Topic: Indian Economy/Financial Market
1. Wholesale Price Index (WPI)-based inflation declined to a 4-month low level of 1.31% in August 2024.
- It declined from 2.04% in July, mainly because of lower prices of manufactured products and food items.
- According to Commerce Ministry data, food price inflation stood at 3.11% in August 2024. It stood at 3.45% in July.
- The prices of fuel and power contracted during August 2024.
- The prices of paddy (9.12 per cent), cereals (8.44 per cent) and pulses (18.57 per cent) decelerated.
- Prices of onions (65.75 per cent) also decelerated. Inflation remained in double digits.
- During August, the prices of potatoes (77.96 per cent) and fruits (16.7 per cent) accelerated.
- Manufactured products recorded fall in inflation from 1.58 per cent in July to 1.22 per cent in August.
- Manufactured products have a weight of 64.2 per cent in the index.
- This was led by a deceleration in the prices of manufactured food products, beverages, textiles, wood products and pharmaceuticals. The prices of cooking gas (14.4%) accelerated.
Topic: Taxation
2. E-way bill generation increased to all-time high level of 10.55 crore in August 2024.
- This is the sixth time since the introduction of the e-way bill in 2018 when generation has crossed 10 crores in a month.
- This is the fourth successive time in the current fiscal when generation has crossed 10 crores in a month.
- Improved compliance and strictness by filed formation are causes for record e-way bill generation
- An e-way bill is an electronic document generated on a portal.
- It is the evidence of the movement of goods. It also shows whether tax has been paid for the moving goods.
- Under Rule 138 of the CGST Rules, 2017, every registered person involved in the movement of goods of consignment value of over ₹50,000 shall generate an e-way bill.
Topic: Taxation
3. Windfall tax on petroleum crude has been cut by centre to zero from ₹1,850 per tonne.
- Windfall tax is reviewed every fortnight. The reduction comes after substantial drop in the price of crude oil.
- From above $92 per barrel in April, the price of global benchmark Brent crude has dropped to less than $75 per barrel.
- The tax has been reduced to zero for the second time.
- With effect from July 1, 2022, the central government enforced certain levies and tariffs on domestically produced crude petroleum.
- The decision to cut the windfall levy was made in response to this week's decline in Brent crude oil prices below $70 per barrel, the lowest level since December 2021.
Topic: Indian Economy/Financial Market
4. Institutional credit to agriculture hit all-time high of ₹25.10 lakh cr in FY24.
- This is all-time high level of institutional credit to agriculture, according to RBI Deputy Governor Swaminathan J.
- RBI Deputy Governor Swaminathan J highlighted that Indian agriculture is going through a demographic challenge.
- The average age of farmers now at 50.1 years. He underscored the need to attract younger generations to the agriculture sector.
- Swaminathan said about 7.4 crore active Kisan Credit Cards have become vital tools for timely and flexible credit.
- Swaminathan said low level of farm mechanisation is an obstacle to enhancing agricultural productivity in India.
- He noted that climate change and sustainability are two pressing issues.
- Sustainable agriculture refers to agricultural practices that fulfil today’s food needs at the same time preserving resources for future generations.
Topic: Banking System
5. GenAI-powered virtual relationship manager has been introduced by Bank of Baroda for conversational banking.
- Conversational banking across a range of services are offered through these human-like interface presented as digital avatars.
- Aditi is the name of a GenAI-powered virtual relationship manager.
- It is available on the bank’s web portal. It supports audio, video and chat-based assistance ensuring 24x7 banking services with multilingual support.
- A GenAI-enabled knowledge management platform, ‘GyanSahay.AI’ has also been launched by Bank of Baroda for its employees.
- GyanSahay.AI is an endeavour to empower the bank’s large customer facing workforce with the right information on products, policies and processes.
Topic: Taxation
6. GST Council formed a Group of Ministers (GoM) to suggest GST rates on health and life insurance products.
- A 13-member Group of Ministers (GoM) will suggest a GST rate on premiums of various health and life insurance.
- Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM.
- At the 54th GST Council meeting on September 9, a GoM was set up to decide the GST rate on health and life insurance products.
- Currently, 18 per cent Goods and Services Tax (GST) is on insurance premiums.
- The Group of Ministers (GoM) will submit its report by October 30, 2024.
- In 2023-24, the centre and states collected Rs 8,262.94 crore through GST on health insurance premiums.
Topic: Banking/Financial/Govt Schemes
7. NPS-Vatsalya Scheme launched by Finance Minister Nirmala Sitharaman on September 18.
- In accordance with the Union Budget 2024–25 announcement, NPS-Vatsalya launched in New Delhi on September 18 by Finance Minister Nirmala Sitharaman.
- An online platform for subscribing to NPS Vatsalya, the scheme brochure, and the distribution of Permanent Retirement Account Number (PRAN) cards to new minor subscribers also launched by the Union Finance Minister.
- Under its launch in New Delhi, NPS Vatsalya programs was organized simultaneously at about 75 locations across the country.
- Other locations joined in through video conferencing, and PRAN subscriptions were also distributed to new minor subscribers at that location.
- NPS Vatsalya allowed parents to ensure long-term wealth while saving for their children's future by investing in a pension account.
- NPS Vatsalya offers flexible contribution and investment options, allowing parents to invest as little as Rs 1,000 annually in the name of the child, making it accessible to families from all economic backgrounds.
- This new initiative has been launched to secure the financial future of children, which is an important step in the pension system of India.
- This scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA).
Topic: Corporates/Companies
8. Infosys has been selected by LIC to develop its NextGen digital insurance platform project.
- It will be an integrated end-to-end digital insurance solution.
- The digital platform will be modular, flexible, and cloud-native.
- It will have platform driven architecture that will be capable of quickly integrating new features, products, and cutting-edge technology.
- It will serve as the foundation for the development of high-value business applications including LIC's digital branch, portals, and super apps for sales and customers.
- Infosys declared that it will work with LIC to lead the DIVE (Digital Innovation and Value Enhancement) digital transformation program.
- Additionally, LIC's digital platform will function as an open platform, facilitating quick integration with partners in bancassurance and fintech.
Topic: Indian Economy/Financial Market
9. India’s exports declined 9.3% in August, and the trade deficit reached a 10-month high.
- India’s trade deficit widened to a 10-month high of $29.7 billion in August.
- India’s imports reached a record high of $64.4 billion on the doubling of gold inflows.
- The exports have contracted for the second month to $34.7 billion.
- Merchandise exports contracted 9.3 percent to $34.7 billion in August.
- Imports grew 3 percent yearly, and gold imports touched $10 billion in August.
- Petroleum products contracted 37.5 percent in August at $5.95 billion.
- Petroleum, gems, and jewellery saw a massive contraction of 23 percent at 1.9 billion in August.
- Non-petroleum and non-gems and jewellery exports grew 2.4 percent at $26.76 billion.
Topic: Summits/Conferences/Meetings
10. The MoUs signed by REC with renewable energy companies for projects worth ₹1.12 lakh crore.
- REC Ltd, one of India's infrastructure financing companies, signed non-binding MoUs with renewable energy developers for projects worth about Rs 1.12 lakh crore.
- The MoUs were signed during the 4th Global Renewable Energy Investors Summit & Expo (RE-INVEST 2024) in Gujarat.
- These projects, scheduled for implementation over the next five years, cover a wide range of renewable energy initiatives.
- Held in Gandhinagar, Gujarat, from September 16–18, 2024, the RE-INVEST 2024 event brought together policymakers, investors, business leaders, and government officials to discuss the future of renewable energy.
- REC Ltd plans to support the country's target of increasing non-fossil based generation capacity from 200 GW to 500 GW by 2030.
- Union Ministry of New and Renewable Energy organised the 4th edition of the Global Renewable Energy Investors Meet and Expo (4th RE-INVEST) from 16th to 18th September, 2024.
- Germany, Australia, Denmark and Norway participated in the event as partner countries.
- The first RE-INVEST India was held in 2015. The second and third RE-INVEST India were held in 2018 and in 2020.
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