The Reserve Bank of India’s April bulletin has said that conditions are shaping up for an extension of a trend upshift in real GDP growth, backed by strong investment demand and upbeat business and consumer sentiments. The article titled ‘State of the Economy’ says that CPI inflation settled at 4.9 percent in March after averaging 5.1 percent in the preceding two months.
Another article ‘Food and Fuel Prices: Second Round Effects on Headline Inflation in India’ claims that impact of food shock on core inflation has reduced over time while that of fuel shock has increased recently. It adds that the second-round effects of food and fuel inflation on headline inflation have become subdued, especially after the adoption of inflation targeting.
The bulletin has also published an article on ‘India’s Foreign Exchange Reserves in High Volatility Episodes: ‘An Empirical Assessment’. This article analyzes the trend in India’s foreign exchange reserves during major high-volatility episodes like Global Financial Crisis, Eurozone debt crisis, the US-China trade war, the recent Russia-Ukraine conflict & US monetary policy.
It indicates that the Reserve Bank has managed to contain rupee volatility and keep forex markets largely stable in all high-volatility episodes. It adds that rupee volatility has remained lowest among currencies of major emerging and advanced economies, despite unprecedented headwinds, especially during the Russia-Ukraine war.
Defence Research and Development Organisation, DRDO has successfully developed the lightest Bullet Proof Jacket in the country for protection against highest threat Level 6 of BIS ammunition. Recently, this bullet proof jacket was successfully tested at TBRL, Chandigarh.
Ministry of Defence in a statement said, this jacket is based upon new design approach, where novel material along with new processes have been used. It added that the front Hard Armour Panel (HAP) of this jacket defeats multiple hits. The ergonomically designed front HAP is made up of monolithic ceramic plate with polymer backing which enhances the wearability and comfort.
C-DOT, the premier Telecom R&D Centre of the Department of Telecommunications (DoT), Government of India and Indian Institute of Technology, Jodhpur (IIT-J) signed an agreement for “Automated Service Management in 5G and Beyond Networks Using AI”.
The agreement is signed under the Telecom Technology Development Fund (TTDF) of the DoT, which is designed for providing funding support to domestic companies and institutions involved in technology design, development, commercialization of telecommunication products and solutions to enable affordable broadband and mobile services in rural and remote areas.
The primary objective is to develop AI frameworks for automated network management, fault detection, and diagnostic techniques by utilizing continuous information generated within the network like 5G.
SBI Card introduced its inaugural travel-centric core credit card, 'SBI Card MILES. The card promises comprehensive travel benefits, including the conversion of Travel Credits to Air Miles and Hotel Points, enhanced rewards on all travel bookings, and access to airport lounges. The bank has partnered with more than 20 leading airline and hotel brands.
Prosus-backed fintech PayU, received an in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator. In January last year, the banking regulator had asked the fintech company to reapply for a payment aggregator licence. The company’s complex corporate structure was one reason why the RBI asked it to reapply for the licence.
Fintech major Razorpay, in partnership with Airtel Payments Bank, has forayed into UPI infrastructure service by offering UPI Switch to its customers.
The company will now provide its UPI Switch service to Airtel Payments Bank, enabling it to manage UPI transactions on the payments bank's platform. The solution can handle up to 10,000 transactions per second (TPS).
Razorpay received a final approval from the Reserve Bank of India (RBI) in December last year to operate as a payment aggregator, enabling it to onboard new merchants after a nearly one-year-old regulatory ban.
In the same period last year (April 2022-February 2023), FDI inflows were at $ 39.61 billion, while outflows had touched $12.90 billion during the same period.
Repatriation/disinvestment by those who made direct investments in India rose to $38.30 billion in the 11-months of FY24 from $27.17 billion in April 2022-February 2023, according to RBI data.
According to the “State of Economy” report in RBI’s monthly bulletin for April 2024, more than 60 per cent of the FDI equity flows were directed towards manufacturing, computer services, electricity and other energy, retail and wholesale trade, and financial services.
The major source countries were Singapore, Mauritius, the US, the Netherlands, Japan and the UAE, accounting for around 80 per cent of the flows. India ranked fourth among Emerging Market Economies (EMEs) in the 2024 FDI Confidence Index, reflecting continued optimism over its growth potential.
Microsoft launched a lightweight artificial intelligence model, as it looks to attract a wider client base with cost-effective options. The new version called Phi-3-mini is the first of the three small language models to be released by the company, as it stakes its future on a technology that is expected to have a wide-ranging impact on the world and the way people work.
Industrialist and philanthropist Ratan Tata, was honoured with the prestigious Kalinga Institute of Social Sciences (KISS) Humanitarian Award 2021, for his commitment towards social development and corporate leadership. The award was presented by Achyuta Samanta, the founder of the Kalinga Institute of Industrial Technology and KISS and an MP from Kandhamal.
10 multilateral development banks have joined forces to launch a digital initiative that aims to transform the development finance landscape, potentially unlocking substantial additional financing. The Global Collaborative Co-financing Platform, will be a digital marketplace that brings together a curated list of projects seeking co-financing from participating institutions
Asian Infrastructure Investment Bank and the World Bank, along with the African Development Bank, Asian Development Bank, Council of Europe Development Bank, European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank and New Development Bank are joining at this initial stage for collaboration.
Red Bull's Max Verstappen won the first Chinese Grand Prix in five years, the fifth round of the 2024 Formula 1 World Championship, in Shanghai. Verstappen beat McLaren’s Lando Norris and Red Bull team-mate Sergio Perez in a race that was twice interrupted by the safety car.
April 24 is observed globally as the International Day of Multilateralism and Diplomacy for Peace. Endorsed by the United Nations, this day emphasizes the importance of diplomatic engagement and multilateral action in addressing global issues like climate change, poverty, and conflict.
Every year for World Immunization Week, the last week of April, the global immunization community celebrates the lifesaving power of vaccines. The 2024 theme, Humanly Possible, celebrates 50 years of the World Health Organization's Expanded Program on Immunization (EPI). The day also aims to promote the use of vaccines to protect people of all ages against disease.
In May 2012, the World Health Assembly, the body that makes decisions for the World Health Organization (WHO), approved World Immunisation Week. More than 180 nations took part in the inaugural World Immunisation Week, which was held in 2012.
Every year in April, India celebrates National Panchayati Raj Day to honour the establishment of the Panchayati Raj System, a devolved form of governance in country, which was introduced in 1993 by the 73rd Constitutional Amendment Act, empowering local bodies, or Gramme Panchayats, to govern themselves and make decisions regarding the development of their respective areas.
