Majority of Reserve Bank of India (RBI) monetary policy committee members expressed caution on upside risks to inflation, particularly emanating from uncertainties in food prices, at the panel’s policy review, showed the minutes of the meeting on April 19. In March, India’s retail inflation eased to a ten-month low of 4.85 percent, as against 5.09 percent in February.
This data was released by the Ministry of Statistics and Programme Implementation on April 12.
The inflation numbers were lowest since May 2023, when it was at 4.31 percent.
The RBI projected CPI inflation for 2024-25 at 4.5 per cent with Q1 at 4.9 per cent; Q2 at 3.8 per cent; Q3 at 4.6 per cent; and Q4 at 4.5 per cent.
DRDO’s Aeronautical Development Agency has handed over the first batch of the indigenous Leading Edge Actuators and Airbrake Control Module to Hindustan Aeronautics Limited, marking a significant leap towards self-reliance in aeronautical technologies. The HAL, Lucknow has already made preparations for the production of these units for the current 83 LCA Tejas order.
State-owned power producer SJVN Limited on said its wholly-owned arm SJVN Green Energy has incorporated a joint venture company with Assam Power Distribution Company to generate electricity from renewable sources. SJVN Green Energy will hold 51 per cent in SGEL Assam Renewable Energy.
The joint venture company, SGEL Assam Renewable Energy, shall carry out business in the field of power generation from all renewable energy sources including hydro power by setting up power plants, SJVN said in a regulatory filling said.
April 20th marks the Chinese Language Day. Chinese was established as an official language of the United Nations in 1946. It seek to celebrate multilingualism and cultural diversity as well as to promote equal use of all six official languages throughout the Organization.
HDFC Life Insurance’s chairman Deepak S Parekh stepped down from his role. The company also said that they have appointed Keki M Mistry as the Chairman of the Board. Mistry has been associated with the company since December 2000 and is currently acting as Non-Executive Director.
Indian banks have been among the best-performing lenders among peers in Asia. Three Indian lenders made it to the list of top 50 banks by assets in the Asia-Pacific region in 2023, up from two in 2022. The aggregate assets of the lenders rose sharply by 50.5% y/y to $1.51 trillion in 2023. The State Bank of India is at 20th position, HDFC Bank at 33 and ICICI Bank at 48.
The aggregate assets of the lenders rose sharply by 50.5% to $1.510 trillion in 2023. A large part of the increase was due to the merger of HDFC Bank Ltd. with its parent Housing Development Finance Corp. Ltd. in July 2022. HDFC Bank's assets jumped 51.3% to $466.35 billion after the merger, propelling the bank up 13 places to 33 in the top 50 ranking.
The Higher School of Economics, located in Russia, and the University of Delhi signed an agreement on strategic cooperation and joint actions, and a large research hub will begin operating at the partner university here. New Delhi hosted the Indo-Russian Educatio Summit last week, becoming the largest event of its kind in the history of India-Russia bilateral relations.
Sweden became the 38th country to sign the Artemis Accords. Currently, United States, India and Japan are the only leading spacefaring nations to sign the accords. The accords are a series of non-binding arrangements aimed at setting down norms to be followed in outer space.
The Artemis Accords were initially announced by NASA and the US Department of State in 2020 and it now has 38 signatories, including India and Japan. It provides for the implementation of key obligations from the 1967 Outer Space Treaty and reinforces commitment to the Registration Convention, the Rescue and Return Agreement and also best practices of responsible behaviour.
World Liver Day is celebrated universally on April 19. The day concentrates around spreading awareness of liver-related issues and diseases. The liver is one of the crucial body organs, responsible for immunity, digestion, and metabolism.
Six more products from Uttar Pradesh have been given the Geographical Indication (GI) tag.
These include the famous ‘Tirangi Barfi' of Kashi, a tricoloured sweet that was sold to prove a point by freedom fighters during the Quit India Movement. With these additions, UP retains its position as the state with the most GI-tagged products in India, reaching a total of 75.
The other products that received the certification in Uttar Pradesh include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. Tamil Nadu follows behind with 58 GI products.
The International Financial Services Centres Authority (IFSCA) has established a standing committee to develop a framework for launching climate finance products, as part of efforts to transform Gujarat International Finance Tec-City (GIFT City) into a "climate finance hub." The committee is tasked with submitting a report to the government by the end of May 2024.
India's economy is estimated to grow at 8-8.3 per cent in the current fiscal, industry body PHDCCI said. The country's GDP will grow at an average of 6.7 per cent over the next 23 years to become a USD 34.7 trillion economy by 2047, with a per capita income of USD 21,000, it added.