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19/05/2022 9:54:00 AM

RBI rejects 6 applications received under 'on tap' licensing guidelines The banking regulator said the examination of six applications has now been completed as per the procedure laid down under the guidelines.

The Reserve Bank had received 11 applications to set up bank under the guidelines for 'on tap' licensing of universal banks and small finance banks.

UAE Exchange and Financial Services, The Repatriates Cooperative Finance and Development Bank (REPCO Bank), Chaitanya India Fin Credit and Shri Pankaj Vaish and others are the applicants that were not found suitable under guidelines for 'on tap' licensing of universal banks.

VSoft Technologies and Calicut City Service Co-operative Bank are the applicants that were not found suitable under guidelines for 'on tap' licensing of small finance banks.

The remaining applications are under examination,� the RBI said in a statement.

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16/05/2022 12:53:00 PM

India to boost cruise tourism sector

Cruise tourism is one of the most vibrant and fast-growing components of the leisure industry, said Union Minister Sarbananda Sonowal. He spoke at the 1st Incredible India International Cruise Conference 2022 organised by the Mumbai Port Authority under the aegis of Ministry of Ports, Shipping and Waterways, Government of India, along with the Federation of Indian Chambers of Commerce and Industry (FICCI). Speaking to the media persons, Minister Sonowal announced the setting up of a high-level advisory committee - which would include international cruise lines as members - to assist the Apex committee on Cruise Tourism to deliberate and anchor measures on boosting the cruise tourism sector, especially with an eye on increasing cruise calls at Indian ports, developing infrastructure, and improving the talent availability and jobs. Secretary, Ports and Shipping and Secretary, Tourism jointly co-chair the apex committee.

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16/05/2022 10:24:00 AM

India's Active Covid Cases Stands At 17,317

India's active Covid caseload currently stands at 17,317. In the last 24 hours 2,202 new cases and 2,550 recoveries have been recorded. The daily positivity rate is 0.74%. The recovery rate is currently at 98.74%. Under Nationwide Vaccination Drive, 191.37cr vaccine doses have been administered so far.

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13/05/2022 3:05:00 PM

India's Merchandise Exports Gain 30.70% On Year In April 2022

India's merchandise exports moved up 30.7% to $40.19 billion in the month of April, data from the commerce ministry showed on Friday. The trade deficit, although, widened to $20.11 billion, as compared to $15.29 in April 2021. After a record performance in the last financial year, the exports continued robust growth in April, 2022 with merchandise exports scaling a new high by crossing USD 40 billion, the commerce ministry said. Petroleum and crude oil imports during the month gained by 87.54% to $20.2 billion.

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13/05/2022 1:04:00 PM

Government to boost maize production in India

Narendra Singh Tomar, Minister of Agriculture & Farmers Welfare, Govt of India yesterday said that the popularity of maize is not only growing globally but also in India with its diversified use in many sectors including poultry and ethanol production. The government, under crop diversification is promoting farmers to increase maize production through various initiatives. The MSP of maize has been increased by 43 percent in last 8 years and with the increase in production the farmers are also getting benefited from this, he added. Addressing the 8th edition of 'India Maize Summit 2022', organized by FICCI, Tomar also assured the industry of government's support to boost the maize sector. Speaking on the role of India's agriculture sector, Tomar stated that during the current Russia-Ukraine crisis, the government is working to ensure export of wheat to meet the global demand.

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13/05/2022 10:20:00 AM

India Covid Cases Rise By 2,841 In Last 24 Hours

India's Active caseload currently stands at 18,604. In the last 24 hours, 2,841 new cases and 3,295 recoveries have been recorded. The daily positivity rate is 0.58% and the recovery rate is currently at 98.74%. Under Nationwide Vaccination Drive, 190.99 cr vaccine doses have been administered so far.

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13/05/2022 10:14:00 AM

India considering entering into a Preferential Trade Agreement with Oman

The Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that India was considering entering into a Preferential Trade Agreement (PTA) with Oman. He noted this while delivering the Keynote Address at the 10th Meeting of India-Oman Joint Business Council (JBC) in New Delhi today. He also added that India was already looking at a comprehensive trade agreement with Gulf Cooperation Council (GCC) nations, of which Oman is an important member.

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12/05/2022 6:05:00 PM

IIP grows 1.9% in March

India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 1.9% in March 2022.

Industrial production grew 1.7% in February 2022. The IIP soared 24.2% in March 2021, the data showed.

The manufacturing sector's output grew 0.9% in March 2022. Mining output rose 4% and power generation increased 6.1%.

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12/05/2022 5:45:00 PM

Retail inflation spikes to 7.79% in April

India's retail inflation, which is measured by the Consumer Price Index (CPI), rose to 7.79% in the month of April 2022. The retail inflation for the month of March was 6.95%.

This is the fourth consecutive month that the CPI data has breached the Reserve Bank of India's (RBI) upper margin of 6%.

RBI aims to achieve the medium-term target for CPI inflation of 4% within a band of +/- 2%, while supporting growth.

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12/05/2022 12:45:00 PM

India Auto Sales Up 12% On Year In April: SIAM

The Indian automobile industry recorded total production of 1,874,461 units in April 2022, according to the Society of Indian Automobile Manufacturers (Siam). This figure includes PVs, two-wheelers, three-wheelers, and quadricycles. Total sales were recorded at 1,421,241 units in April 2022, up 12% as against 1,270,604 during the same period last year. Commenting on April-2022 performance, Mr Rajesh Menon, Director General, SIAM said, �Sales of Passenger Vehicles is still below the April 2017 figures, while Two Wheelers are even below the April 2012 figures. Three-Wheelers are yet to reach normal levels, as sales are still less than 50% of April 2016 figures. Manufacturers are working hard to manage the supplier ecosystem with agility and flexibility, as supply side challenges continues for the industry. Further, manufacturers are also monitoring the likely impact on demand, due to the recent hike in repo-rates, as it would increase the lending rates to the customers.� The Reserve Bank of India last week announced an increase in repo rates by 40 basis points, in a surprise move to curb inflation.

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12/05/2022 11:56:00 AM

India Cumulative COVID-19 Vaccination Coverage Exceeds 190cr

India's Active caseload currently stands at 19,067. In the last 24 hours, 2,827 new cases and 3,230 recoveries have been recorded. The daily positivity rate is 0.60% and the recovery rate is currently at 98.74%. Under Nationwide Vaccination Drive, 190.83 cr vaccine doses have been administered so far.

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12/05/2022 11:40:00 AM

Strengthening of long term strategic partnership with India is one of the key priorities of Uzbekistan

Dilshod Akhatov, Ambassador of Uzbekistan to India, said the strengthening of long term strategic partnership with India is one of the key priorities of the foreign policy of Uzbekistan. The ambassador highlighted that the country is the largest and the fastest growing market in Central Asia. In addition, he noted that Uzbekistan enjoys socio-political, macro-economic and financial stability. The ambassador averred that about 350 Indian enterprises are operating across various sectors in Uzbekistan, and 220 enterprises are of 100 per cent Indian capital. The minister said that Uzbekistan wants to use the Chabahar Port to access the Indian market. He also spoke on potential sectors of cooperation between India and Uzbekistan.

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11/05/2022 11:55:00 AM

India Reports 2,897 New Covid Cases In Last 24 Hours

India's active caseload currently stands at 19,494. In the last 24 hours, 2,897 new cases and 2,986 recoveries have been recorded. The daily positivity rate is at 0.61%. The recovery rate is currently at 98.74%. So far under Nationwide Vaccination Drive, 190.67 cr vaccine doses have been administered.

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10/05/2022 4:20:00 PM

India's Coal Production Rises By 29% In April 2022

According to the Ministry of Coal, the total coal production in India increased by 29% to 66.58 Million Ton (MT) from 51.62 MT in April,2022 as compared to April, 2021. During April, 2022, Coal India Ltd. (CIL), Singareni Collieries Company Ltd. (SCCL) and Captive mines/Others registered a growth of 27.64%, 9.59% and 59.98% by producing 53.47 MT, 5.32 MT and 7.79 MT of coal respectively. The Power utilities coal dispatch has gone up by 18.15 % to 61.81 MT during April, 2022 as compared to 52.32 MT in April, 2020. Fall in import prices of coal have been observed since the end of October last year. However, international prices are still at high level. Coal based power generation has registered a growth of 9.26% last month as compared to April 2021 and growth of 2.25% as compared to Mar 2022. The overall power generation in April, 2022 has been 11.75% higher than the power generated in April, 2021 and 2.23% higher than power generated in Mar 2022.

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10/05/2022 2:34:00 PM

RBI Announces First Premature Redemption Under Sovereign Gold Bond Scheme

RBI stated yesterday that In terms of GOI Notification F.No.4(8) - W&M/2017 dated April 20, 2017 (SGB 2017-18, Series I - Issue date May 12, 2017) on Sovereign Gold Bond Scheme, premature redemption of Gold Bond may be permitted after fifth year from the date of issue of such Gold Bond on the date on which interest is payable. Accordingly, the first due date of premature redemption of the above tranche shall be May 12, 2022. Further, the redemption price of SGB shall be based on the simple average closing gold price of 999 purity, of the week (Monday-Friday), preceding the date of redemption, as published by the India Bullion and Jewellers Association Ltd (IBJA). Accordingly, the redemption price for the first premature redemption due on May 12, 2022 shall be Rs 5,147/- (Rupees Five thousand one hundred forty-seven only) per unit of SGB based on the simple average of closing gold price for the week May 02-06, 2022.

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10/05/2022 9:13:00 AM

India's Covid Cases Rise By 2,288 In Last 24 Hours

India's Active caseload currently stands at 19,637. In the last 24 hours, 2,288 new cases and 3,044 recoveries have been recorded. The Recovery Rate is currently at 98.74%. The daily positivity rate is 0.47%. Under Nationwide Vaccination Drive, 190.50 cr vaccine doses have been administered so far.

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09/05/2022 12:26:00 PM

India Business Confidence Improves: Ficci Survey

FICCI's latest Business Confidence Survey reports an improvement in the confidence level of India Inc. Overall Business Confidence Index stood at 67.6 in the current round compared to 63.9 previously. The survey finds an improvement in both current conditions and the expectations of Indian companies in its latest round. The Current Condition Index improved to 66.1 from 62.6 in the last survey, while the Expectations Index improved to 68.4 from 64.5. The findings reflect improved confidence amongst industry members in the near term on some operational parameters, including sales and investments.

As reflected in the latest survey results, the demand situation is progressively witnessing an improvement. The geopolitical stress is causing considerable uncertainty. The Russia Ukraine conflict impacts already high global commodity prices and has raised fresh concerns regarding global recovery. Moreover, the cost of production has already been on the rise for the past six months, and the current conflict has further raised upside pressures on the prices of key industrial inputs. The Outlook on Exports also reported a slight deterioration. Even though India's export prospects have been robust, global trade is expected to witness a slowdown given the extended nature of the ongoing conflict between Russia and Ukraine.

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09/05/2022 9:30:00 AM

India's Active Covid Cases Stands At 20,403

In the last 24 hours, 3,207 new cases and 3,410 recoveries were recorded in India. India's Active caseload currently stands at 20,403. Recovery Rate currently stands at 98.74%. The daily positivity rate is 0.95%. So far 190.34 crore vaccine doses have been administered under Nationwide Vaccination Drive.

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06/05/2022 12:12:00 PM

PM reviews situation of Wheat supply, stocks and exports

PM Narendra Modi chaired a meeting to review various aspects of wheat supply, stock and exports. PM was given a detailed presentation on the issues. He was briefed regarding the impact of high temperatures in the months of March-April 2022 on Crop production. The status of procurement and export of wheat were reviewed. In the light of increasing demand for agricultural products of India, the Prime Minister directed that all steps be taken to ensure quality norms and standards so that India evolves into an assured source of food grain and other agricultural products. He also asked officials to ensure maximum help to farmers. PM was also briefed regarding prevailing market rates which are beneficial to farmers.

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05/05/2022 4:50:00 PM

India Services PMI Sees Good Growth

The seasonally adjusted S&P Global India Services PMI Business Activity Index edged to 57.9 in April, up from 53.6 in March. The expansion was the fastest since last November. The output was boosted by higher bookings, the easing of pandemic-related restrictions and favourable demand conditions.

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05/05/2022 11:26:00 AM

India Covid Recovery Rate Stands At 98.74%

India recorded 3,275 new cases in the last 24 hours. Daily positivity rate stands at 0.77%. Weekly Positivity Rate at 0.78%. India's Active caseload currently stands at 19,719. Active cases stand at 0.05%. Recovery Rate currently stands at 98.74% with 3,010 recoveries in the last 24 hours taking the total recoveries to 4,25,47,699. 83.93 crore tests conducted so far; 4,23,430 tests conducted in the last 24 hours. 189.63 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.

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05/05/2022 9:07:00 AM

India to contribute more than 10% of incremental global growth in Petrochemicals over next decades

Union Minister for Chemicals & Fertilizers and Health & Family Welfare, Mansukh Mandaviya stated yesterday that India's Petrochemical Industries has been one of the fastest-growing industries in the Indian economy with high demand growth. India is projected to contribute more than 10% of the incremental global growth in Petrochemicals over the next decades. However, amidst the Petrochemical growth globally, volatility, significant Import dependency and attractive demand growth have been the primary reasons for which India needs Petrochemical assets to meet the domestic and global demand, he added. The Union Minister further stressed that although import dependency of the country has reduced, there is need for a holistic approach to create an atmosphere for the industrialists to be able to compete globally. He suggested the need to create a roadmap for the plastic industry for long term policy support, investment as well as export promotion.

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04/05/2022 2:41:00 PM

RBI Hikes Repo Rate By 40 Bps To 4.40%

On the basis of an assessment of the current and evolving macroeconomic situation, RBI Monetary Policy Committee (MPC) at its meeting today (May 4, 2022) decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 40 basis points to 4.40 per cent with immediate effect. Consequently, the standing deposit facility (SDF) rate stands adjusted to 4.15 per cent and the marginal standing facility (MSF) rate and the Bank Rate to 4.65 per cent. The MPC also decided to remain accommodative while focusing on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

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04/05/2022 1:25:00 PM

India Adds 3,205 New Covid Cases

India added 3,205 new cases recorded in the last 24 hours. Daily positivity rate stands at 0.98%. Weekly Positivity Rate at0.76%. India's Active caseload currently stands at 19,509. Active cases stand at 0.05%. Recovery Rate currently stands at 98.74% with 2,802 recoveries in the last 24 hours taking the total recoveries to 4,25,44,689. 83.89 crore tests were conducted so far; 3,27,327 tests conducted in the last 24 hours. 189.48 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.

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04/05/2022 9:54:00 AM

India Reaffirms Firm Commitment Towards Improving Ease Of Doing Business In India

Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) Shri Anurag Jain chaired a round table of German Small and Medium Enterprises (SMEs) in Berlin today and shared his thoughts on sustainable growth, startups, digitalization and green technology. Jain is a part of the official delegation accompanying Prime Minister, Narendra Modi on his tour to Germany. German SMEs shared their future plans for investment in India. The Secretary reaffirmed Government of India's firm commitment towards improving ease of doing business in India. Jain also met Markus Jerger, Chairman, BVMW(German Association for Small and Medium Enterprises) and discussed opportunities for greater investment and cooperation in the MSME sector between India and Germany in the fields of Food processing, Textiles, Manufacturing, AI, Technology, Hydrogen and Green Energy, Sustainability, Digitalization among others.

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03/05/2022 1:29:00 PM

RBI board OKs nomination of Rajiv Ranjan as ex-officio member of MPC The 595th meeting of the central board of directors of Reserve Bank of India (RBI) was held on Monday, 2 May 2022.

RBI said in a statement that the meeting was held through video conferencing under the chairmanship of RBI Governor Shaktikanta Das.

The board approved the nomination of Dr. Rajiv Ranjan, executive director as an ex-officio member of the Monetary Policy Committee (MPC).

Deputy governors and other directors of the central board attended the meeting. Ajay Seth, Secretary, Department of Economic Affairs also attended the meeting.

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03/05/2022 9:57:00 AM

India Records 2,568 New Covid Cases

India recorded 2,568 new cases recorded in the last 24 hours. Daily positivity rate stands at 0.61%. Weekly Positivity Rate at 0.71%. Active caseload currently stands at 19,137. Active cases stand at 0.04%. Recovery Rate currently stands at 98.74% with 2,911 recoveries in the last 24 hours taking the total recoveries to 4,25,41,887. 83.86 crore tests were conducted so far; 4,19,552 tests conducted in the last 24 hours. 189.41 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.

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02/05/2022 12:38:00 PM

GST Revenue collection for April 2022 at Rs 1.68 lakh crore For the first time gross GST collection has crossed Rs 1.5 lakh crore mark.

The gross GST revenue collected in the month of April, 2022 was Rs 1,67,540 crore, which is higher by 18% as compared to Rs 1,42,095 crore recorded in March 2022.

The revenues for the month of April 2022 are 20% higher than the GST revenues in the same month last year, Finance Ministry said.

Of the total GST collected, CGST was Rs 33,159 crore, SGST was Rs 41,793 crore, IGST was Rs 81,939 crore and cess was Rs 10,649 crore.

The government has settled Rs 33,423 crore to CGST and Rs 26,962 crore to SGST from IGST. The total revenue of Centre and the States in the month of April 2022 after regular settlement was Rs 66,582 crore for CGST and Rs 68,755 crore for the SGST.

During April 2022, 1.06 crore GST returns in GSTR-3B were filed, of which 97 lakh pertained to the month of March 2022, as compared to total 92 lakh returns filed during April 2021. Similarly, during April 2022, 1.05 crore statements of invoices issued in GSTR-1 were filed.

Till end of the month, the filing percentage for GSTR-3B in April 2022 was 84.7% as compared to 78.3% in April 2021 and the filing percentage for GSTR-1 in April 2022 was 83.11% as compared to 73.9% in April 2021.

This shows clear improvement in the compliance behaviour, which has been a result of various measures taken by the tax administration to nudge taxpayers to file returns timely, to making compliance easier and smoother and strict enforcement action taken against errant taxpayers identified based on data analytics and artificial intelligence,� Ministry of Finance said in a statement.

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02/05/2022 12:25:00 PM

Manufacturing Sector Marks Strong Start To Fiscal 2022-23

India's manufacturing industry enjoyed a strong start to fiscal year 2022/23, posting marked and accelerated expansions in new orders and production. International sales grew solidly, following a contraction in March. Inflationary pressures meanwhile intensified, owing to rising commodity prices, the Russia-Ukraine war and greater transportation costs. Input prices increased at the fastest pace in five months, while output charge inflation hit a 12-month high.

Rising from 54.0 in March to 54.7 in April, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) highlighted a solid and faster improvement in operating conditions across the sector. Growth gathered momentum in the intermediate and capital goods segments, but there was a slowdown at consumer goods makers. The retreat of COVID-19 restrictions continued to support demand, according to survey participants. The rate of new order growth was marked, above trend and faster than that seen in March.

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02/05/2022 10:04:00 AM

India's Covid Cases Rise By 3,157 In Last 24 Hours

India's Active caseload currently stands at 19,500. In the last 24 hours, 3,157 new cases and 2,723 recoveries were recorded. The Recovery Rate is currently at 98.74%. The daily positivity rate is (1.07%). So far under Nationwide Vaccination Drive, 189.23 cr vaccine doses have been administered.

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02/05/2022 9:10:00 AM

India's Pharma exports grow by 103% In 8 Years

Indian pharma exports witnessed a growth of 103% since 2013-14, from Rs. 90, 415 Crores in 2013-14 to Rs. 1,83,422 Crores in 2021-22. The exports achieved in 2021-22 is the Pharma Sector' best export performance ever. It is a remarkable growth with exports growing by almost USD 10 billion in 8 years. Highlighting the achievement in a tweet, the Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that Under the active leadership of Prime Minister, Shri Narendra Modi India has been serving as the 'pharmacy of the world'. Building on the outstanding performance in the previous FY 2020-21, Indian pharma exports once again registered a healthy performance in 2021-22. The pharma exports in 2021-22 sustained a positive growth despite the global trade disruptions and drop in demand for COVID related medicines. The trade balance continues to be in India's favour, with a surplus of USD 15175.81 Million.

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29/04/2022 5:55:00 PM

Core Industries Index Expands 10.4% In FY2022

The cumulative growth rate of Index of Eight Core Industries (ICI) during April-March 2021-22 was 10.4% (provisional) as compared to the corresponding period of last Financial Year. The combined Index of Eight Core Industries stood at 157.3 in March 2022, which increased by 4.3 per cent (provisional) as compared to the Index of March 2021. Final growth rate of Index of Eight Core Industries for December 2021 is revised to 4.1% from its provisional level 3.8%.

The summary of the Index of Eight Core Industries is given below:

Coal – Coal production (weight: 10.33 per cent) declined by 0.1 per cent in March, 2022 over March, 2021. Its cumulative index increased by 8.5 per cent during April to March, 2021-22 over corresponding period of the previous year.

Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 3.4 per cent in March, 2022 over March, 2021. Its cumulative index declined by 2.6 per cent during April to March, 2021-22 over the corresponding period of previous year.

Natural Gas - Natural Gas production (weight: 6.88 per cent) increased by 7.6 per cent in March, 2022 over March, 2021. Its cumulative index increased by 19.2 per cent during April to March, 2021-22 over the corresponding period of previous year.

Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 6.2 per cent in March, 2022 over March, 2021. Its cumulative index increased by 8.9 per cent during April to March, 2021-22 over the corresponding period of previous year.

Fertilizers – Fertilizers production (weight: 2.63 per cent) increased by 15.3 per cent in March, 2022 over March, 2021. Its cumulative index increased by 0.7 per cent during April to March, 2021-22 over the corresponding period of previous year.

Steel – Steel production (weight: 17.92 per cent) increased by 3.7 per cent in March, 2022 over March, 2021. Its cumulative index increased by 16.9 per cent during April to March, 2021-22 over the corresponding period of previous year.

Cement – Cement production (weight: 5.37 per cent) increased by 8.8 per cent in March, 2022 over March, 2021. Its cumulative index increased by 20.8 per cent during April to March, 2021-22 over the corresponding period of previous year.

Electricity – Electricity generation (weight: 19.85 per cent) increased by 4.9 per cent in March, 2022 over March, 2021. Its cumulative index increased by 7.8 per cent during April to March, 2021-22 over the corresponding period of previous year.

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28/04/2022 12:17:00 PM

Indian healthcare industry expected to reach close to $380 billion this year

Amitabh Kant, CEO, NITI Aayog has stated that the Indian healthcare industry has been growing at a fast pace since 2016 and it is expected to reach close to $380 billion this year. Inviting foreign investors to produce medical devices in India,Kant stated that if the investors develop and manufacture medical devices here, they are not producing only for India but for the world and the market is huge in size and scale. Healthcare along with the pharma and medical sector are India's biggest job creators. India's relative cost competitiveness and availability of skilled labour will make it a favoured destination also for the medical value tourism in the years to come.

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28/04/2022 9:25:00 AM

India Covid Cases Rise By More Than 3000 In A Day

Under the Nationwide Vaccination Drive, 188.40 cr vaccine doses have been administered so far. In the last 24 hours, 3,303 new cases and 2,563 recoveries were recorded. The recovery rate stands at 98.74%. India's Active caseload currently stands at 16,980.

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27/04/2022 4:42:00 PM

India Sees Impressive Growth In Chemical Exports In Recent Years

Exports of Indian Chemicals has registered growth of 106% in 2021-22 over 2013-14. India’s exports of Chemicals for 2021-22 hit a record at US$ 29296 Million, whereas in 2013-14 India’s Chemical exports was US$ 14210 Million. Highlighting the achievement in a Tweet, Union Minister for Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that the export growth would be a boost to Prime Minister, Shri Narendra Modi’s Aatmanirbhar Bharat Abhiyan. The export growth of Chemicals has been achieved because of a surge in shipments of Organic, Inorganic Chemicals, Agrochemicals, Dyes and Dye intermediates, Specialty Chemicals. Today Indian Chemical industry has become global player and earns foreign exchange for the nation with “Make in India” approach. India is the 6th Largest producer of Chemicals in the world and 3rd in Asia. India ranks 14th position in export of chemicals.

Today India leads in Dyes production and contributes to 16%-18% to world’s dyestuff exports. Indian Dye is exported to over 90+ countries. India is 4th largest producer of agrochemicals in the world and manufacturing more than 50% technical grade pesticides. Almost 50% of agrochemicals are exported from India to the word. India is the largest producer and exporter of castor oil in the world and is responsible for almost 85-90 % of total global exports in this segment. India exports to more than 175 countries and top destinations are USA, China and new markets viz. Turkey, Russia and North East Asian Countries (China, Hongkong, Japan, Korea RP, Taiwan, Macao, Mongolia) have also been added.

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27/04/2022 9:55:00 AM

Covid Cases In India Rise by 2,927 In Last 24 Hours

India's Active caseload currently stands at 16,279. 2,927 new cases and 2,252 recoveries were recorded in the last 24 hours. The recovery rate is at 98.75%. 188.19 crore vaccine doses have been administered so far under Nationwide Vaccination Drive. 83.59 crore Total Tests conducted so far; 5,05,065 tests conducted in the last 24 hours.

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26/04/2022 2:20:00 PM

GOI Announces Sale Of Four Dated Securities For A Notified Amount Of Rs 33,000 crore

The Government of India (GoI) has announced the Sale (re-issue) of (i) 4.56% GS 2023 for a notified amount of Rs 4,000 crore (nominal) through price based auction using uniform price method; (ii).10% GS 2029 for a notified amount of Rs 7,000 crore (nominal) through price based auction using uniform price method; (iii) 6.54% Government Security, 2032 for a notified amount of Rs 13,000 crore (nominal) through price based auction using uniform price method; and (iv) 6.95% Government Security 2061 for a notified amount of Rs 9,000 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 against each security mentioned above. The auctions will be conducted by the Reserve Bank of India on Friday i.e. April 29, 2022. 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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26/04/2022 12:34:00 PM

FM invites US semiconductor players to make further investments in India

Finance Minister Nirmala Sitharaman on Monday participated in the Roundtable with industry leaders from the semiconductor ecosystem, including design, manufacturing, equipment, technology, and systems in the United States.

Sitharaman spoke of the opportunities for companies situated in Silicon Valley for the entire semiconductor value chain. She expressed the government's commitment to be a reliable player in the entire value chain with dedicated incentives for the sector in Mission Mode through Indian Semiconductor Mission.

The participants informed Sitharaman that they have substantially scaled their capabilities in India in last few years and are also collaborating with Academia for Research and Development.

The participants also mentioned that in view of global supply chain disruptions, they need to review over-reliance on the supply chain in certain jurisdictions and with the right policies and talent in place, the next decade will belong to India.

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23/04/2022 9:06:00 AM

FM: India's economic growth in current year is estimated to be 8.9%

Finance Minister Nirmala Sitharaman said that India's economic growth in the current year is estimated to be 8.9%, highest among all large economies.

Sitharaman attended the Development Committee Meeting of the World Bank in Washington DC. During the meeting, the Finance Minister said India voluntarily offered COVID Vaccine Intelligence Network platform CoWIN to all countries and is willing to provide assistance for other public-goods platforms, recognising the importance of replication of proven and scalable digital platforms.

She drew attention to the unprecedented situation in Sri Lanka and hoped for decisive relief to Sri Lanka.

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22/04/2022 5:02:00 PM

India Adds 2,451 New Covid Cases

India adds 2,451 new cases in the last 24 hours. Daily positivity rate stands at 0.55%. Weekly Positivity Rate at 0.47%. India's Active caseload currently stands at 14,241. Active cases stand at 0.03%. Recovery Rate currently stands at 98.75% with 1,589 recoveries in the last 24 hours taking the total recoveries to 4,25,16,068. 83.38 crore tests were conducted so far; 4,48,939 tests conducted in the last 24 hours. 187.26 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.

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21/04/2022 1:30:00 PM

India records 2308 new Covid cases in last 24 hours.

Under the Nationwide Vaccination Drive, a total of 187.07 cr Covid vaccine doses have been administered. India's Active caseload currently stands at 13,433. 2,380 new cases recorded in the last 24 hours. Recovery Rate currently stands at 98.76%. 1,231 recoveries in the last 24 hours increases the Total Recoveries to 4,25,14,479.

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21/04/2022 12:36:00 PM

India has potential to achieve $1 trillion services & merchandise exports by 2030: Piyush Goyal

Commerce and Industry Minister Piyush Goyal on Wednesday said that India has the potential to achieve $1 trillion services and merchandise exports each by 2030. He stressed the need to make exports the fulcrum of India's growth.

Speaking of the challenges thrown by the COVID 19 pandemic, Goyal said that India was able to turn the crisis into an opportunity to realize the enormous potential that it had to engage with the world from a position of strength.

The Minister said, one of the biggest beneficiaries of our hard work during the pandemic was the services sector, which has grown by leaps and bounds. We had a $250 billion export of services during the last year and this was achieved despite travel, tourism and hospitality being severely affected due to Covid-19, he added.

He noted that India achieved $419 billion in FY 21-22, touched $30 billion of exports every month and in March, it touched $42 billion. The growth momentum has been maintained in the first 14 days of April with touching $18.5 billion.

The Minister said, Production Linked Incentive (PLI) schemes are making our industry competitive by bringing in economies of scale and will help us create global champions.

Speaking of the recent decision to remove the import duty on cotton, the Minister clarified that that the decision was made to ensure the affordability of cotton particularly in a scenario where cotton prices stood at almost twice the Minimum Support Price, making textile exports uncompetitive.

The lower import costs will boost manufacturing, create jobs, increase the disposable income of people, boost investment, demand and economic activity and create a virtuous cycle, he added. The minister said that the government also recently removed anti-dumping duty on several raw materials for the same reasons.

Mentioning that our share in global goods trade was under 3% in 2021, the Minister said that there is immense scope for growth. For this to happen, the Centre and States have to work in tandem, he added and asked District collectors to promote exports in their districts.

Observing that India had the 2nd largest US FDA approved Pharma manufacturing units, Goyal asked all pharma units, big and small to adopt good manufacturing practices (GMPs) and global quality standards in all processes. He said that India must strive to become a member of Pharmaceutical Inspection Co-operation Scheme (PICS) so that we may succeed in taking our pharma export to $200 billion by earning the trust of the world through certification.

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21/04/2022 12:14:00 PM

NITI Aayog Releases Draft Battery Swapping Policy

NITI Aayog has released a Draft Battery Swapping Policy for Stakeholder Comments. During the COP26 summit in Glasgow, India committed to reduce carbon emission intensity by 45%, and take non-fossil energy capacity to 500 GW by 2030 and meet 50% of energy requirements from renewable energy by 2030, and finally achieve the Net Zero target by 2070. The road transport sector is one of the major contributors to CO2 emissions and accords to one third of the particulate matter emissions.To decarbonize the transport sector, transition to clean mobility, led by electric vehicles, is paramount. Electric mobility represents a viable option to meet these commitments, while packed with innovative business solutions, appropriate technology, and support infrastructure. Several supporting initiatives have been implemented, such as the Faster Adoption and Manufacturing of Electric (Hybrid) Vehicles in India (FAME) I and II, and the Production Linked Incentive (PLI) for National Programme on Advanced Cell (ACC) Battery Storage (NPACC), to boost indigenous battery manufacturing capacity. State governments are developing complementary policies to promote EV adoption. India's e-mobility revolution is led by the two-wheeler (2W) and three-wheeler (3W) vehicle segments. 2Ws account for 70-80% of all private vehicles, whereas 3Ws play a critical role for last mile connectivity in cities.

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20/04/2022 2:57:00 PM

India's Covid Cases Rise

A total of 186.90 cr vaccine doses have been administered so far under Nationwide Vaccination Drive.India's Active caseload currently stands at 12,340. Active cases stand at 0.03%. Recovery Rate currently at 98.76%. 1,547 recoveries in the last 24 hours. Daily positivity rate (0.49%). Weekly Positivity Rate (0.38%)83.29 cr. Total Tests conducted so far. 4,21,183 tests conducted in the last 24 hours.

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20/04/2022 2:42:00 PM

India's non-basmati rice exports rise by 27% in 2021-22 Export of non-basmati rice was the top forex earner across all agri-commodities during the period under review.

According to the date from the Directorate General of Commercial Intelligence and Statistics (DGCIS) India had exported non-basmati rice worth USD 6,115 million in 2021-22, which is higher by 27.4% as compared with exports of USD 4,799 million recorded in 2020-21. The country had exported rice worth USD 2,015 million in 2019-20.

The data further showed that India exported rice to over 150 countries across the globe in 2021-22. This indicates the diversification of India's rice export over the years.

Highlighting the achievement in a tweet, Union Minister Piyush Goyal said that Modi government's policies have helped farmers to get access to the global markets and also ensure food security.

In collaboration with our foreign missions, we have coordinated development of logistics as well as focus on the production of quality produce, which has boosted India's rice exports prospects,� Dr M. Angamuthu, Chairman, Agricultural and Processed Food Products Export Development Authority (APEDA), said.

India's thrust on expanding port handling infrastructure, developing of value chain involving key stakeholders along with efforts to explore new opportunities in countries or markets for rice exports in the last couple of years have led to a huge spike in rice exports.

The record exports would enable the rice producers to reduce their stocks and would also benefit the farmers as the increased demand for Indian Rice is likely to improve their realizations.

As per Second Advance Estimates for 2021-22, the total production of Rice during 2021-22 is estimated at a record 127.93 million tonnes, which is higher by 11.49 million tonnes than the last five years' average production of 116.44 million tonnes.

India is the world's second-largest rice producer after China.

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20/04/2022 8:54:00 AM

IMF Trims India's Economic Growth Estimates

The International Monetary Fund (IMF) on Tuesday trimmed India's economic growth forecast to 8.2% for FY23 from 9% estimated in January, citing the impact of high oil prices on consumer demand and private investments. The Fund also cut India's FY24 growth forecast to 6.9% from 7.2% estimated earlier.

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19/04/2022 4:46:00 PM

India's Oilmeals Export Down 36% On Year In FY22

The Solvent Extractors' Association of India has compiled the export data for export of oilmeals for the month of March, 2022 provisionally reported at 242,043 tons compared to 322,850 tons in March 2021 i.e. down by 25% mainly due to decline in export of soybean meal. The overall export of oilmeals during Apr.'21 - Mar.'22 decreased and reported at 2,373,744 tons compared to 3,689,483 tons during the same period of previous year i.e. down by 36%. In term of value, in-spite of increased in unit realization price, sharp drop in earning due to lower export tonnage mainly in soybean meal down by 76% and rapeseed meal down by 22% and provisionally reported earning of Rs.5,600 crores in 2021-22 compared to Rs.8,866 crores in previous year, down by nearly 37%.

In last financial year 2021-22, export of oilmeals during Apr.'21-Mar.'22 is down by 36% mainly due to lesser export of soybean meal. Soybean crush margins in India are currently squeezed by pressure on meal prices and relatively high price expectation of farmers for soybean seed which is currently quoted over Rs.7,600 per quintal. Currently India is outpriced for soybean meal export as Ex. Kandla quoted at US$ 840 against Brazil origin US$ 574 & Argentina US$ 586 ex. Rotterdam per ton. India is unlikely to be competitive for export in near future due to high price of domestic soybean seed. Crushing of soybean is low as farmers are holding stock in anticipation of higher prices as seen by them in last year. This is also pushing higher import of crude soybean oil in to India.

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19/04/2022 3:12:00 PM

India's policy challenges to hinder net-zero progress: Moody's The country's economic development needs will constrain the government's ability to extend financial support to carbon transition, leaving path open for the private sector to drive emissions reduction.

Moody's Investors Service said that India's 2070 net-zero target and intermediate goals through 2030 present significant policy implementation challenges for the government, carving a more central role for private companies and investors to drive the transition.

Nishad Majmudar, a Moody's assistant vice president and analyst, said: The country's high growth potential, significant economic development needs and large agricultural sector will likely weaken the government's policy resolve and financial capacity to drive the economy's carbon transition. As such, India's planned emissions reductions will be conditioned upon low-cost, long-term private capital.

Many of the country's large private companies have announced net-zero targets that are well ahead of Indian authorities' goals, while government-linked companies are comparatively behind. Additional policy signals to encourage transition would drive higher private investment.

The pace of India's carbon transition will depend on the extent to which the government can balance energy affordability and reliability needs against its emissions reduction commitments, Moody's vice president and senior credit officer Abhishek Tyagi said.

Reduced storage costs and the scalability of renewable projects with storage would support a faster transition, he added.

Finally, Indian banks' significant loans to carbon-intensive sectors expose them to transition risks, and they will face pressure to decarbonize their loan books. At the same time, green financing presents a significant lending opportunity, given banks' dominant role in credit intermediation in the country.

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19/04/2022 2:44:00 PM

India's Cumulative COVID-19 Vaccination Coverage exceeds 186.72 Cr.

India's COVID-19 vaccination coverage has exceeded 186.72 Cr (1,86,72,15,865) as per provisional reports till 7 am today. This has been achieved through 2,27,79,246 sessions. COVID-19 vaccination for the age group 12-14 years was started on 16 March, 2022. So far, more than 2.47 Cr (2,47,06,692) adolescents have been administered with the first dose of COVID-19 vaccine. Similarly, the COVID-19 precaution dose administration for age group 18-59 years also started from 10th April, 2022 onwards. 1,85,860 precaution doses have been administered so far.India's Active caseload currently stands at 11,860. Active cases stand at 0.03%. Recovery Rate currently at 98.76%.

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19/04/2022 9:27:00 AM

India's sugar export jumps 65% YoY in 2021-22 The country's sugar exports exceeded 10 million tons for the first time.

India's sugar exports jumped 65% in 2021-22 corresponding to previous year. This was despite logistical challenges posed by COVID-19 pandemic, Ministry of Commerce and Industry Piyush Goyal said.

The sugar export has surged 291% from $1,177 million in financial year 2013-14 to four $4600 million in the last financial year. It has exceeded 10 million tonnes for the first time.

Highlighting this achievement in a tweet, Commerce and Industry Minister Piyush Goyal said the government's policies are helping farmers increase their income by tapping global markets.

The Ministry added that country exported sugar worth $1965 million in 2019-20, which rose to $2790 million US dollars in 2020-21 and $4600 million US dollars in 2021-22.

India exported sugar to 121 countries across the globe. India is the world's second-largest sugar producer after Brazil.

The record exports would enable the sugar producers to reduce their stocks and would also benefit the sugarcane farmers, as the increased demand for Indian sugar is likely to improve their realizations, Ministry of Commerce & Industry said in a statement.

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