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- Out of the total withdrawal of Rs 10,614 crore till 22 September, more than Rs 4700 was withdrawn in the last week alone.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.
Topic: Appointments
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%.
Topic: Taxation
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.
Topic: Miscellaneous
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”.
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