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09/12/2022 10:47:00 AM

Bio Fuels To Positively Impact Crude Oil Import Bills Of India

The Public Sector Oil Marketing Companies (OMCs) have procured 385.92 crore litres of ethanol up to 15th November, 2022 for blending in petrol during the Ethanol Supply Year (ESY) 2021-22 (ESY: 1st December to 30th November) and 5.83 crore litres of bio-diesel for blending with diesel during the financial year 2022-23. The Oil and Gas Marketing Companies (OGMCs) have issued 3694 Letters of Intent (LoIs) to potential entrepreneurs for procurement of Compressed Bio Gas (CBG) up to 31st October, 2022.

Ethanol Blending in Petrol up to 15th November, 2022 during the ESY 2021-22 is estimated to have had an impact of over Rs.20,000 crore on the import bill of crude oil and petroleum products.

Government has notified Pradhan Mantri JI-VAN (Jaiv Indhan - Vatavaran Anukool fasal awashesh Nivaran) Yojana for promoting Second Generation (2G) ethanol production from cellulosic and lignocellulosic including petrochemical route in the country by providing financial support. Oil Central Public Sector Enterprises (CPSEs) are setting up Second Generation (2G) ethanol bio-refineries in the country. 2G ethanol plant at Panipat (Haryana) has been set up and dedicated to the Nation by the Hon'ble Prime Minister on 10.08.2022. Plants at Bathinda (Punjab), Bargarh (Odisha), Numaligarh (Assam) are in advanced stages of construction.

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08/12/2022 9:05:00 AM

FDI Inflows In India At US$ 84.84 Billion In FY22, Says MoS Commerce & Industry

Foreign Direct Investment (FDI) inflows in India stood at US $ 45.15 billion in 2014-2015 and have continuously increased since then, and India registered its highest ever annual FDI inflow of US$ 84.84 billion (provisional figures) in the financial year 2021-22, Minister of State for Commerce and Industry, Shri Som Parkash said. The reforms taken by Government have resulted in increased FDI inflows in the country. 'Make in India' initiative has significant achievements and presently focuses on 27 sectors under Make in India 2.0. Department for Promotion of Industry and Internal Trade (DPIIT) coordinates action plans for 15 manufacturing sectors, while Department of Commerce coordinates 12 service sector plans.

Keeping in view India's vision of becoming 'Atmanirbhar' and to enhance India's Manufacturing capabilities and Exports, an outlay of INR 1.97 lakh crore (over US$ 26 billion) has been announced in Union Budget 2021-22 for PLI schemes for 14 key sectors of manufacturing, starting from fiscal year (FY) 2021-22. As per Economic Survey 2021-22, inspite of Covid related disruptions there is trend of positive overall growth of Gross Value Addition (GVA) in manufacturing sector. The total employment in this sector has increased from 57 million in the year 2017-18 to 62.4 million in the year 2019-20.

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07/12/2022 4:38:00 PM

Encouraged by the Governor's statement that liquidity will be made available for productive activities so that the growth impulses get nurtured: FICCI

Mr Sanjiv Mehta, President, FICCI, commenting on the monetary policy announcement said, The Reserve Bank's policy action hiking the policy repo rate by 35 bps was widely anticipated as the war against inflation is still far from over. Retail inflation has remained above the Central Bank's tolerance threshold of 6 per cent through the year 2022. Core inflation remains sticky, and uncertainty continues to surround RBI's near-term inflation outlook given the complex geo-political developments in Europe, recurrence of adverse climate related events and the still high commodity prices globally. While the CPI inflation projection has been maintained at 6.7 per cent for 2022-23 and some early signs of inflation cooling down on a sequential basis are coming to fore, we need to see this trend emerge on a durable basis for RBI to indicate a change in stance. Furthermore, while the Indian economy remains resilient, the RBI has revised downward its GDP growth forecast for 2022-23 to 6.8 per cent from 7.0 per cent in the last monetary policy announcement. Even at this slightly lower rate of growth, India continues to be amongst the fastest growing economies globally and we are encouraged by the Governor's statement that liquidity will be made available for productive activities as required so that the growth impulses get nurtured, Mr Mehta added.

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07/12/2022 2:15:00 PM

5G services have started in 50 towns across country so far: Govt

Union Telecom Minister Ashwini Vaishnaw on Wednesday (7 December) informed that the 5G services have been rolled out in 50 cities and towns across the country.

Two major telecom services providers in India - Reliance Jio and Airtel - started the progressive roll out of the 5G sercvices in the country from October this year.

This was stated by the Electronics and Information Technology Minister Ashwini Vaishnaw in a written reply in the Lok Sabha today.

Vaishnaw said the service providers are providing 5G services to their subscribers with 5G-enabled devices at no extra cost.

As per the Notice Inviting Application (NIA) for auction of access spectrum and license conditions, the minimum rollout obligations are required to be met over a period of five years in a phased manner from the date of allocation of spectrum, he said.

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07/12/2022 1:01:00 PM

India to make significant investment in R&D for vaccine development

Union Minister of State (Independent Charge) Science & Technology, Dr Jitendra Singh said, India will make significant investment in R&D to develop a roadmap for design and delivery of vaccine development for future pandemic. In his message to the two-day International meet on �Preparedness for Future Epidemics: Is India ready to meet the CEPI 100 days vaccine challenge?�, Singh said, while efforts are still on to uncover findings about the COVID-19 and the epidemiological models, India is ready to invest in future challenges. He noted further that the Department of Biotechnology was at the center of pandemic response and took unprecedented steps to curb the threat posed by COVID 19. He said, DBT was aided very ably, by its 14 autonomous institutes, the primary lead taken by THSTI as it quickly set up patient cohorts, bioassay systems, immune and cellular response assays, animal studies required for vaccine development, and supported vaccine industry in developing India's first DNA and protein subunit vaccine Corbevax.

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07/12/2022 12:34:00 PM

INR movements have been least disruptive, relative to peers: RBI

The Reserve Bank of India, in its December monetary policy stated that the story of the INR has been one of India's resilience and stability. The appreciation of the US dollar this year, which precipitated large scale depreciation of all major global currencies including the Indian rupee (INR), has drawn wide attention. It is important to make an objective assessment of the movement of the INR in the context of global and domestic macroeconomic and financial market developments. Through this episode of US dollar appreciation, the INR's movements have been the least disruptive, relative to peers, the central bank stated. In fact, the INR has appreciated against all other major currencies except a few. Cross-country comparisons of exchange rate movements are often made on an inflation-adjusted basis or what is called in real effective terms. On a financial year basis (i.e., from April 2022 to October 2022), the INR has appreciated by 3.2 per cent in real terms, even as several major currencies have depreciated, RBI added.

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07/12/2022 10:49:00 AM

RBI Raises Repo Rate By 35 Bps To 6.25%

The Reserve Bank of India's monetary policy committee (MPC) on December 7 hiked the key repo rate by 35 basis points (bps) to 6.25 % in its December 2022 meeting, continuing its fight against inflation. The central bank has raised its key policy rate as inflation continues to stay above its tolerance band. RBI had slashed the repo rate in March, 2020 with an aim to cushion the impact of covid-induced lockdown, and maintained status-quo in the benchmark interest rate for almost two years before increasing it on May 4, 2022. The RBI has raised rates by a total 190 basis points since its first unscheduled mid-meeting hike in May. Governor Shaktikanta Das, delivering the Monetary Policy Committee (MPC) announcements, also said the FY23 real GDP forecast had been lowered to 6.8% - 0.1% lower than revised estimates released Tuesday by the World Bank. In addition, the RBI has also maintained FY23 consumer price index (CPI) inflation forecast at 6.7%.

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06/12/2022 4:44:00 PM

India's Coal based power generation up 16.28% on year in November 2022

India's total coal production increased by 11.66% to 75.87 Million Ton (MT) from 67.94 MT during November, 2022 as compared to November 2021. As per the latest figures of the Ministry of Coal, during Nov'22, Coal India Ltd (CIL) registered a growth of 12.82 %, whereas Singareni Collieries Company Limited (SCCL) and captive mines /others registered a growth of 7.84 % and 6.87% respectively. Of the top 37 mines in coal production as many as 24 mines produced more than 100 per cent and production of five mines stood between 80 and 100 percent. The power utilities despatch has increased by 3.55% to 62.34 MT during Nov'22 as compared to 60.20 MT the previous year. Coal based power generation has registered a growth of 16.28% in Nov'22 as compared to Nov'21 and overall power generation in Nov'22 has been 14.63% higher than the power generated in Nov'21.

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06/12/2022 1:50:00 PM

India's economy has been remarkably resilient to the deteriorating external environment, Says World Bank

India's economy has demonstrated resilience despite a challenging external environment, says the World Bank in its latest India Development Update, a World Bank flagship publication. The report titled �Navigating the Storm�, finds that while the deteriorating external environment will weigh on India's growth prospects, the economy is relatively well positioned to weather global spillovers compared to most other emerging markets.Impact of a tightening global monetary policy cycle, slowing global growth and elevated commodity prices will mean that the Indian economy will experience lower growth in 2022-23 financial year compared to 2021-22. Despite these challenges, the update expects India to register a strong GDP growth and remain one of the fasted growing major economies in the world, due to robust domestic demand.

The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year. India's economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies, said Auguste Tano Kouame, World Bank's Country Director in India. �However, continued vigilance is required as adverse global developments persist.�

The report forecasts that the India economy will grow at slightly lower rate of 6.6 percent in the 2023-24 fiscal year. A challenging external environment will affect India's economic outlook through different channels. The report states that rapid monetary policy tightening in advanced economies has already resulted in large portfolio outflows and depreciation of the Indian Rupee while high global commodity prices have led to a widening of the current account deficit.

However, it argues that India's economy is relatively insulated from global spillovers compared to other emerging markets. This is partly because India has a large domestic market and is relatively less exposed to international trade flows. The report finds that while a 1 percentage point decline in growth in the US is associated with a 0.4 percentage point decline in India's growth, the effect is around 1.5 times larger for other emerging economies. Analysis for growth spillovers from the EU and China also yields similar results.

India's external position has also improved considerably over the past decade. The current-account deficit is adequately financed by improving foreign direct investment inflows and a solid cushion of foreign exchange reserves (India has one of the largest holdings of international reserves in the world). Policy reforms and prudent regulatory measures have also played a key role in developing resilience in the economy.

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06/12/2022 1:33:00 PM

New tropical cyclone likely to form over Bay of Bengal: IMD

The India Meteorological Department has said that a new tropical cyclone is likely to form over the Bay of Bengal and is going to impact Tamil Nadu, Puducherry and Andhra Pradesh.

A low pressure area over south Andaman Sea is likely to concentrate into a depression over Southeast Bay of Bengal by 6 December evening. It will intensify further gradually into a Cyclonic Storm and reach Southwest Bay of Bengal near north Tamil Nadu-Puducherry & adjoining south Andhra Pradesh coasts by 8th December morning, IMD said.

A heavy spell of rainfall is expected over north Tamil Nadu, south Coastal Andhra Pradesh and Rayalaseema during 7th-9th December 2022.

The cyclonic storm will be named 'Cyclone Mandous', the name which is given by the United Arab Emirates which means a treasure box in the Arabic language. The cyclone is likely to cross the coast on 8th December.

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06/12/2022 9:43:00 AM

GOI announces the sale of three dated securities for a notified amount of Rs 28,000 crore

The Government of India (GoI) has announced the sale (re-issue) of (i) 7.38% Government Security 2027 for a notified amount of Rs 7,000 crore (nominal) through price based auction using uniform price method, (ii) 7.26% Government Security 2032 for a notified amount of Rs 12,000 crore (nominal) through price based auction using uniform price method and (iii) 7.36% Government Security 2052 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 December 09, 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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05/12/2022 1:14:00 PM

India Services Growth Strongest in 3 Months

Indian services firms continued to benefit from accommodative demand conditions in November. New business inflows rose markedly and at the quickest pace in three months, supporting a sharp expansion in output and further job creation. There was another substantial increase in input costs, the second-fastest since July, which underpinned the strongest upturn in selling charges in just under five-and-a-half years. Rising from 55.1 in October to 56.4 in November, the seasonally adjusted S&P Global India Services PMI Business Activity Index indicated a sharp increase in output that was the quickest in three months. Survey participants linked the latest expansion to demand strength, successful marketing and a sustained upturn in sales.

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05/12/2022 12:55:00 PM

Aggregate Technical and Commercial losses of DISCOMs decline significantly says Power Ministry

According to the Ministry of Power, aggregate Technical and Commercial Loss (AT&C Loss) and ACS-ARR Gap are key indicators of DISCOM performance. In the last 2 years, the AT&C loss of the DISCOMs of the country was hovering at 21-22%. Ministry of Power instituted a number of measures to improve the performance of utilities. Preliminary analysis of data for FY2022 of 56 DISCOMs contributing to more than 96% of input energy, indicates that the AT&C losses of DISCOMs have declined significantly to ~17% in FY2022 from ~22% in FY2021.

Reduction in AT&C losses improves the finances of the utilities, which will enable them to better maintain the system and buy power as per requirements; benefitting the consumers. The reduction in AT&C losses has resulted in reduction in the Gap between Average Cost of Supply (ACS) and Average Realizable Revenue (ARR). The ACS-ARR Gap (on subsidy received basis, excluding Regulatory Income & UDAY Grant) has declined from Rs. 0.69/kWh in FY2021 to Rs. 0.22/kWh in FY2022.

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05/12/2022 10:21:00 AM

India Forex Reserves Rise To $550 Billion

India's foreign exchange reserves rose for the third straight week, to $550.14 billion in the week through November 25, according to Reserve Bank of India's (RBI) weekly statistical supplement showed on Friday. The foreign exchange reserves for the week ended November 18 stood at $547.25 billion. Foreign currency assets rose by $3 billion to $487.29 billion for the week ending November 25 according to the Weekly Statistical Supplement released by the RBI. It was at $484.29 billion for the week ending November 18. However, gold reserves fell by $73 million to $39.94 billion.

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24/11/2022 1:14:00 PM

India's Coal Production Reaches 448 Million Ton In October

The total coal production in the country stands at 448 million tonnes (MT) as of October, 2022 which is 18 % higher than the production of the corresponding period of last year. The growth of coal production from Coal India Ltd (CIL) is also more than 17%. The Ministry of Coal is planning to build stock at domestic coal-based plants to the tune of 30 million tonne by the end of November, 2022. It has plan to keep building the stock so that by the end of 31st March, 2023, Thermal Power Plants (TPP) stock go up to 45 million tonnes. It is further planned to enhance coal stock at the pithead.

During the first seven months this year, there is 9 % growth in average rakes per day availability which is helping to transport higher quantity of coal and building up stocks at power plants. Ministry of Power is also augmenting transportation of coal through rail-cum-road mode. CIL has communicated quota for RCR mode of lifting to all the power generating companies for next eight months. This will help power generating companies to plan transportation logistics in advance.

Ministry of Ports, Shipping and Waterways, Ministry of Power, Railways and Coal are working together to promote transportation of coal through sea route. So far transportation of coal from MCL to Paradip by rail and thereafter to power plants on Eastern Coast is being made through rail-sea-rail route. Government is promoting transportation of coal from coal mines in eastern parts of the country to power plants located on the western coast or northern parts of the country. Accordingly, capacity of coal transportation to Paradip is being augmented. It is planned to start movement of coal for western coast plants through RSR by early next year. Government is planning to promote transportation of coal through all three possible modes.

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24/11/2022 11:13:00 AM

Government To Monetize 9 Majors Ports Between FY22-25 Under NMP

The Government of India is prioritizing maritime development to enable ports to identify and resolve bottlenecks in enhancing multimodal connectivity, Union MoS, Shri Shantanu Thakur said while addressing the PM GatiShakti Multimodal Maritime Summit 2022. Speaking about the PM GatiShakti masterplan, the minister underscored that the initiative would accrue 'huge benefits to the state government' by streamlining project timeframes. Minister Thakur also highlighted the targets for the ministry, underlining that assets spread across nine major ports have been considered for monetisation between FY22-25 under the National Monetisation Programme. In addition, eleven industrial corridors and two defence industrial corridors are planned for development to improve the operational efficiency and capacity utilisation of existing port assets.

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24/11/2022 9:22:00 AM

Telecom Industry AGR grows 18% to Rs 60,530 crore in Apr-June 2022

Telecom service providers' adjusted gross revenue grew 17.91 per cent on a year-over-year basis to Rs 60,530 crore in April-June 2022 with Jio leading in terms of revenue share, telecom regulator Trai said in a report on Wednesday. The adjusted gross revenue (AGR) of telecom service providers was Rs 51,335 crore in June 2021 quarter, according to the performance indicator report for quarter ended June 2022 released by the Telecom Regulatory Authority of India (Trai). The government collects it share of revenue from telecom service providers based on their AGR.

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23/11/2022 2:51:00 PM

Govt gives in-principle approval for 95 more ethanol projects

The government has given in-principle approval for 95 more ethanol projects under the new window of ethanol interest subvention schemes.

The decision is expected to add an annual ethanol production capacity of around 480 crore liters in the country.

The Department of Food and Public Distribution (DFPD) said, out of these 95 projects, 68 are grain-based, 20 are molasses based, and seven projects are based on dual feedstock. These projects have the potential to bring an investment of about Rs 12,000 crore and will create hundreds of employment opportunities in rural India.

Under the new window of ethanol interest subvention scheme, 243 projects have been given in-principle approvals since 22 April 2022. Under the new window, ethanol project proponents having land and Environmental Clearance (EC) can apply to avail the benefit upto 21 April 2023.

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23/11/2022 1:25:00 PM

Estimated 10 Lakh Jobs To Be Created From Ind-Aus ECTA, Says Piyush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal said that duties on 100 percent tariff lines would be eliminated by Australia under the landmark India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA). Shri Goyal said that the ECTA would give a big boost to several sectors of the economy, especially textiles, gems and jewellery and pharmaceuticals. It may be noted that 10 lakh jobs are estimated to be created as the result of the ECTA. He noted that the Agreement would also open new opportunities for the service sector in India and would immensely benefit students by offering them an opportunity to work in Australia. Annual Visa quota of 1800 is to be instituted for India Yoga teachers and Chefs.

ECTA provides for an institutional mechanism to encourage and improve trade between the two countries. For the first time, decisions completely based on extensive stakeholder consultations with every industry, Ministries, trade associations etc unlike the previous FTAs was undertaken. It is expected that with this agreement, the total bilateral trade will cross US$ 45-50 bn in 5 years from existing US$ 31 bn. India's Merchandise Exports is likely to increase by 10 billion by 2026-27. Moreover, since the labour-intensive sectors will be benefitted, it is expected to create an additional employment of atleast 10 lakhs jobs in India, create ample opportunities for investment, promotion of start-ups. Similarly, it would provide enhanced job opportunities for Indians in Australia and increased remittance flows to India.

Around 96% of Australia's exports are raw materials and intermediate products which will allow many Indian industries to get cheaper raw materials and make them competitive. Investments will help increasing presence of higher value products of advanced technology, thereby promoting vertical Movement in the value chain (Engineering, Electronics, Pharmaceuticals & Medical devices). Another major gain is in Pharmaceuticals sector, where Drugs approved in other developed jurisdiction will get fast track approval for patented, generic and biosimilar medicines. As regards trade in services, Australia has offered wide ranging commitments in around 135 sub sectors.

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23/11/2022 11:09:00 AM

India amongst top 5 best performing countries on Climate Change

India has been ranked amongst top 5 countries in the world, and the best among the G20 countries, based on its Climate Change performance. India jumps 2 spots higher, and is now ranked 8th as per Climate Change Performance Index (CCPI, 2023) published by German Watch, New Climate Institute and Climate Action Network International based in Germany. The latest report of CCPI, released at COP 27 in November 2022, shows Denmark, Sweden, Chile and Morocco as the only four small countries that were ranked above India as 4th, 5th, 6th and 7th respectively. The first, second and third ranks were not awarded to any country. In effect therefore, India's rank is the best amongst all large economies. The ranking given by CCPI places India as the only G-20 country in the top 10 rank.

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23/11/2022 10:38:00 AM

India set to be the second-fastest growing economy in the G20 in FY 2022-23: OECD

India is set to be the second-fastest growing economy in the G20 in FY 2022-23, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures, according to OECD 's latest economic outlook. GDP growth will slow to 5.7% in FY 2023-24, as exports and domestic demand growth moderate. Inflation will crimp private consumption but moderate at the end of the projection period, helping, along with improved global conditions, to boost growth to 6.9% in FY 2024-25, in line with the 20-year average (excluding the COVID-19 recession). After a spike in 2022, the current account deficit will narrow as import price pressures abate.

After hitting 6.6% in FY 2022-23, GDP growth is expected to slow in coming quarters, to 5.7% in FY 2023-24, before reverting to around 7% in FY 2024-25, OECD said. CPI inflation will remain above the central bank's upper limit target of 6% at least until early 2023 and then gradually recede as higher interest rates take effect, the report stated. In line with the central bank's commitment to take calibrated action to bring headline inflation back within the 2-6% tolerance band and keep inflation expectations anchored, policy rates are expected to rise by 75bps, to reach 6.65% in February 2023 before the tightening cycle is paused, OECD further noted.

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22/11/2022 2:11:00 PM

Air passenger traffic surges 27% in October 2022

Domestic air passenger traffic in October was up 27% YoY and also marked a 10% jump MoM, according to October Aviation Data. India's domestic air traffic stood at 114.07 lakh passengers in October, data released by the Directorate General of Civil Aviation (DGCA) showed.

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22/11/2022 1:38:00 PM

Removal of export duties on steel, stainless steel will strengthen that sector of the economy: Jyotiraditya Scindia

Union Minister of Steel and Civil Aviation Jyotiraditya Scindia on Monday stated that the removal of export duties on steel and stainless steel by government will herald a new era for the nation's steel sector. He said it will allow the steel sector to firmly establish its position in the global market.

The Government had withdrawn the export duty on iron ores lumps & fines below 58% Fe content, iron ore pellets and the specified steel products including pig iron last Saturday. The import duty concessions on Anthracite/PCI coal, coking coal, coke & semi coke and ferronickel were also withdrawn.

Delivering the keynote address at the third conclave of the Indian Steel Association (ISA), Scindia said that the steel sector will not only restore its international footprint but will also reach newer heights in a relatively short period of time in the domestic market.

Scindia stated that the Prime Minister has put forth the mandate to enhance capital infrastructure by nearly Rs 17 lakh crore per year, thus increasing demand for steel by close to double digits (approx 10% per year). Further, he said that the steel sector has not just emerged from a difficult time during the peak of COVID-19, but has also emerged stronger, more resilient, global, focused, and committed. Our sector has witnessed a huge transformation during the past eight years, and has emerged globally from being a 4th largest producer to the 2nd largest producer and the 2nd largest consumer of steel.

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22/11/2022 9:37:00 AM

GOI Announces Sale Of Three Dated Securities For A Notified Amount Of Rs 28,000 crore

The Government of India (GoI) has announced the sale (re-issue) of (i) 7.38% Government Security 2027 for a notified amount of Rs7,000 crore (nominal) through price based auction using uniform price method, (ii) 7.26% Government Security 2032 for a notified amount of Rs12,000 crore (nominal) through price based auction using uniform price method and (iii) 7.36% Government Security 2052 for a notified amount of Rs9,000 crore (nominal) through price based auction using multiple price method. GoI will have the option to retain additional subscription up to Rs2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India on November 25, 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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21/11/2022 2:41:00 PM

MSME Ministry organizes Seminar Central Government's schemes and policies for MSME sector

The Ministry of Micro, Small, & Medium Enterprises (MSME) organised a National Seminar on Growth and Development of MSMEs in Imphal, Manipur to generate awareness about the Central Government's schemes and policies for the MSME sector. Addressing the Seminar, Union Minister for MSME, Narayan Rane, emphasized on the fact that Manipur will emerge as the premier gateway to ASEAN because of the combined efforts of Government of India and Government of Manipur. The establishment of one of the Technology Centres of Ministry of MSME and the implementation of the scheme called Promotion of MSMEs in North Eastern Region & Sikkim under the new Guidelines will further contribute to making Manipur an important import-export hub for the NE region.

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21/11/2022 11:08:00 AM

India Forex Reserves Soar By USD14.72 Billion

India's foreign exchange reserves soared by USD 14.72 billion to reach USD 544.72 billion for the week to November 11, making it the steepest accretion since August 2021. However, the reserves have fallen by over USD 110 billion since March as the RBI has been propping up the rupee amid global volatility. According to the latest weekly data from the Reserve Bank, the forex kitty swelled by USD 14.72 billion to USD 544.72 billion for the week to November 11. The reserves were at USD 529.99 billion as of November 4.

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19/11/2022 11:54:00 AM

Headline inflation begining to show signs of easing says RBI

The RBI stated in a latest update that the outlook for the global economy remains clouded with downside risks. Global financial conditions have been tightening and deteriorating market liquidity is amplifying financial price movements. Markets are now pricing in moderate increases in policy rates and risk-on appetite has returned. In India, supply responses in the economy are gaining strength. With headline inflation begining to show signs of easing, the domestic macroeconomic outlook can best be characterised as resilient but sensitive to formidable global headwinds. Urban demand appears robust, rural demand is muted but more recently picking up traction.

For India, the macroeconomic outlook can best be characterized as resilient but sensitive to formidable global headwinds. The real GDP growth in Q2 has been pegged between 6.1 and 6.3 per cent. If this is realised, India is on course for a growth rate of about 7 per cent in 2022-23. In Q3, supply responses in the economy are gaining strength.

The cumulative procurement of rice during thiskharif marketing season has already crested last year’s collection. Although wheat procurementhas declined quite sharply, the good news is that rabi sowing is up year-on-year backed up by good north-east monsoon rainfall and reservoir water storagelevels. Industrial production (IIP) shed the contraction in August and turned in positive momentum in September on a seasonally adjusted basis after a gap of two months.

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18/11/2022 12:19:00 PM

Ministry of Chemicals and Fertilizers says there is more than adequate availability of fertilizers

Ministry of Chemicals and Fertilizers has stated that there have been some media reports claiming shortage of fertilizers in Trichy, Tamil Nadu and Rajasthan. Such reports are beyond the facts. It is clarified that there is more than adequate availability of fertilizers in the country to meet the needs of Rabi season. Government of India is sending fertilizers as per need to all states, and it is the responsibility of respective state governments to ensure availability within the states through proper intra-district &inter-district distribution.

All India requirement projected for urea during Rabi 2022-23 is 180.18 LMT. The pro rata requirement up to 16.11.2022 is 57.40 LMT against which DoF has ensured an availability of 92.54 LMT. During this period, sales of urea have been 38.43 LMT. Further, there is a closing stock of 54.11 LMT lying with the states. In addition to this there is an available stock of 1.05 LMT at the Urea Plants and 5.03 LMT at ports so as to meet the demand of Urea.

All India requirement projected for DAP during Rabi 2022-23 is 55.38 LMT. The pro rata requirement up to 16.11.2022 is 26.98 LMT against which DoF has ensured an availability of 36.90 LMT. During this period, sales of DAP have been 24.57 LMT. Further, there is a closing stock of 12.33 LMT lying with the states. In addition to this there is an available stock of 0.51 LMT at the DAP Plants and 4.51 LMT at ports so as to meet the demand of DAP.

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18/11/2022 12:12:00 PM

India Developing At Rapid Pace Says Minister of State For Finance

Bhagwat Karad, Minister of State for Finance, Government of India yesterday said that the success of any developed or developing country depends on the quality of education, which is the core of everything. Addressing the ‘8th FICCI Higher Education Excellence Awards- 2022’, Karad said that technology also plays a critical role in the overall development of the country. He further urged the institutions to provide not just education but education which involves ethics, morals, and a spirit of helping the people as well. Karad also emphasized that education combined with technology, sincerity, hard work and discipline will lead everyone to greater heights.

There are different opportunities to develop not just educational institutes but individuals as well. India with a large population is developing at rapid pace and is the fifth largest economy of the world, he noted. Highlighting the importance of technology, the Minister stated that the government adopted technology in various schemes to introduce JAM (J-Jan Dhan account; A- Aadhar card; M- mobile) and because of the integration of JAM, the money is directly transferred into the beneficiary account.

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18/11/2022 11:09:00 AM

FM Advices NIIF To Explore Opportunities Under NIP, PM GatiShakti

Finance Minister Nirmala Sitharaman has asked National Investment and Infrastructure Fund (NIIF) to explore opportunities under the National Infrastructure Pipeline (NIP), PM GatiShakti and National Infrastructure Corridor, which include a big pool of investible greenfield and brownfield investment projects. The NIIF's investment should try and crowd in commercial capital into those opportunities, the finance ministry said in a statement on Thursday. Sitharaman while chairing the 5th meeting of the Governing Council (GC) said, the two infrastructure non-banking financial companies (NBFCs), where NIIF has majority stakes, have increased their combined loan book from Rs 4,200 crore to Rs 26,000 crore in three years without experiencing any non-performing loans (NPLs) till date.

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17/11/2022 3:10:00 PM

Indian Banking Sector Has Remained Resilient Despite Challenges Says RBI Governor

The Reserve Bank of India Governor Shaktikanta Das held meetings with the MD & CEOs of Public Sector Banks and certain Private Sector Banks on November 16, 2022. The meetings were also attended by Deputy Governor M. K. Jain along with a few senior officials of the RBI. The Governor in his introductory remarks acknowledged the crucial role played by the commercial banks in supporting the economic growth throughout the turbulent times since the outbreak of pandemic and the ongoing financial market turmoil. He further stated that despite challenges, the Indian banking sector has remained resilient and continued to improve in various performance parameters. He advised the banks to remain watchful of the evolving macroeconomic situation, including global spillovers, and take mitigating measures proactively so that the potential impact on their balance sheets is minimised and financial stability risks are contained. Among other matters, issues relating to lagging growth in deposits vis-�-vis credit growth, asset quality, investments in IT infrastructure, adoption of new-age technology solutions, functioning of Digital Banking Units, etc. were also discussed.

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17/11/2022 12:35:00 PM

GatiShakti Successfully Incorporates 1900 GIS Data Layers For Infrastructure Mapping

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal reviewed the progress achieved by PM GatiShakti National Master Plan. Since its launch in October 2021, the PM GatiShakti National Master Plan has been a transformative approach towards integrated planning and synchronized infrastructure project implementation. Adopting a whole of the government approach, the National Master Plan has successfully incorporated more than 1900 GIS data layers for infrastructure mapping of different Ministries and State Governments. In the last one year, the NMP has effectively expedited many projects which had been previously stalled.

Shri Goyal appreciated the progress made by central Ministries and States in stepping up the usage of the National Master Plan, especially to plan critical infrastructure. The Minister called for more training and capacity building to further boost the utilization of PM GatiShakti by various line ministries, departments and states. The NMP Platform is now also being used by all Central Ministries and State Governments for smoother planning process and sound decision making. Over 250 infrastructure projects have been examined in the last one year by using the National Master Plan and the PM GatiShakti Institutional Structure. These projects include many connectivity linkages of rail, port, road, and last mile infrastructure projects for sectors such as agriculture, food, steel, and coal.

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17/11/2022 10:42:00 AM

Developed countries of the world are keen to do free trade agreements with India: Piyush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Shri Piyush Goyal said 'Scale' and 'Speed' will make a difference to India's growth story. Addressing Consumer Electronics and Appliances Manufacturers Association (CEAMA) 43rd Annual Function ACE Dialogues 2022 in New Delhi, the Minister appreciated the Industry for their passion and commitment to contribute to India's growth story, and taking it towards the path of self-reliant and self confident Economy. He particularly lauded the LED manufacturers for their contribution in India's LED success. He said that the entire nation adopted LED, and highlighted that India was able to roll out LED bulbs to the length and breadth of the country in just four years. Addressing the gathering he said India with 1.4 billion people today provides the largest market opportunity available anywhere in the world. This is the calling card, Goyal said, because of which world wants to engage with India today. They recognise that India offers a huge opportunity in terms of market.

Goyal highlighted that developed countries of the world are now keen to do free trade agreements or comprehensive economic partnerships with India. India's vibrant startup ecosystem and innovation is attracting the world to come and set up operations in India. He informed that FTA negotiations are underway with UK, Canada, EU, Israel and one more important FTA will be launched next week (With GCC). He complimented industry for their bold leadership on negotiating on an equal basis while dealing with the developed nations. This shows the courage of conviction of Industry in their ability to compete with the best, he added.

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16/11/2022 5:02:00 PM

Domestic Plastics Industry Expected To Have Annual Turnover Of Rs 10 Lakh Crore By 2027

Union Minister of Micro, Small and Medium Enterprises Narayan Rane has said that the plastic industry in the country is an integral part of the economy. He observed that currently approximately 50,000 industries are operating in the plastics sector and that most of these industries are micro, small and medium scale. He noted that these industries contribute Rs 3.5 lakh crore to the country's economy and also generate employment opportunities for more than 50,000 people. About Rs. 35 thousand crores worth of plastic is exported from India, he added. The Minister said 60 percent of plastic in the country is getting recycled, a rate higher than that of developed countries. Plastic production is increasing through the Government's 'Make in India', 'Skill India', 'Swachh Bharat' and 'Digital India' initiatives, said Minister Narayan Rane. He stated that by 2027, the plastics industry is expected to have an annual turnover of Rs. 10 lakh crore, with exports increasing to two lakh tonnes. Employment opportunities will be created for one crore people in the next five years through this industry, added the Union Minister. The Minister expressed the Government's resolve to provide all possible support for the latest technology to boost the plastic industry. He further said that the plastic industry's contribution will go a long way in fulfilling the Prime Minister's vision of 'Atmanirbhar Bharat'.

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16/11/2022 2:33:00 PM

India's G20 Presidency Will Be Inclusive, Ambitious, Decisive, And Action-Oriented

Prime Minister Narendra Modi stated today that India is taking charge of the G-20 at a time when the world is simultaneously grappling with geopolitical tensions, economic slowdown, rising food and energy prices, and the long-term ill-effects of the pandemic. At such a time, the world is looking at the G-20 with hope. He assured that India's G-20 presidency will be inclusive, ambitious, decisive, and action-oriented. The sense of ownership over natural resources is giving rise to conflict today, and has become the main cause of the plight of the environment. For the safe future of the planet, the sense of trusteeship is the solution. LiFE i.e. 'Lifestyle for Environment' campaign can make a big contribution to this. Its purpose is to make sustainable lifestyles a mass movement. The need today is that the benefits of development are universal and all-inclusive.

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16/11/2022 10:34:00 AM

India's Mineral Production Rises By 4.6% In September 2022

The index of mineral production of mining and quarrying sector for the month of September, 2022 was 99.5, which is 4.6% higher as compared to the level in the month of September, 2021. As per the provisional statistics of the Indian Bureau of Mines (IBM), the cumulative growth for the period April-September, 2022-23 over the corresponding period of previous year is 4.2 per cent. Production level of important minerals in September, 2022 were: Coal 580 lakh tonnes, Lignite 27 lakh tonnes, Natural gas (utilized) 2791 million cu. m., Petroleum (crude) 24 lakh tonnes, Bauxite 1667 thousand tonnes, Chromite 116 thousand tonnes, Copper conc. 10 thousand tonnes , Gold 92 kg, Iron ore 166 lakh tonnes, Lead conc. 22 thousand tonnes, Manganese ore 163 thousand tonnes, Zinc conc. 45 thousand tonnes, Limestone 305 lakh tonnes, Phosphorite 150 thousand tonnes, Magnesite 10 thousand tonnes, and Diamond 70 carat.

Important minerals showing positive growth during September, 2022 over September, 2021 include: Phosphorite (87.6%), Diamond (37.3%), Copper conc (18.5%), Coal (12.1%), Iron Ore (9.1%), Bauxite (5.5%) and Limestone (4.7%). Other important minerals showing negative growth include: Natural Gas (U) (-1.7%), Petroleum (crude) (-2.3%), Manganese ore (-4.7%), Magnesite (-15.3%), Chromite (-19.6%), Gold (-20.7%), Lignite (-22.0%), Lead conc (-30.1%), and Zinc conc (-66.1%).

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15/11/2022 6:09:00 PM

India's October trade deficit widens to $27 bln

India's overall exports (merchandise and services combined) in October 2022 are estimated to be $58.36 billion, exhibiting a growth of 4.03% over the same period last year. Overall imports in October 2022 are estimated to be $73 billion, displaying a growth of 11.82% over the same period last year.

India's merchandise trade deficit widened to $26.91 billion last month. Merchandise exports in October 2022 were $29.78 billion, down 17% as against $35.73 billion in October 2021. Merchandise imports in October 2022 were $56.69 billion, up 5.69% compared with $53.64 billion in October 2021.

The estimated value of services export for October 2022 is $28.58 billion, as compared to $20.37 billion in October 2021. The estimated value of services import for October 2022 is $16.30 billion as compared to $11.64 billion in October 2021.

India's overall exports (merchandise and services combined) in April-October 2022 are estimated to be $444.74 billion, a growth of 19.56% over the same period last year. Overall imports in April-October 2022 are estimated to be $543.26 billion, a rise of 33.80% over the same period last year.

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15/11/2022 2:20:00 PM

India Passenger Vehicle Sales Rise 29% In October

Passenger vehicle wholesales in India rose 29 per cent to 2,91,113 units in October aided by robust demand in the festive season, the Society of Indian Automobile Manufacturers (SIAM) said on Friday. Total passenger vehicle dispatches from companies to dealers were 2,26,353 units in October 2021. Total two-wheeler dispatches last month increased 2 per cent to 15,77,694 units as compared to October 2021. Total dispatches of passenger vehicles, three and two- wheelers last month stood at 19,23,032 units, up 6 per cent from 18,10,856 units in October 2021. Commenting on October sales, Mr Vinod Aggarwal, President, SIAM said, �Good market sentiments coupled with festive boost, resulted in higher sales in October, especially for Passenger Vehicles. Higher inflation and rising interest rates have impacted the rural market more, thereby returning marginal growth of the Two-Wheeler segment. Passenger Three-Wheelers is seeing better off-take due to increased shared mobility in semi-urban and urban areas.� Meanwhile, Mr Rajesh Menon, Director General, SIAM said, �Though the Passenger Vehicles have reported highest ever domestic sales in April to October period, Sales of Two-Wheelers in these 7 months of 2022 is still lower than that of 2016, while for Three-Wheelers it is lower than 2010. Similarly, exports of Passenger Vehicles continued to grow, while there has been a drop in exports of both Two and Three-Wheelers.�

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15/11/2022 1:19:00 PM

India's recovery will continue to be supported by private consumption and investment says OPEC

OPEC stated in latest monthly update while India’s major economic activities kept its positive momentum, inflation and a slowdown in industrial activities might overshadow the steady economic activities. Due to global supply chain disruptions, industrial output kept deteriorating in August, contracting by 0.8% y-o-y compared with 2.2% y-o-y growth in July. Nevertheless, the pick-up in capital infrastructure and consumer durables output continued to build momentum. India’s recovery will continue to be supported by private consumption and investment. The growth might be tempered by higher inflation and an easing of external demand.

Urban demand might outdo its rural counterpart, as income flow in rural areas has shown signs of slowing down. The pace of the recovery, however, could ease given several risk factors. Downside inflation risks might appear, for example, through a depreciation of the local currency. Moreover, the recent policy rate normalization may also weaken the country’s growth prospects since it could prompt the deferral of investment plans in sectors without adequate capacity utilization. However, the current repo rate remains low by historical standards.

For this update, OPEC the growth forecast for India in 2022 and 2023 remained unchanged at 6.5% and 5.6%, respectively. Potential growth might come in the form of better-than-anticipated 3Q22 growth as well as faster stabilizing for the elevated inflation rates. Downside risks include higher inflationary pressures, slower credit growth, and potentially, the deterioration of the global economy and a surge in COVID-19 cases.

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15/11/2022 11:24:00 AM

Consumer Price Inflation Slips To Three Month Low

The headline consumer price inflation in India dropped to a three-month low of 6.77 per cent in October from 7.41 per cent in the previous months on a favourable base effect, according to data released on Monday by the ministry of statistics and programme implementation revealed.

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15/11/2022 10:37:00 AM

India Forex reserves drop by USD 1.09 bn to USD 529.99 bn

India's foreign exchange reserves dropped by USD 1.087 billion to stand at USD 529.994 billion for the week ended November 4 on a sharp decline in the gold reserves, the Reserve Bank said on Friday. In the previous reporting week, the reserves had swelled by USD 6.561 billion to reach USD 531.081 billion, making it the biggest weekly jump in a year. In October 2021, the country's forex kitty had reached an all-time high of USD 645 billion. The reserves have been declining as the central bank deploys the kitty to defend the rupee amid pressures caused by global developments. Foreign currency assets (FCA), a major component of the overall reserves, decreased by USD 120 million to USD 470.727 billion during the week to November 4, according to the Weekly Statistical Supplement released by the RBI. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. The gold reserves dropped by USD 705 million to USD 37.057 billion, it said.

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14/11/2022 1:45:00 PM

India Wholesale Price Index Falls To 8.39% In October

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 8.39% (Provisional) for the month of October, 2022 (over October, 2021) against 10.70% recorded in September, 2022. Decline in the rate of inflation in October, 2022 is primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals etc. The wholesale inflation has dropped below the double-digit mark for the first time since March 2021 when it was at 7.89 per cent. The fuel and power inflation fell nearly a third to 23.17 percent from 32.61 percent in September, while prices for manufactured products declined to 4.42 percent from 6.34 percent. The food prices dipped to 6.48 percent from 8.08 percent. The all-commodity index of the WPI edged up by 0.3 percent on a month-on-month basis in October after posting sequential falls in July, August and September.

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14/11/2022 11:57:00 AM

RBI Releases Report On Municipal Finances Across All States

The Reserve Bank of India (RBI) released the Report on Municipal Finances. Compiling and analysing budgetary data for 201 municipal corporations (MCs) across all States, the Report explores ‘Alternative Sources of Financing for Municipal Corporations’ as its theme. The rapid growth of urbanisation in India has not been accompanied by a corresponding increase in urban infrastructure, which is reflected in the performance of the urban local bodies, especially MCs.

While the size of the municipal budgets in India are much smaller than peers in other countries, revenues are dominated by property tax collections and devolution of taxes and grants from upper tiers of government, resulting in lack of financial autonomy. MCs’ committed expenditure in the form of establishment expenses, administrative costs and interest and finance charges is rising, but capital expenditure is minimal.

MCs mostly rely on borrowings from banks and financial institutions and loans from Centre/State governments to finance their resource gaps in the absence of a well-developed market for municipal bonds. MCs need to adopt sound and transparent accounting practices with proper monitoring and documentation of various receipt and expenditure items, and explore different innovative bond and land based financing mechanisms to augment their resources.

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14/11/2022 10:59:00 AM

India's Industrial Production Rose 3.1% On Year In September

India's industrial production expanded more-than-expected in September amid a strong rebound in the mining and manufacturing sectors, data released by the National Statistical Office showed. Industrial production rose 3.1 percent year-on-year in September, reversing a 0.7 percent fall in August. In the corresponding month last year, industrial output had advanced 4.4 percent. Among three main sectors, manufacturing output grew 1.8 percent and mining output climbed 4.6 percent. Meanwhile, electricity production logged a double-digit annual growth of 11.6 percent. In the April to September period, industrial production posted an expansion of 7.0 percent compared to last year.

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14/11/2022 9:00:00 AM

Gross direct tax collection jumps 31% To Rs 10.54 lakh crore

The provisional figures of direct tax collections up to 10 November 2022 stood at Rs 10.54 lakh crore which is 30.69% higher than the gross collections for the corresponding period of last year.

Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore which is 25.71% higher than the net collections for the corresponding period of last year. This collection is 61.31% of the total Budget Estimates of Direct Taxes for F.Y. 2022-23.

In terms of gross revenue collections, the growth rate for Corporate Income Tax (CIT) is 22.03% while that for Personal Income Tax (PIT) [including securities transaction tax (STT)] is 40.64%. After adjustment of refunds, the net growth in CIT collections is 24.51% and that in PIT collections is 28.06% (PIT only) 27% (PIT including STT).

Refunds amounting to Rs 1.83 lakh crore have been issued during 1st April 2022 to 10th November 2022, which are 61.07% higher than refunds issued during the same period in the preceding year.

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11/11/2022 3:02:00 PM

India-US Economic Relations Driven By Common Interest Of Promoting Sustainability Says Pivush Goyal

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has stated that India-US economic relations are driven by the common interest of promoting sustainability, emerging technologies, globally resilient supply chains, and small businesses. The minister made the comments while digitally participating in the India-US CEO Forum. He noted the forum's continued success as a venue for discussion on important industry issues and emphasised the considerable development of India-US commercial ties there. He also emphasised how crucial such conversations are to building on this momentum. CEOs from both countries applauded the two governments for putting ground-breaking changes and steps taken to deepen bilateral collaboration into effect.

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11/11/2022 9:48:00 AM

Indian Railways Aiming Towards 100% Electrification

Indian Railways has embarked upon an ambitious plan of electrification of its complete Broad Gauge network which would not only result in a better fuel energy usage resulting in increased throughput, reduced fuel expenditure but also savings in precious foreign exchange. During the FY 2022-23, till October 2022, Indian Railways has achieved 1223 Route Kilometers (RKMs) of electrification as compared to 895 RKMs during the corresponding period of FY 2021-22. It is 36.64% more than the previous year figures of the corresponding period. It is worth mentioning that record electrification of 6,366 RKMs was achieved in Indian Railways' history during 2021-22. Earlier, highest electrification was 6,015 RKM during 2020-21. As on 31.10.2022, out of 65,141 RKM of BG network of IR (including KRCL), 53,470 BG RKM have been electrified, which is 82.08% of the total BG network.

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10/11/2022 11:44:00 AM

Finance Minister Approves India's First Sovereign Green Bonds Framework

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman approves the final Sovereign Green Bonds framework of India. This approval will further strengthen India's commitment towards its Nationally Determined Contribution (NDCs) targets, adopted under the Paris Agreement, and help in attracting global and domestic investments in eligible green projects. The proceeds generated from issuance of such bonds will be deployed in Public Sector projects which help in reducing carbon intensity of the economy. The Framework comes close on the footsteps of India's commitments under �Panchamrit� as elucidated by the Prime Minister, Narendra Modi, at COP26 at Glasgow in November, 2021. The approval is fulfillment of the announcement in the Union Budget FY 2022-23 by the Union Finance Minister that Sovereign Green Bonds will be issued for mobilising resources for green projects. Green bonds are financial instruments that generate proceeds for investment in environmentally sustainable and climate-suitable projects.

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10/11/2022 11:41:00 AM

India's Per Capita Power Consumption To Double By 2040

Union Minister of Coal, Mines and Parliamentary Affairs, Pralhad Joshi has stated that the demand for coal is going to stay at least for the next 25-30 years and that India is currently not even having one tenth of the per capita consumption of power as compared to some of the other developed economies in the world and it is estimated that the per capita consumption is going to double by 2040 for which coal is the necessity. The focus of the present government under the guidance of Prime Minister, Narendra Modi is to become net zero carbon emission country by adopting better technological processes.

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10/12/2021 2:15:00 PM

Passenger Vehicle Sales Drop On Year In November 2021

Passenger vehicle wholesales in India fell by 18.60% year-on-year (YoY) in November amid shortage of semiconductors, auto industry body Society of Indian Automobile Manufacturers (SIAM) said on Friday. Passenger vehicle sales last month stood at 215,626 units, as compared to 264,898 units in the year-ago period. As per the latest data by SIAM, 105,091 units of utility vehicles were sold in November (2021), and 100,906 units of passenger cars were sold in the month. A total of 22,471 units of three-wheelers were sold in the month, while 9,629 units of vans were sold in November. The total production of passenger vehicles, three-wheelers, two-wheelers and quadricycle in November stood at 1,696,012 units, SIAM said. A total of 356,659 units of two-wheelers were exported in the said month, whereas, 42,431 units of three-wheelers and 44,265 units of passenger vehicles were exported in November (2021).

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10/12/2021 10:14:00 AM

India Reports 8,503 New Covid Cases

India records 8,503 new cases in the last 24 hours. Daily positivity rate (0.66%) less than 2% for last 67 days. Weekly Positivity Rate (0.72%) less than 1% for last 26 days. India's Active caseload currently stands at 94,943. Active cases account for less than 1% of total cases, currently at 0.27%; Lowest since March 2020. The recovery rate currently stands at 98.36%; Highest since March 2020 with 7,678 recoveries in the last 24 hours taking the total recoveries to 3,41,05,066. 65.32 crore tests were conducted so far. 131.18 crore vaccine doses have been administered so far under Nationwide Vaccination Drive.

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