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16/06/2022 10:18:00 AM

India Reports 12,213 New Covid Cases In Last 24 Hours

India's active Covid-19 caseload currently stands at 58,215. In the last 24 hours, 12,213 new cases and 7,624 recoveries have been recorded. The daily positivity rate is 2.35%. The recovery rate currently is at 98.65%. Under Nationwide Vaccination Drive, 195.67 cr vaccine doses have been administered so far.

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07/06/2022 12:15:00 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) 7.10% 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 June 10, 2022 (Friday). 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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07/06/2022 11:40:00 AM

India Bond Yields Climb To 3-Year High Strengthening Case For RBI Rate Hike

India's benchmark 10-year bond yield rose to its highest levels in three years ahead of RBI policy announcement due tomorrow. Yield on benchmark 10-year bond 6.54GS 2032 rose to 7.53%, up 4 basis points from its previous close and the highest level since March 2019. The RBI is widely expected to sharply hike the rate again tomorrow after an off-cycle 40 basis point repo rate hike last month. Meanwhile, higher global crude oil prices influencing higher inflation also hurt sentiment. Crude oil is seen at $118.78 per barrel, not far from a 14-year high of $130 hit in March, amid tight global supplies. The benchmark hit a three-month high of $121.99 on Monday, after Saudi Arabia raised prices for its crude sales in July, indicating tight global supplies even after OPEC+ agreed to accelerate its output increases over the next two months.

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07/06/2022 10:27:00 AM

India's Active Covid Cases Stands At 26,976

India's active caseload currently stands at 26,976. In the last 24 hours, 3,714 new cases and 2,513 recoveries have been recorded. The daily positivity rate is 1.21%. The recovery rate currently is at 98.72%. Under Nationwide Vaccination Drive, 194.27 cr vaccine doses have been administered so far.

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06/06/2022 3:39:00 PM

Auto Retail Sales Up More Than 200% On Year In May 2022 Says FADA

The Federation of Automobile Dealers Associations (FADA) released Vehicle Retail Data for May 2022 today. On YoY basis, total vehicle retail sales for the month of May 2022 increased by 207%. All categories were in green. The 2W, 3W, PV, Tractors and CV were up by 198%, 696%, 204%, 216% and 278% respectively.

Auto Retail trade has still not recovered from the jitters of Covid. When compared with May'19, total vehicle retail was down by -10%. Except PV and Tractor which continues to show growth of 11% and 33%, all the other categories like 2W, 3W and CV fell by -14%, -19% and -11% respectively.

Government's reduction in fuel prices will tame inflation and boost vehicle sales, especially 2W but the increase in 3rd party insurance premiums will act as a deterrent for the 2W customers to come forward and conclude their purchase decision. While the Russia - Ukraine war continues to fuel chip shortage, RBI has warned of more inflation as the increase in wholesale prices will get passed to the consumer thus decreasing disposable income.

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06/06/2022 12:21:00 PM

India's Forex Reserves Rise By USD 3.854 Billion

India's foreign exchange reserves increased by USD 3.854 billion to USD 601.363 billion in the week ended May 27, according to RBI data. In the previous week, the reserves rose by USD 4.230 billion to USD 597.509 billion. During the reporting week, the rise in forex reserves was due to an increase in the Foreign Currency Assets (FCA) and the gold reserves. FCA increased by USD 3.61 billion to USD 536.988 billion in the week ended May 27. Gold reserves increased by USD 94 million to USD 40.917 billion. The country's reserve position with the IMF also increased by USD 18 million to USD 5.019 billion in the reporting week.

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06/06/2022 11:09:00 AM

India's Covid Cases Spike By 4,518 New Cases In A Day

India's active caseload currently stands at 25,782. In the last 24 hours, 4,518 new cases and 2,779 recoveries have been recorded. The daily positivity rate is 1.62%. The recovery rate currently is at 98.73%. Under Nationwide Vaccination Drive, 194.12 cr vaccine doses have been administered so far.

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03/06/2022 12:03:00 PM

India's merchandise exports rises 15.46% to $37.29 bln in May Trade deficit widens to $23.33 billion.

India's merchandise exports rose by 15.46% to $37.29 billion in May 2022 on account of healthy performance by sectors like petroleum products, electronic goods and chemicals, even as the trade deficit widened to $23.33 billion during the month.

Imports during the month too grew by 56.14% to $60.62 billion. The surge was driven by petroleum and crude oil imports, which increased by 91.6% to $18.14 billion.

The trade deficit, in the same month last year, stood at $6.53 billion. The period was marked by a second COVID-19 wave, which dampened the international trade.

According to data released by the Ministry of Commerce and Industry on Thursday, India's merchandise export in April-May 2022-23 was $77.08 billion with an increase of 22.26% over $63.05 billion in April-May 2021-22.

Value of non-petroleum exports in May this year was $29.18 billion, registering a positive growth of 8.13% over non-petroleum exports of $26.99 billion in May last year. The cumulative value of non-petroleum exports in April -May 2022-23 was $61.09 billion, an increase of 12.9% over $54.11 billion in April-May 2021-22.

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03/06/2022 10:47:00 AM

India Services PMI Indicates Fastest Rate OF Expansion In 11 Years

India service sector growth continued to strengthen in May, with companies reporting the quickest increase in business activity since April 2011. The upturn was supported by a substantial pick-up in new business growth as demand continued to recover following the reopening of the economy after COVID-19 lockdowns. Posting 58.9 in May, up from 57.9 in April, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated the fastest rate of expansion in over 11 years. Meanwhile, inflation showed no signs of abating as price gauges showed an unprecedented increase in input costs and the second-fastest upturn in selling charges in just under five years. Inflation expectations continued to restrict business confidence, with optimism remaining subdued by historical standards. Meanwhile, rising from 57.6 in April to 58.3 in May, the S&P Global India Composite PMI Output Index pointed to the fastest rate of expansion since last November led by services sector. Manufacturing Purchasing Managers' Index (PMI) stood at 54.6 in May, as against 54.7 in April.

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03/06/2022 10:22:00 AM

India's Active Covid Cases Above 20,000

India's active caseload currently stands at 21,177. In the last 24 hours, 4,041 new cases and 2,363 recoveries have been recorded. The daily positivity rate is 0.95%. The recovery rate currently is at 98.74%. Under Nationwide Vaccination Drive, 193.83 cr vaccine doses have been administered so far.

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02/06/2022 3:31:00 PM

Domestic GDP Seen Rising By 7.5% In Current Fiscal

State Bank of India (SBI) has upgraded India's real gross domestic product (GDP) growth to 7.5 per cent in FY23 from 7.3 per cent in its recent Ecowrap report. It noted that the economy grew by 8.7 per cent to Rs 147 lakh crore in FY22 and India added Rs 11.8 lakh crore in real terms during the period. Given the high inflation and the subsequent upcoming rate hikes, real GDP will incrementally increase by Rs 11.1 lakh crore in FY23. This still translates into a real GDP growth at 7.5 per cent for FY23. The report noted that nominal GDP for FY22 expanded by Rs 38.6 lakh crore to Rs 237 lakh crore, on-year growth of 19.5 per cent. It further noted that for FY23 also, nominal GDP will grow by 16.1 per cent to Rs 275 lakh crore.

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02/06/2022 9:58:00 AM

India's Active Covid Cases Stands At 19,509

India's active caseload currently stands at 19,509. In the last 24 hours, 3,712 new cases and 2,584 recoveries have been recorded. The daily positivity rate is 0.67%. The recovery rate currently is at 98.74%. Under Nationwide Vaccination Drive, 193.70 cr vaccine doses have been administered so far.

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01/06/2022 2:30:00 PM

GST Collection Slips On Month In May

Goods and Services Tax (GST) collections slipped to Rs 1.41 lakh crore in May, down 16% from April's all-time high of Rs 1.68 lakh crore, data released on June 1 by the finance ministry showed. On a year-on-year basis, GST collections in May were up 44%. The collection in the month of May, which pertains to the returns for April, the first month of the financial year, has always been lesser than that in April, which pertains to the returns for March, the closing of the financial year. However, it is encouraging to see that even in the month of May 2022, the gross GST revenues have crossed the Rs 1.40 lakh crore mark.

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01/06/2022 2:11:00 PM

All India Housing Price Index Slows To 1.8% In Q4: RBI

The Reserve Bank released its all India quarterly house price index (base: 2010-11=100) for Q4:2021-22, based on transaction-level data received from the housing registration authorities in ten major cities (viz., Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow, and Mumbai). All India HPI recorded an annual growth (y-o-y) of 1.8 per cent in Q4:2021-22 as compared with 3.1 per cent in the previous quarter and 2.7 per cent a year ago; the y-o-y movements in HPI varied widely across the cities - ranging from a growth of 19.2 per cent (Kolkata) to a contraction of 11.3 per cent (Bengaluru). On a sequential (q-o-q) basis, all India HPI registered a contraction of 1.1 per cent in Q4:2021-22; only Kolkata, Chennai and Kanpur recorded sequential growth; whereas the index contracted for the remaining cities, with Bengaluru recorded the highest sequential contraction of 11.1 per cent.

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01/06/2022 10:50:00 AM

India Manufacturing PMI at 54.6 in May

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) stood at 54.6 in May, as against 54.7 in April. The latest figure pointed to a sustained recovery across the sector. The above-50.0 reading was the eleventh in as many months and consistent with a solid improvement in operating conditions.

The indices vary between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease. The indices are then seasonally adjusted.

Manufacturing sector jobs rose further in May, owing to ongoing improvements in sales. Although only slight, the rate of employment growth picked up to the strongest since January 2020, S&P Global Market Intelligence said in a statement.

Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence, said: �India's manufacturing sector sustained strong growth momentum in May. Thanks in part to the sharpest rise in international sales for eleven years, total new orders expanded further. In response to demand resilience, companies continued with their efforts to rebuild stocks and hired extra workers accordingly.

�While firms appear to be focusing on the now, the survey's gauge of business optimism shows a sense of unease among manufacturers. The overall level of sentiment was the second-lowest seen for two years, with panellists generally expecting growth prospects to be harmed by acute price pressures.

There was little-movement in the rate of input price inflation during May, which remains historically high, but output charge inflation surged to its highest in over eight-and-a-half years as companies continued to transfer additional cost burdens to their clients.

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01/06/2022 10:25:00 AM

India's Active Covid Cases Stand At 18,386

India's active caseload currently stands at 18,386. In the last 24 hours, 2,745 new cases and 2,236 recoveries have been recorded. The daily positivity rate is 0.60%. The recovery rate currently is at 98.74%. Under Nationwide Vaccination Drive, 193.57 cr vaccine doses have been administered so far.

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01/06/2022 8:47:00 AM

India Core Sector Output Grows 8.4% In April

The combined Index of Eight Core Industries stood at 143.2 in April 2022, which is an increase of 8.4 per cent (provisional) as compared to the Index of April 2021. The production of Coal, Electricity, Refinery Products, Fertilizers, Cement and Natural Gas industries increased in April 2022 over the corresponding period of last year.

The Office of Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) has released Index of Eight Core Industries (ICI) for the Month of April, 2022. ICI measures combined and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Final growth rate of Index of Eight Core Industries for January 2022 is revised to 4.0% from its provisional level 3.7%. The growth rate of ICI during April-March 2021-22 was 10.4% (P) as compared to the corresponding period of last FY.

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31/05/2022 6:07:00 PM

India's GDP growth in FY22 improves to 8.7%

India's GDP rose by 8.7% in FY22, compared with a contraction of 6.6% in FY21.

In January-March period, the GDP, however, slowed 4.1% from 5.4% growth in the previous quarter.

In FY22, gross value added (GVA) � which is the total value of output produced, without including the intermediary costs that went into producing them � grew 8.1%. Net taxes on products grew 16.1% to Rs 11,30,041 crore in the financial year 2021-22.

The next release of quarterly GDP estimates for the quarter April-June 2022 (Q1 2022-23) will be on 31 August 2022.

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31/05/2022 2:31:00 PM

Government extends PMEGP scheme for five more years

The government on Monday announced the extension of its scheme for employment generation Prime Minister's Employment Generation Programme (PMEGP) over the 15th Finance Commission Cycle from 2021-22 to 2025-26 with an outlay of Rs 13,554.42 crore. In addition, multiple modifications have also been made to the scheme including increasing the maximum financial assistance offered from existing Rs 25 lakh to Rs 50 lakh to entrepreneurs for setting up new manufacturing units and from existing Rs 10 lakh to Rs 20 lakh for new service units. Launched in 2008-09, the scheme has supported around 7.8 lakh micro enterprises with a subsidy of Rs 19,995 crore to create employment for around 64 lakh people, the MSME Ministry said in a statement.

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31/05/2022 9:59:00 AM

India's Active Covid Cases Stand At 17,883

India's active caseload currently stands at 17,883. In the last 24 hours, 2,338 new cases and 2,134 recoveries have been recorded. The daily positivity rate is 0.64%. The recovery rate currently is at 98.74%. Under Nationwide Vaccination Drive, 193.45 cr vaccine doses have been administered so far.

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30/05/2022 4:38:00 PM

Piyush Goyal urges textile industry to develop models for improving Ginning efficiency

Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food & Public Distribution, Piyush Goyal held an interactive meeting with the newly constituted Textile Advisory Group at IMC Chamber of Commerce and Industry yesterday. The whole of textile value chain was represented in the consultations through lead associations and experts in the meeting.

Goyal exhorted that containment of factors impinging on productivity need to be tackled in time bound project mode manner and the industry should participate in self-regulatory mode. The Ginning segment should take responsibility and make pheromone trap technology mandatory to monitor and prevent spread of Pink Bollworm pest attack from Ginneries and oil extraction units to cotton crop in farmers’ fields.

The Minister also urged the industry to develop models for improving Ginning efficiency and outturn. Goyal also emphasized the need for protecting cotton crop from pink bollworm attack with contributions from Cotton Corporation of India Ltd., Cotton Association of India, Confederation of Indian Textile Industry and the Cotton Textiles Export Promotion Council.

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30/05/2022 10:20:00 AM

India's Active Covid Cases Stand At 17,698

India's active caseload currently stands at 17,698. In the last 24 hours, 2,706 new cases and 2,070 recoveries have been recorded. The daily positivity rate is 0.97%. The recovery rate currently is at 98.74%. Under Nationwide Vaccination Drive, 193.31 cr vaccine doses have been administered so far.

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30/05/2022 10:04:00 AM

India needs to focus on green hydrogen for energy

Meenakashi Lekhi, Minister of State for External Affairs, Govt of India has said that post COVID as the borders are opening and business also opens up, India is seen as a production hub and not just as a market and we are able to bring in more business to India and benefiting everyone. Addressing the 'India-Hungary Business Forum', organized by FICCI, jointly with the Embassy of Hungary, New Delhi, Lekhi said that apart from the nuclear energy and the solar alliance in which India is working rapidly, the country also needs to focus more on green hydrogen. Inviting Hungary to collaborate in this sector she said that this is another area where cooperation can come.

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27/05/2022 4:57:00 PM

High frequency indicators already point to some loss of momentum says RBI

RBI noted in a latest update today that the immediate impact of geopolitical aftershocks is on domestic inflation, with close to three-fourth of the consumer price index at risk. The elevation in international prices of crude, metals, and fertilisers has translated into terms of trade shock that has widened trade and current account deficits. High frequency indicators already point to some loss of momentum in the recovery that has been gaining traction from the second quarter of 2021-22, with 86.8 per cent of the adult population fully vaccinated and 3.5 per cent having received booster doses. Furthermore, steadfast policy support put a floor underneath aggregate demand and economic activity. Fiscal policy focused on mitigating the hardships and loss of livelihood imposed by the pandemic, even as an impetus to growth was unleashed through reprioritising fiscal spending.

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27/05/2022 10:10:00 AM

India's Active Covid Cases Stands At 15,814

India's active caseload currently stands at 15,814. In the last 24 hours 2,710 new cases and 2,296 recoveries have been recorded. The daily positivity rate is 0.58%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive, 192.97 cr vaccine doses have been administered so far.

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26/05/2022 3:14:00 PM

RBI Says Bank Credit Growth Rises Steadily

Reserve Bank of India (RBI) stated in a latest update that the Bank credit growth (y-o-y) rose steadily over the successive quarters of financial year 2021-22 and moved to double-digits in March 2022. Metropolitan centres, which constitute a dominant share in total bank credit of SCBs, recorded 9.7 per cent credit growth (y-o-y) in March 2022 (1.7 per cent a year ago); credit growth in urban, semi-urban and rural centres remained in double digits in all quarters of 2021-22.

Private sector banks maintained double digit growth in credit (y-o-y) which accelerated in successive quarters to reach 15.1 per cent in March 2022. Growth in lending by public sector banks improved significantly to 7.8 per cent in March 2022 from 3.6 per cent a year ago.

Aggregate deposits growth (y-o-y) moderated to 10.2 per cent in March 2022 (12.3 per cent a year ago); deceleration in deposit growth was observed across all bank groups. The share of current account and savings account (CASA) deposits in total deposits rose marginally and it stood at 45.1 per cent in March 2022; CASA deposits had 55.6 per cent share in incremental deposits during 2021-22. The all-India credit-deposit (C-D) ratio improved marginally to 71.9 per cent in March 2022 (71.5 per cent a year ago).

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26/05/2022 2:54:00 PM

RBI announces underwriting auction for sale of Government Securities for Rs 33,000 crore

RBI announced underwriting auction for sale of Government Securities for Rs 33,000 crore on May 27, 2022. This includes 4.56% GS 2023 (Rs 4000 crore), 7.10% GS 2029 (Rs 7000), 6.54% GS 2032 (Rs 13000 crore), 6.95% GS 2061 (Rs 9000 crore). The underwriting auction will be conducted through multiple price-based method on May 27, 2022 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09.00 A.M. and 09.30 A.M. on the date of underwriting auction.

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26/05/2022 10:13:00 AM

India's Active Covid Cases Stands At 15,414

India's active caseload currently stands at 15,414. In the last 24 hours, 2,628 new cases and 2,167 recoveries have been recorded. The daily positivity rate is 0.58%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive, 192.82 cr vaccine doses have been administered so far.

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25/05/2022 10:52:00 AM

India's Active Covid Cases Stands At 14,971

India's active caseload currently stands at 14,971. In the last 24 hours, 2,124 new cases and 1,977 recoveries have been recorded. The daily positivity rate is 0.46%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive, 192.67 cr vaccine doses have been administered so far.

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25/05/2022 9:38:00 AM

Govt restricts sugar exports to 10 mln tonnes during current season

The government has announced a curb on export of sugar beyond 10 million tonnes during this sugar season ending September. The decision came in the light of record exports of the sugar.

The government notification said that this has been done to maintain the domestic availability and price stability during the sugar season 2021-22. Export of sugar in the current sugar season is historically the highest.

As per the new guideline, sugar mills and exporters need to take approvals in form of Export Release Orders (EROs) from Directorate of Sugar, Department of Food and Public Distribution. Sugar exports have been allowed up to 31 May 2022 without any ERO or approval. For exports between 1 June 2022 and 30 October 2022, ERO will be required.

The Ministry of Consumer Affairs, Food & Public Distribution said the decision will ensure that the closing stock of sugar at the end of sugar season (30th Sept 2022) remains 60-65 lakh tonnes which is 2-3 months stocks (monthly requirement is around 24 lakh tonnes in those months) required for domestic use.

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25/05/2022 9:28:00 AM

Government will allow sugar exports upto 100 LMT

The government has decided to allow export of sugar upto 100 LMT with a view to maintain the domestic availability and price stability during the sugar season 2021-22(October-September). As per the order issued by DGFT, with effect from 1st June, 2022 till 31st October, 2022, or till further order, whichever is earlier, the export of the sugar will be allowed with specific permission of the Directorate of Sugar, Department of Food & Public Distribution. The decision came in the light of record exports of the sugar. In sugar seasons 2017-18, 2018-19 & 2019-20, only about 6.2 LMT, 38 LMT & 59.60 LMT of sugar was exported. In sugar season 2020-21 against target of 60 LMT about 70 LMT have been exported. In the current sugar season 2021-22, contracts for export of about 90 LMT have been signed, about 82 LMT sugar has been dispatched from sugar mills for export and approx. 78 LMT have been exported. Export of sugar in current sugar season 2021-22 is the historically highest.

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24/05/2022 12:00:00 PM

Ministry Of Finance Announces Auction for Sale Of Gsecs

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) ''7.10% 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, Mumbai Office, Fort, Mumbai on May 27, 2022 (Friday).

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24/05/2022 10:35:00 AM

India's Active Covid Cases Stands At 14,841

India's active caseload currently stands at 14,841. In the last 24 hours, 1,675 new cases and 1,635 recoveries have been recorded. The daily positivity rate is 0.41%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive, 192.52 cr vaccine doses have been administered so far.

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23/05/2022 2:43:00 PM

Indian Inflation In Fuel And Edible Oil Largely Imported In Nature Says SEA

The Solvent Extractors Association (SEA) of India has noted in a latest update that world is grappling with very high inflationary pressures and India is no exception. Indian inflation in Fuel and Edible oil is largely imported in nature and brings home the flaws in policy making over the years. No country can have Fuel security when it is dependent to the extent of 85% of its need. Edible oil security is also seriously compromised with 65% dependence on Imports. There are no quick fix solutions to combat imported inflation which has been fuelled by easy monetary policies and geo political issues plaguing the world.

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23/05/2022 10:08:00 AM

India's Active Covid Cases Stands At 14,832

India's active caseload currently stands at 14,832. In the last 24 hours 2,022 new cases and 2,099 recoveries have been recorded. The daily positivity rate is 0.69%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive, 192.38 cr vaccine doses have been administered so far.

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20/05/2022 5:32:00 PM

India Records Highest Annual FDI Inflow Of $83.57 Billion In FY21-22

India has recorded highest ever annual FDI inflow of USD 83.57 billion in the Financial Year 2021-22. In 2014-2015, FDI inflow in India stood at mere 45.15 USD billion as compared to the highest ever annual FDI inflow of USD 83.57 billion reported during the financial year 2021-22 overtaking last year's FDI by USD 1.60 billion despite military operation in Ukraine and COVID-19 pandemic. India's FDI inflows have increased 20-fold since FY03-04, when the inflows were USD 4.3 billion only.

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20/05/2022 12:56:00 PM

FM projects India's GDP growth at 8.9% for current fiscal

Finance Minister Nirmala Sitharaman on Thursday (19 May 2022) said that India's economic growth in the current financial year has been robust and is estimated to be 8.9%, which is the highest among all large economies.

This reflects India's strong resilience and speedy recovery, Sitharaman said while expressing confidence that India will continue to achieve a high growth rate in the current and next financial year.

Sitharaman was addressing the 7th annual meeting of board of governors of New Development Bank (NDB) through video-conference in New Delhi on Thursday.

The Finance Minister, in her statement, underscored the importance of multilateralism and the spirit of global cooperation for economic recovery. In this regard, Sitharaman acknowledged that the NDB has successfully established itself as a reliable development partner for emerging market economies.

While acknowledging the NDB's achievements and progress made over the last six years, FM highlighted that the bank has demonstrated strong results within its core mandate. The Union Finance Minister also appreciated the progress made towards setting up of the India Regional Office in Gift City, Gujarat.

Sitharaman concluded her statement on a positive note, stating that NDB will play a significant and meaningful role in the development journey of its member countries in the decades to come.

NDB is a multilateral development bank, set up by the BRICS countries (Brazil, Russia, India, China, and South Africa) in 2014 with the objective of mobilizing resources for infrastructure and sustainable development projects in the BRICS as well as other EMDCs of the world. The Bank was operationalised in 2015, with its Headquarters in Shanghai, China. Last year, NDB has expanded its membership to include four countries namely, Bangladesh, UEA, Egypt and Uruguay. NDB has so far approved 21 projects of India for an amount of $7.1 billion.

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20/05/2022 12:15:00 PM

NITI Aayog Advisor Says Indian Start Up Ecosystem Is Robust

Anna Roy, Senior Adviser, NITI Aayog said that Indian start-up ecosystem is robust and by providing them with enabling framework including access to data, compute and market, we will be able to tackle the issue of technology adoption in agriculture sector. Addressing the 2nd edition for the International Conference on 'Artificial Intelligence & Digital applications in Agriculture', organized by FICCI, jointly with German Agribusiness Alliance, Roy said that the National Strategy for Artificial Intelligence released by NITI Aayog in June 2018 identifies agriculture as one of the focus areas. The benefits of applying AI in the agriculture are immense. AI in the areas of weather, soil nutrients, pest and disease management, fertigation, market prices, finance and traceability have shown a lot of potential. India's burgeoning start-up ecosystem has been actively playing its part in disrupting the agriculture sector. Opportunity in agritech exists across the value chain from improving farmers' access to markets, inputs, data, advisory, credit and insurance, she added.

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20/05/2022 9:40:00 AM

India's Covid Recovery Rate At 98.75%

India's active caseload currently stands at 15,044. In the last 24 hours, 2,259 new cases and 2,614 recoveries have been recorded. The daily positivity rate is 0.50%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive, 191.96 cr vaccine doses have been administered so far.

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19/05/2022 10:18:00 AM

India's Active Covid Cases Stands At 15,419

India's Active caseload currently stands at 15,419. In the last 24 hours, 2,364 new cases and 2,582 recoveries have been recorded. The daily positivity rate is 0.50%. The recovery rate is currently at 98.75%. Under Nationwide Vaccination Drive, 191.79 cr vaccine doses have been administered so far.

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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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18/05/2022 10:32:00 AM

India's Active Covid Cases Stands At 15,647

India's active caseload currently stands at 15,647. In the last 24 hours, 1,829 new cases and 2,549 recoveries have been recorded. The daily positivity rate is at 0.42%. The recovery rate currently is at 98.75%. Under Nationwide Vaccination Drive,191.65 cr vaccine doses have been administered so far.

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18/05/2022 9:12:00 AM

Minister of Commerce assures continued government support in developing statrup ecosystem

The Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal yesterday chaired the 4th meeting of National Startup Advisory Council (NSAC) in New Delhi. Speaking on the occasion, the Minister assured continued government support in developing statrup ecosystem. He appreciated the work done by NSAC members and urged them to focus on tier 2 and tier 3 cities where limited VC funding is available. He also emphasized on the need for capacity building and generating awareness about various initiatives of the government to promote startups in such cities. Members of the council have also been visiting states and interacting with startup entrepreneurs and students in educational institutions to understand and find ways to energize the startup ecosystem.

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17/05/2022 12:45:00 PM

India's WPI inflation rises to 15.08% in April

India's inflation based on wholesale price index (WPI) stood at 15.08% in April 2022 compared with 10.74% in April 2021.

The high rate of inflation in April, 2022 was primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, food articles, non-food articles, food products and chemicals & chemical products etc. as compared to the corresponding month of the previous year, the Ministry of Commerce & Industry said in a statement today.

The WPI grew 14.55% in March 2021, while the figure for February was 13.11%.

WPI for the month of May 2022 will release on 14 June 2022.

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17/05/2022 10:21:00 AM

India's Covid Cases Rise By 1,569 In Last 24 Hours

India's Active caseload currently stands at 16,400. In the last 24 hours 1,569 new cases and 2,467 recoveries have been recorded. The recovery rate is currently at 98.75%. The daily positivity rate is at 0.44%. Under Nationwide Vaccination Drive, 191.48 cr vaccine doses have been administered so far.

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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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15/06/2021 2:26:00 PM

Reserve Bank Releases Consultative Document On Regulation of Microfinance

The Reserve Bank Of India (RBI) has released Consultative Document on Regulation of Microfinance. In the Statement on Developmental and Regulatory Policies dated February 5, 2021 released with the fifth Bi-monthly Monetary Policy Statement for 2020-21, the Reserve Bank of India had announced that a consultative document will be issued for harmonising the regulatory frameworks for various regulated lenders in the microfinance space. Accordingly, the Consultative Document on Regulation of Microfinance has been released. The suggested framework in the Consultative Document is intended to be made applicable to the microfinance loans provided by all entities regulated by the Reserve Bank and is aimed at protecting the microfinance borrowers from over-indebtedness as well as enabling competitive forces to bring down the interest rates by empowering the borrowers to make an informed decision. The key proposals of the Consultative Document include a common definition of microfinance loans for all regulated entities, capping the outflow on account of repayment of loan obligations of a household to a percentage of the household income, a Board approved policy for household income assessment, no pre-payment penalty; no requirement of collateral; and greater flexibility of repayment frequency for all microfinance loans, alignment of pricing guidelines for NBFC-MFIs with guidelines for NBFCs, introduction of a standard simplified fact sheet on pricing of microfinance loans for better transparency and display of minimum, maximum and average interest rates charged on microfinance loans on the websites of regulated entities.

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15/06/2021 1:07:00 PM

Government of India Announces Sale (Re-issue) Of Four Dated Securities For Rs 32000 Crore

Government of India (GOI) has announced the sale (re-issue) of four dated securities for a notified amount of Rs 32,000 crore. The Government of India (GoI) has announced the Sale (Re-issue) of (i) '5.63% Government Security, 2026' for a notified amount of Rs 11,000 crore (nominal) through price based auction, (ii) 'GoI Floating Rate Bonds, 2033' for a notified amount of Rs 4,000 crore (nominal) through price based auction, (iii) '6.64% Government Security, 2035' for a notified amount of Rs 10,000 crore (nominal) through price based auction,, and (iv) '6.67% Government Security, 2050' for a notified amount of Rs 7,000 crore (nominal) through price based auction. GoI will have the option to retain additional subscription up to Rs 8,000 crore against the above Security/Securities. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on June 18, 2021 (Friday) using multiple price method. Up to 5% of the notified amount of the sale of the Securities will be allotted to eligible individuals and Institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

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15/06/2021 11:33:00 AM

Vegetable Oil Imports Spike In May

India's import of vegetable oils (including edible oils and non-edible oils) rose to 1.24 million tonnes (mt) during May 2021 compared with 0.74 mt in May last year, up 68%, media reports noted. The overall import of vegetable oils during November-May stood at 7.67 mt compared with 7.06 mt in the year-ago period, recording a rise of around 8.60%.Imports of soybean oil increased to 1.64 mt during November-May against 1.57 mt in the year-ago period, up around 4%. Palm oil imports stood at 4.56 million tonnes (mt) (including crude palm oil and RBD palmolein) during November-May 2020-21 compared 3.67 mt in the corresponding period a year ago, up around 24%.

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15/06/2021 10:06:00 AM

India COVID-19 Recovery Rate Improves To Near 96%

India's active Covid-19 caseload declined to 9,13,378. India reported 60,471 daily new cases in last 24 hours; lowest after 75 days. A total of 2,82,80,472 total recoveries have been noted across the country so far. A total of 1,17,525 patients have recovered during the last 24 hours. Daily recoveries continued to outnumber the Daily New Cases for the 33rd consecutive day. Recovery Rate increased to 95.64%. Weekly Positivity Rate dropped to less than 5%, currently at 4.39%. Daily positivity rate is at 3.45%, less than 5% for 8 consecutive days. Testing capacity substantially has been ramped up - 38.13 cr total tests have been conducted.

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