Banking Awareness of 11, 12 and 13 December 2024

Topic: Indian Economy/Financial Market

1. Retail inflation declined from 6.2% in October 2024 to 5.48% in November 2024.

• In November 2024, inflation in rural areas reached at 5.95%. In urban areas, it reached at 4.83%.
• For the month of November 2024, the provisional food inflation rate is 9.04%. It is less than 10.9% reported for the month of October 2024.
• Food inflation rate is based on the All India Consumer Food Price Index (CFPI).
• For rural areas, food inflation rate was at 9.1%. For urban areas, food inflation rate was 8.74%.
• The main reason for decline in inflation in November 2024 is fall in inflation in food and beverages group.
• In November, fall has been reported in inflation in Pulses & Products, vegetables, Fruits, Eggs, Sugar & Confectionary, Milk and products, Spices, transport & communication and Personal care & effects subgroups.

Topic: Indian Economy/Financial Market

2. A growth of 3.5% have been recorded in India’s industrial output in October 2024.

• India’s industrial output grew from 3.1% in September 2024 to three-month high level of 3.5% in October 2024.
• India’s Index of Industrial Production increased by 3.5% in October 2024.
• In October 2024, manufacturing output grew 4.1% year-on-year.
• Electricity generation grew 2% and mining output grew 0.9%.
• In the April-October 2024, industrial output (IIP) grew 4%.
• Within manufacturing sector, 18 of 23 industry groups recorded growth as against October 2023.
• “Manufacture of basic metals” (3.5%), “Manufacture of electrical equipment” (33.1%) and “Manufacture of coke and refined petroleum products” (5.6%) were largest contributors.
• Top 3 sectors contributing to overall IIP growth in October 2024 are primary goods, intermediate goods and consumer durables.
• Infrastructure/Construction goods grew by 4.0% in October 2024 over October 2023.
• Intermediate goods grew at 3.7% in October 2024 over October 2023. Consumer durables grew at 5.9% in October 2024 over October 2023.
• Capital goods grew at 3.1% in October 2024 over October 2023.
• Primary goods grew at 2.6% in October 2024 over October 2023.
• Consumer non-durables grew at 2.7% in October 2024.

Topic: Indian Economy/Financial Market

3. In November 2024, inflows into Systematic Investment Plans (SIPs) surpassed Rs 25,000 crore for the second successive month.

• In November 2024, the SIP inflow into India was 25,320 crore rupees.
• This was nearly identical to the October 2024 data of 25,323 crore rupees.
• The overall Assets Under Management (AUM) of the mutual fund industry rose from more than 67 lakh crore rupees in October 2024 to more than 68 lakh crore rupees in November 2024.
• This is according to figures released by the Association for Mutual Funds in India (AMFI).
• Inflows into equity-linked savings schemes (ELSS) increased from 362 crore rupees in October 2024 to more than 618 crore rupees in November 2024.
• The value of the small-cap funds increased by 9% to 4,112 crore rupees.
• From 4,683 crore rupees in October 2024 to 4,883 crore rupees in November 2024, mid-cap funds saw a modest 4.3% gain.
• With an inflow of 35,943 crore rupees in November, the equities mutual funds had a 14% monthly decline.
• New SIP accounts registered has decreased by 22% on a month-on-month basis. This has reached to 49.47 lakh in November. This is the lowest number in FY25.
• Since June 2023, the monthly SIP contribution has increased from Rs 14,734 crore.
• The entire SIP contribution for FY 2024–2025 was around Rs 1.84 lakh crore.

Topic: Corporates/Companies

4. 73,151 Indian startups currently have at least one woman director, according to the Commerce and Industry Ministry.

• Under the Startup India Initiative, the Ministry of Commerce and Industry has identified 73,151 startups with at least one woman director.
• This amounts to over half of the 1,52,139 startups that the government has supported.
• Through alternative investment funds, 149 women-led startups have received investments totalling more than 3,107 crore rupees.
• Since its launch in April 2021, the Startup India Seed Fund Scheme has approved investment for 1,278 women-led startups totalling 227.12 crore rupees.
• Since April 2023, 24.6 crores in loans for women-led startups have been covered through the Credit Guarantee Scheme for Startups.
• In India's tech ecosystem, women-led startups are flourishing in over 600 districts.
• Startup India Initiative, driven by the Department for Promotion of Industry and Internal Trade (DPIIT), was launched in 2016.

Topic: Awards and Prizes

5. Satin Creditcare Network has won ‘Microfinance Organization of the Year Award’ at the Global Inclusive Finance Summit.

• Satin Creditcare Network was honoured for making microfinance inclusive.
• It was also honoured for making a lasting impact on large number of households and empowering them to build sustainable livelihoods to help them achieve financial stability.
• Satin Creditcare Network is a leading microfinance company.
• Global Inclusive Finance Summit was organised on 11 and 12 December 2024 in New Delhi.

Topic: MoUs/Agreements

6. Department for Promotion of Industry and Internal Trade (DPIIT) and Flipkart signed a MoU.

• DPIIT signed the MoU to invest in and mentor Indian startups.
• The partnership between DPIIT and Flipkart is aimed at encouraging the growth of entrepreneurs and innovators.
• The partnership further builds on existing efforts as part of the Flipkart Leap and Ventures initiative with its USD 100 mn fund.
• Flipkart has invested in 20 companies. It continues to identify startups with high growth potential.
• Startups will have access to government-published industry reports, research papers, datasets, and other studies for market research thanks to the partnership.

Topic: Reports and Indices

7. According to the National Family Health Survey-5 (2019-21), India has achieved a Total Fertility Rate (TFR) of 2.0.

• Under the National Population Policy 2000 and the National Health Policy 2017, it meets the targets set, aiming for a TFR of 2.1.
• To achieve this goal, the government has implemented many schemes under the family planning programme.
• Contraceptive options provided include oral contraceptive pills, emergency contraception, intrauterine contraceptive devices (IUCDs), and sterilization.
• Additional options, such as the Antara injectable contraceptive and Chhaya, a centchroman pill, have also been introduced.

Topic: Indian Economy/Financial Market

8. Asian Development Bank (ADB) reduced India’s FY25 GDP growth forecast from earlier estimate of 7% to 6.5%.

• ADB reduced the growth forecast due to lower-than-expected growth in private investment and housing demand.
• As per the latest edition of Asian Development Outlook (ADO), changes in US trade, fiscal, and immigration policies could increase inflation in developing Asia and the Pacific.
• In 2024, Asia and the Pacific's economies are expected to grow 4.9 per cent in 2024.
• ADB has also lowered India's growth forecast for 2025-26 financial year to 6.6 per cent from 7.2 per cent earlier.
• India's GDP growth fell to a 7-quarter low of 5.4% in July-September of FY25 as against RBI's projection of 7%.
• Southeast Asia's growth outlook has been upped to 4.7% this year from earlier forecast of 4.5%.

Topic: Banking/Financial/Govt Schemes

9. Government has decided to extend PMAY-G till FY 2028-29.

• In 2016, the Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) was launched to provide ‘pucca’ houses with basic amenities for rural households.
• The main objective of the scheme is to construct more than an additional 2 crore houses by 2028-29.
• This initiative reflects the government's commitment to achieving “housing for all” in rural areas.
• The Awaas+ 2024 Mobile App was also launched on September 17 to identify eligible households.
• The app facilitates both self-surveys and assisted surveys by pre-registered surveyors.
• PMGA-Y is a social welfare programme under the Ministry of Rural Development.

Topic: Summits/Conferences/Meetings

10. Union Minister Jitin Prasada inaugurated the fourth edition of the India Internet Governance Forum.

• The India Internet Governance Forum (IIGF) 2024 was held on December 9-10, 2024, at the Bharat Mandapam Convention Center.
• This initiative is supported by the Ministry of Electronics and Information Technology (MeitY) and the National Internet Exchange of India (NIXI).
• It aims to explore critical aspects of Internet governance, foster meaningful dialogue, and highlight India’s leadership in the global digital landscape.
• It has been conducted under the theme “Innovating Internet Governance for India.”
• India Internet Governance Forum (IIGF) is the Indian chapter of the United Nations Internet Governance Forum (UN IGF).

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