Topic: Indian Economy/Financial Market
1. CPI-based retail inflation increased to eight year high level of 7.79% in April 2022.
- This is eight year high level of retail inflation since May 2014. In May 2014, retail inflation rate reached 8.33%.
- Inflation in oils and fats (edible oil), vegetable, spices, footwear and fuel and light reached to double digit level in April.
- In April 2022, the gross GST collections were recorded at all-time high level of ₹1.68-lakh crore.
- Direct taxes collection also showed a growth of 49% in FY22.
- CPI-based retail inflation for rural areas is higher than for urban areas for four continuous months.
- In April 2022, West Bengal, Madhya Pradesh, Telangana and Haryana recorded double-digit rural retail inflation.
- In Karnataka, Kerala, Bihar, Himachal Pradesh and Delhi, urban inflation is higher than rural inflation.
Topic: Appointments
2. Centre has approved appointment of two technical members and three judicial members at NCLAT.
- The tenure of three judicial members will be 4 years or till they attain age of 67 years, whichever is earliest.
- The three judicial members are Justice Rakesh Kumar Jain, Justice Rakesh Kumar and Justice M Satyanarayana Murthy.
- Appointments Committee of the Cabinet (ACC) has approved the names of two technical members and three judicial members.
- The two technical members are Barun Mitra and Naresh Salecha.
- National Company Law Appellate Tribunal (NCLAT):
- It was formed in 2016 under Section 410 of the Companies Act, 2013.
- It hears appeals against National Company Law Tribunal (NCLT) orders passed under Insolvency and Bankruptcy Code.
- It also hears appeals against orders of Insolvency and Bankruptcy Board of India and the Competition Commission of India (CCI).
- Chairperson: Justice Ashok Bhushan
Topic: Appointments
3. Sanjiv Bajaj assumed the office of CII President for 2022-23.
- Sanjiv Bajaj is Chairman and Managing Director of Bajaj Finserv Limited.
- He has replaced TV Narendran, who is CEO & Managing Director of Tata Steel Limited.
- Pawan Munjal has taken over as CII President-Designate. He is Chairman and CEO of Hero MotoCorp Limited.
- R Dinesh has taken over as Vice President of CII. He is Executive Vice Chairman of TVS Supply Chain Solutions.
- Confederation of Indian Industry (CII):
- It is a non-governmental trade association. It was established in 1895.
- CII National Council is the governing body of the Confederation of Indian Industry.
Topic: Indian Economy/Financial Market
4. Manufacturing sector's output increased by 0.9% in March 2022.
- India's industrial production increased 1.9% in March 2022.
- Mining output increased 4% and power generation increased 6.1%. In March 2021, IIP had increased by 24.2%.
- IIP increased 11.3% during 2021-22. It contracted 8.4% in 2020-21.
- IIP contracted 18.7% in March 2020. It contracted 57.3% in April 2020 due to coronavirus infections.
- Index of Industrial Production (IIP):
- It measures the change in industrial output over a period of time.
- In IIP, Mining, Manufacturing and Electricity sectors carry weightage of 75.5%, 14.2% and 10.3% respectively.
- It is compiled and published by Central Statistical Organization (CSO).
Topic: Miscellaneous
5. NITI Aayog Vice-Chairman Suman Bery launched the National Data Analytics Platform (NDAP) for public use.
- The main aim of this platform is to standardise data across government sources and provide flexible analytics.
- Currently, government data available in the public domain is not standardized.
- NDAP hosts foundational datasets of various government agencies and presents them coherently for analytics and visualization.
- At present, it has 203 datasets from 47 central government ministries and agencies.
- National Data Analytics Platform (NDAP) was conceived in 2020.
Topic: Appointments
6. Campbell Wilson appointed as CEO & MD of Air India.
- Tata Group has appointed Campbell Wilson as the Chief Executive Officer (CEO) and Managing Director (MD) of Air India.
- The board of Air India has approved the appointment of Campbell Wilson. He will also join Air India’s board of directors.
- The appointment in the top management of an airline has to get security clearance from the Ministry of Home Affairs (MHA).
- Recently, Tata Group has appointed Nipun Aggarwal as Chief Commercial Officer and Suresh Dutt Tripathi was appointed as Chief Human Resources Officer.
- Air India was officially handed over to Tata Sons on 27 January 2022.
- The government sold Air India to Talace Private Limited (a subsidiary of the Tata group's holding company) for ₹18,000 crores.
Topic: Banking System
7. SpiceJet and Axis Bank have launched co-branded credit card.
- The card is powered by Visa. It has two variants. They are SpiceJet Axis Bank Voyage and Voyage Black.
- The credit cards were launched in the presence of Ajay Singh, CMD, SpiceJet and Amitabh Chaudhry, MD & CEO, Axis Bank.
- Cardholders would get exclusive SpiceClub membership.
- Axis Bank is the third-largest private bank in India that is headquartered in Mumbai.
Topic: Indian Economy/Financial Market
8. India’s goods exports increase 30.7% in April and reach at more than $40 billion.
- Imports increased 30.97% to $60.3 billion and trade deficit widened to $20.11 billion.
- The rise in exports is driven by items such as petroleum products, electronics, cereals, processed food and leather products.
- Services exports registered a growth of 53% in April to $27.60 billion.
- High trade deficit is mainly governed by increase in oil prices. Increase in oil prices has contributed additional $10 billion to the trade deficit.
Topic: Miscellaneous
9. KVG Bank has won six national awards in different categories from PFRDA.
- It won the awards for its achievements under the enrolment of Atal Pension Yojana (APY).
- Supratim Bandyopadhyay, Chairman of PFRDA, gave the awards to P Gopi Krishna, Chairman of KVGB in Chennai.
- The bank enrolled 58,603 Atal Pension Yojana accounts in FY22 against the target of 39,000.
- Karnataka Vikas Grameena Bank (KVGB) is a regional rural bank sponsored by Canara Bank.
- Atal Pension Yojana (APY):
- It was launched on 9 May 2015. It is administered by Pension Fund Regulatory and Development Authority (PFRDA).
- It is open to all bank account holders in age group of 18 to 40 years.
- In this scheme, subscribers receive guaranteed minimum monthly pension of Rs 1000 or Rs 2000 or Rs 3000 or Rs 4000 or Rs 5000 at the age of 60 years.
Topic: Banking System
10. WazirX, CoinDCX and CoinSwitch Kuber delisted Terra’s Luna from their platforms.
- These top cryptocurrency exchanges in India have done delisting after nearly 100% drop in Luna’s valuation over the past 7 days.
- According to CoinMarketCap, market cap of Luna was down from $27.6 billion to $252 million.
- Luna is a South Korean-based cryptocurrency. Its value is linked to a stablecoin known as Terra. It is sister cryptocurrency of algorithmic stablecoin Terra.
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