Economic, Banking and Financial Awareness - 15 November 2019
2019-11-15 | Team PendulumEdu
1. Moody’s Investors Service reduces India’s economic growth forecast for 2019
- Moody’s has slashed India’s economic growth forecast from 7.4% in 2018 to 5.6% in 2019.
- Moody’s revised the forecast because India’s economic slowdown is lasting longer than previously expected and also the measures taken by the central government are not sufficient to address the weak consumption demand.
- It also predicted in it's Global Macro Outlook 2020-21 that the economic activity in India will increase to 6.6% and 6.7% in 2020 and 2021, respectively.
2. Wholesale Price based Inflation falls to 0.16% in October
- The Wholesale price-based inflation has further reduced to 0.16% in October 2019 as compared to 0.33% for the previous month due to a fall in prices of manufactured items and lowered price of non-food items.
- The wholesale inflation for manufactured items was at (-) 0.84% in Oct 2019, while retail inflation hits 4.62% in Oct 2019.
- Wholesale Price Index:
- The index is a measure of the wholesale price of a basket of goods containing Primary articles (weight 22.62%), Fuel & Power (weight 13.15%) and Manufactured Products (weight 64.32%).
- Base year: 2011-12
- Office of the Economic Advisor (OEA) under the Department for Promotion of Industry and Internal Trade compiles and releases monthly WPI.
3. ICICI Bank, Union Bank of India and UCO Bank classify DHFL account as ‘non-performing’
- ICICI Bank, Union Bank of India and UCO Bank have classified the DHFL account as ‘non-performing’ in the third quarter due to the pendency of repayment for more than 90 days.
- Bank of Maharashtra, Bank of India, Punjab National Bank, Canara Bank, Syndicate Bank and Indian Overseas Bank have classified the loan in the special mention account (SMA)-2 and may also classify it as a bad loan while finalizing their accounts for the Oct-Dec period.
- When the interest or principal is due for more than 60 days, but less than 90 days, then the loan is classified as SMA-2.
- Non-Performing Asset (NPA): When the interest or principal is due for more than 90 days, then the loan is termed as Non-Performing Asset.
- Dewan Housing Finance Corporation Limited (DHFL)- A leading housing finance company headquartered in Mumbai.
- DHFL CEO- Kapil Wadhawan
4. Tata Communications and Microsoft tie-up to boost development in connected cars
- Tata Communications and Microsoft has tied up to boost development in connected cars.
- Using the Tata Communications MOVE platform (Internet-of-Things (IoT) connectivity and network intelligence) and Microsoft connected Vehicle Platform, the auto manufacturers will be able to provide their customers with seamless driving experience.
- Tata Communications (former VSNL) CEO: Amur Swaminathan Lakshminarayan
- Microsoft Corporation
- Headquarters: Washington, United States
- CEO: Satya Nadella
- Founder: Bill Gates, Paul Allen
5. Dr. Reddy’s launches diabetic-friendly drink
- A first-of-its-kind diabetic-friendly drink has been launched by Dr. Reddy’s Laboratories Ltd, which can help in managing blood glucose levels (clinically proved).
- With the launch of ‘Celevida’, Dr. Reddy’s has entered into the nutrition segment in India.
Dr. Reddy’s Laboratories
- Founder: Kallam Anji Reddy
- Headquarters: Hyderabad
- CEO: Erez Israeli