from the earlier 6.6 percent.
♦ According to the World Bank's latest India Development Update (IDU), the international financial institution's flagship half-yearly report on the Indian economy, observed that despite
♦ significant global challenges, India was one of the fastest-growing major economies in 2022-23 at 7.2 percent.
Economy
♦ The gross GST revenue collected in the month of September, 2023 is Rs.1,62,712 crore out of which CGST is Rs.29,818 crore, SGST is Rs.37,657 crore, IGST is Rs.83,623 crore and cess is Rs.11,613 crore.
♦ The revenues for the month of September, 2023 are 10% higher than the GST revenues in the same month last year.
♦ GST collection crosses Rs.1.60 lakh crore mark for the fourth time in FY 2023-24.
Economy
♦ The Asian Development Bank (ADB) revised India's growth forecast for FY24 to 6.3 percent, a change of 10 basis points.
♦ Meanwhile, India Ratings and Research has increased its FY24 growth estimate for India to 6.2 per cent, up by 30 basis points.
♦ ADB's latest Asian Development Outlook highlighted that strong private consumption and upticks in both public and private investment are expected to support India's economic growth.
♦ The organisation has maintained its growth projection for FY25 at 6.7 per cent, driven by rising private investment and industrial output.
♦ India Ratings and Research also highlighted challenges facing the Indian economy, such as global headwinds affecting exports and tighter financial conditions that could lead to rising capital costs.
Economy
♦ Indian Bank launched 'IB SAATHI' (IB Sustainable Access and Aligning Technology for Holistic Inclusion) to enhance banking services.
♦ This initiative aimed at providing an integrated ecosystem for all stakeholders in the financial sector through the business correspondent route.
♦ IB SAATHI offers an enhanced user experience through the simplified delivery of services, encompassing both basic and value-added offerings to customers.
Economy
♦ Goods and Services Tax (GST) collection grew by 11 percent to over Rs.1.59 lakh crore in August of which Central GST is Rs.28,328 crore, State GST is Rs.35,794 crore, Integrated GST is Rs.83,251 crore and cess is Rs.11,695 crore.
♦ In August 2022, collection was Rs 1.43 lakh crore. In July 2023, GST collection stood at Rs 1.65 lakh crore.
Economy
♦ Punjab National Bank (PNB) launched a mobile application named 'PNB GST Sahay' based on the GST Sahay scheme, an end-to-end digital product under which lending can be done using GST invoices.
♦ With this, PNB has become the first public sector bank to facilitate frictionless credit flow to MSMEs using GST invoices.
♦ This app makes the entire loan process digitized and helps eliminate any manual intervention for borrowers and makes the process more cost-effective, fast, and smooth.
Economy
♦ Axis Bank announced the launch of new savings account variant – ‘Infinity Savings Account’ to cater to digitally savvy customers who are frequent adopters of subscription-based models.
♦ This savings account offers Axis Bank’s customers with exclusive privileges, such as waived Average Monthly Balance (AMB) requirement, complimentary debit cards and waiver of all the domestic charges against a small monthly recurring fee of Rs. 150 or annual fee of Rs. 1,650.
Economy
♦ Foreign direct investment (FDI) into India declined 34 percent to $10.94 billion during April-June 2023-24.
♦ Inflows dipped in segments including computer hardware and software, trading, automobile, and pharma.
♦ FDI inflows stood at $16.58 billion during April-June 2022-23.
♦ Inflows during January-March 2023 too had contracted 40.55 percent to $9.28 billion.
Posted Date: August 28, 2023Economy
♦ Mumbai-based quick commerce startup Zepto becoming the first unicorn of 2023.
♦ This was founded by Stanford University dropouts Aadit Palicha and Kaivalya Vohra in 2021.
♦ Zepto has bagged a fresh $200 million (around Rs 1,653 crore) in funding led by new investor StepStoneGroup at a valuation of $1.4 billion.
♦ Molbio Diagnostics was the last to achieve unicorn status in September 2022.
Posted Date: August 27, 2023Economy
♦ Axis Bank announced the launch of two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC), introduced by the Reserve Bank Innovation Hub (RBIH), a wholly-owned subsidiary of the RBI.
♦ Axis Bank will offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers, powered by the platform.
♦ Both products will be offered in a completely digital manner and require no submission of documents by customers.
Posted Date: August 19, 2023Economy
♦ India's exports in the month of July declined 15.88% to $32.25 billion (Rs. 2.64 lakh crore) while imports fell 17 percent to $52.92 billion (Rs. 4.34 lakh crore).
♦ The trade deficit dipped 18.5 percent from $25.4 billion in July 2022 to $20.7 billion (Rs. 1.7 lakh crore) in July 2023.
♦ Overall trade deficit improves by 45.22% during July 2023 to USD 8.35 Billion from USD 15.24 Billion in July 2022.
Posted Date: August 14, 2023Economy
♦ According to the mid-year macroeconomic review by the National Institute of Public Finance and Policy (NIPFP) researchers, the Indian economy is likely to grow at 6% in the current financial year 2023-24.
♦ Previously NIPFP forecasted economic growth at 7.2% in FY23.
♦ They said global growth slowdown and lagged monetary policy effect weigh on growth.
Posted Date: August 13, 2023Economy
♦ The Reserve Bank of India (RBI) has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India to develop systems using Artificial Intelligence (AI) and Machine Learning (ML) for its supervisory functions.
♦ The value of the contract is about Rs 91 crore.
♦ The RBI is looking to extensively use advanced analytics, AI, and ML to analyse its huge database and improve regulatory supervision over banks and NBFCs.
Posted Date: August 13, 2023Economy
♦ AU Small Finance Bank Limited (AU Bank) launched the 24x7 live video banking service.
♦ This is the first bank in India to provide this service.
♦ The video banking service allows customers to have live video interactions with bankers at all times and on all days.
♦ AU is the country's largest small finance bank.
Posted Date: August 11, 2023Economy
♦ The Monetary Policy Committee (MPC) of the Reserve Bank of India decided unanimously to keep the policy repo rate unchanged at 6.50%.
♦ Consequently, the standing deposit facility (SDF) rate remains at 6.25%, and the marginal standing facility (MSF) rate and the Bank Rate at 6.75%.
♦ RBI Governor Shaktikanta Das said retail inflation is revised to 5.4%, with Q2 at 6.2%, Q3 at 5.7%, and Q4 at 5.2%.
♦ Retail inflation for Q1 2024-25 is projected at 5.2 percent.
Posted Date: August 10, 2023Economy
♦ The gross GST revenue collected in the month of July, 2023 is Rs.1,65,105 crore of which CGST is Rs.29,773 crore, SGST is Rs.37,623 crore, IGST is Rs.85,930 crore and cess is Rs.11,779 crore.
♦ It is for the fifth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.
♦ The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year.
Posted Date: August 1, 2023Economy
♦ Based on market capitalization, Reliance Industries is the most valuable company in India with a total of Rs. 17,72,455.70 Market Capitalization.
♦ HDFC Bank ranks second with a market valuation of Rs.12,72,718.60 followed by TCS (Rs.12,66,891.65), ICICI Bank (Rs.6,96,538.85), Hindustan Unilever (Rs.6,34,941.79).
Posted Date: July 21, 2023Economy
♦ India's Wholesale Price Index (WPI) for June 2023 declined to -4.12% (provisional).
♦ In May 2023, it was recorded at -3.48 percent.
♦ The decline in the rate of inflation in June, 2023 is primarily due tofall in prices of mineral oils, food products, basic metals, crude petroleum & natural gas and textiles.
Posted Date: July 14, 2023Economy
♦ According to the United Nations report titled 'A World of Debt', Global public debt reached an all-time high of $92 trillion in 2022.
♦ This happened because Governments borrowed to counter crises, such as the COVID-19 pandemic, with the burden being felt acutely by developing countries.
♦ Domestic and external debt worldwide has increased more than five times in the last two decades.
♦ Developing countries owe almost 30% of the global public debt, of which 70% is represented by China, India, and Brazil.
♦ Fifty-nine developing countries face a debt-to-GDP ratio above 60% - a threshold indicating high levels of debt.
Posted Date: July 14, 2023Economy
♦ The Income Tax department said, it has collected Rs.4.75 lakh crore in direct taxes till July 9, 2023, nearly 16 percent higher than the collection during the same period in the 2022-23 fiscal.
♦ Direct tax collection so far this year (2023) has already touched 26.05 percent of the Budget estimate of Rs 18.23 lakh crore for this fiscal (2023-24).
Posted Date: July 10, 2023Economy
♦ According to the Reserve Bank of India (RBI) latest data, India’s foreign exchange reserves have shown a positive trend as they rose by $1.853 billion to $595.051 billion in the week ended on June 30.
♦ In October 2021, the country's forex reserve had reached an all-time high of $645 billion.
♦ Gold reserves dropped by $472 million to $43.832 billion.
Posted Date: July 8, 2023Economy
♦ The Institute for Economics and Peace (IEP) released the 2023 Global Peace Index (GPI).
♦ According to this, Iceland, Denmark, Ireland, New Zealand, and Austria are the top 5 most peaceful countries in the world.
♦ Iceland maintaining the most peaceful country in the world since the study was first released in 2008.
♦ India got 126th rank out of 163 countries. Afghanistan, Yemen, Syria, South Sudan, and the Democratic Republic of Congo are among the bottom five countries in the list.
♦ India's neighboring countries ranks: Bhutan - 17, Maldives - 23, Nepal - 79, China - 80, Bangladesh - 88, Sri Lanka - 107, Myanmar - 139, Pakistan - 146
Posted Date: July 5, 2023Economy
♦ The Board of Directors of IDFC First Bank Ltd approved the scheme of amalgamation of IDFC Ltd with IDFC First Bank.
♦ The ratio has been fixed at 155:100. As a result of the proposed merger, the book value per share of the bank would increase by 4.9% as calculated on audited financials as of March 31, 2023.
Posted Date: July 3, 2023Economy
♦ Kameshwar Rao Kodavanti was appointed as Chief Financial Officer (CFO) of State Bank of India (SBI).
♦ He replaced Charanjit Surinder Singh Attra.
♦ He has been working with State Bank of India since August 1991.
Economy
♦ The gross GST revenue collected in the month of June, 2023 is Rs.1,61,497 crore of which CGST is Rs.31,013 crore, SGST is Rs.38,292 crore, IGST is Rs.80,292 crore.
♦ The total revenue of Centre and the States in the month of June 2023 after regular settlement is Rs.67,237 crore for CGST and Rs.68,561 crore for the SGST.
♦ The revenues for the month of June 2023 are 12% higher than the GST revenues in the June, 2022. It is for the fourth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.
Posted Date: July 2, 2023Economy
♦ HDFC Limited and HDFC Bank merged with effective form 1st July. With this process, HDFC Bank became the fourth largest bank in the world.
♦ The merged entity will be India's second most valued company after Reliance Industries.
♦ According to Bloomberg data, the merged entity will hava a market capitalisation of $172 billion, the most after JPMorgan Chase, Industrial and Commercial Bank of China and Bank of America.
Posted Date: July 1, 2023Economy
♦ The World Bank was granted its approval for a USD 255.5 million loan aimed at enhancing the quality of technical education in government-run institutions across India.
♦ This funding will support approximately 275 selected government-run technical institutions over the course of the next five years, benefiting more than 350,000 students annually.
♦ Under this initiative, students will gain access to upgraded curricula that include emerging technologies in communication and climate resilience.
Posted Date: June 25, 2023Economy
♦ According to the World Economic Forum's annual Gender Gap Report, 2023, India was ranked 127 out of 146 countries in terms of gender parity.
♦ In 2022 India placed at 135 rank. India has closed 64.3% of the overall gender gap.
♦ Iceland is the most gender-equal country in the world for the 14th consecutive year and the only one to have closed more than 90 per cent of its gender gap.
♦ The index ranked India's neighbours Pakistan at 142, Bangladesh at 59, China at 107, Nepal at 116, Sri Lanka at 115 and Bhutan at 103.
Economy
♦ Indian Overseas Bank (IOB) was launched the scheme named ‘My Account My Name’ from its Central Office in Chennai.
♦ This is the first in the banking industry to let a customer choose his or her name or any name as an account number that can be used for all transaction purposes.
♦ The scheme will be available at all 49 regional offices of the IOB in India.
♦ As per the scheme, the account name can be a combination of seven letters, or seven numbers, or seven alphanumeric only.
Economy
♦ According to a report titled ‘The e-Conomy of a Billion Connected Indians’ released by Google, Temasek, and Bain & Company, India’s internet economy will reach $1 trillion by 2030.
♦ In 2022 India's internet economy was in the range of USD 155-175 billion. As per the report, the growth will be led by the B2C e-commerce segment, followed by B2B e-commerce, software-as-a-service providers and online media led by over-the-top players.
Posted Date: June 11, 2023Economy
♦ Prathapa Reddy was appointed as Chairman of Andhra Pradesh Grameena Vikas Bank (APGVB).
♦ His tenure is five years. Currently, he is the Deputy General Manager of the State Bank of India (SBI).
♦ APGVB is supported by SBI.
♦ It is a beneficial Local Rustic Bank serving clients across 28 regions in Telangana and Andhra Pradesh.
♦ Prathapa Reddy succeeds K. Praveen Kumar.
Economy
♦ Ashwani Kumar was appointed as MD and CEO of UCO Bank for a period of three years by the government. He replaced Soma Sankara Prasad.
♦ Currently, Kumar working as an Executive Director of the Indian Bank and prior to this, he served as Chief General Manager of Punjab National Bank.
Posted Date: June 1, 2023Economy
♦ As per Reserve Bank of India data, India's foreign exchange reserves saw a fall of $6.052 billion to $593.477 billion as on May 19, 2023.
♦ The drop in the kitty has snapped two consecutive weeks of increases.
♦ India's forex kitty had jumped $3.553 billion to $599.529 billion for the week ended May 12.
♦ India's reserve position in the IMF saw a dip of $35 million to $5.130 billion.
Posted Date: May 27, 2023Economy
♦ Jayakumar S. Pillai was appointed as Deputy Managing Director of IDBI Bank.
♦ The bank's board of directors approved the appointment for a period of three years from the date of his taking charge as approved by the RBI.
♦ He has over 32 years of experience in Canara Bank. Currently he is working as Chief General Manager and Circle Head in Canara Bank, Mumbai.
Economy
♦ India’s Gross Domestic Product (GDP) crossed $3.5 lakh crore for the first time in the 2022-23 financial year said Moody’s.
♦ It also mentioned that India will be the fastest-growing G-20 economy in the next few years.
♦ According to the World Bank, the Indian GDP in 2021 was 3.18 lakh crore dollars (Rs.263.50 lakh crore).
Economy
♦ The Ministry of Defence announced that the value of defence production in India reached Rs.1,06,800 crore in the financial year 2022-23.
♦ The total value of defence production in the country during 2021-22 was over Rs 95,000 crore.
♦ This achievement is attributed to the continuous efforts of the Ministry of Defence and various measures taken by the government to bolster the domestic defence industry.
Economy
♦ The Reserve Bank of India (RBI) announced that Rs.2,000 currency notes are being withdrawn from circulation.
♦ This is being done under its "Clean Note Policy".
♦ All banks will provide deposit and/ or exchange facilities for Rs.2000 banknotes from May 23 until September 30, 2023. Banknotes of Rs.2,000 denomination were introduced after the Government announced on November 8, 2016.
Posted Date: May 19, 2023Economy
♦ The Reserve Bank of India has opened the application window for all India based firms and innovators to participate in Global Financial Innovation Network (GFIN)’s first ever Greenwashing TechSprint.
♦ RBI will be among the 13 international regulators taking part in GFIN’s Greenwashing TechSprint.
♦ The TechSprint will bring together 13 international regulators alongside firms and innovators to address GFIN’s priority on environmental, social and governance (ESG) and sustainable finance.
Posted Date: May 12, 2023Economy
♦ According to the RBI’s half-yearly report on Management of Foreign Exchange Reserves- October 2022 to March 2023, the Reserve Bank’s gold reserves rose 4.5% to 794.64 tonnes in 2022-23.
♦ RBI held 760.42 metric tonnes as of March 31, 2022, compared to 695.31 metric tonnes as of March 31, 2021.
♦ As of March 31, 2023, the country’s total foreign exchange reserves stood at $578.449 billion, and gold reserves were at $45.2 billion.
Posted Date: May 10, 2023Economy
♦ Reserve Bank of India(RBI) and Bank for International Settlements (BIS) launched G20 TechSprint, a global technology competition.
♦ RBI and the BIS Innovation Hub have jointly announced the fourth edition of the G20 TechSprint.
♦ RBI said that the 2023 TechSprint will focus on developing innovative technology solutions for cross-border payments.
♦ Shortlisted teams will be invited to develop their solutions over a six-week period and each team will be eligible for a stipend of eight lakh rupees approximately 10,000 US dollar.
♦ The winners for each problem statement will receive an award of forty lakh rupees approximately 50,000 US dollar.
Posted Date: May 6, 2023Economy
♦ India’s gross GST revenues for April 2023 reached a record high of Rs.1,87,035 crore, which is a 12% increase from last year’s highest tax tally of Rs.1.67 lakh crore for the same month.
♦ Tpril 2023 CGST is Rs.38,440 crore, SGST is Rs.47,412 crore, IGST is Rs.89,158 crore and cess is Rs.12,025 crore.
♦ For the first time gross GST collection has crossed ₹1.75 lakh crore mark.
♦ Total number of e-way bills generated in the month of March 2023 was 9.0 crore, which is 11% higher than 8.1 crore e-way bills generated in the month of February 2023.
Posted Date: May 1, 2023Economy
♦ According to the International Monetary Fund's (IMF) latest World Economic Outlook report, the Indian economy will grow by 5.9% in the current fiscal year (2023-24).
♦ IMF projected that India would be the fastest-growing economy in the world.
♦ The latest World Economic Outlook report forecasts global real GDP growth at 2.8% for 2023 and 3% for 2024, which represents a slowing of growth from 2022.
Posted Date: April 28, 2023Economy
♦ Finance Ministry gave its approval to upgrade Rail Vikas Nigam Limited (RVNL) to Navratna Central Public Sector Enterprise (CPSE).
♦ RVNL is a mid-cap company under the Ministry of Railways, with an annual turnover of Rs 19,381 crore and a net profit of Rs 1,087 crore for the year 2021-22.
♦ This makes it the 13th Navratna company among the CPSEs in India. RVNL was Incorporated in 2003, and is engaged in the planning, development, and implementation of railway infrastructure projects.
Posted Date: April 27, 2023Economy
♦ According to the Stockholm International Peace Research Institute (SIPRI) report, global military expenditure increased by 3.7% in 2022, to reach a new high of $2240 billion.
♦ The top five spenders in 2022 were the US ($877 billion), China ($292 billion), Russia ($86.4 billion), India ($81.4 billion) and Saudi Arabia ($75 billion) together accounting for 63% of the world’s military spending.
♦ India’s military spending of $81.4 billion was the fourth highest in the world. It was 6.0 per cent more than in 2021.
Posted Date: April 25, 2023Economy
♦ According to the World Bank's 2023 Logistics Performance Index (LPI) report, India ranked 38 among 139 countries.
♦ India climbed up six places from 44 in 2018. India ranked 35 in 2016, 54 in 2014 and 46 in 2012.
♦ India also registered 3.4 LPI score which is a median of six different scores including, customs, infrastructure, international shipments, logistics competence & quality, timelines and tracking & tracing.
♦ The Index lists India among the top 13 lower-middle-income LPI scorers in 2023.
Posted Date: April 23, 2023Economy
♦ According to the Finance Ministry's time series data, net direct tax collections rose by 160% to Rs.16,61,428 crore in 2022-23 from Rs.6,38,596 crore in 2013-14.
♦ gross direct tax collections also witnessed a massive increase of 173% to Rs 19,68,780 crore in 2022-23 from Rs.7,21,604 crore in 2013-14.
♦ Direct tax buoyancy, at 2.52 in 2021-22, was the highest ever recorded over the last 15 years.
♦ Direct tax to GDP ratio increased from 5.62% in 2013-14 to 5.97% in 2021-22.
Posted Date: April 17, 2023Economy
♦ According to the provisional data from the Commerce Ministry, the US became India's largest trading partner in 2022-23.
♦ India-US bilateral trade rose by 7.65% to $128.55 billion in 2022-23. In 2021-22 the trade was at $119.5 billion and in 2020-21 it was at $80.51 billion.
♦ India's two-way commerce with China in 2022-23 decreased by 1.5% to $113.83 billion, compared to $115.42 billion in 2021-22.
Posted Date: April 16, 2023Economy
♦ According to Stanford University’s annual AI Index report, India ranked fifth in terms of investments received by startups offering artificial intelligence (AI)-based products and services in 2022.
♦ AI startups in India received a total investment of $3.24 billion, surpassing countries such as South Korea, Germany, Canada, and Australia.
♦ However, India is still behind the US, China, the UK, and Israel in terms of AI investments received.
♦ AI startups in India received a cumulative funding of $7.73 billion from 2013 to 2022.
Posted Date: April 13, 2023Economy
♦ The International Monetary Fund (IMF) slashed its GDP growth forecast for India by 20 basis points (bps) to 5.9% for FY24 (2023-24).
♦ It also cut India's growth forecast for the 2024-25 by 50 basis points to 6.3%.
♦ The cut was part of a series of revisions by the IMF, which now sees the world economy growing by 2.8 percent in 2023 and 3 percent in 2024.
Posted Date: April 11, 2023Economy
♦ According to the National Securities Depository Ltd (NSDL) data, overseas flows into Indian capital markets originating from Mauritius witnessed the sharpest decline, while Norway and Singapore gained favour in 2022-23 (FY23).
♦ The total Assets Under Custody (AUC) from Mauritius declined nearly 42% to Rs 6.66 trillion at the end of March 2023, from Rs 10.88 trillion a year ago.
♦ Norway and Singapore saw a 13% and 5% increase in AUC respectively.
Posted Date: April 10, 2023Economy
♦ The World Bank slashes India’s growth forecast for 2023-24 to 6.3% from its December (2022) estimate of 6.6%.
♦ Meanwhile, the Asian Development Bank (ADB) said that India’s economy would grow at a slower-than-expected 6.4% for 2023-24.
♦ The growth estimates by both multilateral agencies are close to the Reserve Bank of India’s (RBI) February 8 forecast of 6.4% growth in 2023-24.
Posted Date: April 4, 2023Economy
♦ The Reserve Bank of India (RBI) was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.
♦ Initially, the head office of the RBI was set up in Kolkata, after it permanently moved to Mumbai in 1937.
♦ Sir Osborne Smith was the first Governor of RBI and Shaktikanta Das is the present Governor.
Posted Date: April 1, 2023Economy
♦ Transactions under the Unified Payment Interface (UPI) crossed a new record of Rs.14.05 lakh crore in March 2023.
♦ The volume of transactions has also hit a new high of 865 crores during the month.
♦ In 2022 March, UPI had processed 540 crores transactions, amounting to Rs 9.6 lakh crore.
♦ UPI processed 800 crores transactions for the first time in January 2023.
Posted Date: April 1, 2023Economy
♦ The gross GST revenue collected in the month of March 2023 is Rs.1,60,122 crore.
♦ It is for the fourth time, in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark registering the second-highest collection since the implementation of GST.
♦ In March collections CGST is Rs.29,546 crore, SGST is Rs.37,314 crore, IGST is Rs.82,907 crore, and cess is Rs.10,355 crore.
♦ In March 2023, Telangana got Rs.4,804, and Andhra Pradesh got Rs.3,532 GST income.
Posted Date: April 1, 2023Economy
♦ The Reserve Bank of India (RBI) and the Central Bank of the United Arab Emirates (CBUAE) signed a Memorandum of Understanding (MoU) in Abu Dhabi, to enhance cooperation and jointly enable innovation in financial products and services.
♦ As per the MoU, both central banks will work together to explore Central Bank Digital Currencies and investigate interoperability between the CBDCs of CBUAE and RBI.
Posted Date: March 16, 2023Economy
♦ India and the World Bank signed a loan agreement for the construction of the Green National Highway Corridors Project in four States.
♦ They are Himachal Pradesh, Rajasthan, Uttar Pradesh and Andhra Pradesh.
♦ The agreement has been signed for the construction of 781 kilometers in these States, with loan assistance of 500 million dollars.
Economy
♦ The Reserve Bank of India (RBI) has granted an ‘Infrastructure Finance Company (IFC)’ status to Indian Renewable Energy Development Agency (IREDA).
♦ It was earlier classified as ‘Investment and Credit Company (ICC)’.
♦ With the IFC status, IREDA will be able to take higher exposure in RE financing.
♦ The IFC status will also help the company to access wider investor base for fund mobilisation, resulting in competitive rates for fund raising.
Economy
♦ According to the National Statistical Office (NSO), the annual per capita (net national income) at current prices is estimated at Rs.1,72,000 in 2022-23.
♦ It was Rs.86,647 in 2014-15. In real terms (constant prices), the per capita income has increased by about 35% from Rs.72,805 in 2014-15 to Rs.98,118 in 2022-23.
Posted Date: March 5, 2023Economy
♦ According to the Centre for Monitoring Indian Economy (CMIE) data, India's unemployment rate rose to 7.45% in February from 7.14% in January.
♦ The urban unemployment rate declined to 7.93% in February from 8.55% in the previous month, while the rural unemployment rate rose to 7.23% from 6.48%.
Posted Date: March 3, 2023Economy
♦ The gross Goods and Service Tax (GST) revenue collections in the month of February 2023 stood at Rs 1,49,577 crore.
♦ However, the collections are lower than the January mop-up of Rs.1.58 lakh crore. India’s GST revenue in February 2022 was Rs 1,33,026 crore.
Economy
♦ Global rating firm Moody’s Investors Services projected India’s growth to 5.5 percent in 2023, up from the earlier projection of 4.8% in November 2022, and to 6.5 per cent in 2024.
♦ According to Moody’s India’s growth rate in 2023 is the highest among G20 countries. It’s followed by China with 5% growth and Indonesia 4.8%. The US is expected to grow by 0.9%, the Euro area by 0.5%, Japan 1.5%.
Posted Date: March 1, 2023Economy
♦ India has ranked 42nd among 55 leading global economies on the International Intellectual Property Index 2023.
♦ This was released by the U.S. Chambers of Commerce. The United States ranks first in the 2023 index, followed by the UK and France. In 2022, India was in 43rd position.
Posted Date: February 26, 2023Economy
♦ The Unified Payments Interface (UPI), and Singapore’s PayNow payment system have launched a real-time cross-border payment linkage system.
♦ The linkage was launched by Prime Minister Narendra Modi and Singapore’s PM Lee Hsien Loong.
♦ The linkage will enable users to transfer funds held in bank accounts or e-wallets to and from India using only the UPI ID, mobile number, or Virtual Payment Address (VPA).
Economy
♦ According to the Morgan Stanley research report, India’s Gross Domestic Product (GDP) is expected to grow at 6.2% in FY24 as drivers of domestic demand remain intact amid fears of an impending slowdown.
♦ The report stated that as the economy fully reopened in 2022 leading to a cyclical recovery in consumption, pickup in private capex with healthy balance sheets in the private corporate and financial sector, and acceleration in government capital spending, the world’s fifth largest economy will breach the consensus GDP growth figure of 6%.
Posted Date: February 17, 2023Economy
♦ The Reserve Bank on Tuesday announced its second global hackathon 'HARBINGER 2023 - Innovation for Transformation' with the theme 'Inclusive Digital Services'. Registration for the hackathon starts from February 22, 2023.
♦ It had received 363 proposals submitted by teams from within India and from 22 other countries including the US, UK, Sweden, Singapore, Philippines, and Israel.
Economy
♦ Gross direct tax collections grew 24 per cent to Rs 15.67 trillion so far this fiscal, the finance ministry said. After adjusting for refunds, the net direct tax collection stood at Rs 12.98 trillion, a growth of 18.40%.
♦ The net collections are about 79 per cent of Revised Estimates (RE) of direct tax collection for current fiscal, the CBDT said.
♦ The revised estimates for the current fiscal pegged direct tax revenues at Rs 16.50 lakh crore, higher than the budget estimates of Rs 14.20 trillion.
Posted Date: February 14, 2023Economy
♦ Union Minister Ashwini Vaishnaw launched the ‘Digital Payments Utsav’ – a comprehensive campaign aimed at promoting digital payments across India.
♦ This is a 10-month-long festival that will showcase India’s journey towards digital transformation through a series of events and initiatives.
♦ The focus of the campaign will be to increase awareness and adoption of digital payments in the cities of Lucknow, Pune, Hyderabad, and Bengaluru, as part of the G20 Digital Economy Working Group (DEWG) event.
Posted Date: February 10, 2023Economy
♦ According to the data from the Centre for Monitoring Indian Economy (CMIE), India's unemployment rate declined to a four-month low of 7.14 per cent in January.
♦ The unemployment rate during December 2022 was 8.30%, while in November, it was at 8% and 6.43% in September.
♦ While urban unemployment was at 8.55% during January, rural joblessness stood at 6.48%.
Economy
♦ Union Finance Minister Nirmala Sitharaman presented the Union Budget for Financial Year 2023-24 on February 1, 2023.
♦ The total budget estimates for 2023-24 are Rs.45,03,097 crore. Revenue expenditure is Rs.3502136.44 crore and Capital expenditure is Rs.1000961.01 crore.
♦ The Budget adopted "seven priorities" - inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, green growth, youth power and financial sector - to guide India through the "Amrit Kaal".
Posted Date: February 1, 2023Economy
♦ The government has collected Rs.1.56 lakh crore through Goods and Services Tax (GST) in the month of January, Finance Ministry reported.
♦ This is second highest ever collection after it collected Rs.1.68-lakh crore in April, 2022.
Posted Date: January 31, 2023Economy
♦ India's fiscal deficit for the April to December (2022-23) period increased to Rs.9.93 lakh crore, which was 59.8 percent of the 2022-23 fiscal year target.
♦ India's fiscal deficit in the same period last year had come in at Rs 7.59 lakh crore. For December, India reported a fiscal deficit of Rs.14,800 crore compared to last year's Rs.63,800 crore.
Posted Date: January 31, 2023Economy
♦ According to the Economic Survey, India's economic growth is forecast to be 6.5% in fiscal 2024 compared to 7 per cent in the 2023-24 because of likely damage to exports from a global slowdown.
♦ The report has been issued, as usual, one day before the government presents its budget for the coming financial year.
Posted Date: January 31, 2023Economy
♦ The United Nations (UN) slashed its GDP growth forecast for India for 2023 to 5.8%, citing the effect of tighter monetary policy and weak global demand.
♦ Growth in India is expected to remain strong at 5.8 percent, albeit slightly lower than the estimated 6.4 percent in 2022, as higher interest rates and a global slowdown weigh on investment and exports, the UN’s World Economic Situation and Prospects 2023 report, published, said.
Economy
♦ An EY report has said that the Indian Economy is very likely to hit the $26 trillion mark by the year 2047, which will also be the 100th year of India’s independence.
♦ The report, "India@100: Realizing the potential of a US$26 trillion economy", was launched by Sri Ashwini Vaishnaw, Railway and IT Minister, Government of India on the sidelines of the World Economic Forum at Davos, Switzerland.
Posted Date: January 19, 2023Economy
According to the report by Nikkei Asia, India became (on 7th Jan) the world’s third-largest auto market for the first time and surpassed Japan in 2022. In 2022 India sold 4.25 million units of new vehicles while the sales in Japan totaled 4.2 million units. In the global auto market, China and US are at the first and second rank respectively.
Posted Date: January 7, 2023Economy
♦ Payments through the Unified Payments Interface (UPI) in India touched a record high of Rs.12.82 lakh crore ($174.6 bn) in December.
♦ A total of 7.82 billion transactions are made in December. The UPI was launched in 2016.
Posted Date: January 2, 2023Economy
♦ India's Goods and Services Tax (GST) revenue collected during December 2022 is Rs.1,49,507 crore.
♦ The revenues for the month of December 2022 are 15% higher than the GST revenues in December 2022.
♦ In November 2022, the GST collections were about Rs.1.46 lakh crore.
Posted Date: January 12, 2023Economy
♦ On 29th November 2022, the government lifted the ban on exports of organic non-basmati rice, including broken rice, a move which would help in promoting the outbound shipments of the commodity.
♦ Rice exports stood at USD 5.5 billion during April-September this fiscal. It was USD 9.7 billion in 2021-22, according to the commerce ministry data.
Posted Date: December 24, 2022Economy
♦ As per the National Statistical Office report, Unemployment rate for persons aged 15 years and above in urban areas declined to 7.2 percent during July - September 2022 from 9.8 percent a year ago. NSO said on 24th November 2022.
♦ Unemployment rate was high in July-September 2021 mainly due to the staggering impact of Covid-related restrictions in the country.
Posted Date: December 6, 2022Economy
♦ According to data from the Centre for Monitoring Indian Economy (CMIE), India’s unemployment rate has dropped to 6.43 per cent in September due to an increase in labour participation in the rural and urban areas.
♦ As per the data, the unemployment rate was the highest in Rajasthan at 23.8 per cent in September, followed by Jammu and Kashmir at 23.2 per cent, Haryana at 22.9 per cent, Tripura at 17 per cent, Jharkhand at 12.2 per cent and Bihar at 11.4.per cent.
♦ The unemployment was the lowest in Chhattisgarh at 0.1 per cent in September.
Posted Date: October 17, 2022Economy
♦ In the month of September, the gross GST revenue collected is ` 1,47,686 crore of which CGST is ` 25,271 crore, SGST is ` 31,813 crore, IGST is ` 80,464 crore (including 41,215 crore collected on import of goods) and Cess is ` 10,137 crore (including `856 crore collected on import of goods).
♦ Goods and Services Tax (GST) is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services throughout India.
♦ It has been established by the 101st Constitutional Amendment Act.
Posted Date: October 17, 2022Economy
♦ Institute for Development and Research in Banking Technology (IDRBT) has developed a new low cost financial network to take banking to remote areas.
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♦ Long Range Radio (LoRa) technology is a wireless modulation technique in the physical layer, allowing long-range communication. ♦ LoRa technology uses dedicated radios, which are not usually present in end-user devices, limiting interferences from other devices. |
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Economy
♦ According to a research report by State Bank of India (SBI) ''India has surpassed the UK as the 5th largest economy as early as December 2021.
♦ Indian economy likely to become World's third largest By 2029. In 2014, India was ranked 10th.
Posted Date: September 27, 2022