Topic: MoUs/Agreements
1. Karnataka government has signed MoU to establish a Semiconductor Fabrication plant in the State.
- The MoU has been signed by Karnataka government with Israel-based ISMC Analog Fab Private Limited.
- The plant would be set up with the investment of ₹22,900 crore ($3 Billion).
- ISMC Analog Fab Private Limited is planning to establish the plant over the next seven years.
Topic: Reports and Indices
2. Annual growth of nearly 13% in non-food bank credit will be needed to reach the target of $5 trillion economy by 2026-27.
- This assessment is as per RBI’s Report on Currency and Finance (RCF).
- The report says that gross non-performing assets (GNPA) ratio is decreasing.
- As per the report, provision coverage ratio is increasing and unresolved NPAs in balance sheet of banks’ remain high.
- As per the report, the stress in banking sector increases beyond a threshold of credit growth.
- This threshold ranges from 16% to 18% credit growth in case of India. Threshold for public sector banks is lower than that for private sector bank.
- The report mentions that nearly 35% of corporate debt liability is owed to banks.
- It says that there is risk of transforming India’s banking system into ‘G-sec investment oriented banking.
- RBI’s Report on Currency and Finance (RCF) was first published in 1937. It is published annually.
Topic: Indian Economy/Financial Market
3. Government is planning to bring cross-border insolvency under Insolvency and Bankruptcy Code (IBC).
- Union Minister of State for Corporate Affairs, Rao Inderjit Singh talked about this recently during International Research Conference on Insolvency and Bankruptcy at IIM-Ahmedabad.
- A Cross Border Insolvency Rules/Regulations Committee (CBIRC) was formed by Union Ministry of Corporate Affairs in 2020. KP Krishnan was the chairman of CBIRC.
- IBC has so far been amended six times since its enforcement in 2016.
Topic: Corporates/Companies
4. CryptoWire will launch multi-exchange trade execution platform.
- With this initiative, CryptoWire Super App will provide its users a chance to carry out transaction in any of world’s top 20 crypto exchanges.
- Since its launch in December 2021, CryptoWire Super App has recorded one million downloads in five months.
- CryptoWire is a Strategic Business Unit of Tickerplant.
- It had previously announced the setting up of India’s first index of cryptocurrencies (IC15).
- IC15 tracks performance of the top 15 widely traded liquid cryptocurrencies listed on world’s leading crypto exchanges.
- It is a rule-based broad market index by market capitalization.
Topic: Taxation
5. GST collection in April 2022 reached to all-time high level at ₹1.68-lakh crore.
- GST collection in March 2022 stood at ₹1.42-lakh crore.
- In April 2022, highest ever tax collection in a single day was recorded on April 20.
- On 20 April, nearly ₹57,847 crore were paid through 9.58 lakh transactions.
- During April 2022, nearly 1.06 crore GST returns in GSTR-3B were filed and 1.05 crore statements of invoices issued in GSTR-1 were filed.
- The filing percentage for GSTR-3B in April 2022 was 84.7%. In April 2021, the filing percentage was 78.3%.
- The filing percentage for GSTR-1 in April 2022 was 83.11%. In April 2021, it was 73.9%.
- The April 2022 revenues were 20% higher than the GST revenues in the April 2021.
- Total number of e-way bills generated in March 2022 stood at 7.7 crore.
- This is 13% higher than 6.8 crore e-way bills generated in February 2022.
Topic: Corporates/Companies
6. Indian Oil Corporation has launched M15 petrol on a pilot basis from Tinsukia district of Assam.
- Union Minister of State for Petroleum and Natural Gas Rameswar Teli launched M15 petrol.
- The launch has been done from Tinsukia because of availability of methanol.
- Methanol is being manufactured by Assam Petrochemical Ltd in the surroundings of Digboi refinery.
- M15 petrol is a 15% blend of methanol with petrol. In other words, M15 is a 15% Methanol blended petrol.
- Indian Oil Corporation Limited (IOC):
- It is a Maharatna PSU that was formed in 1959. It is the largest commercial oil company in India.
- Headquarters of IOC: New Delhi
- Chairperson of IOC: Shrikant Madhav Vaidya
Topic: Reports and Indices
7. All-India Consumer Price Index for Industrial Workers (CPI-IW) for March 2022 increased by one point and stood at 126.
- In comparison with February 2022, it increased by 0.80%. Compared with March 2021, the increase is 0.50%.
- The index mainly increased due to increase in the prices of food and beverages.
- Food and beverages category contributed 0.59 percentage points to the total change.
- Maximum increase of 6.3 points was recorded at Sangrur in Punjab. Silchar in Assam and Angul in Odisha followed it with 5.8 and 5.4 points respectively.
- Maximum decrease of 1.1 points was recorded Salem in Tamil Nadu.
- Consumer Price Index for Industrial Workers:
- Labour Bureau compiles Consumer Price Index for Industrial Workers every month.
- It is compiled on the basis of retail prices collected from 317 markets spread over 88 industrially important centres in the country.
- It is released on the last working day of succeeding month.
Topic: Miscellaneous
8. Government is planning to launch an indigenously developed online e-commerce network in 100 Indian cities.
- This will provide millions of Kirana stores and consumers an alternative to multinational platforms such as Amazon and Flipkart.
- The beta launch will unveil the IT applications of the Open Network for Digital Commerce (ONDC) and registry covering a small number of retailers and customers initially in Bengaluru.
- The project will be officially launched after the system has been thoroughly tested.
- The initial trial launch, which began in Bengaluru, will also cover Delhi, Coimbatore, Bhopal, and Shillong.
- The system will have multiple options for both retailers and customers in terms of cataloguing, inventory, warehousing, suppliers, logistics, and payments.
Topic: Miscellaneous
9. Government has notified Hallmarking of Gold Jewellery and Gold Artefacts (Amendment) Order, 2022.
- Second phase of mandatory hallmarking of gold jewellery and artefacts will be effective from June 1, 2022.
- The number of districts that will come under mandatory hallmarking regime from June 1 is 32.
- Gold jewellery and artefacts of 20 carats, 23 carats and 24 carats will also be covered under second phase.
- The mandatory hallmarking regime was implemented in 256 districts with effect from June 23, 2021.
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