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.
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.
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.
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.
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.
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.