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21/04/2021 8:51:00 AM

India Trade Performance Reflects The Build-Up Of A Strong Recovery In Exports Despite Several Challenges

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-�-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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20/04/2021 6:33:00 PM

India's Covid-19 Vaccination Count Rises Above 12.70 Crore

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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20/04/2021 6:31:00 PM

Cabinet Approves Amendments To Finance Bill 2021

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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20/04/2021 6:28:00 PM

Domestic Crude Oil Output Slides 5.22% In FY21

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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20/04/2021 5:33:00 PM

EPFO Adds 12.37 Lakh Net Subscribers In The Month Of February

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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20/04/2021 1:15:00 PM

India's Daily Covid-19 Cases Come In At 2.60 Lakh Mark

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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20/04/2021 11:43:00 AM

RBI Says It Is Not Necessary To Activate Countercyclical Capital Buffer At This Point In Time

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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20/04/2021 10:02:00 AM

Government of India Announces Sale Of Four Dated Securities For A Notified Amount Of Rs 32,000 crore

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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20/04/2021 8:26:00 AM

COVID-19 Vaccine For All Above The Age Of 18 From May 1: PM

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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19/04/2021 3:58:00 PM

India's Daily New Covid-19 Cases Spike Above 2.7 Lakh Mark

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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19/04/2021 9:53:00 AM

Cumulative Number Of COVID19 Vaccine Doses Administered In India Crosses 12 Crore Mark

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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16/04/2021 3:23:00 PM

Southwest Monsoon Likely To Be Normal This Year Says IMD

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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16/04/2021 12:07:00 PM

India's Daily Covid-19 Cases Surge Above 2.17 Lakh

India's daily new cases continue to soar. A total of 2,17,353 new cases were registered in the last 24 hours. Ten States including Maharashtra, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Madhya Pradesh, Gujarat, Kerala, Tamil Nadu and West Bengal have shown a rise in the COVID daily new cases. 79.10% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 61,695. It is followed by Uttar Pradesh with 22,339 while Delhi reported 16,699 new cases.

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16/04/2021 10:32:00 AM

CII Strongly Urges To Accelerate Vaccination Drive And Follow Strict Protocols To Fight Coronavirus

Confederation of Indian Industry (CII) strongly urged for accelerating vaccine production and following strict protocols in the fight against Coronavirus which has surged in recent weeks. CII appreciated that timely action in instituting the 'tika utsav' would contribute to spreading awareness and speeding up the vaccination drive in the country. Mr Uday Kotak, President, CII, emphasized, �At this juncture, CII calls for quick action to be taken by the Government on 'whatever it takes' to ramp up production, supply and distribution of vaccines. Strict following and enforcement of safety and hygiene protocols by all sections of society is absolutely critical.�

CII emphasized that lockdown is not a solution in the present times and requested for maintaining stringent Covid-related protocols for public places and workplaces. At the same time, the vaccination drive must be accelerated, it stressed. In view of the prevailing situation, CII outline a 5-point critical agenda for control of the rampant spread of infections.

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15/04/2021 7:11:00 PM

Currency In Circulation Up 16% On Year

The Reserve Bank Of India (RBI) has reported that currency in circulation rose by 0.1% on the week to stand at Rs 28.84 lakh crore as on April 9 2021. The central bank stated further that the overall reserve money contracted by 0.20% on the week at Rs 35.07 lakh crore. Currency in circulation rose around 16% on a year ago basis compared to 14.40% growth at the same time last year. In the current fiscal, the currency in circulation has edged up by 0.9% so far while the reserve money has increased by 0.5%.

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15/04/2021 6:32:00 PM

India's Exports Slide 16.53% In FY21

India’s overall exports in April-March2020-21 are estimated to be USD 493.19 Billion, exhibiting a negative growth of 6.66% over the same period last year. Overall imports in April-March 2020-21 are estimated to be USD 505.94 Billion, exhibiting a negative growth of 16.53% over the same period last year.

Exports in March 2021 were USD 34.45 Billion, as compared to USD 21.49 Billion in March 2020, exhibiting a positive growth of 60.29%. Cumulative value of exports for the period April-March 2020-21 was USD 290.63 Billion (Rs.21,50,325.03 Crore) as against USD 313.36 Billion (Rs.22,19,854.18 Crore) during the period April-March 2019-20, registering a negative growth of 7.26% in Dollar terms (negative growth of 3.13% in Rupee terms).

Imports in March 2021 were USD 48.38 Billion (Rs.3,52,191.21 Crore), which is an increase of 53.74% in Dollar terms in March 2020. Cumulative value of imports for the period April-March 2020-21 was USD 389.18 Billion (Rs.28,76,918.30 Crore), as against USD 474.71 Billion (Rs.33,60,954.46 Crore) during the period April-March 2019-20, registering a negative growth of 18.02% in Dollar terms and a negative growth of 14.40% in Rupee terms.

The merchandise trade deficit for March2021 was estimated at USD13.93Billion as against the deficit of USD 9.98 Billion in March2020, which is an increase of 39.62%.

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15/04/2021 1:36:00 PM

India's Daily Covid-19 Cases Hit 2 Lakh Mark

India's daily new COVID-19 cases continue to rise. A total of 2,00,739 new cases were registered in the last 24 hours. Ten States including Maharashtra, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Madhya Pradesh, Kerala, Tamil Nadu, Gujarat and Rajasthan have shown a high rise in the COVID daily new cases. a total of 80.76% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 58,952. It is followed by Uttar Pradesh with 20,439 while Delhi reported 17,282 new cases.

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15/04/2021 9:01:00 AM

India's Covid-19 Vaccination Count Crosses 11.43 Crore Mark

The total COVID19 vaccinations have crossed the 11.43 crore mark with more than 31.39 lakh vaccine doses were administered till 8 pm yesterday. A total of 69,974 COVID Vaccination Centres (CVCs) were operational, marking a rise of an average of 24,000 operational Vaccination Centres ( 45,000 CVCs on an average are functional on any given day). Workplace vaccinations have also enabled a high turnout of beneficiaries. These include 90,63,976 Healthcare Workers (HCWs) who have taken the 1st dose and 56,03,568 HCWs who have taken the 2nd dose, 1,02,09,443 Frontline Workers (FLWs) (1st dose), 50,61,571 FLWs (2nd dose), 3,73,34,924 for over 45 years old to 60 years old (1st Dose), 8,94,077 for over 45 years old to 60 years old (2nd dose), 4,34,13,349 for above 60 years (1st Dose) and 27,37,547 for above 60 years (2nd Dose) .

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14/04/2021 1:00:00 PM

India's Daily Covid-19 Cases Surge Above 1.84 Lakh Mark

India's daily new cases continue to rise at an alarming rate. A total of 1,84,372 new cases were registered in the last 24 hours. Ten States including Maharashtra, Uttar Pradesh, Chhattisgarh, Delhi, Madhya Pradesh, Karnataka, Kerala, Tamil Nadu, Gujarat and Rajasthan have shown a rise in the COVID daily new cases. 82.04% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 60,212. It is followed by Uttar Pradesh with 17,963 while Chhattisgarh reported 15,121 new cases. Meanwhile, the country has crossed 26 crore tests. The exact figure stands at 26,06,18,866. The tests conducted in the last 24 hours stand at 14,11,758. The testing capacity has been ramped up to 15 lakh tests per day.

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13/04/2021 12:58:00 PM

India Records 1.61 Lakh Daily Covid-19 Cases

India's daily new cases continue to rise though there is a decline on daily basis. A total of 1,61,736 new cases were registered in the last 24 hours, recording a drop of around 4% compared to previous day. Ten States including Maharashtra, Uttar Pradesh, Chhattisgarh, Delhi, Karnataka, Tamil Nadu, Madhya Pradesh, Gujarat, Rajasthanand Kerala have shown a rise in the COVID daily new cases. 80.80% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 51,751. It is followed by Uttar Pradesh with 13,604 while Chhattisgarh reported 13,576 new cases.

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13/04/2021 12:52:00 PM

Net Indirect Tax collections Spurt 12.3% In FY21

The provisional figures for indirect tax collections (GST & non-GST) for the Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a growth of 12.3%. Net Indirect Tax Collection for the Financial Year 2020-21 shows that 108.2% of the Revised Estimates (RE) of indirect taxes for Financial Year 2020-21 has been achieved. As regards customs, net tax collections stood at Rs. 1.32 lakh crore during Financial Year 2020-21 as compared to Rs.1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21%.

Net Tax collections on account of Central Excise and Service Tax(Arrears) during Financial Year 2020-21 stood at Rs. 3.91 lakh crore as compared to Rs.2.45 lakh crore in the previous Financial Year, thereby registering a growth of more than 59%.Net Tax collections on account of GST of Centre (CGST+IGST+ Compensation Cess) during Financial Year 2020-21 is Rs. 5.48 lakh crore as compared to Rs. 5.99 lakh crore in the previous Financial Year. Revised estimates of Net GST collection including CGST and Compensation Cess for FY 2020-21 was Rs. 5.15 Lakh Crore , Thus, the actual net GST collections is 106% of total targeted collection, though these are 8% lower than the last FYs collection.

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13/04/2021 9:06:00 AM

GOI Announces Sale Of Three Dated Securities For A Notified Amount Of Rs 26,000 crore

The Government of India (GoI) has announced the Sale (Re-issue) of (i) 3.96% Government Security, 2022 for a notified amount of Rs 3,000 crore (nominal) through price based auction, (ii) 5.85% Government Security, 2030 for a notified amount of Rs 14,000 crore (nominal) through price based auction, and (iii) 6.76% GS 2061 for a notified amount of Rs 9,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to Rs 6,000 crore against above security/securities. The auctions will be conducted by the Reserve Bank of India on April 16, 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 NonCompetitive Bidding Facility in the Auction of Government Securities.

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13/04/2021 9:04:00 AM

Paddy Procurement Rises 12.35%

Paddy procurement in the ongoing season Kharif 2020-21 is continuing smoothly in the procuring States with purchase of over 702.05 LMTs of paddy (includes Kharif Crop 700.53 LMT and Rabi Crop 1.52 LMT) upto 11.04.2021 against the last year corresponding purchase of 623.47 LMT, marking a rise of around 12.35%. About 105.05 Lac farmers have already been benefited from the ongoing KMS procurement Operations with MSP value of Rs. 1,32,548.26 Crore.

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12/04/2021 4:35:00 PM

SIAM Says India's Total Automobile Production Drops 14% In FY21

The latest data from Society of Indian Automobile Manufactures (SIAM) showed today that the total production of Passenger Vehicles, Commercial Vehicles, Three-wheelers, Two-wheelers and Quadricycle in FY-21 was 22,652,108 units, as against 26,353,293 units in FY-20, witnessing a de-growth of 14.04%. A total of 2,711,457 units of Total Passenger Vehicles were sold in FY-21, as compared to 2,773,519 units in FY-20, resulting in a de-growth of 2.24%.

SIAM noted further that 568,559 units of Total Commercial Vehicles were sold in FY-21, as compared to 717,593 units in FY-20, resulting in a de-growth of 20.77%. A total of 216,197 units of Total Three-wheelers were sold in FY-21, as compared to 637,065 units in FY-20, resulting in a de-growth of 66.06%. A total of 15,119,387 units of Total Two-wheelers were sold in FY-21, as compared to 17,416,432 units in FY-20, resulting in a de-growth of 13.19%.

SIAM stated that 404,400 units of Passenger Vehicles were exported in FY-21, as compared to 662,118 units in FY-20 and 50,334 units of Commercial Vehicles were exported in FY-21, as compared to 60,379 units in FY-20, resulting in a de-growth of 38.92% and 16.64%, respectively. A total of 392,941 units of Three-wheelers were exported in FY-21, as compared to 501,651 units in FY-20 and 3,277,724 units of Two-wheelers were exported in FY-21, as compared to 3,519,405 units in FY-20, resulting in a de-growth of 21.67% and 6.87%, respectively.

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12/04/2021 3:49:00 PM

India's Outward Foreign Direct Investment Down 1.20% On Month In March 2021

The Reserve Bank of India (RBI) data showed today that outward Foreign Direct Investment (OFDI) stood at $1928 in March 2021. This marked a drop of 1.20% compared to February 2021. It was also down sharply by 50% compared to March 2020.

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12/04/2021 1:00:00 PM

India's Daily Covid-19 Cases Hit Nearly 169000 Mark

India's daily new Covid-19 cases continue to rise. A total of1,68,912 new cases were registered in the last 24 hours. Ten States including Maharashtra, Uttar Pradesh, Delhi, Chhattisgarh, Karnataka, Kerala, Tamil Nadu, Madhya Pradesh, Gujarat and Rajasthan have shown a rise in the COVID daily new cases. 83.02% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 63,294. It is followed by Uttar Pradesh with 15,276 while Delhi reported 10,774 new cases.

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12/04/2021 11:25:00 AM

Stringent Implementation Of Health And Safety Norms Better Than Partial Lockdowns According To CII CEOs Poll

The Confederation of Indian Industry (CII), noted in a latest update that Prime Minister’s Covid Curfew and Micro Containment Strategies along with Covid Appropriate behaviour is an effective attempt to contain the spread of second wave of Covid infections. With significant scientific knowledge on the pandemic and with vaccinations programme in place, India should also focus on protecting livelihoods along with lives in its fight against the pandemic.

This was supported by an overwhelming majority (75%) of 710 CEOs polled, indicating that they expect partial lockdown measures could impact the movement of labour as well as movement of goods which would affect industrial production significantly. About 60% of the CEOs polled said that their production could be affected if there are restrictions on movement of labour during these partial lockdowns. Similarly, 56% of the CEOs expressed their concern over loss of production of upto 50% if there were restrictions on the ecosystem that supports movement of goods. The CEOs polled pertained to both manufacturing and services and 68% of the responding CEOs were from MSMEs.

While the Indian Industry is well prepared and equipped for implementation of stricter health and safety protocols as revealed by 96% of the CEOs polled, stringent implementation of safety norms was opined to be better than the option of partial lockdowns by 93% of the CEOs polled.

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10/04/2021 4:18:00 PM

India's Daily Covid-19 Cases Surge Above 145000 Mark

India's daily new Covid-19 cases continue to spurt. A total of 1,45,384 new cases were registered in the last 24 hours. Ten States including Maharashtra, Chhattisgarh, Uttar Pradesh, Delhi, Karnataka, Tamil Nadu, Kerala, Madhya Pradesh, Gujarat and Rajasthan have shown a rise in the COVID daily new cases. 82.82% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 58,993. It is followed by Chhattisgarh with 11,447 while Uttar Pradesh reported 9,587 new cases.

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09/04/2021 12:02:00 PM

India's Debt To GDP Ratio Approaches 90% Following Covid-19 Pandemic

The International Monetary Fund (IMF), stated in a latest press briefing that the Covid-19 pandemic has hurt India and other emerging markets very hard. The priority is to focus on getting the virus under control. There have been very substantial increases in debt ratios globally and similar trend has been seen in the case of India. The debt ratio at the end of 2019, prior to the pandemic, was 74% of GDP, and at the end of 2020, it is almost 90% of GDP. IMF noted that while this is a very large increase, it is similar to what other emerging markets and advanced economies have experienced. Going forward, the IMF, in its baseline forecast expects that the debt ratio will gradually come down as the economy recovers. The baseline forecast under the assumption of healthy economic growth in the medium term, sees debt to GDP ratio returning to about 80% over time.

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09/04/2021 10:08:00 AM

Finance Minister Says World's Largest Covid-19 Vaccination Drive Underway In India

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman yesterday attended the Plenary Meeting of the International Monetary and Financial Committee of the Board of Governors of the International Monetary Fund (IMF) at the virtual Spring Meetings 2021. The meeting was attended by Governors/Alternate Governors representing 190 member countries of the IMF. The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda (GPA) titled, “Bolstering the Recovery, Countering Divergence”. Finance Minister Sitharaman emphasised that the GPA’s suggestion to hasten the transition to a low-carbon economy for promoting growth that benefits all needs to be viewed in the context of its implications for the Emerging Market and Developing Economies and low-income economies. The burden of economic transformation to a low carbon economy would disproportionately be higher for these countries, and positive benefits may not accrue in the short run. The focus needs to remain on the agreed principles of equity and differentiated responsibility of climate action. The Finance Minister endorsed the view of the IMF that the key priority remains to end the pandemic and the universal availability of vaccines and medical solutions need to be ensured. Sitharaman informed the Committee that the world’s largest vaccination drive is under way in India with 83.1 million doses administered as on 6th April, 2021 and that India has supplied 65 million made-in-India COVID-19 vaccine doses to 80 countries, including 10 million vaccine doses as grant.

The discussions at the meeting were based on IMF Managing Director’s Global Policy Agenda (GPA) titled, “Bolstering the Recovery, Countering Divergence”. The members of the IMFC updated the committee on the actions and measures taken by member countries to combat COVID-19 pandemic and facilitate economic recovery.

Finance Minister Smt. Sitharaman emphasised that the GPA’s suggestion to hasten the transition to a low-carbon economy for promoting growth that benefits all needs to be viewed in the context of its implications for the Emerging Market and Developing Economies and low-income economies. The burden of economic transformation to a low carbon economy would disproportionately be higher for these countries, and positive benefits may not accrue in the short run. The focus needs to remain on the agreed principles of equity and differentiated responsibility of climate action.

The Finance Minister endorsed the view of the IMF that the key priority remains to end the pandemic and the universal availability of vaccines and medical solutions need to be ensured. Sitharaman informed the Committee that the world’s largest vaccination drive is under way in India with 83.1 million doses administered as on 6th April, 2021 and that India has supplied 65 million made-in-India COVID-19 vaccine doses to 80 countries, including 10 million vaccine doses as grant.

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08/04/2021 5:22:00 PM

Ministry of Commerce & Industry Notifies Copyright (Amendment) Rules, 2021, Says Will Bring Existing Rules In Parity With Other Relevant Legislations

The Government of India has notified Copyright (Amendment) Rules, 2021 vide Gazette notification under reference G.S.R. 225(E) dated 30th March, 2021. In India, the copyright regime is governed by the Copyright Act, 1957 and the Copyright Rules, 2013. The Copyright Rules, 2013 were last amended in the year 2016. The amendments have been introduced with the objective of bringing the existing rules in parity with other relevant legislations. It aims to ensure smooth and flawless compliance in the light of the technological advancement in digital era by adopting electronic means as primary mode of communication and working in the Copyright Office. A new provision regarding publication of a copyrights journal has been incorporated, thereby eliminating the requirement of publication in the Official Gazette. The said journal would be available at the website of the Copyright Office.

In order to encourage accountability and transparency, new provisions have been introduced, to deal with the undistributed royalty amounts and use of electronic and traceable payment methods while collection and distribution of royalties. To reinforce transparency in working of copyright societies a new rule has been introduced, whereby the copyright societies will be required to draw up and make public an Annual Transparency Report for each financial year. The amendments have harmonised the Copyright Rules with the provisions of Finance Act, 2017 whereby the Copyright Board has been merged with Appellate Board.

The compliance requirements for registration of software works have been largely reduced, as now the applicant has the liberty to file the first 10 and last 10 pages of source code, or the entire source code if less than 20 pages, with no blocked out or redacted portions. The time limit for the Central Government to respond to an application made before it for registration as a copyright society is extended to one hundred and eighty days, so that the application can be more comprehensively examined.

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08/04/2021 11:43:00 AM

India's Daily Covid-19 Cases Record Spike Of Nearly 127000

India's daily new Covid-19 cases continue to rise. A total of 1,26,789 new cases were registered in the last 24 hours. Ten States including Maharashtra, Chhattisgarh, Karnataka, Uttar Pradesh, Delhi, Madhya Pradesh, Tamil Nadu, Gujarat, Kerala and Punjab have shown a rise in the COVID daily new cases. A total of 84.21% of the new cases are reported from these 10 states. Maharashtra has reported the highest daily new cases at 59,907. It is followed by Chhattisgarh with 10,310 while Karnataka reported 6,976 new cases.

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08/04/2021 11:39:00 AM

India's Auto Registrations Rise 10% In March Compared To February

The Federation of Automobile Dealers Associations (FADA) today released Monthly Vehicle Registration Data for March 21. March Auto Registrations continued to fall, sliding by 28.64% year on year (YoY) but recorded a rise of 10.05% month on month (MoM). Tractors and Passenger Vehicles registrations grew 29.21% and 28.39% YoY though the spurt was on a low base. On YoY basis, 2 wheelers, 3 wheelers and commercial vehicles registrations fell by 35.26%, 50.72% and 42.20% respectively. On MoM basis 2 wheelers, 3 wheelers, commercial vehicles, passenger vehicles and tractors registrations grew by 9.54%, 14.15%, 14,15%, 10,11% and 12.60% respectively. There was no significant change in Dealer inventory days as PV & 2W inventory remained in the range of 10-15 and 30-35 days. FADA noted that the second wave of Covid is not only spreading faster but is also trying to destabilize the growth which India has been able to achieve in last few months.

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08/04/2021 9:00:00 AM

Consumer Confidence Weakens In March 2021 Says RBI

The Reserve Bank released the results of the March 2021 round of its Consumer Confidence Survey yesterday. The survey was conducted through field interviews during February 27 to March 08, 2021 in thirteen major cities, viz., Ahmedabad; Bengaluru; Bhopal; Chennai; Delhi; Guwahati; Hyderabad; Jaipur; Kolkata; Lucknow; Mumbai; Patna; and Thiruvananthapuram. Perceptions and expectations on general economic situation, employment scenario, overall price situation and own income and spending have been obtained from 5,372 households across these cities.

Consumer confidence for the current period weakened in March 2021 as the current situation index (CSI) dipped further in the negative territory on the back of deteriorating sentiments on general economic situation, income and prices. Respondents expressed lower optimism for the year ahead, which was reflected in the future expectations index (FEI); one year ahead sentiments on all major parameters except prices, however, remained in positive terrain. With higher essential spending vis-a-vis a year ago, most consumers reported higher overall expenditure, which is expected to increase further in the coming year despite continuing moderation in discretionary spending.

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05/04/2021 2:25:00 PM

Covid-19 Vaccinations Surpass 7.9 Crore In India

The cumulative number of COVID19 vaccine doses administered in the country has crossed 7.9 Cr mark today. Cumulatively, 7,91,05,163 vaccine doses have been administered through 12,31,148 sessions, as per the provisional report till 7 am today. These include 90,09,353 HCWs (1st dose), 53,43,493 HCWs (2nd dose), 97,37,850 FLWs (1st dose) and 41,33,961 FLWs (2nd Dose) and 4,99,31,635 (1st Dose) and 9,48,871 (2nd dose) beneficiaries aged more than 45 years. As on Day-79 of the vaccination drive (4th April, 2021), 16,38,464 vaccine doses were given. Out of which, 15,40,676 beneficiaries were vaccinated across 21,508 sessions for 1st dose and 97,788 beneficiaries received 2nd dose of vaccine.

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02/04/2021 2:46:00 PM

India Records More Than 81000 Daily Covid-19 Cases, Vaccinations Also Hit Record Of 36.7 Lakh In A Day

Eight States; Maharashtra, Chhattisgarh, Karnataka, Punjab, Tamil Nadu, Kerala, Delhi and Uttar Pradesh have shown a steep rise in the COVID daily new cases. 81.25% of the new cases are reported from these 8 states. A total of 81,466 new cases were registered in the last 24 hours. Maharashtra has reported the highest daily new cases at 43,183. It is followed by Chhattisgarh with 4,617 while Karnataka reported 4,234 new cases. India has also achieved a milestone in its vaccination drive with the highest ever single day figure of more than 36.7 lakh vaccination coverage recorded in the last 24 hours. As on Day-76 of the vaccination drive (1st April, 2021), 36,71,242 vaccine doses were given. Out of which, 33,65,597 beneficiaries were vaccinated across 51,215 sessions for 1st dose and 3,05,645 beneficiaries received 2nd dose of vaccine.

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02/04/2021 11:22:00 AM

India's Exports Slide 7.40% In FY21, Imports Fall Around 18%

India’s merchandise exports in March 2021 were USD 34.0 billion as compared to USD 21.49 billion in March 2020, marking an increase of 58.23%. Exports during April-March 2020-21 were USD 290.18 billion, as compared to USD 313.36 billion during the same period of last year, exhibiting a negative growth of 7.40%.

India’s merchandise imports in March 2021 were USD 48.12 billion as compared to USD 31.47 billion in March 2020, an increase of 52.89%. Merchandise imports during April-March 2020-21 were USD 388.92 billion, as compared to USD 474.71 billion during the same period of last year, exhibiting a negative growth of 18.07%.

India is thus a net importer in March 2021, with a trade deficit of USD 14.11 billion, as compared to trade deficit of USD 9.98 billion, improvement by 41.4%.

In March 2021, the value of non-petroleum exports was USD 30.79 billion as compared to USD 18.97 billion in March 2020, registering a positive growth of 62.3%. The value of non-petroleum and non-gems and jewellery exports in March 2021 was USD 27.25 billion, as compared to USD 16.95 billion in March 2020, registering a positive growth of 60.72%. The cumulative value of non-petroleum and non-gems and jewellery exports in April-March 2020-21 was USD 238.54 billion, as compared to USD 236.17 billion for the corresponding period in 2019-20, exhibiting a growth of 1.0%.

In March 2021, Oil imports were USD 10.17 billion, as compared to USD 10.05 billion in March 2020, a growth of1.22%. Oil imports in April-March 2020-21 were USD 82.25 billion, as compared to USD 130.55 billion, showing a decline of 37.0%. Non-oil imports in March 2021 are estimated at USD 37.95 billion, as compared to USD 21.42 billion in March 2020, showing an increase of 77.12%. Non-oil imports in April-March 2020-21 were USD 306.67 billion, as compared to USD 344.16 billion, registering a decline of 10.89% during the same period of the last year.

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01/04/2021 4:31:00 PM

GST Revenue Collection For March 21 Hits New Record Of Rs 1.23 Lakh Crore

The gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (including Rs 935 crore collected on import of goods).

The government has settled Rs 21,879 crore to CGST and Rs 17,230 crore to SGST from IGST as regular settlement. In addition, Centre has also settled Rs 28,000 crore as IGST ad-hoc settlement in the ratio of 50:50 between Centre and States/UTs. The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March’ 2021 is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST. Centre has also released a compensation of Rs 30,000 crore during the month of March 2021.

The GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months, the revenues for the month of March 2021 are 27% higher than the GST revenues in the same month last year. During the month, revenues from import of goods was 70% higher and the revenues from domestic transaction (including import of services) are 17% higher than the revenues from these sources during the same month last year. The GST revenue witnessed growth rate of (-) 41%, (-) 8%, 8% and 14% in the first, second, third and fourth quarters of this financial year, respectively, as compared to the same period last year, clearly indicating the trend in recovery of GST revenues as well as the economy as a whole.

GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, Income-tax and Customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months.

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01/04/2021 1:25:00 PM

India Reports More Than 72000 Daily Covid-19 Cases

Eight States, Maharashtra, Chhattisgarh, Karnataka, Punjab, Kerala, Tamil Nadu, Gujarat and Madhya Pradesh continue to show a steep rise in the COVID daily new cases. 84.61% of the new cases are reported from these 8 states. A total of 72,330 new cases were registered in the last 24 hours. Maharashtra has reported the highest daily new cases at 39,544. It is followed by Chhattisgarh with 4,563 while Karnataka reported 4,225 new cases.

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01/04/2021 10:59:00 AM

India Expected To Grow More Than 10% In FY22: World Bank

India is expected to grow more than 10 percent in the fiscal year 2021-22�a substantial upward revision of 4.7 percentage points from January 2021 forecasts, according to World Bank's, South Asia Economic Focus: South Asia Vaccinates report. Prospects of an economic rebound in South Asia are firming up as growth is set to increase by 7.2 percent in 2021 and 4.4 percent in 2022, climbing from historic lows in 2020 and putting the region on a path to recovery.

But growth is uneven and economic activity well below pre-COVID-19 estimates, as many businesses need to make up for lost revenue and millions of workers, most of them in the informal sector, still reel from job losses, falling incomes, worsening inequalities, and human capital deficits, says the World Bank in its twice-a-year regional update.

The latest report shows that the region is set to regain its historical growth rate by 2022. The improved economic outlook reflects South Asian countries' efforts to keep their COVID-19 caseload under control and swiftly roll out vaccine campaigns. Governments' decisions to transition from widespread lockdowns to more targeted interventions, accommodating monetary policies and fiscal stimuli�through targeted cash transfers and employment compensation programs�have also propped up recovery, the report notes.

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01/04/2021 10:27:00 AM

No Change In Interest Rates Of Small Savings Schemes Says Finance Minister

Finance Minister Nirmala Sitharaman stated today that the interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn, she noted.

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31/03/2021 8:08:00 PM

Reserve Bank's house price index rises 1.1% yoy in Q3FY2021 House price index rose 1.2% in Q3FY2021 over Q2FY2021

The Reserve Bank released its quarterly house price index (HPI)1 (base: 2010-11=100) for Q3FY2021, based on transaction level data received from housing registration authorities in ten major cities (viz., Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai).

The annual growth (y-o-y) in all-India HPI remained low at 1.1% in Q3FY2021, similar to the previous quarter but lower than 3.0% a year ago. HPI growth (y-o-y) across major cities varied widely from an increase of 6.0% (Bengaluru) to a contraction of (-) 7.7% (Kochi).

The all-India HPI increased 1.2% in Q3FY2021 over the previous quarter. Chennai, Delhi, Bengaluru and Lucknow recorded sequential (q-o-q) increase in HPI, while it contracted for other cities.

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31/03/2021 5:39:00 PM

Index of Eight Core Industries Records Drop Of 4.6% In February

The combined Index of Eight Core Industries stood at 127.8 in February,2021, which declined by 4.6% (provisional) as compared to the Index of February, 2020.Its cumulative growth during April to February, 2020-21 has been (-) 8.3%. Final growth rate of Index of Eight Core Industries for November, 2020 is revised to (-) 1.1% from its provisional level (-2.6%).The Eight Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP).

The summary of the Index of Eight Core Industries:

Coal - Coal production (weight: 10.33%) declined by 4.4% in February, 2021 over February, 2020. Its cumulative index declined by 2.2% during April to February, 2020-21 over corresponding period of the previous year.

Crude Oil - Crude Oil production (weight: 8.98%) declined by 3.2% in February, 2021 over February, 2020. Its cumulative index declined by 5.4% during April to February, 2020-21 over the corresponding period of previous year.

Natural Gas - Natural Gas production (weight: 6.88%) declined by 1% in February, 2021 over February, 2020. Its cumulative index declined by 9.9% during April to February, 2020-21 over the corresponding period of previous year.

Petroleum Refinery Products- Petroleum Refinery production (weight: 28.04%) declined by10.9 per cent in February, 2021 over February, 2020. Its cumulative index declined by 12.2% during April to February, 2020-21 over the corresponding period of previous year.

Fertilizers-Fertilizers production (weight: 2.63%) declined by 3.7% in February, 2021 over February, 2020. Its cumulative index increased by 2.4% during April to February, 2020-21 over the corresponding period of previous year.

Steel - Steel production (weight: 17.92%) declined by 1.8% in February, 2021 over February, 2020. Its cumulative index declined by 12.4% during April to February, 2020-21 over the corresponding period of previous year.

Cement - Cement production (weight: 5.37%) declined by 5.5% in February, 2021 over February, 2020. Its cumulative index declined by 15.5% during April to February, 2020-21 over the corresponding period of previous year.

Electricity - Electricity generation (weight: 19.85%) declined by 0.2% in February, 2021 over February, 2020. Its cumulative index declined by 2.5% during April to February, 2020-21 over the corresponding period of previous year.

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31/03/2021 11:41:00 AM

Finance Minister Encourages NDB To Facilitate Private Sector Participation

Union Minister of Finance & Corporate Affairs and India's Governor in New Development Bank (NDB), Nirmala Sitharaman attended the 6th Annual Meeting of Board of Governors of New Development Bank through video-conference in New Delhi. The meeting was also attended by Governors/Alternate Governors of Brazil, China, Russia and South Africa.

The Finance Minister underscored India's quick response to limit the impact of the pandemic and to undertake massive vaccination drives which are resulting in a 'V shape recovery'. Sitharaman also highlighted that the world's largest vaccine drive by India is under way and till date, , India has supplied 63.9 million doses of made-in-India COVID vaccine to 80 countries including 10.4 million doses of the vaccine as a grant.

While acknowledging the Bank's achievements and progress made over the last six years, Sitharaman highlighted NDB's role in countercyclical lending through a $10 billion Emergency Assistance Programme for supporting the member countries in fighting the COVID pandemic. The Finance Minister also stressed the need for NDB to maintain and improve upon the ratings assigned by international rating agencies through adequate capitalisation, high quality governance and prudent management.

The Finance Minister encouraged the NDB to facilitate private sector participation, explore more innovative financing structures, discover co-financing opportunities with other MDBs, develop a pipeline of bankable projects, and promote environmental and social safeguards to enhance the sustainability of infrastructure, etc.

Highlighting the role of Development Financial Institutions (DFIs) in infrastructure financing, she mentioned that India is going to set up a new DFI with initial paid-up capital of around $3 billion with a lending target of $69 billion in next three years. She also suggested NDB to develop a synergistic relationship with these institutions that share its development priorities to achieve greater results.

NDB, a multilateral development bank was set up by the BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014 with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other EMDCs of the world. The Bank has been operationalised in 2015, with its Headquarters in Shanghai, China. NDB has so far approved 18 projects of India for an amount of $6,924 million.

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31/03/2021 8:58:00 AM

India To Record Economic Growth Of 7% in 2021-22 Says UNESCAP

The United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) said in a latest update that India's economic output in 2021 is estimated to remain below the 2019 level. Despite a robust reduction in new Covid-19 cases and the start of vaccine roll-out, India's 2021 economic output is expected to remain below the 2019 level, said a report by UN body titled Economic and Social Survey of Asia and the Pacific 2021. It also noted that maintaining low borrowing costs while keeping non-performing loans in check would be a challenge. India is estimated to record an economic growth of 7% in 2021-22, over a contraction of 7.7% witnessed in the previous fiscal on account of the pandemic's impact on normal business activity.

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31/03/2021 8:27:00 AM

Centre Releases Rs 30,000 crore To States As GST Compensation For FY21

The Central Government has released GST Compensation of Rs. 30,000 crore to States as part compensation admissible for FY 2020-21 on 27th March, 2021. The total amount of compensation released so far for the year 2020-21 is Rs. 70,000 crore. As per the decision of GST Council, back to back loan of Rs. 1,10,208 crore has also been released in lieu of shortfall in release of GST Compensation for FY 2020-21. In addition to above, Centre has also released Rs. 28,000 crore (Rs. 14,000 crore to States and Rs. 14,000 crore to Centre) by way of adhoc settlement of IGST on 30th March' 2021. Taking into account the release of GST Compensation, back to back loan and adhoc IGST settlement, balance of only Rs. 63,000 crore approx. GST Compensation is pending to States/UTs for FY 2020-21.

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30/03/2021 11:09:00 AM

India's Present Active Caseload Stands At 4.33% Of The Country's Total Positive Cases

Eight States, Maharashtra, Karnataka, Punjab, Madhya Pradesh, Gujarat, Kerala, Tamil Nadu and Chhattisgarh have reported high number of COVID daily new cases. 84.5% of the new cases are reported from these 8 states. 68,020 new cases were registered in the last 24 hours. Maharashtra has reported the highest daily new cases at 40,414. It is followed by Karnataka with 3,082 while Punjab reported 2,870 new cases.

India's total Active Caseload has reached 5,21,808 today. India's present active caseload now stands at 4.33% of India's total Positive Cases. A net incline of 35,498 cases recorded from the total active caseload in the last 24 hours. Five States, Maharashtra, Kerala, Punjab, Karnataka and Chhattisgarh cumulatively account for 80.17% of the total active cases in the country. On the other hand, the total vaccination coverage in India has crossed 6 crores.

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30/03/2021 10:45:00 AM

India And US Agreed To Revamp Strategic Energy Cooperation

Minister of Petroleum and Natural Gas & Steel Dharmendra Pradhan held an introductory meeting virtually with US Secretary of Energy H.E. Jennifer Granholm. Minister Pradhan congratulated Secretary Granholm on assuming the high office and reviewed the India-US Strategic Energy Cooperation (SEP). Both leaders agreed to revamp the India-US SEP to reflect the new priorities of Prime Minister Narendra Modi and President Joe Biden with focus on promoting clean energy with low-carbon pathways and accelerating green energy cooperation. They agreed to prioritise greater collaboration in cleaner energy sector- biofuels, CCUS, hydrogen production and carbon sequestration through technology exchange, joint R&D through Partnership to Advance Clean Energy Research (PACE-R), among other initiatives.

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21/04/2020 2:37:00 PM

Govt extends benefit of interest subvention and prompt repayment incentive for short term crop loans till 31 May Short term crop loans upto Rs 3 lakh per farmer becoming due between 1 March 2020 and 31 May 2020 to benefit

In the wake of the nationwide lockdown due to outbreak of Covid -19 pandemic and the resultant restrictions imposed on movement of people, many farmers are not able to travel to bank branches for payment of their short term crop loan dues. As per RBI circular dated 27 March 2020 regarding Covid 19-Regulatory Package, moratorium has been granted for three months on payment of installments falling due between 1 March 2020 and 31 May 2020 in respect of all term loans including short term crop loans.

Accordingly, to ensure that farmers do not have to pay penal interest and at the same time continue getting the benefits of interest subvention scheme, Government has decided to continue the availability of 2% interest subvention and 3% prompt repayment incentive to farmers for the extended period of repayment upto 31 May 2020 or date of repayment, whichever is earlier, for short term crop loans upto Rs 3 lakh per farmer which have become due between 1 March 2020 and 31 May 2020.

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21/04/2020 10:20:00 AM

Government of India announces the sale of four dated securities for Rs 21,000 crore

The government of India (GoI) has announced the sale (re-issue) of four dated securities for Rs 21000 crore. These include 5.09% GS 2022 3,000, 6.45% GS 2029 9,000, GoI FRB 2031 4,000 and 7.19% GS 2060 5,000. GoI will have the option to retain additional subscription up to Rs 2,000 crore each against any one or more of the above security. The sale will be subject to the terms and conditions spelt out in this notification (called 'Specific Notification'). The auction will be price based (for all securities), using multiple price method. Up to 5% of the notified amount of the sale of the stocks 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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21/04/2020 10:00:00 AM

Advisory Council Of 15th Finance Commission To Meet This Week

The Economic Advisory Council of the Fifteenth Finance Commission will meet on 23-24 April, 2020. It will be an online meeting presided by Chairman of the 15th Finance Commission, N. K. Singh and attended by all the Members and Senior Officials of the Finance Commission. The meeting will be attended by the 5 Members of the Council including Krishnamurthy Subramanian, Sajjid Z Chinoy, Prachi Mishra, Neelkanth Mishra and Omkar Goswami on 23rd April, 2020. The meeting with the remaining Members of the Council will be held on the next day i.e. 24th April, 2020. The likely agenda for the Advisory Council Meeting is implications of the pandemic for GDP growth in 2020-21 and 2021-22 uncertainty about macro variables over time and possible assumptions for tax buoyancy and revenue in the current year and next year. It is also supposed to deliberate on what should be the public expenditure fillip to shore up the economy.

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