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As on Jan 16, 2021 12:00 AM |
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Agriculture Ministry data showed that acreage under rabi crop stood at 652 lakh hectares (ha) as on 15th 2021 against 642 lakh ha during the corresponding period of last year, marking an increase of 10 lakh ha or 1.56%. Sowing reported under Wheat was at 337 lakh ha against 330 lakh ha area of last year i.e. increase in area coverage by 6.55 lakh ha or 2%. Oilseeds are sown in 82.56 lakh ha against 79 lakh ha of last year, up 4.50%. Area coverage under Rapeseed & Mustard has been reported on 73.25 lakh ha compared to corresponding period of last year 68.64 Lakh ha, up 6.71%. Pulses are stood at 162 lakh ha against 159 lakh ha area of last year i.e. increase in area coverage by 3.30 lakh ha or 1.90%. The acreage under Chana or Gram rose by 3.50% at 109.14 lakh ha. Coarse cereals acreage fell sharply by 8.22% at 49.11 Lakh ha. The area under Maize and Barely slipped by 4.89% and 10.55% respectively.
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India's overall exports in April-December 2020-21 are estimated to be USD 348.49 Billion, exhibiting a negative growth of (-)12.65% over the same period last year. Overall imports in April-December 2020-21 are estimated to be USD 343.27 Billion, exhibiting a negative growth of (-) 25.86% over the same period last year. Exports in December 2020 were USD 27.15 Billion, as compared to USD 27.11 Billion in December 2019, exhibiting a positive growth of 0.14%. In Rupee terms, exports were Rs. 1,99,770.58 Crore in December 2020, as compared to Rs. 1,92,984.47 Crore in December 2019, registering a positive growth of 3.52%. Imports in December 2020 were USD 42.59 Billion (Rs.3,13,407.53 Crore), which is an increase of 7.56% in Dollar terms and 11.18% in Rupee terms over imports of USD 39.59 Billion (Rs 2,81,880.86 Crore) in December 2019. Cumulative value of imports for the period April-December 2020-21 was USD 258.27 Billion (Rs.19,22,790.49 Crore), as against USD 364.18 Billion (Rs.25,62,539.91 Crore) during the period April-December 2019-20, registering a negative growth of (-) 29.08% in Dollar terms and a negative growth of (-) 24.97% in Rupee terms.
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The Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations (OMO) for an aggregate amount of Rs 10,000 crores on January 21, 2021. These securities include 6.18% GS 2024, 6.79% GS 2027 and 5.77% GS 2030.
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Society of Indian Automobile Manufacturers (SIAM) stated in a latest update yesterday that a growth of 8.36% has been registered in the sales of Passenger Cars in December'20, as compared to December'19. Sales of Utility Vehicles increased by 19.75% in December'20, as compared to December'19. Sales of Vans grew by 41.06% in December'20, as compared to December'19. Sales of Passenger Vehicles witnessed an increase of 13.59% in December'20, as compared to December'19. Three-wheelers saw a dip in sales by 58.87% in December'20, as compared to December'19. Sales of Two-wheelers grew by 7.42% in December'20, as compared to December'19. Total exports of Passenger Vehicles & Three-wheelers witnessed a decrease of 13.49% & 5.69% respectively in December'20, as compared to December'19. The total production of Passenger Vehicles, Three-Wheelers, Two-Wheelers and Quadricycle in the month of December’20 was 1,907,811 units, as against 1,750,347 units in December’19, witnessing a growth of 9%.
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The International Monetary Fund (IMF) stated in a latest update that recent farm bills in India do have the potential to represent a significant step forward for agricultural reforms in India. The measures will enable farmers to directly contract with sellers, allow farmers to retain a greater share of the surplus by reducing the role of middle men, enhance efficiency and support rural growth. These bills can represent a significant step forward. However, it is crucial that the social safety net adequately protects those who might be adversely impacted during the transition to this new system. This may require further strengthening of the social safety net and insuring that the job market can accommodate those that may be impacted by the reforms.
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India's total Active Caseload continues to manifest a sustained downward movement. It has dropped to 2.13 lakh (2,13,027) today. India's present active caseload now consists of just 2.03% of India's Total Positive Cases. The daily new cases added to the country's COVID numbers have been below 20K in the recent days. The number of daily new cases in the last 24 hours is 15,590. 15,975 cases recovered and discharged in the last 24 hours. New cases per million population in India in the last seven days are 87. It is one of the lowest in the world. The number is significantly low when compared with countries like Russia, Germany, Brazil, France, Italy, USA and UK. The total recovered cases stand at 10,162,738. The gap between Recovered Cases and Active Cases, that is steadily increasing, has crossed 99 lakh and presently stands at 99,49,711. The difference in New Recoveries outnumbering New Cases has also improved the Recovery Rate to 96.52% today.
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Prime Minister Narendra Modi will launch the pan India rollout of COVID-19 vaccination drive on 16th January, 2021 at 10:30 AM via video conferencing. This will be the world’s largest vaccination program covering the entire length and breadth of the country. A total of 3006 session sites across all States and UTs will be virtually connected during the launch. Around 100 beneficiaries will be vaccinated at each session site on the inaugural day. This vaccination programme is based on the principles of priority groups to be vaccinated and Health Care workers, both in government and private sectors including ICDS workers, will receive the vaccine during this phase. The vaccination programme will use Co-WIN, an online digital platform developed by Union Ministry of Health and Family Welfare, which will facilitate real time information of vaccine stocks, storage temperature and individualized tracking of beneficiaries for COVID-19 vaccine. This digital platform will assist programme managers across all levels while conducting vaccination sessions.
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The provisional figures of Wholesale Price Index (WPI) revealed that the rate of inflation, based on monthly WPI, stood at 1.22% for the month of December, 2020 (over December, 2019) as compared to 2.76% during the corresponding month of the previous year. The Primary Articles index for this major group declined by (-3.11%) to 146.5 (provisional) in December, 2020 from 151.2 (provisional) for the month of November, 2020. The Fuel and Power index for this major group increased by (3.18%) to 94.2 (provisional) in December, 2020 from 91.3 (provisional) for the month of November, 2020. The Manufactured Products index for this major group increased by (1.40%) to 123.0 (provisional) in December, 2020 from 121.3 (provisional) for the month of November, 2020. The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have decreased from 158.9 in November, 2020 to 154.4 in December, 2020. The rate of inflation based on WPI Food Index decreased from (4.27%) in November, 2020 to (0.92%) in December, 2020.
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The Reserve Bank Of India (RBI) has reported that currency in circulation rose by 1% on the week to stand at Rs 27.97 lakh crore as on January 8th 2021. The central bank stated further that the overall reserve money edged up by 0.2% on the week to Rs 33.27 lakh crore. Currency in circulation rose around 21.8% on a year ago basis compared to 11.90% growth at the same time last year. In the current fiscal, the currency in circulation has expanded by 14.30% so far while the reserve money has increased by 9.8%.
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The Reserve Bank Of India (RBI) stated yesterday that a meeting of the Sub-Committee of the Financial Stability and Development Council (FSDC) was held through video conference. Shaktikanta Das, Governor, Reserve Bank of India, chaired the meeting. The Sub-Committee reviewed the major developments in the global and domestic economy as well as financial markets that impact financial stability. The Sub-Committee, inter-alia, discussed scope for improvements in insolvency resolution under IBC, utilisation of data with the Central KYC Records Registry and changes in the regulatory framework relating to Alternative Investment Funds (AIFs) set up in the International Financial Services Centre (IFSC), among others. The Sub-Committee also reviewed the activities of various technical groups under its purview and the functioning of State Level Coordination Committees (SLCCs) in various states / UTs. The regulators reaffirmed their resolve to be alert and watchful of emerging challenges to financial stability.
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Paddy procurement for Kharif 2020-21 is continuing smoothly in the procuring States & UTs of Punjab, Haryana, Uttar Pradesh, Telangana, Uttarakhand, Tamil Nadu, Chandigarh, Jammu & Kashmir, Kerala, Gujarat, Andhra Pradesh, Chhattisgarh, Odisha, Madhya Pradesh, Maharashtra, Bihar, Jharkhand, Assam, Karnataka and West Bengal with purchase of over 545.67 LMTs of paddy up to 12.01.2021.This is an increase of 26.48 % against the last year corresponding purchase of 431.41 LMT. Out of the total purchase of 545.67 LMT, Punjab alone has contributed 202.77 LMT which is 37.16% of total procurement.
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Reserve Bank of India (RBI) has constituted a Working Group on digital lending including lending through online platforms and mobile apps. Digital lending has the potential to make access to financial products and services more fair, efficient and inclusive. From a peripheral supporting role a few years ago, FinTech led innovation is now at the core of the design, pricing and delivery of financial products and services. While penetration of digital methods in the financial sector is a welcome development, the benefits and certain downside risks are often interwoven in such endeavours. A balanced approach needs to be followed so that the regulatory framework supports innovation while ensuring data security, privacy, confidentiality and consumer protection. RBI noted that recent spurt and popularity of online lending platforms/ mobile lending apps ('digital lending') has raised certain serious concerns which have wider systemic implications. Against this backdrop, a Working Group (WG) is being set up to study all aspects of digital lending activities in the regulated financial sector as well as by unregulated players so that an appropriate regulatory approach can be put in place.
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Kerala has become the 8th State in the country to successfully undertake “Ease of Doing Business” reform stipulated by the Department of Expenditure, Ministry of Finance. Thus, the State has become eligible to mobilise additional financial resources of Rs.2,373 crore through Open Market Borrowings. Permission for the same was issued by the Department of Expenditure on 12th January, 2021. Kerala has now joined the seven other States namely, Andhra Pradesh, Karnataka, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, who have completed this reform. On completion of reforms facilitating ease of doing business, these eight States have been granted additional borrowing permission of Rs.23,149 crore. The ease of doing business is an important indicator of the investment friendly business climate in the country. Improvements in the ease of doing business will enable faster future growth of the state economy. Therefore, the government of India had in May 2020, decided to link grant of additional borrowing permissions to States who undertake the reforms to facilitate ease of doing business.
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India's active caseload has fallen to 2.14 lakh (2,14,507) today. The share of Active Cases in the total Positive Cases has further shrunk to 2.04%. This is lowest after 197 days. The total active cases were 2,15,125 on 30th June, 2020. A net decline of 2051 cases has been recorded in the total active cases in last 24 hours. The daily cases in India are registering a consistent decline on a daily basis. Less than 16,000 daily new cases (15,968) were added to the national tally in the last 24 hours. On the other hand, 17,817 recoveries were registered in the last 24 hours. Recoveries outnumbering new cases have ensured a steady fall in the Active Cases. The total recovered cases stand at 10,129,111 which translates to a Recovery Rate of 95.51%. The gap between Recovered cases and Active cases continues to grow and presently stands at 99,14,604. A total of 81.83% of the new recovered cases are observed to be concentrated in 10 States/UTs.
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The Index of Industrial Production (IIP) saw a contraction of 1.9% for November 2020, reverting back to the declining territory after rising in the previous two months, data released by the Ministry of Statistics & Programme Implementation (MOSPI) showed on Tuesday. For November, IIP with base 2011-12 stands at 126.3, the Ministry's data showed. IIP for mining, manufacturing and electricity sectors for the same month stand at 104.5, 128.4 and 144.8, respectively.
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India's Consumer Price Index inflation softened to 4.59% in December 2020 as compared to 6.93% in November and 7.35% in December 2019, according to data released by the Ministry of Statistics and Program Implementation on Tuesday. The rise in prices in October had been the sharpest since May 2014 when the inflation peaked to 7.61%. The Price data are collected from representative and selected 1114 urban markets and 1181 villages covering all States/UTs through personal visits by field staff of Field Operations Division of NSO, MoSPI on a weekly roster.
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India has crossed a crucial milestone in its fight against the global pandemic. The daily new cases have touched a new low today. 12,584 daily new cases were added to the national tally in the last 24 hours after nearly seven months. The daily new cases were 12,881 on 18th June, 2020. The daily new cases have seen a consistent decline. This has ensured a steady fall in daily fatalities too. 167 daily deaths recorded in the last 24 hours. India's active caseload has fallen to 2,16,558 today. The share of Active Cases in the total Positive Cases has further compressed to 2.07% of the cumulative caseload. A net decline of 5,968 cases has been recorded in the total active cases in last 24 hours. The total recovered cases have crossed 1.01 cr (10,111,294) today which translates to a Recovery Rate of 96.49%. The gap between Recovered cases and Active cases continues to grow and presently stands at 98,94,736.
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Government of India (GoI) has announced the Sale (Re-issue) of (i) „4.48% Government Security, 2023‟ for a notified amount of ` 6,000 crore (nominal) through price based auction, (ii) „GoI Floating Rate Bonds, 2033‟ for a notified amount of ` 2,000 crore (nominal) through price based auction, (iii) „6.22% Government Security, 2035‟ for a notified amount of ` 9,000 crore (nominal) through price based auction, and (iv) „6.67% Government Security, 2050‟ for a notified amount of ` 5,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to ` 2,000 crore against each of the above securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on January 15, 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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Reserve Bank Of India (RBI) Governor Shaktikanta Das noted in his foreward to the latest RBI Financial Stability Report that congenial liquidity and financing conditions have shored up the financial parameters of banks, but it is recognised that the available accounting numbers obscure a true recognition of stress. It is in this context that banks must exploit the congenial financial conditions and the conducive policy environment to plan for capital augmentation and alterations in business models that address emerging challenges for future expansion, while strengthening the capacity to absorb shocks and supporting the revival of the economy. In spite of rising public commitments for mitigating the impact of the pandemic, fiscal authorities are also witnessing revenue shortfalls. The resultant expansion in the market borrowing programme of the Government has imposed additional pressures on banks. The borrowing programme has been managed smoothly so far, with the lowest borrowing costs in 16 years and elongation of maturity. The corporate sector has also raised substantial funds from financial markets amidst easy financing conditions, which have been mainly used for deleveraging and building up precautionary buffers. As growth impulses take root, the private sector capex cycle should revive as existing capacities get utilised and new capacities are added. This will require the financial system to intermediate expanded growth requirements of Indian business.
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The Reserve Bank of India (RBI) has released the 22nd issue of the Financial Stability Report (FSR), which reflects the collective assessment of the Sub-Committee of the Financial Stability and Development Council (FSDC) on risks to financial stability, and the resilience of the financial system in the context of contemporaneous issues relating to development and regulation of the financial sector. As per the FSR Bank credit growth has remained subdued, with the moderation being broad-based across bank groups. The capital to risk-weighted assets ratio (CRAR) of Scheduled Commercial Banks (SCBs) improved to 15.8% in September 2020 from 14.7% in March 2020, while their gross non-performing asset (GNPA) ratio declined to 7.5% from 8.4%, and the provision coverage ratio (PCR) improved to 72.4% from 66.2% over this period. Macro stress tests incorporating the first advance estimates of gross domestic product (GDP) for 2020-21 released on January 7, 2021 indicate that the GNPA ratio of all SCBs may increase from 7.5% in September 2020 to 13.5% by September 2021 under the baseline scenario; the ratio may escalate to 14.8% under a severe stress scenario. This highlights the need for proactive building up of adequate capital to withstand possible asset quality deterioration. Network analysis reveals that total bilateral exposures among entities in the financial system increased marginally during the quarter-ended September 2020. With the inter-bank market continuing to shrink and with better capitalisation of banks, the contagion risk to the banking system under various scenarios declined as compared to March 2020. In the initial phase of the COVID-19 pandemic, policy actions were geared towards restoring normal functioning and mitigating stress; the focus is now being oriented towards supporting the recovery and preserving the solvency of businesses and households. Positive news on vaccine development has underpinned optimism on the outlook, though it is marred by second wave of the virus including more virulent strains. Policy measures by the regulators and the government have ensured the smooth functioning of domestic markets and financial institutions; managing market volatility amidst rising spillovers has become challenging especially when the movements in certain segments of the financial markets are not in sync with developments in the real sector.
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