Topic: Reports and Indices
1. Road transport and highways is the sector with highest number of delayed projects according to a government report.
- 428 out of 724 projects are delayed in the road transport and highways sector.
- The road transport and highways sector is followed by railways and petroleum sector.
- 117 out of 173 projects are delayed in the railways sector. 88 out of 158 projects are delayed in the petroleum sector according to the latest flash report on infrastructure projects for December 2022.
- According to the report, the Muneerabad-Mahaboobnagar rail project is the most delayed project.
- Udhampur-Srinagar-Baramulla rail project is the second-most delayed project.
- Belapur-Seawood-Urban Electrified Double Line is the third-most delayed project.
- The flash report for December 2022 provides information on the status of the 1,438 central sector infrastructure projects costing ₹150 crore and above.
- Infrastructure and Project Monitoring Division (IPMD) monitors central sector infrastructure projects costing ₹150 crore and above. It comes under the Ministry of Statistics and Programme Implementation.
- As many as 174 projects are facing additional delays vis-à-vis their date of completion reported in the previous month.
- 47 out of these 174 projects are mega projects costing ₹1,000 crore and above.
Topic: Indian Economy/Financial Market
2. Russia has replaced Taiwan as 4th largest steel importer to India for the April – December 2022 period.
- Shipments from Russia has risen nearly 500% in the April – December 2022 period to 0.26 million tonnes (mt).
- Imports from Russia in year-ago-period stood at 0.043 mt. Imports from Russia are valued at ₹2,250 crore.
- Taiwan had reported exports at 0.13 mt for the April – December 2022 period. Imports from Taiwan are valued at ₹1,404 crore.
- As per Steel Ministry data, Korea is the largest importer. It accounts for 39% of the total at 1.7 mt, valued at ₹14,404 crore.
- China saw shipments increase by 73% to 1.08 mt at ₹12,929 crore.
- Imports from Japan increased to 0.57 mt valued at ₹7,058 crore.
- Indonesia is the fifth largest importer to India. Its shipments declined to 0.14 mt, valued at ₹3,161 crore.
- India’s finished steel imports increased 27% YoY, to 4.04 mt.
- India was also a net importer of steel for October–December (Q3 FY23).
3. Tamil Nadu’s Authority for Advance Ruling (TNAAR) has ruled that Jigarthanda will attract 12% GST.
- Jigarthanda is a popular milk-based beverage sold in Tamil Nadu.
- Milk, almond pisin, basundi, ice cubes and sherbet are its main ingredients.
- Fresh milk and pasteurised milk are at present fully exempt from GST.
- Milk products such as curd, lassi, buttermilk and paneer are exempt from GST if they are sold in a form other than pre-packaged and labelled.
- However, if they are sold in pre-packaged and labelled form, GST at the rate of 5% applies to them.
- GST at the rate of 12% applies to condensed milk, butter, ghee and cheese.
- Milk flavoured with cocoa or other substances are included under Chapter heading 2202 (GST at the rate of 12%). They are excluded from Chapter heading 0402 (GST at the rate of 5%).
Topic: Reports and Indices
4. IMF retained India’s growth projection of 6.1% for 2023.
- According to the International Monetary Fund (IMF), the Indian economy is expected to grow by 6.1% in 2023 and 6.8% in 2024.
- The growth of the Indian economy is set to decline from 6.8% in 2022 to 6.1% in 2023.
- IMF predicted that the global growth rate would fall from 3.4% in 2022 to 2.9% in 2023, then rise to 3.1% in 2024.
- IMF’s World Economic Outlook update said that the Asian economy will grow by 5.3% and 5.2% in 2023 and 2024 respectively.
- The Chinese economy is projected to grow by 5.2% in 2023, which represents rapidly improving mobility. It will fall to 4.5% in 2024.
- The economy of the United States will slow down to 1.4% in 2023 due to a hike in the Federal Reserve interest-rate.
- Emerging markets and developing economies will grow by 4% in 2023 and 4.2% in 2024.
- IMF predicted that global inflation would decrease to 6.6% in 2023 from 8.8% in 2022.
- Russia-Ukraine war escalation, tighter global financing conditions and severe health outcomes in China could increase global inflation and hold back the recovery of many economies of the world.
Topic: Indian Economy/Financial Market
5. Exports of Indian leather and footwear estimated to grow to nearly $6 billion in the current fiscal.
- This is against $5 billion growth in the previous year.
- Sanjay Leekha, Chairman, Council for Leather Exports said the target is to reach around $14 billion exports by 2030.
- He announced the 36th India International Leather Fair will be held in Chennai from February 1 to 3.
- More than 400 domestic and overseas companies are expected to take part in the event.
- The fair will have exhibitors from 16 countries. These countries include China, Brazil, France, Germany and Italy.
- Exports of leather, leather products and footwear have reached $4.25 billion during April to December period of this fiscal.
Topic: Banking System
6. CCAvenue has become the first payment gateway to process CBDC or Digital Rupee transactions for online retail merchants.
- CCAvenue has facilitated Central Bank Digital Currency (CBDC) online transactions for a leading private sector bank.
- On 1 December, RBI had launched the first pilot of the e-rupee retail segment.
- RBI notified eight banks for the pilot. This was to be started with State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in the first phase.
- The first phase was to be carried out across Mumbai, New Delhi, Bengaluru and Bhubaneswar.
- In the second phase, Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will conduct the pilot.
- In the second phase, the pilot will be extended to Ahmedabad, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna and Shimla.
- CCAvenue is Infibeam Avenues’s flagship payments brand. Infibeam Avenues recently got the Payment Aggregator license from RBI.
- Infibeam Avenues is an Indian multinational Financial Technology Company. It is headquartered at Gandhinagar.
Topic: Banking System
7. ₹99 crore raised by SBM Bank (India) from Life Insurance Corporation of India.
- SBM Bank (India) has raised the money from LIC through the issue of tier-II bonds on January 24.
- The bonds have a maturity of 10 years. The bonds have a call option at the end of five years.
- This is the second tranche of tier-II bond issues by the bank.
- The bank had earlier raised ₹125 crore in April 2022 via tier-II bonds. It has now cumulatively raised ₹224 crore via tier-II bonds.
- It had last year raised ₹300 crore from the National Bank for Agriculture and Rural Development (NABARD).
- SBM Bank India is the wholly-owned subsidiary of Mauritius-based SBM Group.
8. ‘She Feeds the World’ programme has been launched in India by PepsiCo Foundation and CARE.
- The programme has been launched to strengthen the role of small-scale women producers.
- The programme will be implemented in the Alipurduar and Cooch Behar districts of West Bengal.
- The programme aims to reach out to more than 48,000 women, men and children. It will indirectly benefit 1,50,000 individuals.
- ‘She Feeds the World’ will drive impact for women farmers and their families across economic, social and environmental dimensions of a sustainable food system.
- The programme is a key pillar of PepsiCo’s pep+ (PepsiCo Positive) commitment to spreading regenerative agricultural practices.
- PepsiCo’s pep+ commitment also aims to improve the livelihoods of over 2,50,000 people in the agricultural supply chain and communities by 2030.
- PepsiCo Foundation is the philanthropic arm of PepsiCo. PepsiCo is an American multinational corporation.
9. Nikhat Zareen has been appointed as the ambassador of the NMDC.
- NMDC, the nation's largest miner and producer of iron ore, has signed a Memorandum of Agreement (MoA) with Nikhat Zareen to represent it as its brand ambassador.
- Nikhat Zareen is World Boxing Champion and gold medal winner of Birmingham 2022 Commonwealth Games.
- Nikhat Zareen represents the strength, courage, agility and national pride associated with the brand NMDC.
- National Mineral Development Corporation Ltd. (NMDC):
- It is a Central Public Sector Enterprise under Ministry of Steel. It is headquartered in Hyderabad.
- It is India's largest iron ore producer and exporter, with three automated mines in Chhattisgarh and Karnataka generating more than 35 million tonnes of iron ore.
- It also operates India's only mechanized diamond mine at Panna in Madhya Pradesh.