Topic: Indian Economy/Financial Market
1. Wholesale Price Index (WPI) inflation increased from 13.11% in February to 14.55% in March.
- WPI inflation in March has reached four month high level. Main contributors to increase in WPI inflation are crude oil prices and prices of fuels and core items.
- Inflation in food articles decreased from 8.19% in February to 8.06% in March.
- Vegetable inflation decreased from 26.93% in February to 19.88% in March.
- Manufacturing inflation increased from 9.8% in February to 10.7% in March. On the same lines, edible oil inflation increased from 14.9% to 16.06%.
- As per data released last week by the Statistics Ministry, CPI-based retail inflation was at 17 month high level of 6.95%.
2. Government amended FEMA rules to allow 20% FDI in LIC through the automatic route.
- These new rules will be called the Foreign Exchange Management (Non-debt Instruments) (Amendment) Rules, 2022.
- Recently, the Department for Promotion of Industry and Internal Trade (DPIIT) has amended the Foreign Direct Investment (FDI) policy to bring overseas investment in LIC.
- The government is planning to dilute its stake in LIC through the Initial Public Offering (IPO).
- As per the present Foreign FDI policy, foreign investment up to 20% in public sectors banks can be done through the automatic route.
- Foreign investment in LIC is in accordance with the provisions of the Life Insurance Corporation Act, 1956 (LIC Act).
- FEMA (Foreign Exchange Management Act):
- It was introduced in the year 1999.
- It has replaced the earlier act FERA (Foreign Exchange Regulation Act).
- Its main objective is to facilitate external trade and payments and to regulate the foreign exchange market in India.
Topic: Banking System
3. SBI has raised $500 million through a syndicated loan facility through its IFSC Gift City branch.
- This is SBI’s first offshore USD secured overnight financing rate-linked syndicated loan executed through its Gift City branch.
- The loan facility is for $400 million-plus-$100 million as a greenshoe option.
- MUFG, Bank of America, and JP Morgan were the joint lenders for this offering.
- First Abu Dhabi Bank acted as facility agent. SBI Gift City Branch has become the largest branch in IFSC.
Topic: Banking System
4. The board of Fino Payments Bank has approved investment of up to 12.19% in Paysprint.
- The investment is the first for Fino Payments Bank since its public listing.
- Fino Payments Bank is a wholly-owned subsidiary of Fino Paytech Limited (FPL).
- Fino Payments Bank was launched in 2017. MD and CEO is Rishi Gupta. Paysprint is a Delhi based fintech company.
5. Grasim Industries has become most sustainable company in India.
- It is ranked first in the list of 2021 Capri Global Capital Hurun India Impact 50 companies.
- It has achieved a cumulative sustainability score of 47. Tech Mahindra (score 46), Tata Power Company (score 45) and Wipro (score 45) have come at 2nd, 3rd and 4th places.
- Climate action (SDG 13) and responsible consumption and production (SDG 12) are the most prioritized SDGs. Life below water (SDG 14) is the least prioritized SDG.
- Hindustan Unilever has the highest number of measurable SDGs with time-bound targets, followed by ITC, and Tech Mahindra.
- Only 29 companies have set a deadline for becoming carbon-neutral. ITC and Infosys, respectively, became carbon-neutral in 2006 and 2020.
- Cipla and Adani Ports and Special Economic Zone have set a goal of achieving it by the year 2025.
- The city with the most companies on the list is Mumbai, followed by New Delhi.
- Sustainability score of manufacturing companies is higher than service companies.
- 2021 Capri Global Capital Hurun India Impact 50 lists the top 50 companies based in India, ranked as per their alignment with 17 SDGs (Sustainable Development Goals).
6. Union Minister Dharmendra Pradhan launched India’s first SIIC at Skill Development Institute in Bhubaneswar.
- Skill India International Centre (SIIC) will provide high-quality training to youth.
- It will organize training sessions as per the demand of international employers.
- It will provide oﬀer training of trainers, corporate training, upskilling and trade testing facilities.
- It will identify emerging trends in teaching and Skill delivery and it will create a pool of vocational education and training (TVET) teaching staff.
- He also launched WorldSkills Academy and National Academy for Skill Teachers.
7. The reappointment of Renu Karnad as a non-executive director has been approved by the board of directors of HDFC Bank.
- Her reappointment is as a nominee director of HDFC Ltd, promoter of HDFC Bank.
- Her reappointment will become effective from 3 September 2022 for a period of 5 years. She is MD of HDFC Ltd since 2010.
- Her reappointment is subject to the approval of shareholders.
Topic: Indian Economy/Financial Market
8. Government collected Rs 96,000 crore through asset monetization during FY22 and surpassed target of Rs 88,000 crore.
- The government has set a target of asset monetization worth Rs 1.62 trillion for FY 23.
- The list of assets to be monetized this year is being prepared by the NITI Aayog along with different ministries.
- In 2021-22, the Ministry of Road Transport and Highways monetized assets worth Rs 23,000 crore while the Ministry of Power monetized assets of Rs 9,500 crore.
- During FY 2022, around 31 mineral blocks were auctioned with a value of Rs 18,700 crore.
- The government has identified assets of about Rs 6 trillion to be monetized over the next four years period.
- The Ministry of Railways has monetized assets worth Rs 800-900 crore against its target of Rs 17, 810 crores.
- The government is planning to monetize assets worth Rs 1.79 trillion and Rs 1.67 trillion in FY 24 and FY 25 respectively.
Topic: Reports and Indices
9. World Bank Report says extreme poverty in India decreased by 12.3% from 22.5% in 2011 to 10.2% in 2019.
- As per World Bank’s policy research working paper, poverty reduction was higher in rural areas than in urban India.
- Income growth has been higher in the case of farmers with small landholding sizes.
- According to the UN, over 77 million people went into poverty in 2021 due to the coronavirus pandemic.
- As per the UN report released recently, rich countries were able to avoid the worst economic impacts of the pandemic.
- However, as per the report, poorer countries continue to deal with financial debt.
- The report has been released on 13 April 2022 and prepared by U.N.'s Inter-agency Task Force on Financing for Development.
Topic: Infrastructure and Energy
10. The Indian renewable energy sector added highest ever annual new capacity of 14,077 MW in FY22.
- The renewable power sector added new capacities of 7,356 MW and 8,711 MW in FY21 and FY20, respectively.
- The largest yearly capacity addition was recorded at 11,754 MW and 11,320 MW in FY18 and F17, respectively.
- The solar energy sector contributed 12,761 MW (91%) to total renewable energy addition in FY22.
Solar power capacity addition in FY22
Ground-mounted power capacity addition (FY22)
Rooftop power capacity addition (FY22)
Off-grid power capacity addition (FY22)
- The renewable energy sector has achieved a total grid-connected power capacity of 110 GW as of March 31, 2022.
- Center has fixed target of achieving 175 GW renewable power installed capacity by 2022-end.
- The target of 175 GW includes 100 GW from solar power, 60 GW from wind power, 10 GW from biomass power and 5 GW from hydropower.