Topic: Indian Economy/Financial Market
1. FPIs outflow in equities market have reached beyond Rs 10,000 crore mark in September.
- Prior to the outflow, FPIs continuously bought Indian equities in the preceding six months, from March to August, 2023.
- FPIs brought in Rs 1.74 lakh crore during March to August, 2023.
- FPIs have taken out money in September mainly due to rising US interest rates, recessionary fears, and overvalued domestic stocks.
- FPIs have taken out Rs 10,164 crore in the 15 trading days, so far in September.
- Out of the total withdrawal of Rs 10,614 crore till 22 September, more than Rs 4700 was withdrawn in the last week alone.
- FPI investment in equities reached a four-month low of Rs 12,262 crore in August.
- As of September 15, the highest outflows were registered in mining, power, services, oil, and telecommunication.
Topic: Banking System
2. Axis Bank has launched the NEO for Business platform.
- It offers features such as digital self-onboarding, bulk payments, and GST-compliant invoicing.
- It also offers features such as payment gateway integration and end-to-end transaction tracking.
- It is a transaction banking platform tailored for Indian Micro, Small, and Medium Enterprises (MSMEs).
- The platform can be accessed by existing current account customers of the bank via a mobile app or web-based digital registration.
- The platform initially caters to sole proprietorship entities and individuals within the MSME sector.
- It will soon extend its services to companies, partnerships, and LLPs.
- Axis Bank is the third-largest private sector bank in India that is headquartered in Mumbai. Its MD & CEO is Amitabh Chaudhry. It is headquartered in Mumbai.
3. Sanjeev Mantri will be MD and CEO of ICICI Lombard.
- Mantri will become MD and CEO from December 1, 2023, or the date of IRDAI approval, whichever is later.
- Mantri will be MD and CEO for a period of five years from taking charge.
- Mantri is currently an Executive Director at ICICI Lombard General Insurance.
- Recently, Bhargav Dasgupta resigned from his position as MD&CEO of the company to pursue a career outside India.
- Bhargav Dasgupta has been appointed as Vice-President of market solutions for 3 years by Asian Development Bank (ADB).
Topic: Indian Economy/Financial Market
4. S&P Global Ratings has kept India’s GDP forecast at 6% for FY24.
- S&P Global Ratings has increased inflation estimate by 50 bps to 5.5%.
- According to S&P Global Ratings, it is estimated that India will grow at 6.9%, 6.9% and 7% during FY25, FY26 and FY27, respectively.
- Recently, S&P Global Market Intelligence has increased India’s growth forecast for FY24 to 6.6%.
- India’s GDP forecast for 2023-24 was raised by the Organization for Economic Cooperation and Development (OECD) from 6% projected earlier to 6.3%.
- Fitch Ratings revised growth forecast from 6% to 6.3% for the current fiscal year.
- The report of S&P Global is titled Economic Outlook Asia-Pacific Q4 2023: Resilient Growth Amid China Slowdown.
- In this report, S&P Global observed there has been robust consumption growth in India along with Hong Kong, Indonesia, Taiwan, and Thailand.
- The report also highlights strong capital expenditure growth in India, Australia, Malaysia and New Zealand.
- S&P Global Ratings has cut China growth forecast for 2023 from 5.2% to 4.8%.
5. India has suo motu started anti-dumping investigations on three products from China.
- This is part of India’s effort to guard MSME units against the cheap imports from neighbouring countries.
- The three products are telescopic channel drawer sliders, fasteners and unframed glass mirrors.
- Director General of Trade Remedies (DGTR) has initiated three separate notifications for suo motu initiation of anti-dumping probe.
- This has come after India starting anti-dumping probe on sulphur black and certain vacuum flasks from China.
- The suo-motu initiation in the case of drawer sliders has come after a complaint which was filed by Highhope Firniture Fittings Manufacturers’ Associates Pvt Ltd.
- The first ever suo motu investigation was in the year 2000 on dry batteries from China.
- In 2022-23, India’s merchandise trade deficit with China was $83 billion.
Topic: Reports and Indices
6. Around 40% of Indian graduates under 25 years are unemployed.
- According to a report published by Azim Premji University, the unemployment rate among Indian graduates under 25 years remains 42% in 2021-22.
- The overall unemployment rate had declined to 6.6 per cent in 2021-22 from 8.7 per cent in 2017-18.
- The unemployment rate remains at 21.4 per cent among youths under 25 years who have completed higher secondary.
- The unemployment rate was 18.1 per cent and 15 per cent for youths who passed secondary and middle education, respectively.
- The unemployment rate was 15% for overall graduates.
- It indicates that with lower educational qualifications, the rate of unemployment also decreases.
- As per the report, 60 per cent of women are self-employed as compared to 50 per cent before the pandemic.
- This report states that job creation was interrupted by the pandemic which caused larger growth in distressed employment.
- The number of workers from Scheduled Castes engaged in waste-related and leather-related work has declined rapidly.
- The report states that even in the smallest firm sizes SC-ST are under-represented as compared to their share in the overall workforce.
- In 2018, 75.6 per cent of SC/ST men in casual wage work also had sons involved in casual wage work.
- In 2018, there were only 53 per cent of people in the general category whose sons were also engaged in the same work.
7. Railways has increased ex gratia relief in train accidents by 10 times.
- The Railway Board has decided to increase the amount of ex-gratia relief paid to the dependents of deceased and injured passengers involved in Train Accidents by 10 times.
- In the case of the deceased person, 5 lakh rupees will be given to the kin. 2,50,000 rupees will be given in case of grievous injury.
- 50,000 rupees will be paid in case of simple injury.
- Previously, these amounts were Rs 50,000, Rs 25,000 and Rs 5,000 respectively.
- The ex-gratia relief was last revised in 2012 and 2013.
- This ex-gratia will be given only if Railways is found prima facie liable.
- The Railway Board has clarified that no ex-gratia relief would be provided in the case of an accident at unmanned level crossing, trespassers, or persons electrocuted by OHE (Over Head Equipment).
- In the case of untoward incidents, the dependents of dead persons will get Rs 1.5 lakh.
- Grievously injured and simply injured passengers of untoward incidents will get Rs 50,000 and Rs 5,000 respectively.
- Untoward incidents are offences such as terrorist attacks, violent attacks and robberies on a train.
Topic: Awards and Prizes
8. The debut novel, Western Lane, of Indian-origin Chetna Maroo shortlisted for the Booker Prize 2023.
- Indian-origin writer Maroo was born in Kenya and currently lives in London, UK.
- Her novel highlights the British Gujarati community and focuses on an 11-year-old girl named Gopi who explores her relationship with her family.
- The novel was published on February 7 earlier this year.
- The book has earned praise from Booker judges for its innovative use of squash as a metaphor to explore complex human emotions.
- In 2022, the award was given to Sri Lankan author Shehan Karunatilaka's novel "The Seven Moons of Maali Almeida".
- The winner will be revealed at an awards ceremony in London on 26 November.
- Booker Prize is a literary prize awarded every year for the best novel written in English and published in the UK or Ireland.
- The prize was launched in 1969 with an aim to promote the finest in fiction.
- The winner receives £50,000, a cheque for £2,500 that is given to all the shortlisted authors, and a designer-bound copy of their book.
- Bernice Rubens was the first woman to be awarded the Booker Prize in 1970 for “The Elected Member”.