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| As on Oct 22, 2021 12:00 AM |
Your results on : Economy News |
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| The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today has approved to release an additional instalment of Dearness Allowance to Central Government employees and Dearness Relief (DR) to pensioners w.e.f. 1.7.2021 representing an increase of 3% over the existing rate of 28% of the Basic Pay / Pension, to compensate for price rise. This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission. The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs.9,488.70 crore per annum. This will benefit about 47.14 lakh Central Government employees and 68.62 lakh pensioners.
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India records 15,786 new cases in the last 24 hours. Active cases account for less than 1% of total cases, currently at 0.51%; Lowest since March 2020. Active caseload stands at 1,75,745; lowest in 232 days. Weekly Positivity Rate (1.31%) less than 3% for last 119 days. Daily positivity rate (1.19%) less than 3% for last 53 days. Recovery Rate currently stands at 98.16%; Highest since March 2020 with 18,641 recoveries in the last 24 hours taking the total recoveries to 3,35,14,449. 59.70 crore tests were totally conducted so far. India achieved a major milestone of 100 crore vaccinations. 100.59 cr vaccine doses have been administered so far under Nationwide Vaccination Drive.
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| The Reserve Bank Of India (RBI) has reported that currency in circulation rose 0.40% on the week to stand at Rs 29.52 lakh crore as on October 15, 2021. The central bank stated further that the overall reserve money edged up by 1.20% on the week to Rs 37.19 lakh crore. Currency in circulation rose around 9.1% on a year ago basis compared to 21.60% growth at the same time last year. In the current fiscal, the currency in circulation has gone up by 3.5% so far while the reserve money has gained by 3.3%.
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| India has achieved the major milestone of 'one billion' vaccinations, a latest update stated today. The country recorded a total of 18,454 new cases in the last 24 hours and the national recovery rate is currently at 98.15% - highest since March 2020. A total of 17,561 recoveries were seen in the last 24 hours, increasing total recoveries to 3,34,95,808. Active cases account for less than 1% of total cases, currently at 0.52%; lowest since March 2020. India's Active caseload stands at 1,78,831. The weekly positivity rate (1.34%) is less than 3% for last 118 days while daily positivity rate (1.48%) is less than 3% for last 52 days.
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| Prime Minister Narendra Modi interacted with the CEOs and Experts of the global oil and gas sector yesterday. Prime Minister discussed in detail the reforms undertaken in the oil and gas sector in the last seven years, including the ones in exploration and licensing policy, gas marketing, policies on coal bed methane, coal gasification, and the recent reform in Indian Gas Exchange, adding that such reforms will continue with the goal to make India Atmanirbhar in the oil & gas sector. Talking about the oil sector, he said that the focus has shifted from revenue to production maximization. He also spoke about the need to enhance storage facilities for crude oil. He further talked about the rapidly growing natural gas demand in the country. He also talked about the current and potential gas infrastructure development including pipelines, city gas distribution and LNG regasification terminals.
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The All-India Consumer Price Index Numbers for Agricultural Labourers and Rural Labourers (Base: 1986-87=100) for the month of September, 2021 increased by 1 point and 2 points to stand at 1067 and 1076 points respectively. The major contribution towards the rise in general index of Agricultural Labourers and Rural Labourers came from Fuel & Light group and Clothing, Bedding &Footwear group to the extent of 1.93 & 1.86 points and 0.75 & 1.45 points respectively mainly due to rise in prices of firewood, kerosene oil, shirting cloth cotton (mill), leather shoes/chappal,plastic shoes/chappal etc. Point to point rate of inflation based on the CPI-AL and CPI-RL stood at 2.89% &3.16% in September, 2021compared to 3.90% & 3.97% respectively in August, 2021 and 6.25% and 6.10% respectively during the corresponding month of the previous year. Similarly, Food inflation stood at 0.50% & 0.70% in September, 2021 compared to2.13% & 2.32% respectively in August, 2021 and 7.65% &7.61% respectively during the corresponding month of the previous year.
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Rajeev Chandrasekhar, Minister of State for Electronics & Information Technology, and Skill Development & Entrepreneurship, stated in a latest speech, the government expects to be partners with the Private Sector in areas not just limited to soliciting business - business development or advocacy but even in areas of future technology development or strategic areas where it wants India to create competencies like artificial intelligence, cyber security, semiconductors etc. He further highlighted that Hon’ble PM has set some very serious ambitions in the Tech space and soon the government is going to roll out a five-year strategic perspective plan, detailing the competency and capabilities that needs to be developed for realizing these ambitions. Chandrasekhar noted that this is the time to reset ambitions and re-imagine the future in very different ways from pre-covid era. The post covid era provides very different opportunity framework that is at play today for companies in India. He further added that in the last six years the country has made tremendous strides in digitizing our economy and public services within the economy which has helped India prove to be resilient during the COVID Pandemic.
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India adds 14,623 new cases in the last 24 hours. Active cases account for less than 1% of total cases, currently at 0.52%; Lowest since March 2020. Active caseload stands at 1,78,098; lowest in 229 days. Weekly Positivity Rate (1.34%) less than 3% for last 117 days. Daily positivity rate (1.10%) less than 3% for last 51 days. The recovery rate currently stands at 98.15%; Highest since March 2020 with 19,446 recoveries in the last 24 hours taking total recoveries to 3,34,78,247. 59.44 crore Total Tests were conducted so far. 99.12 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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India recorded 13,058 new cases in the last 24 hours; lowest in 231 days. Active cases account for less than 1% of total cases, currently at 0.54%; Lowest since March 2020. Active caseload stands at 1,83,118; lowest in 227 days. Weekly Positivity Rate (1.36%) less than 3% for last 116 days. Daily positivity rate (1.11%) less than 3% for last 50 days. The recovery rate currently at 98.14%; Highest since March 2020 with 19,470 recoveries in the last 24 hours taking the total recoveries to 3,34,58,801. 59.31 crore tests were totally conducted so far. 98.67 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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| The RBI noted in its latest monthly report that amidst an accentuation of global risks, the Indian economy is picking up steam, although the recovery is uneven and trudging through soft patches. The step up in vaccination, slump in new cases/mortality rates and normalising mobility has rebuilt confidence. Domestic demand is gaining strength while aggregate supply conditions are recouping, powered by the robust performance of kharif agricultural production and revival in manufacturing and services. Softer than expected food prices have eased headline inflation into a closer alignment with the target.
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The Government of India (GoI) has announced the Sale (re-issue) of (i) '4.26% Government Security, 2023' for a notified amount of Rs 2,000 crore (nominal) through price based auction using uniform price method (ii) 5.63% Government Security, 2026 for a notified amount of Rs 6,000 crore (nominal) through price based auction using uniform price method (iii) 6.67% Government Security, 2035 for a notified amount of Rs 9,000 crore (nominal) through price based auction using uniform price method, and (iv) 6.67% Government Security, 2050 for a notified amount of Rs 7,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs 2,000 crore each against one or more security/securities. The auctions will be conducted by the Reserve Bank of India. 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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India's benchmark 10 year bond yield rallied to its highest level since April 2020 on Monday, 18 October 2021 amid a surge in global crude oil prices. The yield on the 10-year government bonds in India has been on an upward trend since late September. The benchmark 10-year bond yield was trading at 6.38%, up 5 basis points from its previous close and at its highest since April 17, 2020. Yields on the 10 year benchmark 6.10 GS 2031 ended at 6.328% on Thursday. Markets were closed on Friday for a religious festival. The key Indian bond yield is climbing as oil prices hit their highest level in years on Monday and India imports 80% of its oil needs and high prices are likely to translate into higher domestic inflation, which could force the central bank to act on rates or reduce the liquidity stimulus sooner rather than later. During its October monetary policy meeting, the Reserve Bank of India suspended its buying under its government securities acquisition programme.
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Ms Nirmala Sitharaman, Finance Minister, Government of India said that opportunities are galore in India for all investors and industry stakeholders with the current reset in the global supply chain and clear headed and committed leadership in the country. She further said that India has fully leveraged the potential of digitization even during the most challenging times. The role of technology in the financial sector is enabling pushing the frontier of financial inclusion and Fintechs are playing a key role in this area, she added. Addressing the Global Business Leaders and Investors Roundtable organized by FICCI, jointly with US-India Strategic Partnership Forum, Ms Sitharaman while speaking on the potential of Start-ups said, Start-ups in India have grown tremendously, and many are now raising money through capital markets. This year itself, more than 16 of them will qualify as unicorns. The Finance Minister further stated that several reforms have been done by government to ease foreign investment in infrastructure including fiscal benefits.
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India records 13,596 new cases in the last 24 hours; lowest in 230 days. Active cases account for less than 1% of total cases, currently at 0.56%; Lowest since March 2020. Active caseload stands at 1,89,694; lowest in 221 days. Weekly Positivity Rate (1.37%) less than 3% for last 115 days. Daily positivity rate (1.37%) less than 3% for last 49 days. The recovery rate currently at 98.12%; Highest since March 2020 with 19,582 recoveries in the last 24 hours taking the total recoveries to 3,34,39,331. 97.79 Cr. vaccine doses have been administered so far under Nationwide Vaccination Drive.
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India's merchandise exports in September 2021 were USD 33.79 Billion, as compared to USD 27.56 Billion in September 2020, exhibiting a positive growth of 22.63 per cent. In Rupee terms, exports were Rs. 2,48,605.74 Crore in September 2021, as compared to Rs. 2,02,508.54 Crore in September 2020, registering a positive growth of 22.76 per cent. As compared to September 2019, exports in September 2021 exhibited a positive growth of 29.86 per cent in Dollar terms and 33.92 per cent in Rupee terms. The commodities/commodity groups which have recorded positive growth during September 2021 vis-à-vis September 2020 are Coffee (62.55%), Cashew (49.4%), Petroleum products (47.91%), Cotton yarn/fabs./made-ups, handloom products etc. (40.5%), Engineering goods (36.83%), Organic & inorganic chemicals (29.65%), Man-made yarn/fabs./made-ups etc. (26.49%), Electronic goods (26.33%), Other cereals (21.18%), Fruits & vegetables (21.13%), Gems & jewellery (19.71%), Plastic & Linoleum (18.61%), Jute mfg. including floor covering (16.04%), Marine products (12.67%), RMG of all textiles (9.24%), Mica, Coal & other ores, minerals including processed minerals (8.82%), Leather & leather products (7.41%), Cereal preparations & miscellaneous processed items (5.64%), Rice (5.62%), Carpet (4.42%), Tea (3.2%) and Handicrafts excl. handmade Carpet (2.29%). Imports in September 2021 were USD 56.39 Billion (Rs.4,14,812.41 Crore), which is an increase of 84.77 per cent in Dollar terms and 84.97 per cent in Rupee terms over imports of USD 30.52 Billion (Rs 2,24,254.02 Crore) in September 2020. Imports in September 2021 have registered a positive growth of 49.59 per cent in Dollar terms and 54.27 per cent in Rupee terms in comparison to September 2019. Cumulative value of imports for the period April-September 2021 was USD 276.02 Billion (Rs. 20,40,890.34 Crore), as against USD 151.94 Billion (Rs. 11,39,032.05 Crore) during the period April-September 2020, registering a positive growth of 81.67 per cent in Dollar terms and a positive growth of 79.18 per cent in Rupee terms. Imports in April-September 2021 have registered a positive growth of 11.26 per cent in Dollar terms and positive growth of 17.59 per cent in Rupee terms in comparison to April-September 2019. The merchandise trade balance for September 2021 was estimated at USD(-)22.59Billion as against USD(-) 2.96 Billion in September 2020, which is a decline of (-) 663.48 percent. As compared to September 2019 (USD (-)11.67 Billion), trade balance in September 2021 exhibited a negative growth of (-) 93.60 per cent.
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India's wholesale price inflation came in at a provisional 10.66% on year for the month of September 2021 as compared to 1.32% in September 2020, data from commerce ministry showed on Thursday. The high rate of inflation in September 2021 is primarily due to rise in prices of mineral oils, basic metals, non-food articles, food products, crude petroleum & natural gas, chemicals and chemical products etc. as compared the corresponding month of the previous year. The index for primary articles declined by (-0.58%) to 154.9 (provisional) in September 2021 from 155.8 (provisional) for the month of August 2021. Prices of Crude Petroleum & Natural Gas (-4.06%), Minerals (-2.34%) Food Articles (-0.25%) and Non-food Articles (-0.31%) declined in September 2021 as compared to August 2021. The index for Fuel & Power declined by (-1.12%) to 114.7 (provisional) in September 2021 from 116.0 (provisional) for the month of August 2021. Prices of Mineral Oils (-1.75%) declined in September 2021 as compared to August 2021. Prices of coal and electricity remain unchanged. The index for Manufactured Products increased by (0.60%) to 133.8 (provisional) in September 2021 from 133.0 (provisional) for the month of August 2021. The increase in prices is mainly contributed by manufacture of basic metals; food products; chemicals and chemical products; machinery and equipment; motor vehicles, trailers, semi-trailers; and fabricated metals. Some of the groups that have witnessed decrease in prices are manufacture of electrical equipment; computer, electronic and optical products; printing and reproduction of recorded media, and beverages in September 2021 as compared to August 2021. The WPI Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have increased from 159.6 in August 2021 to 159.8 in September 2021. The rate of inflation based on WPI Food Index decreased from 3.43% in August 2021 to 1.14% in September 2021. Meanwhile, for the month of July 2021, the final Wholesale Price Index and inflation rate for 'All Commodities' stood at 135.0 and 11.57 % respectively.
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India adds 18,987 new cases in the last 24 hours. Active cases account for less than 1% of total cases, currently at 0.61%; Lowest since March 2020. Active caseload stands at 2,06,586; lowest in 215 days. Weekly Positivity Rate (1.44%) less than 3% for last 111 days. Daily positivity rate (1.46%)less than 3% for last 45 days. The recovery rate currently stands at 98.07%; Highest since March 2020 with 19,808 recoveries in the last 24 hours taking the total recoveries to 3,33,62,709. 58.76 crore Total Tests were conducted so far. 96.82 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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| Prime Minister Narendra Modi launched PM Gati Shakti - National Master Plan for multi-modal connectivity. The Prime Minister stressed that the people of India, Indian industry, Indian business, Indian manufacturers, Indian farmers are at the center of this great campaign of Gati Shakti. The Prime Minister said that due to the wide gap between macro planning and micro implementation problems of lack of coordination, lack of advance information, thinking and working in silos are leading to hampered construction and wastage of budget. PM Gati Shakti National Master Plan will address this as working on the basis of the master plan will lead to optimum utilisation of resources.
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The Power Ministry on Wednesday said that there was no outage on account of power shortage in Delhi. As per the information received from Delhi discoms, there was no outage on account of power shortage, as the required amount of power was supplied to them, a ministry statement said. It stated that the maximum demand of Delhi was 4683 MW (peak) and 101.9 MU (Energy) on 11 October, 2021. A factsheet on power supply in Delhi showed that there was no energy deficit in the city from September 26 to October 11. On October 11, in Delhi, 101.9 million units (MU) electricity was available against a requirement of 101.1 MU. The energy requirement and availability was same in Delhi from September 26 to October 10.
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India reported 15,823 new cases in the last 24 hours. Active cases account for less than 1% of total cases, currently at 0.61%; Lowest since March 2020. India's Active caseload stands at 2,07,653; lowest in 214 days. Weekly Positivity Rate (1.46%) less than 3% for last 110 days. Daily positivity rate (1.19%) less than 3% for last 44 days. The recovery rate currently at 98.06%; Highest since March 2020 with 22,844 recoveries in the last 24 hours taking the total recoveries to 3,33,42,901. 58.63 crore tests were totally conducted so far. 96.43 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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