Topic: Indian Economy
1. Retail inflation declines to a three-month low of 4.3% in April.
- Retail inflation has declined to a three-month low of 4.3% in April from 5.52% in March.
- The decline in retail inflation based on CPI is mainly led by decrease in food inflation from 4.87% to 2.02%.
- Vegetable inflation decreased by over 14%. Inflation still remains high for prices of edible oils, fruits, meat & fish, and eggs.
- Inflation for oils and fats increased 26%. Fuel Inflation remained high at around 8%.
- Industrial production increases to 22.4% in March. Manufacturing grew 25.8 % and electricity production grew 22.5%.
- Index of Industrial Production (IIP) in March increased mainly due to base effect.
2. Cabinet approves MoU between Institute of Chartered Accountants of India and Qatar Financial Centre Authority.
- The Union Cabinet approved a Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and the Qatar Financial Centre Authority (QFCA).
- The MoU has been signed to enhance cooperation between Institutes. It will also increase opportunities for members of ICAI to provide professional services.
- ICAI and QFCA will organize roundtables and networking events to explore opportunities for Indian businesses in Qatar.
- ICAI and QFCA will also collaborate in the fields of corporate governance, technical research, and advice, quality assurance, etc.
- Institute of Chartered Accountants of India (ICAI):
- It was established as a statutory body by the Chartered Accountants Act, 1949.
- It regulates the Chartered Accountancy profession in India.
3. Jose J. Kattoor appointed as Executive Director of RBI.
- Jose J. Kattoor has been appointed as Executive Director (ED) of RBI.
- Earlier, he was heading Bengaluru Regional Office of the Reserve Bank as Regional Director for Karnataka.
- He will look Human Resource Management Department, Corporate Strategy and Budget Department as Executive Director (ED).
- His appointment is effective from May 04, 2021.
- It was established on April 1, 1935, under the provisions of the Reserve Bank of India Act, 1934.
- It was set up on the recommendations of the Hilton Young Commission.
- Shaktikanta Das is the current RBI governor.
Topic: Banking/Financial Schemes
4. Financial Services Department (DFS) appeals people to subscribe to PMJJBY.
- Financial Services Department (DFS) has appealed to people to subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
- PMJJBY is a low-cost life insurance scheme. It is available to people in the age group 18 to 50 years with a bank account. She/he needs to give instructions regarding auto-debit before May 31 every year.
- PMJJBY was launched on May 9, 2015. It offers a renewable one-year term life cover of ₹2 lakh to all subscribing bank account holders in the age group of 18 to 50 years.
- It covers death due to any reason, including suicide and murder. The rate of annual premium is ₹330 per subscriber.
- Life Insurance Corporation (LIC) administers the PMJJBY. Under the scheme, the cover is available for the period starting June 1 and ending on May 31.
Topic: Infrastructure and Energy
5. India’s renewable capacity addition falls nearly 50 % year-on-year.
- As per the new report by International Energy Agency, India’s renewable capacity addition has fallen nearly 50 % year-on-year to 5.62 GW in 2020.
- As per IEA, India has been affected more than any other country by the Covid-19 impact on renewable energy deployment.
- As per the report, primary challenge to renewable energy deployment in India is financial health of discoms.
- Earlier, IEA has projected that India will add 17 GW renewable capacity in 2021.
- International Energy Agency (IEA):
- It is an autonomous body within the Organization for Economic Co-operation and Development (OECD).
- It was established in 1974 and currently, it has 30 members. India is an associate member of the IEA. IEA releases the World Energy Outlook report.
Topic: Reports and Indices
6. NITI Aayog and Mastercard jointly release report titled ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’.
- NITI Aayog and Mastercard jointly released a report titled as ‘Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat’.
- The report identifies challenges in accelerating digital financial inclusion.
- It also highlights important elements of a roadmap India can follow to achieve next level of digital transformation in next 3 years.
- The report further provides recommendations to make digital services accessible to all citizens.
- Mastercard is an American global payments & technology company.
Topic: Indian Economy
7. Finance Ministry extends anti-dumping duty on seamless tubes, pipes from China till October 31.
- Finance Ministry extends anti-dumping duty on seamless tubes, pipes imported from China till October 31.
- Directorate General of Trade Remedies (DGTR) has initiated sunset review investigations on seamless tubes, pipes and hollow profiles of iron, alloy or non-alloy steel from China.
- Anti-dumping duty on seamless tubes, pipes imported from China was valid till 16 May.
Topic: Indian Economy
8. India’s gold reserves increased by 42.3 tonnes in one year period that ended March 31, 2021.
- India’s gold reserves have increased by 42.3 tonnes in one year period that ended March 31, 2021.
- As per RBI’s Half Yearly Report on Management of Foreign Exchange (Fx) Reserves, RBI had 695.31 tonnes of gold as of end-March 2021 against 653.01 tonnes as of March-end 2020.
- Foreign Exchange Reserves increased from $544.69 billion at the end of September 2020 to $576.98 billion at the end of March 2021.
- As per the report, share of gold in total foreign exchange reserves decreased from about 6.69% at the end of September 2020 to about 5.87% at the end of March 2021.
- The ratio of short-term debt to reserves was 18.9% at the end of September 2020. It decreased to 17.7% at the end of December 2020.
9. SBI’s Padmakumar M Nair appointed as CEO of National Asset Reconstruction Company Limited (NARCL).
- SBI’s Padmakumar Madhavan Nair was appointed as Chief Executive Officer (CEO) of National Asset Reconstruction Company Limited (NARCL).
- NARCL is commonly known as Bad Bank. Nair is currently serving at the position of chief general manager (CGM), in-charge of stressed assets in SBI.
- The announcement for the creation of a bad bank was made by Finance Minister Nirmala Sitharaman in 2021 Union Budget.
- Asset Reconstruction Company India (Arcil) is the oldest of different Asset reconstruction entities in India.
- Arcil is owned by SBI, IDBI Bank, ICICI Bank (ICICI), Punjab National Bank (PNB) and Avenue India Resurgence Pte. It is essentially a private company. Proposed bad bank is likely to be a public sector company.
- Gross NPAs of Indian banks is nearly 8%. As per RBI, Gross NPAs are likely to grow to 15% by September this year.