Banking Awareness of 24, 25 and 26 December 2023

By Priyanka Chaudhary | Last Modified: 26 Dec 2023 17:18 PM IST
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Topic: Indian Economy/Financial Market

1. Foreign Portfolio Investors (FPIs) invested a record ₹57,313 crore (about $7 billion) so far this month (December 2023).

  • This is highest monthly net investment flow in Indian equities in previous 3 years.
  • In December 2020, FPIs had invested ₹62,016 crore.
  • FPIs invested a net amount of approximately ₹9,000 crore in the cash segment in November 2023.
  • Net FPI outflows from equities were ₹14,768 crore in September and ₹24,548 crore in October of this year.
  • In the calendar year 2023, net FPI investments are likely to be about $21 billion against the net outflow of about $14.5 billion in equities in the cash segment.
  • Total FPI stock of equity holding in India reached beyond $700 billion for the first time ever this year.
  • It stood at $723.6 billion as of fortnight ended December 15, 2023.
  • In December 2023, FPIs have invested record ₹ 15,545 crore in the debt segment.

Topic: Taxation

2. Finance Ministry has imposed anti-dumping duty on industrial laser machines from China.

  • The duty is valid for five years. It ranges from 24.66% of CIF to 147.2% of Cost, Insurance and Freight (CIF).
  • The exact range of duty depends on the producer. Industrial laser machines are used for cutting, marking or welding.
  • The whole domestic industry for laser machines is based in the MSME sector.
  • The application seeking anti-dumping investigations on ‘industrial laser machine’ imports from China was filed by Sahajanand Laser Technology Ltd.
  • Directorate-General of Trade Revenues (DGTR) recommended anti-dumping duty in September 2023.
  • Laser Cutting Machines (LCM), Laser Marking Machines (LMM) and Laser Welding Machines (LWM) were the product considered for anti-dumping investigations.

Topic: Infrastructure and Energy

3. In November 2023, coal imports by power sector increased 84% y-o-y.

  • This is because thermal power plants (TPPs) imported the coal at 6% of their total consumption.
  • Thermal power plants imported 5.9 million tonnes (mt) in November 2023, against 7.5 mt in October 2023 and 3.2 mt in November 2022.
  • On a monthly basis, coal imports declined by 21% as Coal India (CIL) and Singareni Collieries Company (SCCL) increased supplies of the coal.
  • The Power Ministry's directive to increase imports to 6% from 4% previously is the reason for the rise in imports.
  • India is world’s second-largest importer of seaborne coal.
  • Imports by India have started to decline along with the seasonal increase in domestic supply and reduced power demand as temperatures fall.
  • Coal supply by mining PSUs was 67.7 mt in November 2023, against 65.5 mt in October 2023 and 60.6 mt in November 2022.
  • During the April-November of FY24, domestic coal supply increased by 9% y-o-y to 514.7 mt.
  • Coal imports during the April-November of FY24 declined by 2% to 41.2 mt.
  • In November 2023, TPPs plant load factor (PLF), or capacity utilization was 66.33% against 61%.
  • The PLF was at 68.44% in April–November 2023 compared to 62.53% in the April–November 2022.
  • India’s energy consumption increased by 8.5% y-o-y to 120 billion units (BU) in November 2023. The energy consumption in October stood at 139 BU.

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Topic: Indian Economy/ Financial Market

4. Education loans saw a record year-over-year jump of 20.6% to ₹1,10,715 crore in the current financial year till October.

  • Education loans registered a growth worth ₹96,853 crore in the year-ago period.
  • As per RBI data, increase in education loans was highest in five years.
  • The growth registered was 12.3% in FY23 and (-) 3.1% in FY22.

Time-period

Growth in education loans

April-October 2019

(-) 3%

April-October 2020

8.4%

April-October 2021

(-) 3.1%

April-October 2022

12.3%

April-October 2023

20.6%

 

  • Over the past year, almost 65% of all loans given have been for foreign education, with an average ticket size of ₹40 lakh–60 lakh.
  • The loans for education in the US are on the higher side.
  • Education loans of NBFCs grew 100% (in Assets Under Management) in FY23 compared with previous year.

Topic: Miscellaneous

5. United Kingdom to implement carbon border tax on Iron from 2027.

  • After the European Union, the United Kingdom government has decided to implement carbon border tax on iron, steel, aluminium, ceramics and cement from 2027.
  • The amount of tax will depend on the amount of carbon emitted in the production of the imported goods and the gap between the carbon price in the UK and the country of origin.
  • The levy of tax will make sure carbon intensive products like steel and ceramics from other countries face a comparable carbon price to those produced in the UK.
  • This will give confidence to UK industry to invest in decarbonisation.
  • India has opposed the EU’s carbon border adjustment mechanism (CBAM) and lodged a protest at WTO.
  • India argued that this step is against the differentiated approach for developing countries and is not according to the WTO rules or the UN framework.
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Topic: Reports and Indices

6. Union Minister Bhupender Yadav launched a NITI Aayog report, ‘A Green and Sustainable Growth Agenda for the Global Economy’.

  • A report titled ‘A Green and Sustainable Growth Agenda for the Global Economy’ has been released in the presence of Amitabh Kant, Sherpa, G20 India, and Suman Bery, Vice Chairman, NITI Aayog.
  • NITI Aayog published this report in partnership with the International Development Research Centre (IDRC) and the Global Development Network (GDN).
  • This report is based on the proceedings of the G20 international conference held in New Delhi on 28-29 July 2023.
  • This report has been released to enable the transfer of knowledge that came out of the G20 international conferences.
  • Union Minister Bhupender Yadav said that “India has pledged to make climate action a collaborative process, based on common but differentiated responsibilities”.
  • The G20 New Delhi Leaders’ Declaration states that implementing of the climate agenda requires several trillion dollars by 2030.
  • The report was launched after a video message from Global Development Network.

Topic: Miscellaneous

7. French President Emmanuel Macron will be the chief guest on this Republic Day.

  • On December 22, the Ministry of External Affairs said Macron would visit India as the chief guest for the 75th Republic Day celebrations.
  • This will be the sixth time that a French leader will be the chief guest at the Republic Day celebrations.
  • The choice of guest is guided by several imperatives: strategic and diplomatic, blending business, global geopolitics, and bilateral engagement.
  • As strategic partners, India and France share a high level of similarity on many regional and global issues.
  • This year, both countries are celebrating the 25th anniversary of the India-France strategic partnership.
  • The Prime Minister was the guest of honor at the Bastille Day Parade held in Paris on 14 July 2023.
  • Since the establishment of diplomatic relations in June 1948, India and France have enjoyed close and friendly relations for 75 years.
  • In 1998, India and France elevated their diplomatic relations to a strategic partnership, which completed 25 years in January 2023.

Topic: Banking/Financial/Govt Schemes

8. Union Minister Smriti Irani inaugurated the National Programme on Anganwadi-cum-Creches in New Delhi.

  • The government is planning to open 17 thousand creches all around the country.
  • The objective of Anganwadi-cum-Creches is to provide quality Creche facilities in a safe and secure environment for children aged between 6 months to 6 years.
  • These crèches will provide nutritional support, health and cognitive development of children. It will also ensure immunization, education etc. of children’s.
  • The central government has also directed state and district officials to identify groups of women construction workers and women farm labourers who can take the benefit of the National Programme on Anganwadi-cum-Creches.
  • Women who work in self-help groups and form cooperatives can play a key role in Childcare.
  • Women and Child Development Ministry will also provide a framework regarding this segment.
  • Women who right now run self-help groups and cooperatives can also run creches as an economic activity.
  • Palna, a sub-scheme under Mission Shakti, was launched in April 2022 to provide daycare facilities and protection to children.

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