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| As on Apr 23, 2021 12:00 AM |
Your results on : Economy News |
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| The Reserve Bank Of India (RBI) stated yesterday that in view of the continuing uncertainty caused by the ongoing second wave of COVID-19 in the country, it is crucial that banks remain resilient and proactively raise and conserve capital as a bulwark against unexpected losses. Therefore, while allowing banks to pay dividend on equity shares, it has been decided to review the dividend declaration norms for the year ended March 31, 2021. The commercial banks may pay dividend on equity shares from the profits for the financial year ended March 31, 2021, subject to the quantum of dividend being not more than fifty percent of the amount determined as per the dividend payout ratio prescribed in the circular dated May 4, 2005. Cooperative banks shall be permitted to pay dividend on equity shares from the profits of the financial year ended March 31, 2021 as per the extant instructions. All banks shall continue to meet the applicable minimum regulatory capital requirements after dividend payment. While declaring dividend on equity shares, it shall be the responsibility of the Board of Directors to inter-alia consider the current and projected capital position of the bank vis-à-vis the applicable capital requirements and the adequacy of provisions, taking into account the economic environment and the outlook for profitability.
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| India's fresh daily Covid-19 cases continued to spike. A total of 3,32,730new cases were registered in the last 24 hours. Ten States including Maharashtra, Uttar Pradesh, Delhi, Karnataka,Kerala,Chhattisgarh, Madhya Pradesh, Tamil Nadu, Gujarat and Rajasthan report75.01% of the new cases. Maharashtra has reported the highest daily new cases at 67,013. It is followed by Uttar Pradesh with 34,254 while Kerala reported 26,995 new cases.
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| The Reserve Bank Of India (RBI) Governor Shaktikanta Das noted in the minutes of the latest monetary policy meeting that economic activity and inflation developments over the past two months have been largely along the anticipated lines. The curve of active cases of COVID-19, which was on a downward trend till mid-February, has changed its course with a surge in several parts of the country. Experience of other countries suggest that this new surge can be more infectious due to several mutations of the virus. Rapidly rising cases of COVID-19 is the single biggest challenge to ongoing recovery in the Indian economy. In the domestic economy, there are clear signs of revival of growth. The agricultural sector has been resilient throughout the pandemic period. Manufacturing and services activities continue to normalise as reflected in key high frequency indicators such as mobility data; issuance of e-way bills; GST revenue; wholesale dispatches of automobile; registrations of passenger vehicles and construction equipment vehicles; rail and water cargo; highway toll collections; and electricity generation. He stated that the need of the hour is to effectively secure the economic recovery underway so that it becomes broad-based and durable. The renewed jump in COVID-19 infections in several parts of the country and the associated localised and regional lockdowns add uncertainty to the growth outlook. In such an environment, monetary policy should remain accommodative to support, nurture and consolidate the recovery.
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| The Reserve Bank Of India (RBI) has reported that currency in circulation edged up by 0.5% on the week to stand at Rs 28.99 lakh crore as on April 16, 2021. The central bank stated further that the overall reserve money jumped by 1.1% on the week at Rs 35.47 lakh crore. Currency in circulation rose 15.7% on a year ago basis compared to 14.5% growth at the same time last year. In the current fiscal, the currency in circulation has edged up by 1.4% so far while the reserve money has increased by 1.6%.
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| Government of India has announced the sale (re-issue) of Government Stock through auctions to be held on April 23, 2021. As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), include 5.63% GS 2026 (Rs 11000 crore), GoI FRB 2033 (Rs 4000 crore), 6.64% GS 2035 (Rs 10,000 crore) and 6.67% GS 2050 (Rs 7000 crore). The underwriting auction will be conducted through multiple price-based method on April 23, 2021 (Friday).
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The cumulative number of COVID19 vaccine doses administered in the country has crossed 13.23 Cr today as part of the world's largest vaccination drive. Cumulatively, 13,23,30,644 vaccine doses have been administered through 19,28,118 sessions, as per the provisional report till 7 am today. Eight states account for 59.25% of the cumulative doses given so far in the country. Over 22 lakh vaccination doses were administered in the last 24 hours. As on Day-96 of the vaccination drive (21st April, 2021), 22,11,334vaccine doses were given. 15,01,704 beneficiaries were vaccinated across 35,499 sessions for 1st dose and 7,09,630 beneficiaries received 2nd dose of vaccine.
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A total of 314835 new Covid-19 cases were registered in the last 24 hours in India. Ten States including Maharashtra, Uttar Pradesh, Delhi, Karnataka,Kerala,Chhattisgarh, Madhya Pradesh, Bihar, Gujarat and Rajasthan report75.66% of the new cases. Maharashtra has reported the highest daily new cases at 67,468. It is followed by Uttar Pradesh with 33,106 while Delhi reported 24,638 new cases.
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Union Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman urged the industry to wait and watch for next few days to assess the situation amid the second wave of COVID-19 pandemic. The Finance Minister also assured the industry of full government support. Addressing the FICCI National Executive Committee Members through virtual mode, Ms Sitharaman said that with the Prime Minister's address to the nation, along with the new vaccination guidelines and with the five-fold strategy adopted in handling the COVID-19 cases - i.e., test, track, treat, COVID-19 protocols and vaccination - there will be a sense of reassurance. I would request the industry to watch the next few days a bit more carefully, and then assess for yourself what this quarter is going to be like, the Finance Minister exhorted. Ms Sitharaman further stated that sectors like hospitality, aviation, travel, tourism and hotels faced great difficulty since the start of COVID-19 pandemic. We have extended the Emergency Credit Line Guarantee Scheme (ECGLS 2.0) for these sectors and I will ensure the efficiency with which it was performing last year shall perform even for the aviation and tourism sector, the Finance Minister said. Speaking on the oxygen supply, Ms Sitharaman said that the supply has been very neatly mapped and new permissions have been given particularly for the hard stressed 12 states (Delhi, Maharashtra, UP, Chhattisgarh, MP, Gujarat, Rajasthan, Punjab, Haryana, Karnataka, Tamil Nadu and Kerala). The supply is being monitored at district level along with reviews which are being undertaken and for next 15 days they will be closely monitored. The government has exempted all inter-state movement of oxygen tankers, exempted from registration and permits, they can operate round the clock, and cylinder filling plants are operating 24 hours to fill the gaps with necessary safeguards, the Finance Minister stated. Elaborating on the augmented pharma capacity, Ms Sitharaman stated that steps have been taken adequately for drugs which are important, we have given fast-track approvals for Remdesvir production. The Finance Minister also said that as soon as the medical oxygen demand will be met, the industry would also get the necessary supply of oxygen since the import of medical oxygen has been allowed. Mr Uday Shankar, President, FICCI said that some clarity may be needed over essential and non-essential supply of goods. He further stressed on the need to support the MSME sector which is currently under difficulty.
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Dr Anup Wadhawan, Secretary, Department of Commerce, Government of India said during the virtual media interaction that the cumulative value of overall exports (merchandise & services) during April-March 2020-21 has been estimated at USD 493.19 Billion compared to USD 528.37 Billion during April-March 2019-20, registering a negative growth of (-) 6.66 percent. The Indian Economy has shown significant resilience amidst the global pandemic and trade shock that began to impact the global economy towards the end of 2019-20 and acquired catastrophic proportions in 2020-21. He added that it reflects a remarkable recovery over the course of the financial year after the huge downturn in April 2020 reflected in decline in merchandise exports by (-) 60.28% and services exports by (-) 8.92 % Trade data for March 2021, the final month of 2020-21 reflects the build-up of a strong recovery in exports despite several challenges. The overall export (merchandise and services) for March 2021 is estimated at USD 52.20 Billion, registering a positive growth of 31.64 percent vis-à-vis March 2020. Merchandise exports in March 2021 grew by 60.29% as compared to March 2020, which was substantial even after factoring in the base effect. The cumulative value of merchandise exports during April-March 2020-21 has been estimated at USD 290.63 Billion compared to USD 313.36 Billion during April-March 2019-20, which is a negative growth of (-) 7.26 percent, which is fairly moderate given the prevailing global situation. The overall trade deficit, taking merchandise and services together, for April-March 2020-21 is estimated at 12.74 USD billion as compared to the deficit of 77.76 US Billion in April-March 2019-20. The merchandise trade deficit between 2019-20 and 2020-21 declined from USD 161.35 Billion to 98.56 Billion Dr Wadhawan said that prospects for a quick recovery in world trade have improved as merchandise trade expanded more rapidly than expected in the second half of last year. World merchandise trade volume is expected to increase by 8.0% in 2021 (Jan-Dec) after falling 5.3% in 2020 (Jan-Dec), as per the WTO. World Trade continues its rebound from the pandemic-induced collapse that bottomed out in the second quarter of last year. India's dominance in the pharma sector has been reinforced with supply of critical covid related supplies to over 150 countries and rapid growth in exports during the Covid period.
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| The cumulative number of COVID19 vaccine doses administered in the country has crossed 12.71 Crore today as part of the world's largest vaccination drive.Cumulatively, 12,71,29,113 vaccine doses (10,96,59,181 1st doses and 1,74,69,932 2nd doses) have been administered through 18,83,241 sessions, as per the provisional report till 7 am today. These include 91,70,717 HCWs who have taken the 1st dose and 57,67,657 HCWs who have taken the 2nd dose, 1,14,32,732 FLWs (1stdose), 56,86,608 FLWs (2nddose), 4,66,82,9631st dose beneficiaries and 47,04,601 2nd dose beneficiaries more than 60 years old and 4,23,72,769 (1st dose) and 13,11,066 (2nd dose) beneficiaries aged 45 to 60 years.
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| The Union Cabinet, chaired by the Prime Minister Narendra Modi gives ex-post facto approval for the Government amendments to the Finance Bill, 2021 (enacted on 28th March, 2021 as the Finance Act, 2021). The amendments were essential to clarify and rationalise the proposals further and address stakeholders concerns arising out of amendments proposed in the Finance Bill. The Government amendments to the Finance Bill, 2021 shall provide equity and inclusiveness to all the taxpayers by addressing stakeholders concerns arising out of amendments proposed in the Bill. The Government amendments to the Finance Bill, 2021 are tax proposals which shall generate timely revenue for the Government and streamline existing provisions by addressing grievances of the taxpayers.
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| Crude oil production during March, 2021 was 2612.96 TMT which is 5.63% lower than target and 3.13% lower when compared with March, 2020. Cumulative crude oil production during April-March, 2020-21 was 30491.77 TMT which is 5.65% and 5.22% lower than target for the period and production during corresponding period of last year respectively. Natural Gas production during March,2021 was 2683.90 MMSCM which is 11.11% higher when compared with March, 2020 but 15.11% lower than the monthly target. Cumulative natural gas production during April-March, 2020-21 was 28670.60 MMSCM which is 14.60% and 8.06% lower than target for the period and production during corresponding period of last year respectively.
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The provisional payroll data of EPFO has been published on 20th April, 2021 highlights a growing trend with the addition of 12.37 lakh net subscribers during the month of February, 2021. Despite COVID-19 pandemic, EPFO has added around 69.58 lakh net subscribers during the current financial year. The data reflects growth of 3.52% in net subscribers addition in February, 2021 over January, 2021. Year-on-year comparison of payroll data indicates an increase of 19.63% in net subscribers as compared to the corresponding period in February 2020.The growth may partly be attributed to various e-initiatives taken by EPFO for seamless and uninterrupted service delivery in addition to the policy support for formalization of the economy through ABRY, PMGKY and PMRPY schemes of Government of India, amid COVID -19 pandemic. Of the 12.37 lakh net subscribers added during the month of February 2021, around 7.56 lakh new members have come into the social security ambit of EPFO for the first time. Around 4.81 lakh net subscribers exited and then rejoined EPFO by switching their jobs within the establishments covered by EPFO and choosing to retain membership through transfer of funds rather than opting for final settlement.
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| India's daily news Covid-19 cases are showing a rising trend though the cases eased yesterday after a sharp spike above 270000 lakh mark. A total of 259170 new cases were registered in the last 24 hours. Ten States including Maharashtra, Uttar Pradesh, Delhi, Karnataka, Kerala, Chhattisgarh, Madhya Pradesh, Tamil Nadu, Gujarat and Rajasthan report 77.67% of the new cases. Maharashtra has reported the highest daily new cases at 58,924. It is followed by Uttar Pradesh with 28,211 while Delhi reported 23,686 new cases.
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The Reserve Bank Of India (RBI) stated yesterday that the framework on countercyclical capital buffer (CCyB) was put in place by the Reserve Bank of India in terms of guidelines issued on February 5, 2015 wherein it was advised that the CCyB would be activated as and when the circumstances warranted, and that the decision would normally be pre-announced. The framework envisages the credit-to-GDP gap as the main indicator, which may be used in conjunction with other supplementary indicators like Credit-to-Deposit Ratio, Industrial Outlook Assessment Survey, Interest Coverage Ratio, and Asset Quality. Based on the review and empirical testing of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time.
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The Government of India (GoI) has announced the Sale (Re-issue) of (i) 5.63% Government Security, 2026' for a notified amount of Rs 11,000 crore (nominal) through price based auction, (ii) 'GoI Floating Rate Bonds, 2033' for a notified amount of Rs 4,000 crore (nominal) through price based auction, (iii) 6.64% Government Security, 2035' for a notified amount of Rs 10,000 crore (nominal) through price based auction, and (iv) 6.67% Government Security, 2050' for a notified amount of Rs 7,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to Rs 8,000 crore against the above Security/Securities. The auctions will be conducted by the Reserve Bank of India on April 23, 2021 (Friday) using multiple price method. Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.
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PM Narendra Modi announced an important decision of allowing vaccination to everyone above the age of 18 from 1st May has been taken. PM said that the Government has been working hard from over a year to ensure that maximum numbers of Indians are able to get the vaccine in the shortest possible of time. He added that India is vaccinating people at world record pace& we will continue this with even greater momentum. India's National Covid-19 Vaccination Strategy has been built on a systematic and strategic end-to-end approach, proactively building capacity across R&D, Manufacturing and Administration since April 2020. While pushing for scale and speed, it has simultaneously been anchored in the stability necessary to sustainably execute the World's Largest Vaccination Drive. India's approach has been built on scientific and epidemiological pillars, guided by Global Best Practices, SoPs of WHO as well as our India's foremost experts in the National Expert Group on Vaccine Administration for Covid-19 (NEGVAC). India has been following a dynamic mapping model based on availability of vaccines & coverage of vulnerable priority groups to take decisions of when to open up vaccinations to other age-groups. A good amount of coverage of vulnerable groups is expected by 30th April. Phase-I of the National Covid-19 Vaccination Strategy was launched on 16th January 2021, prioritizing protection for our protectors, our Health Care Workers (HCWs) and Front Line Workers (FLWs). As systems and processes stabilized, Phase-II was initiated from 1st March 2021 and 1st April 2021, focusing on protecting our most vulnerable i.e. all people above 45 years of age, accounting for more than 80% Covid mortality in the country. The private sector was also roped in to augment capacity. Government of India has roped in the private sector in the vaccination drive right from the beginning. Now, as capabilities and processes have stabilized, the public as well as private sector has the experience and confidence to rapidly scale up.
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| India's daily new cases continue to hit fresh highs. A total of 2,73,810 new cases were registered in the last 24 hours. Ten States including Maharashtra, Uttar Pradesh, Delhi, Karnataka,Kerala,Chhattisgarh, Madhya Pradesh, Tamil Nadu, Gujarat and Rajasthan report 78.58% of the new cases. Maharashtra has reported the highest daily new cases at 68,631. It is followed by Uttar Pradesh with 30,566 while Delhi reported 25,462 new cases.
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| The cumulative number of COVID19 vaccine doses administered in the country crossed 12 crore mark yesterday as part of the world's largest vaccination drive. Cumulatively, 12,26,22,590 vaccine doses have been administered through 18,15,325 sessions, as per the provisional report till 7 am today. These include 91,28,146 HCWs who have taken the 1st dose and 57,08,223 HCWs who have taken the 2nd dose, 1,12,33,415 FLWs (1stdose), 55,10,238 FLWs (2nddose), 4,55,94,522 1st dose beneficiaries and 38,91,294 2nd dose beneficiaries more than 60 years old and 4,04,74,993 (1st dose) and 10,81,759 (2nd dose) beneficiaries aged 45 to 60 years.
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| The Indian Meteorological Department (IMD) stated today that Southwest monsoon seasonal (June to September) rainfall over the country as a whole is most likely to be normal (96 to 104 % of Long Period Average (LPA)). Quantitatively, the monsoon seasonal (June to September) rainfall is likely to be 98% of the Long Period Average (LPA) with a model error of ± 5%. The LPA of the season rainfall over the country as a whole for the period 1961-2010 is 88 cm.
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