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The Reserve Bank had announced construction of a composite Reserve Bank of India - Digital Payments Index (RBI-DPI) with March 2018 as base to capture the extent of digitisation of payments across the country. The index for September 2021 stands at 304.06 as against 270.59 for March 2021. The RBI-DPI Index continues to demonstrate significant growth in adoption and deepening of digital payments across the country.
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Crude oil production during December 2021 was 2509.98 TMT, which is 5.19% lower than target for the month and 1.81% lower than the production of December 2020. Cumulative crude oil production during April-December, 2021 was 22378.40 TMT, which is 4.47% and 2.63% lower than target for the period and production during corresponding period of last year respectively.
Natural gas production during December 2021 was 2896.69 MMSCM, which is 19.45% higher than the production of December 2020 but 14.93% lower than the monthly target. Cumulative natural gas production during April-December 2021 was 25673.90 MMSCM, which is 21.51% higher than production during corresponding period of last year but 8.75% lower when compared with target for the period.
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The Organization of Petroleum Exporting Countries (OPEC) has stated in a latest monthly update for January 2022 that India's economic growth forecast for 2021 stands at 8.8% and at 7% in 2022, unchanged from the previous month. While India experienced rising inflation in 2021, price rises have retracted to more reasonable levels in recent months, in line with the central bank's expectations, allowing it not to hike interest rates. The economic recovery momentum in India has been slowing since 3Q21 amid a rising new wave of infection, as well as the lingering impact of the Delta wave in 2021. The slowdown in industrial and consumption activities might keep India's economic outlook cautious, especially as the new Omicron variant of COVID -19 may increase uncertainties entering 1Q22. Nevertheless, the postponed recovery may materialize in the coming year, OPEC noted.
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India records 2,82,970 new cases in the last 24 hours. 8,961 Total Omicron cases detected so far; an increase of 0.79% since yesterday. Daily positivity rate (15.13%). Weekly Positivity Rate (15.53%). India's Active caseload currently stands at 18,31,000, Active cases stand at 4.83%. Recovery Rate currently stands at 93.88% with 1,88,157 recoveries in the last 24 hours taking the total recoveries to 3,55,83,039. 70.74 crore tests were conducted so far; 18,69,642 tests conducted in the last 24 hours. 158.88 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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The recent trends in FDI flows at the global level and across regions/countries suggest that India has generally attracted higher FDI flows and continued to remain among the top attractive destinations for international investors, the Reserve Bank Of India (RBI) has stated in a research paper. India's Foreign Liabilities and Assets (FLA) census, which is a part of global CDIS initiative has been a major step forward towards estimating foreign investment and provide consistent annual data on FDI (equity and debt) on face value as well as at market value based on complete enumeration. An empirical analysis of factors influencing inward FDI, considering major countries in terms of their FDI stock position in India shows that inward FDI is significantly influenced by trade openness, economic growth prospects, market size, labour cost and capital account openness of the host countries.
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The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal today said it is possible to achieve exports of USD 650 Billion within the current financial year. Chairing a Review Meeting of all major Export Promotion Councils (EPCs), Goyal said the $400 Bn target of Merchandise exports is within sight and the Services sector should strive for $250 Bn exports. Expressing his satisfaction that India achieved $300 Bn Merchandise exports in the first nine months of the current FY (April-Dec, 2022), Goyal assured the EPCs that his Ministry will do whatever it takes in handholding the EPCs and resolving their issues to attain even higher export targets in the next FY.
Goyal said we can set a much higher goods exports target in the current last quarter of this FY. �In December alone we touched $37 Bn goods exports despite the Omicron fear factor weighing high. This month, in 15 days till January 15th, we have reached $16 Bn.� Goyal said the Prime Minister Shri Narendra Modi has himself set the pace by setting �transformational results� and not �incremental growth�. The Commerce & Industry Minister urged the EPCs and entrepreneurs to avail of the Government's initiatives towards Ease of Doing Business such as obtaining clearances through the National Single Window System. He assured the Industry representatives to pursue their demands during the various FTA negotiations.
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The Reserve Bank Of India (RBI) stated in its latest monthly bulletin that the overall economic activity in India remains strong, with upbeat consumer and business confidence and upticks in several incoming high frequency indicators. On the vaccination front, India has made rapid strides. On the Omicron variant, the recent data from the UK and South Africa suggest that such infections are 66 to 80% less severe, with a lower need for hospitalisation. This has brightened near-term prospects and financial markets reflect this optimism.
Alongside, monetary and credit conditions are improving with bank credit picking up in a gradual but sustained manner. India’s digital payment ecosystem is also expanding rapidly. In contrast, the global outlook remains clouded by considerable uncertainty. Inflation continues to mount across geographies amidst disruptions in production, supply chains and transportation. Consequently, the divergence between monetary policy stances across jurisdictions has widened. There are indications that supply chain disruptions and shipping costs are slowly easing, although the waning of inflation may take longer.
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A total of 504 sugar mills were in operation in the country as on 15th January 2022 and have produced 151.41 lac tons of sugar, as compared to 142.78 lac tons produced by 487 sugar mills as on 15th January' 2021. This is 8.63 lac tons higher as compared to last season's production for the corresponding period. In Maharashtra, 192 sugar mills, which are in operation, have produced 58.84 lac tons till 15th January, 2022, as against 181 sugar mills which had produced 51.55 lac tons last year upto same period. This is 7.29 lac tons or around 6% higher as compared to last season's production for the corresponding period. In Uttar Pradesh, 120 sugar mills have produced 40.17 lac tons till 15th January, 2022. In the last 2020-21 SS, similar number of sugar mills were in operation on 15th January, 2021 and they had produced 42.99 lac tons of sugar. A total of 70 sugar mills in Karnataka are in operation, who have produced 33.20 lac tons of sugar as on 15th January,2022, as compared to 29.80 lac tons produced by 66 sugar mills in 2020-21 SS on 15th January, 2021.
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The Government of India (GoI) has announced the Sale (Re-issue) of (i) '4.56% Government Security, 2023' for a notified amount of Rs 2,000 crore (nominal) through price based auction using uniform price method (ii) '5.74% 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) '6.99% Government Security, 2051' 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, Mumbai Office, Fort, Mumbai on Friday i.e. January 21, 2022.
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India adds 2,38,018 new covid cases in the last 24 hours. 8,891 Total Omicron cases were detected so far; an increase of 8.31% since yesterday. Daily positivity rate (14.43%). Weekly Positivity Rate (14.92%). India's Active caseload currently stands at 17,36,628. Active cases stand at 4.62%. Recovery Rate currently stands at 94.09% with 1,57,421 recoveries in the last 24 hours taking the total recoveries to 3,53,94,882. 70.54 crore tests were conducted so far and 16,49,143 tests were conducted in the last 24 hours, 158.04 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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Union Minister of Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, Piyush Goyal has assured leaders of India's top IT companies that the Central government will give full support to the sector to accelerate growth and help India's Services exports soar to $1 trillion in a decade. Goyal said India was on track to achieve its merchandise exports target of $400 billion this year, while Services exports were likely to be about $240 billion to $250 billion, which is much lower, but can grow rapidly and catch up with merchandise exports. Goyal welcomed the IT industry's proposal to start IT hubs in Tier-2 and Tier-3 towns, which would create numerous jobs and help develop the regions. He said the IT industry should identify the towns, and the Centre would assist them in providing all the necessary infrastructure and facilities.
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India' s passenger vehicle sales declined 13 per cent to 2,19,421 units in December, auto industry body SIAM said on Friday. Passenger vehicle sales in December 2020 stood at 2,52,998 units. As per the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales also fell 11 per cent to 10,06,062 units, compared to 11,27,917 vehicles in December 2020. In October-December period of this fiscal year, passenger vehicle sales declined 15 per cent to 7,61,124 units from 8,97,908 units in the year-ago period. Commenting on Q3 sales data, Mr Rajesh Menon, Director General, SIAM said, �Demand of Passenger Vehicle Segment was largely affected due to supply constraints while the Two-Wheeler segment was majorly impacted due to subdued demand. Sales of Passenger Vehicles in Q3 has been the lowest in 5 years, while for the Two-Wheelers it has been the lowest in 9 years. Only the Heavy Goods segment in Commercial Vehicles have shown positive growth compared to Q3 of previous two years. Sales of Buses and Three-Wheelers continue to be a concern. Barring 2020, the Sales of Commercial vehicles in Q3 has been lowest in last 5 years and sales of Three-Wheelers, barring 2020, has been the lowest in last 13 years.�
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India records 2,58,089 new cases recorded in the last 24 hours. 8,209 total Omicron cases were detected so far; an increase of 6.02% since yesterday. Daily positivity rate (19.65%). Weekly Positivity Rate (14.41%). India's Active caseload currently stands at 16,56,341. Active cases stand at 4.43%. Recovery Rate currently stands at 94.27% with 1,51,740 recoveries in the last 24 hours taking the total recoveries to 3,52,37,461. 70.37 cr tests were conducted so far; 13,13,444 tests conducted in the last 24 hours. 157.20 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.
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India on Saturday reported 2,68,833 fresh cases of COVID-19, extending the recent surge. The latest count marked a jump of nearly 4600 infections on previous day. The country also reported 402 deaths due to the disease. The active cases have risen to 14,17,82, the highest in around 223 days, and comprise 3.85% of the total infections., according to Union Health Ministry's data today. The fresh cases and fatalities pushed the country's COVID tally to 3,68,50,962 and the death toll to 4,85,752.
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India reported 2,64,202 new Covid-19 cases yesterday. A total of 1,09,345 patients have recovered in the last 24 hours and the cumulative tally of recovered patients (since the beginning of the pandemic) is now at 3,48,24,706. Consequently, India's recovery rate stands at 95.20%. India's Active Caseload is presently at 12,72,073. Active cases constitute 3.48% of the country's total Positive Cases. The testing capacity across the country continues to be expanded. The last 24 hours saw a total of 17,87,457 tests being conducted. India has so far conducted over 69.90 Cr (69,90,99,084) cumulative tests. While testing capacity has been enhanced across the country, Weekly Positivity Rate in the country currently stands at 11.83% and the Daily Positivity rate also reported to be 14.78%.
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India reported 2,64,202 new Covid-19 cases yesterday. A total of 1,09,345 patients have recovered in the last 24 hours and the cumulative tally of recovered patients (since the beginning of the pandemic) is now at 3,48,24,706. Consequently, India's recovery rate stands at 95.20%. India's Active Caseload is presently at 12,72,073. Active cases constitute 3.48% of the country's total Positive Cases. The testing capacity across the country continues to be expanded. The last 24 hours saw a total of 17,87,457 tests being conducted. India has so far conducted over 69.90 Cr (69,90,99,084) cumulative tests. While testing capacity has been enhanced across the country, Weekly Positivity Rate in the country currently stands at 11.83% and the Daily Positivity rate also reported to be 14.78%.
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The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal launched the Free Trade Agreement negotiations with the United Kingdom along with Anne-Marie Trevelyan, UK Secretary of State for International Trade in New Delhi today. The FTA is expected to facilitate the target of doubling bilateral trade between India and United Kingdom by 2030, set by the Prime Ministers of both the nations, Narendra Modi and Boris Johnson in May 2021. Goyal said that the FTA with UK is expected to provide certainty, predictability and transparency and will create a more liberal, facilitative and competitive services regime.
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The Reserve Bank Of India (RBI) has reported that currency in circulation moved up by 1% on the week to stand at Rs 30 lakh crore as on January 7, 2021. The central bank stated further that the overall reserve money contracted by 1.1% on the week to Rs 37.60 lakh crore. Currency in circulation moved up 7.8% on a year ago basis compared to 21.80% growth at the same time last year. In the current fiscal, the currency in circulation has gone up by 5.7% so far while the reserve money has gained by 4.4%.
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India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 1.4% in November 2021. For the month of November 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 128.5. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of November 2021 stand at 111.9, 129.6 and 147.9 respectively. As per Use-based classification, the indices stand at 126.5 for Primary Goods, 81.2 for Capital Goods, 141.8 for Intermediate Goods and 142.5 for Infrastructure/ Construction Goods for the month of November 2021. Further, the indices for Consumer durables and Consumer non-durables stand at 106.7 and 150.3 respectively for the month November 2021.
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India's retail inflation, which is measured by the Consumer Price Index (CPI), rose to a five-month high 5.59% in the month of December. The Consumer Food Price Index (CFPI) or the inflation in the food basket also spiked on-month during December to 4.05%, from 1.87% in November. The surge in the food basket was due to a sharp rise in prices of oils and fats which climbed 24.32% on year in December.
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India adds 90,928 new cases in the last 24 hours. Daily positivity rate (6.43%). Weekly Positivity Rate (3.47%). India's Active caseload currently stands at 2,85,401. Active cases account for less than 1% of total cases, currently at 0.81%. Recovery Rate currently stands at 97.81% with 19,206 recoveries in the last 24 hours taking the total recoveries to 3,43,41,009. 148.67 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. 68.53 crore tests were conducted so far. Omicron tally in the country stands at 2,630.
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India recorded 37,379 new cases in the last 24 hours. Daily positivity rate (3.24%). Weekly Positivity Rate (2.05%). India's Active caseload currently stands at 1,71,830. Active cases account for less than 1% of total cases, currently at 0.49%. Recovery Rate currently stands at 98.13% with 11,007 recoveries in the last 24 hours taking the total recoveries to 3,43,06,414. 68.24 cr tests were conducted so far. 146.70 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. The country's omicron tally stands at 1,892.
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Health of the Indian manufacturing industry improved further in December, with growth of new work and production remaining sharp in spite of losing momentum, data from HIS Markit manufacturing PMI revealed. At 55.5 in December, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) pointed to a robust improvement in overall operating conditions that was elevated by historical standards. This was despite the headline figure slipping from November's ten-month high of 57.6. Moreover, the latest quarterly reading was at 56.3, its highest since the final quarter of fiscal year 2020/21.
Companies continued with their stock-building initiatives, as evidenced by another robust upturn in buying levels. Business confidence strengthened, but sentiment was again dampened by concerns surrounding supply-chain disruptions, COVID-19 and inflationary pressures. Although input costs rose sharply, and at an above-trend pace, the rate of inflation eased to a three-month low. Companies in turn restricted the passing on of additional cost burdens to clients, with factory gate charges increasing at the slowest pace in over a year.
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India adds 33,750 new cases in the last 24 hours. Daily positivity rate (3.84%). Weekly Positivity Rate (1.68%). India's Active caseload currently stands at 1,45,582. Active cases account for less than 1% of total cases, currently at 0.42%. Recovery Rate currently stands at 98.20% with 10,846 recoveries in the last 24 hours taking the total recoveries to 3,42,95,407. 145.68 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. 68.09 crore tests were conducted so far. Omicron cases in the country stand at 1,700.
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The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods). The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST. The revenues for the month of December 2021 are 13% higher than the GST revenues in the same month last year and 26% higher than the GST revenues in December 2019. During the month, revenues from import of goods was 36% higher and the revenues from domestic transaction (including import of services) are 5% higher than the revenues from these sources during the same month last year. The GST collection in the month is close to Rs 1.30 lakh crore despite reduction of 17% in the number of e-way bills generated in the month of November, 2021 (6.1 crore) as compared to the month of October, 2021 (7.4 crore).
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The GST Council's 46th meeting was held today in New Delhi under the chairmanship of Union Finance & Corporate Affairs Minister Nirmala Sitharaman.The GST Council has recommended to defer the decision to change the rates in textiles recommended in the 45th GST Council meeting. Consequently, the existing GST rates in textile sector would continue beyond 1st January, 2022. The GST Council had earlier decided to raise the rate on textiles from 5% to 12%.
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The combined Index of Eight Core Industries stood at 131.7 in November 2021, rising by 3.1 per cent (provisional) as compared to the Index of November 2020. The production of Coal, Natural Gas, Refinery Products, Fertilizers, Steel and Electricity industries increased in November 2021 over the corresponding period of last year. Final growth rate of Index of Eight Core Industries for August 2021 is revised to 12.2% from its provisional level 11.6%. The growth rate of ICI during April-November 2021-22 was 13.7% (P) as compared to the corresponding period of last FY.
Coal – Coal production (weight: 10.33 per cent) increased by 8.2 per cent in November, 2021 over November, 2020. Its cumulative index increased by 11.6 per cent during April to November, 2021-22 over corresponding period of the previous year.
Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 2.2 per cent in November, 2021 over November, 2020. Its cumulative index declined by 2.7 per cent during April to November, 2021-22 over the corresponding period of previous year.
Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 23.7 per cent in November, 2021 over November, 2020. Its cumulative index increased by 22.8 per cent during April to November, 2021-22 over the corresponding period of previous year.
Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 4.3 per cent in November, 2021 over November, 2020. Its cumulative index increased by 10.6 per cent during April to November, 2021-22 over the corresponding period of previous year.
Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 2.5 per cent in November, 2021 over November, 2020. Its cumulative index decreased by 0.6 per cent during April to November, 2021-22 over the corresponding period of previous year.
Steel – Steel production (weight: 17.92 per cent) increased by 0.8 per cent in November, 2021 over November, 2020. Its cumulative index increased by 25.3 per cent during April to November, 2021-22 over the corresponding period of previous year.
Cement – Cement production (weight: 5.37 per cent) decreased by 3.2 per cent in November, 2021 over November, 2020. Its cumulative index increased by 28.3 per cent during April to November, 2021-22 over the corresponding period of previous year.
Electricity – Electricity generation (weight: 19.85 per cent) increased by 1.5 per cent in November, 2021 over November, 2020. Its cumulative index increased by 10.2 per cent during April to November, 2021-22 over the corresponding period of previous year.
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Finance Minister Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories for Union Budget 2022-23 in New Delhi yesterday. The meeting was attended by Union Minister of State for Finance, Chief Ministers, Deputy Chief Ministers, Finance Ministers, Ministers and Senior Officers from the States and Union Territories and the Union Government. The Finance Secretary welcomed all the participants to the deliberation and informed the importance of this particular consultation meeting. Most of the participants thanked the Union Finance Minister for financially supporting their States and Union Territories during the worst months of pandemic, by enhancing borrowing limits, providing back to back loans to States and through special assistance for capital expenditure. The participants also gave numerous suggestions to the Union Finance Minister for inclusion in the Budget Speech. Sitharaman thanked the participants for their inputs and suggestions towards Union Budget 2022-23 and assured to examine each of the proposals.
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India's agricultural and processed food exports have grown at a steady pace in the last decade notwithstanding several logistical challenges faced in the global trade of the commodities. Exports of agricultural and processed food products under Agricultural and Processed Food Products Export Development Authority (APEDA) basket rose to USD 20,674 million (Rs 15,30,50 crore) during 2020-21, from USD 17,321 million (Rs 83,484 crore) in 2011-12, according to data by the Directorate General of Commercial Intelligence and Statistics (DGCI&S). Non-Basmati Rice has emerged as India's top export item among the many agricultural and processed food product exports under APEDA basket, contributing close to one fourth of the total exports in 2020-21. Top three products in the APEDA export basket in 2020-21 were Non-Basmati Rice (23.22% share), Basmati Rice (19.44%) and Buffalo Meat (15.34%) and these products together account for 58 per cent of total shipments.
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India's Cumulative COVID-19 Vaccination Coverage has exceeded 144 Cr. A total of 7,585 patients have recovered in the last 24 hours and the cumulative tally of recovered patients (since the beginning of the pandemic) is now at 3,42,66,363. Consequently, India's recovery rate stands at 98.36%. A total of 16,764 new cases were reported in the last 24 hours. India's Active Caseload is presently at 91,361. Active cases constitute 0.26% of the country's total Positive Cases. Weekly Positivity Rate at 0.89% remains less than 1% for the last 47 days now. The Daily Positivity rate is reported to be 1.34%. The daily Positivity rate has remained below 2% for last 88 days and below 3% for 123 consecutive days now.
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RBI stated yesterday that bank credit growth continued to be driven by growth in personal loans, which accounted for 27.4 per cent of total credit in September 2021 as compared with 25.0 per cent one year ago and 19.3 per cent five years ago.
Industrial sector’s demand for bank credit moderated during the COVID-19 pandemic; its share in outstanding credit declined to 28.0 per cent in September 2021 from 29.9 per cent a year ago.
As private corporate sector’s demand for bank credit continued to moderate and the credit share of the household sector2 increased further, the share of borrowers with relatively small-sized loans (with credit limit up to Rs. one crore) increased to 47.2 per cent of total credit vis-a-vis 44.4 per cent one year ago and 37.1 per cent five years ago.
The share of female individual borrowers in total credit stood at 9.8 per cent in terms of amount and 31.3 per cent in number of credit accounts in September 2021; their share in the incremental credit during the last one year (September 2021 over September 2020) stood higher at 20.5 per cent in loan amount and 44.8 per cent in terms of number of accounts.
Private sector banks continued to lead the loan expansion and increased their share in total credit to 37.5 per cent in September 2021 from 35.9 per cent a year ago and 26.4 per cent five years ago.
Weighted average lending rate (WALR) on outstanding credit declined by 10 basis points (bps) during the quarter ended September 2021 and by 61 bps over the last one year.
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The Government of India has announced the sale (re-issue) of Government Stock through auctions to be held on December 31, 2021. This sale includes GOI FRB 2028 (Rs 4000 crores), 6.10% GS 2031 (Rs 13000 crore), 6.95% GS 2061 (Rs 7000 crore). The underwriting auction will be conducted through multiple price-based method on December 31, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 9:00 A.M. and 9:30 A.M. on the date of underwriting auction.
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India reported a sharp spike in its daily Covid-19 cases as 13,154 new cases were reported in the last 24 hours.India's Active Caseload is presently at 82,402. Active cases constitute 0.24% of the country's total Positive Cases.The testing capacity across the country continues to be expanded. The last 24 hours saw a total of 11,99,252 tests being conducted. India has so far conducted over 67.64 Cr (67,64,45,395) cumulative tests. While testing capacity has been enhanced across the country, Weekly Positivity Rate at 0.76% remains less than 1% for the last 46 days now. The Daily Positivity rate reported to be 1.10%. The daily Positivity rate has remained below 2% for last 87 days and below 3% for 122 consecutive days now.
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Prime Minister Narendra Modi will release the 10th instalment of financial benefit under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme on 1st January, 2022 at 12:30 PM via video conferencing. This will enable the transfer of an amount of more than Rs. 20,000 crore to more than 10 crore beneficiary farmer families. Under the PM-KISAN scheme, a financial benefit of Rs. 6000/- per year is provided to the eligible beneficiary farmer families, payable in three equal 4-monthly installments of Rs.2000/- each. The fund is transferred directly to the bank accounts of the beneficiaries. In this scheme, Samman Rashi of over Rs. 1.6 lakh crore has been transferred to farmer families so far. During the programme, Prime Minister will also release equity grant of more than Rs. 14 crore to about 351 Farmer Producer Organizations (FPOs), which will benefit more than 1.24 lakh farmers. Prime Minister will interact with FPOs during the event and will also address the nation.
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Reserve Bank released the 24th 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. The bank noted that global economic recovery has been losing momentum in the second half of 2021 in the face of resurfacing COVID-19 infections, the new variant Omicron, supply disruptions and bottlenecks, elevated inflationary levels and shifts in monetary policy stances and actions across advanced economies and emerging market economies.
On the domestic front, progress in vaccination has enabled the recovery to regain traction after the debilitating second wave of the pandemic, notwithstanding signs of slowing pace more recently; the corporate sector is gaining strength and bank credit growth is improving. The capital to risk-weighted assets ratio (CRAR) of scheduled commercial banks (SCBs) rose to a new peak of 16.6 per cent and their provisioning coverage ratio (PCR) stood at 68.1 per cent in September 2021.
Macro stress tests for credit risk indicate that the gross non-performing asset (GNPA) ratio of SCBs may increase from 6.9 per cent in September 2021 to 8.1 per cent by September 2022 under the baseline scenario and to 9.5 per cent under a severe stress scenario. SCBs would, however, have sufficient capital, both at the aggregate and individual levels, even under stress conditions. Emerging signs of stress in micro, small and medium enterprises (MSME) as also in the micro finance segment call for close monitoring of these portfolios going forward.
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Mr Sunil Barthwal, Secretary (L&E), Ministry of Labour & Employment, Govt of India emphasized that the government has tried to make the new labour codes as much contemporary as possible and tried to ensure the contemporariness of the world we are living should be there. The government took various measures to improve the women's participation in the workforce.
Mr Barthwal said, Unless women participation improves, the contribution to GDP from women workers will not be to the extent, we want this economy to grow. We have looked at the labour codes from various viewpoint including employers, workers, women, youth and it is a good amalgamation of different point of views. When we look at the future of work then we will have to look at different employment models and how we can do justice to all models, he added.
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India adds 9,195 new cases in the last 24 hours. Daily positivity rate (0.79%) less than 2% for last 86 days. Weekly Positivity Rate (0.68%) less than 1% for last 45 days. India's Active caseload currently stands at 77,002. Active cases account for less than 1% of total cases, currently at 0.22%; Lowest since March 2020. Recovery Rate currently stands at 98.40%; Highest since March 2020 with 7,347 recoveries in the last 24 hours taking the total recoveries to 3,42,51,292. 67.52 crore tests were conducted so far. 143.15 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. Total Omicron cases in the country stand at 781.
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The Confederation of All India Traders (CAIT) has urged Union Finance Minister Nirmala Sitharaman to defer the hike in the good and services tax (GST) on textiles that is due to come in from January 1, 2022. The government in November notified an increase in GST on natural fibre products from 5% to 12%, including apparels in the lower tax bracket.
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The Government of India (GoI) has announced the Sale (re-issue) of (i) GoI Floating Rate Bonds, 2028 for a notified amount of Rs 4,000 crore (nominal) through price based auction using uniform price method; (ii) 6.10% Government Security, 2031 for a notified amount of Rs 13,000 crore (nominal) through price based auction using uniform price method; and (iii) 6.95% Government Security 2061 for a notified amount of Rs7,000 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/ies. 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 records 6,358 new cases in the last 24 hours. Daily positivity rate (0.61%) less than 2% for last 85 days. Weekly Positivity Rate (0.64%) less than 1% for last 44 days. India's Active caseload currently stands at 75,456. Active cases account for less than 1% of total cases, currently at 0.22%; Lowest since March 2020. Recovery Rate currently stands at 98.40%; Highest since March 2020 with 6,450 recoveries in the last 24 hours taking the total recoveries to 3,42,43,945. 67.41 crore tests were conducted so far. 142.47 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. The total number of Omicron cases in the country stand at 653.
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Kerala has again emerged as the top ranking state in terms of overall health performance among larger states, while Uttar Pradesh is the worst, according to the fourth Health Index launched by Niti Aayog. The fourth round of the Health Index took into account the period 2019-20 (reference year). The report by the government think tank said Tamil Nadu and Telangana have emerged as the second and third best performers, respectively, on health parameters. The report, however, added that Uttar Pradesh ranked at the top in terms of incremental performance by registering the highest incremental change from the base year (2018-19) to reference year (2019-20). Among the smaller states, Mizoram emerged as the best performer in overall performance as well as incremental performance, while among UTs, Delhi and Jammu & Kashmir ranked among the bottom UTs in terms of overall performance but emerged as the leading performer in terms of incremental performance. The report has been prepared in collaboration with the Ministry of Health and Family Welfare with technical assistance from the World Bank.
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The Reserve Bank of India (RBI) issued a statement on Monday, amid speculation relating to the RBL Bank Ltd. in certain quarters which appears to be arising from recent events surrounding the bank. RBI stated that the bank is well capitalised and the financial position of the bank remains satisfactory. As per half yearly audited results as on September 30, 2021, the bank has maintained a comfortable Capital Adequacy Ratio of 16.33 per cent and Provision Coverage Ratio of 76.6 per cent. The Liquidity Coverage Ratio (LCR) of the bank is 153 per cent as on December 24, 2021 as against regulatory requirement of 100 per cent. Further, it is clarified that appointment of Additional Director/s in private banks is undertaken under Section 36AB of the Banking Regulation Act, 1949 as and when it is felt that the board needs closer support in regulatory / supervisory matters. As such, there is no need for depositors and other stakeholders to react to the speculative reports. The bank's financial health remains stable.
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Commenting on the announcements by the Prime Minister, FICCI President Mr Sanjiv Mehta said, We are deeply thankful to the Hon'ble Prime Minister Shri Narendra Modi for his announcement on launching the vaccination campaign for children in the age group of 15-18 years who form a major part of the unvaccinated, susceptible population in India. We are also grateful for opening the Booster or Precaution dose for the Healthcare and Frontline workers as well as the senior citizens with comorbidities, which will help us protect our high-risk population given the rising concerns from the forecasted 3rd COVID wave.
With 61 percent of population fully vaccinated, this is rightful expansion of India's vaccination campaign is a significant step towards our continuous fight against the COVID-19 pandemic and will aid in tackling the new Omicron variant. The preparation announced by the Prime Minister for managing the pandemic in coming months is indeed very encouraging for the industry as well as the citizens of India, added Mr Mehta. The Prime Minister has announced that the nation has 18 lakh isolation beds, 5 lakh oxygen-supported beds, 1.4 lakh ICU beds, and 90,000 special beds for children. There are over 3,000 functional PSA Oxygen plants and 4 lakh Oxygen cylinders have been provided to all states. Apart from research on the vaccine, the government is also working on approval processes, supply chains, distribution, training, IT support system, and certification.
Mr Mehta also added that the industry has been at the forefront, supporting the government at every stage during the pandemic and assures its continuous collaboration and assistance towards protecting the nation from any further adversities. FICCI urges all to follow the protocols announced by the state governments and maintain COVID appropriate behavior, without which it is impossible to manage a pandemic of this scale.
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The RBI has announced auction of State Government Securities. A number of State Governments have offered to sell securities by way of auction, for an aggregate amount of Rs 22,984 Cr. (Face Value). The auction will be conducted on the Reserve Bank of India Core Banking Solution (E-Kuber) system on December 28, 2021 (Tuesday). The Government Stock up to 10% of the notified amount of the sale of each stock will be allotted to eligible individuals and institutions subject to a maximum limit of 1% of its notified amount for a single bid per stock as per the Scheme for Non-competitive Bidding Facility. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system on December 28, 2021 (Tuesday). The non-competitive bids should be submitted between 10.30 A.M. and 11.00 A.M. and the competitive bids should be submitted between 10.30 A.M. and 11.30 A.M. Individual investors can also place bids as per the non-competitive scheme through the Retail Direct portal (https://rbiretaildirect.org.in).
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India sees 6,531 new cases in the last 24 hours. Daily positivity rate (0.87%) less than 2% for last 84 days. Weekly Positivity Rate (0.63%) less than 1% for last 43 days. India's Active caseload currently stands at 75,841. Active cases account for less than 1% of total cases, currently at 0.22%; Lowest since March 2020. Recovery Rate currently stands at 98.40%; Highest since March 2020 with 7,141 recoveries in the last 24 hours taking the total recoveries to 3,42,37,495. 67.29 crore tests were conducted so far. 141.70 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. The country has reported a total of 578 Omicron cases.
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India adds 6,650 new cases in the last 24 hours. Daily positivity rate (0.57%) less than 2% for last 81 days. Weekly Positivity Rate (0.59%) less than 1% for last 40 days. India's Active caseload currently stands at 77,516. Active cases account for less than 1% of total cases, currently at 0.22%; Lowest since March 2020. Recovery Rate currently stands at 98.40%; Highest since March 2020 with 7,051 recoveries in the last 24 hours taking the total recoveries to 3,42,15,977. 66.98 crore tests were conducted so far. 140.31 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. Total omicron cases in the country rise to 358.
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The Reserve Bank Of India (RBI) has reported that currency in circulation edged lower by 0.10% on the week to stand at Rs 29.98 lakh crore as on December 17, 2021. The central bank stated further that the overall reserve money gained by 1.2% on the week to Rs 37.38 lakh crore. Currency in circulation rose 8% on a year ago basis compared to 22.20% growth at the same time last year. In the current fiscal, the currency in circulation has gone up by 5.1% so far while the reserve money has gained by 5.2%.
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India adds 7,495 new cases in the last 24 hours. Daily positivity rate (0.62%) less than 2% for last 80 days. Weekly Positivity Rate (0.59%) less than 1% for last 39days. India's Active caseload currently stands at 78,291. Active cases account for less than 1% of total cases, currently at 0.23%; Lowest since March 2020. Recovery Rate currently stands at 98.40%; Highest since March 2020 with 6,960 recoveries in the last 24 hours taking the total recoveries to 3,42,08,926. 66.86 crore tests were conducted so far. 139.70 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. Omicron cases in the country rise to 236.
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The minutes of RBI's last Monetary Policy Committee (MPC) meeting showed that the domestic recovery is gaining traction, but activity is just about catching up with pre-pandemic levels and will have to be assiduously nurtured by conducive policy settings till it takes root and becomes self-sustaining. In particular, private investment has to lead the revival of the economy, along with the strong impetus being provided by exports. Private consumption, despite strong recovery in Q2:2021-22, remains below its pre-pandemic level and demand for contact-intensive services could potentially face headwinds if authorities take pre-emptive steps to contain the fallout of Omicron. Downside risks remain significant rendering the outlook highly uncertain, especially on account of global spillovers, the potential resurgence in COVID-19 infections with new mutations, persisting shortages and bottlenecks and the widening divergences in policy actions and stances across the world as inflationary pressures persist. A tightening of global financial conditions poses risks to global economic activity and to India’s prospects as well.
The minutes noted that the recovery in domestic economic activity is turning increasingly broad-based, with the expanding vaccination coverage, slump in fresh COVID-19 cases and rapid normalisation of mobility. Rural demand is expected to remain resilient. The spurt in contact-intensive activities and pent-up demand will continue to bolster urban demand. The government’s infrastructure push, the widening of the performance-linked incentive scheme, structural reforms, recovering capacity utilisation and benign liquidity and financial conditions provide conducive conditions for private investment demand. The Reserve Bank’s surveys point to improving business outlook and consumer confidence. On the other hand, volatile commodity prices, persisting global supply disruptions, new mutations of the virus and financial market volatility pose downside risks to the outlook.
The RBI Governor Shaktikanta Das highlighted the need to remain vigilant to incipient cost-push pressures to inflation as well as to the uncertainty imparted by Omicron. Its implication for inflation, going forward, are two-fold. First, increase in restrictions, if any, on activity and commerce to stymie COVID-19 spread could translate to continuing supply chain and logistics disruptions. Second, if the Omicron variant results in the onset of new waves of infection globally, this could derail the ongoing demand recovery, he opined.
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In view of the recent stress in the Non-Banking Financial Compnies (NBFC) sector, it has become imperative to reexamine the suitability of regulatory approach, especially when failure of an extremely large NBFC can precipitate systemic risks, the RBI said today. The central bank has proposed a multiple layer structure to categorise NBFCs depending on their size and interconnectedness with the system.
RBI stated that regulatory framework of NBFCs shall be based on a four-layered structure– Base Layer (NBFC-BL), Middle Layer (NBFC-ML), Upper Layer (NBFC-UL) and Top Layer. Proposed regulatory framework for these layers is enumerated below. It may be noted that the regulatory framework envisages a progressive increase in the intensity of regulation.
The extant regulatory framework for NBFC- Non-Deposit (NDs) will now be applicable to Base Layer NBFCs while the extant regulatory framework applicable for NBFC-NDSI will be applicable to Middle Layer NBFCs. NBFCs residing in the Upper Layer will constitute a new category. The revisions applicable to lower layers of NBFCs will automatically be applicable to NBFCs residing in higher layers, unless there is a conflict or otherwise stated.
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Government of India has announced the sale (re-issue) of Government Stock through auctions to be held on January 22, 2021. The amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), include 3.96% GS 2022 ( Rs 2,000 crore), 5.15% GS 2025 (Rs 11,000 crore), 5.85% GS 2030 (Rs 8,000 crore) and 6.80% GS 2060 ( Rs 6,000 crore). The underwriting auction will be conducted through multiple price-based method on January 22, 2021 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E- Kuber) System between 9.00 A.M. and 9.30 A.M. on the date of underwriting auction.
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