Economy

Indias growth forecast for the Financial Year 2024-25

♦ 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.

Economy

Gross GST collection in August

♦ 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

Paysecure report

♦ 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

♦ 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

Indias growth forecast for 2024-25

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

♦ 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

Indias growth forecast

♦ 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

♦ 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

Brand Finance Food Drink 2024 report

♦ 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

Promote Cooperation on Micro, Small and Medium Enterprises (MSMEs)

♦ 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.

Economy

Ministry of Statistics and Programme Implementation (MoSPI)

♦ 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.

Economy

The Reserve Bank of India (RBI)

♦ 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. 

Economy

Reliance Industries Ltd (RIL)

♦ 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:

Economy

India Ratings Research (Ind-Ra)

♦ 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.

Economy

World Bank report

♦ 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.

Economy

Indias goods and services tax (GST)

♦ 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. 

Economy

SEBI launched a chatbot named SEVA

♦ 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 as a unicorn

♦ 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

Reserve Bank of India

♦ 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 Budget 2024-25

♦ 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.

Economy

Economic Survey 2023-24

♦ 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.

Economy

The Asian Development Bank (ADB)

♦ 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.

Economy

The Asian Development Bank (ADB)

♦ 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.

Economy

International Monetary Fund (IMF)

♦ 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.

Economy

2024 GROHE-Hurun India Real Estate 100 report

♦ 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. 

Economy

Indias employment growth rate

♦ 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. 

Economy

The Asian Development Bank (ADB)

♦ 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.

Economy

India accelerate its low-carbon energy development

♦ 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

Reserve Bank of India

♦ 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

Brand Finance Report 2024

♦ 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.

Economy

World Investment Ranking in 2023

♦ 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.

Economy

National Monetisation Pipeline (NMP)

♦ 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.

Economy

The Asian Development Bank (ADB)

♦ 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.

Economy

India Post Payments Bank (IPPB)

♦ 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. 

Economy

Nvidia Corporation

♦ 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

Economy

Fitch Ratings

♦ 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.

Economy

Virat Kohli

♦ 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. 

Economy

Monetary Policy Committee

♦ 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)

♦ 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.

Economy

The World Economic Forum

♦ 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)

♦ 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.

Economy

Worlds 100 Most Influential Companies

♦ 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.

Economy

Asian Development Bank

♦ 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

Smartphone exports

♦ 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.

Economy

National Stock Exchange

♦ 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

Economy

World Economic Forums Travel Tourism Development Index 2024

♦ 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.

Economy

Moodys Ratings said the Indian economy

♦ 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.

Economy

The Global Trade Research Initiative (GTRI)

♦ 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.

Economy

The 12 Public Sector Banks (PBCs)

♦ 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.

Economy

Index of Industrial Production

♦ 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

India-Ghana Joint Trade Committee (JTC)

♦ 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.

Economy

India Ratings and Research (Ind-Ra)

♦ 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.

Economy

Girish Chandra Murmu,

♦ 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). 

Economy

NPCI International Payments Ltd. (NIPL)

♦ 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.

Economy

The Gross Goods and Services Tax (GST)

♦ 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

♦ 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.

Economy

Global Trade Research Initiative

♦ 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

Adanis Vizhinjam Port

♦ 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

Indias GDP growth

♦ 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

Indias drugs and pharmaceutical exports

♦ 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

Indias net direct tax

♦ 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

International Monetary Fund

♦ 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

Moodys Analytics released its latest report

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

♦ 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. 

Economy

The Asian Development Bank (ADB)

♦ 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. 

Economy

Indian economy would grow 7.5 percent in 2024

♦ 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

♦ 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

Reserve Bank of India

♦ 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

♦ 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

♦ 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

Gross Domestic Product growth forecast

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

Life Insurance Corporation of India

♦ 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

Indias Gross Domestic Product

♦ 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. 

Economy

YES Bank announced its partnership with the Indian Olympic Association

♦ 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

Gujarat International Finance Tec-City

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

Indias FY25 GDP growth forecast

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

Reserve Bank of India

♦ 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

Indias GDP growth forecast

♦ 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

Indias Gross Goods and Services Tax

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

Memorandum of Understanding

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

♦ 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

♦ 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.

Economy

Gross GST

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

Interim Budget

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

Third-largest economy in the world

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).

Economy

Indias direct tax-to-GDP ratio

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

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

Kuwaiti Dinar was the strongest currency in the world

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

Indias gross domestic product growth estimate

♦ 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

Indias real GDP growth in 2023-24

♦ 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

Indias GDP growth for FY24

♦ 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

GST collections are Rs.1.64 lakh crore

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

Merger of IDFC and IDFC First Bank

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

♦ 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

World Bank

♦ 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.

Economy

Rating agency ICRA

♦ 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.

Economy

United Nations Development Programme (UNDP)

♦ 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.

Economy

State Bank of India

♦ 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. 

Economy

The Asian Development Bank

♦ 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.

Economy

Top 100 Under 30 Entrepreneurs Watchlist 2023

♦ 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).

Economy

Union Bank of India

♦ 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

Life Insurance Corporation of India

♦ 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

Nifty 50 Net Total Return Index

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).

Economy

The gross GST revenue collected in the month of November

♦ 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

Top 200 Self-made Entrepreneurs of the Millennia 2023

♦ 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.

Economy

According to the National Statistical Office data

♦ 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.

Economy

S& P Global Ratings

♦ 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

♦ 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

Madhabi Puri Buch inaugurated the Investor Risk Reduction Access platform

♦ 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

Global Banks Country-By-Country Outlook 2024

♦ 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

Indias overall exports

♦ 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.

Economy

Wholesale Price Index

♦ 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

Small Industries Development Bank of India

♦ 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

Indias economic growth

♦ 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.

Economy

Indias economic growth

♦ 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,

♦ 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.

Economy

Finance Minister Nirmala Sitharaman

♦ 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. 

Economy

AU Small Finance Bank

♦ 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,

♦ 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.

Economy

According to a new report titled How India Travels,

♦ 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.

Economy

Periodic Labour Force Survey Report 2022-23

♦ 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,

♦ 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

Indias retail inflation

♦ 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

GDP growth forecast of 6.5 percent for 2023-24 and 2024-25

♦ 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.

Economy

World Bank has decided to maintain its growth forecast for India in the fiscal year 2023-24 at 6.3 percent

♦ 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

GST revenue collected in the month of September, 2023

♦ 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

Indias GDP forecast by ADB India Ratings

♦ 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)

♦ 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

♦ 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

♦ 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 varian

♦ 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

♦ 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.

Economy

Mumbai-based quick commerce startup Zepto becoming the first unicorn of 2023

♦ 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.

Economy

Axis Bank announced the launch of two lending products powered by the Public Tech Platform for Frictionless Credit (PTPFC)

♦ 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.

Economy

Indias exports in the month of July declined 15.88 to $32.25 billion (Rs. 2.64 lakh crore) while imports fell 17 percent

♦ 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.

Economy

Indian economy is likely to grow at 6 in the current financial year 2023-24.

♦ 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. 

Economy

Reserve Bank of India (RBI) has selected global consultancy firms McKinsey and Company India LLP and Accenture Solutions Pvt Ltd India

♦ 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. 

Economy

AU Small Finance Bank Limited (AU Bank) launched the 24x7 live video banking service

♦ 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.

Economy

Monetary Policy Committee (MPC) of the Reserve Bank of India decided unanimously to keep the policy repo rate unchanged at 6.50

♦ 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.

Economy

Gross GST revenue collected in the month of July, 2023 is Rs.1,65,105 crore

♦ 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. 

Economy

Reliance Industries is the most valuable company in India

♦ 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).

Economy

Indias Wholesale Price Index (WPI) for June 2023 declined to 4.12 (provisional)

♦ 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. 

Economy

A World of Debt, Global public debt reached an all-time high of $92 trillion in 2022

♦ 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.

Economy

Direct tax collection so far this year (2023) has already touched 26.05 percent

♦ 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).

Economy

According to the Reserve Bank of India

♦ 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.

Economy

The Institute for Economics and Peace

♦ 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

Economy

The Board of Directors of IDFC First Bank Ltd

♦ 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.

Economy

Kameshwar Rao Kodavanti was appointed as Chief Financial Officer

♦ 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

♦ 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.

Economy

HDFC Limited and HDFC Bank merged with effective form 1st July.

♦ 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.

Economy

The World Bank was granted its approval for a USD

♦ 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.

Economy

According to the World Economic Forums annual Gender Gap Report,

♦ 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)

♦ 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

♦ 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.

Economy

Prathapa Reddy

♦ 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

♦ 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.

Economy

As per Reserve Bank of India data,

♦ 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.

Economy

Jayakumar

♦ 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

Indias Gross Domestic Product (GDP)

♦ 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

♦ 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)

♦ 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.

Economy

Global Financial Innovation Network (GFIN)s

♦ 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.

Economy

RBIs half-yearly report

♦ 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.

Economy

Bank for International Settlements (BIS)

♦ 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.

Economy

Indias gross GST revenues for April 2023

♦ 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.

Economy

World Economic Outlook report

♦ 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.

Economy

Rail Vikas Nigam Limited (RVNL)

♦ 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.

Economy

International Peace Research Institute (SIPRI) report

♦ 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.

Economy

World Banks 2023 Logistics Performance Index (LPI)

♦ 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.

Economy

According to the Finance Ministrys time series data

♦ 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.

Economy

Indias largest trading partner in 2022-23

♦ 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.

Economy

Stanford Universitys annual AI Index report

♦ 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.

Economy

The International Monetary Fund (IMF)

♦ 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.

Economy

National Securities Depository Ltd (NSDL)

♦ 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.

Economy

The World Bank slashes Indias growth forecast for 2023-24

♦ 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. 

Economy

The Reserve Bank of India (RBI)

♦ 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.

Economy

Unified Payment Interface (UPI)

♦ 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.

Economy

The gross GST revenue collected in the month of March 2023

♦ 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.

Economy

The Reserve Bank of India (RBI)

♦ 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. 

Economy

World Bank

♦ 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)

♦ 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

Indias per capita income doubles since 2014-15

♦ 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.

Economy

Indias Unemployment rate rose to 7.45 in February

♦ 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%.

Economy

The gross Goods and Service Tax

♦ 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 Moodys Investors Services projected Indias growth to 5.5 percent in 2023

♦ 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%.

Economy

International Intellectual Property Index 2023

♦ 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.

Economy

Unified Payments Interface

♦ 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

Indias GDP likely to grow at 6.2 in FY24, says Morgan Stanley

♦ 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%.

Economy

Reserve Bank of India Announces 2nd Global Hackathon HARBINGER 2023

♦ 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

♦ 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.

Economy

Union Minister Ashwini Vaishnaw launched The Digital Payments Utsav

♦ 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.

Economy

Indias unemployment rate declined to a four-month low of 7.14 Percent in January

♦ 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 Budget for Financial Year 2023-24

♦ 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".

Economy

GST collection at ₹1.56-lakh crore in January

♦ 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.

Economy

Indias fiscal deficit for the April to December (2022-23) Period

♦ 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.

Economy

Economic Survey

♦ 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.

Economy

The United Nations (UN) slashed its GDP growth forecast for India

♦ 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

Indian Economy is very likely to hit the $26 trillion mark by the year 2047

♦ 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.

Economy

India became theworlds third-largest auto market

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.

Economy

Unified Payments Interface (UPI)

♦ 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.

Economy

Indias Goods and Services Tax (GST)

♦ 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. 

Economy

Govt lifts ban on exports of organic non-basmati rice

♦ 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.

Economy

Indias unemployment rate dips to 7.2

♦ 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.

Economy

Indias unemployment rate

♦ 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.

Economy

GST revenue in the month of September 2022

♦ 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.

Economy

IDRBT low cost financial network

♦ Institute for Development and Research in Banking Technology (IDRBT) has developed a new low cost financial network to take banking to remote areas.

♦ 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.

Economy

India became the 5th largest 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.