Topic: Indian Economy/Financial Market
1. India's GDP grew at 8.4% in second quarter of current fiscal.
- According to the government data released on 30 November, India's GDP grew at 8.4% in second (July-September) quarter of current fiscal.
- According to National Statistics Office (NSO) data, manufacturing output increased 5.5% during the same period.
- Construction segment grew at 7.5% in the second quarter of current fiscal.
- NSO data shows increase in household consumption in the second (July-September) quarter of FY22 despite the second wave of Covid-19 pandemic.
- Indian economy had contracted 7.5 % in the same period last year (July-September quarter of 2020-21).
- The Centre’s fiscal deficit reached 36.3 % of the Budget Estimate (BE) during the first seven months (April-October) of 2021-22.
- As per recently released official data, output of the eight core industries grew at 7.5% in October 2021.
- The 7.5% growth in October 2021 was higher than 4.5% growth in September 2021 and 0.5% growth in October 2020.
- In April-June quarter of this fiscal, GDP growth stood at 20.1%. In April-June last year, Indian economy had contracted by 24.4%.
- GDP at Constant (2011-12) Prices in April-September 2021-22 (H1 2021-22) is estimated at ₹68.11 lakh crore.
Topic: Indian Economy/Financial Market
2. Strategic disinvestment of Central Electronics Ltd approved by government.
- Strategic disinvestment of Central Electronics Ltd has been approved by government.
- CCEA empowered Alternative Mechanism has approved highest price bid of Nandal Finance and Leasing Private Limited for sale of central government’s 100% equity shareholding in Central Electronics Limited.
- Cabinet Committee on Economic Affairs (CCEA) empowered Alternative Mechanism at the apex Ministerial level comprised of Nitin Gadkari, Nirmala Sitharaman and Dr Jitendra Singh.
- According to Finance Ministry, the winning bid of Nandal Finance and Leasing Pvt Ltd is for 210 crore sixty thousand rupees.
- The process for disinvestment of Central Electronics Limited started in 2016 with the in-principle approval of CCEA.
Central Electronics Limited was a Govt. of India Enterprise under the Department of Scientific and Industrial Research (DSIR), Ministry of Science & Technology. It was set up in 1974.
3. RBI grants approval to LIC to increase its stake in Kotak Mahindra Bank.
- RBI has granted approval to Life Insurance Corporation (LIC) to increase its stake in Kotak Mahindra Bank up to 9.99% of paid-up equity share capital of the bank.
- As on 30 September 2021, LIC held 4.96% stake in Kotak Mahindra Bank. The approval is valid for a period of one year.
- Kotak Mahindra Bank is an Indian private sector bank. It is headquartered in Mumbai. Uday Kotak is its CEO.
Life Insurance Corporation (LIC):
It was formed in September 1956. Government of India owns LIC. It is headquartered in Mumbai. M R Kumar is its chairman.
LIC owns 51% stake in IDBI Bank, nearly 9% stake in Axis Bank and 10 % stake in Yes Bank.
4. State Bank of India signed master agreement with non-banking finance company (NBFC) arm of Adani Group, Adani Capital.
- State Bank of India has signed master agreement with non-banking finance company (NBFC) arm of Adani Group, Adani Capital.
- The master agreement is signed for co-lending to farmers for purchase of tractor and farm implements.
- With this partnership, SBI will be able to target farmer customers in the interior hinterland of the country.
5. Adani Transmission appoints Lisa MacCallum as independent director on its board.
- Adani Transmission has appointed Lisa MacCallum as independent director on its board.
- Adani Transmission is the power transmission and distribution business of the Adani Group.
- Lisa MacCallum has been appointed to boost Environmental, social, and corporate governance (ESG) strategy of Adani Transmission.
- She is the first non-Indian director of Adani Transmission and the second women director to join the board.
- She currently serves as an ESG advisory board member of KAO Corporation Japan.
6. RBI sets up three member advisory committee to help Reliance Capital administrator.
- RBI has set up three member advisory committee to help Reliance Capital administrator, Nageswar Rao Y in discharge of his duties.
- The names of members of advisory committee are given next.
- Sanjeev Nautiyal, former Deputy Managing Director, State Bank of India
- Srinivasan Varadarajan, former Deputy Managing Director, Axis Bank
- Praveen P Kadle, former Managing Director and CEO, Tata Capital
- On 29th November, RBI had superseded the board of directors of Reliance Capital.
- RBI had appointed Nageswara Rao Y, ex-Executive Director, Bank of Maharashtra, as the Administrator of Reliance Capital.
7. Sanjiv Puri announced as ‘Impact Person of the Year 2020’.
- Sanjiv Puri, Chairman and Managing Director, ITC Ltd has been named as ‘Impact Person of the Year 2020’.
- Smriti Irani, Minister of Women and Child Development, announced the winner of Impact Person of the Year 2020.
- Sanjiv Puri received the award and dedicated it to famers and rural communities with whom ITC has worked.
- ITC Limited is an Indian company headquartered in Kolkata.
Topic: Banking System
8. FIDC urged RBI to exempt small loans up to ₹2 crore given by NBFCs from the new norms for SMA reporting and NPA classification.
- Finance Industry Development Council (FIDC) has urged RBI to exempt small loans up to ₹2 crore given by non-banking finance companies from the new norms for SMA reporting and NPA classification.
- FIDC has also urged that new norms for SMA reporting and NPA classification may be aligned with the date of effect of Scale Based Regulations from October 1, 2022 for NBFC.
- On November 12, RBI had issued clarifications on prudential norms on income recognition, asset classification and provisioning (IRACP) pertaining to advances.
- RBI has prescribed the date of SMA/NPA classification of borrower accounts for all loans, including retail loans, irrespective of size of exposure of the lending institution.
- FIDC is a representative body of assets and loan financing NBFCs. It is also a self-regulatory organization of NBFCs. It was formed in 2004. It is headquartered in Mumbai.
9. Dr M S Swaminathan Award for 2017-19 won by V Praveen Rao.
- Dr M S Swaminathan Award for 2017-19 has been won by V Praveen Rao, Vice-Chancellor of Prof. Jayashankar Telangana State Agricultural University (PJTSAU).
- It is a biennial award. It was constituted by Retired ICAR Employees Association (RICAREA) and Nuziveedu Seeds Limited. The award carries ₹2 lakh cash prize and a citation.
- Praveen Rao will be presented the award by Vice-President M Venkaiah Naidu in Hyderabad on December 8.
10. GST revenues for November 2021 have been the second-highest ever since the introduction of GST.
- As per Finance Ministry, GST revenues for November 2021 have been the second-highest ever since the introduction of GST.
- Finance Ministry has said gross GST revenue collected in November 2021 is 1 lakh 31 thousand 526 crore rupees.
- Gross GST collection crossed the mark of 1 lakh 30 thousand crore rupees for the second straight month.
- The revenues for November 2021 are 25% higher than the GST revenues in the same month last year.
- During November 2021, revenues from import of goods were 43% higher as compared to November 2020.
- During November 2021, revenues from domestic transactions, including import of services are 20% higher than November 2020.