Factory output, as measured by the Index of Industrial Production (IIP), rose to 4.9 per cent, much higher than the 1.9 per cent recorded in the same month last year. However, the latest IIP figure was lower than the 5.7 per cent recorded in February 2024. Mining was slower by 1.2 percent in March and by 7.5 percent in the fiscal.
For the full financial year 2023-24, the factory output grew 5.8%, marginally higher than 5.2 per cent in the previous year, with a pickup in manufacturing and construction goods output.
According to the Index of Industrial Production data released on Friday, manufacturing grew at a five month high at 5.2% in March 2024 and by 5.5% for the full fiscal year 2023-2024.
Electricity generation expanded by 8.6 percent in March and grew by 7.1% between April 2023 and March 2024. On the consumption front, consumer durables output, which reflects consumption demand, grew 9.5% in March as against 12.4% in February and a low base of (-)8% in the year-ago period.
The Inter-Services Organisations (Command, Control and Discipline) Act has been notified. The bill was passed by both the Houses of Parliament during the Monsoon Session last year in order to bolster effective command, control and efficient functioning of Inter-Services Organisations.
The Act will empower commanders-in-chief and officers-in-command of ISOs with disciplinary and administrative powers that will govern the personnel serving in or attached to such organisations. Currently, armed forces personnel of all three services are governed in accordance with the their respective service acts -- Army Act 1950, Navy Act 1957 and Air Force Act 1950.
Indian Coast Guard has signed a Memorandum of Understanding (MoU) with Hindalco Industries for manufacturing and supply of indigenous marine-grade aluminium for construction of ships. The Indian Coast Guard fleet is presently operating 67 ships with aluminium hull with capability of operating in shallow waters.
Defence Ministry said, to further boost coastal security, Indian Coast Guard has planned to induct more such vessels where the indigenously manufactured marine-grade aluminium will be utilised. The Ministry said, the MoU will also provide benefits such as quarterly pricing, priority in supplies and turnover discount.
Vice Admiral Sanjay Bhalla has assumed charge as the Chief of Personnel of the Indian Navy today. He was commissioned in the Indian Navy on 1st of January 1989. In a career spanning 35 years, he has held a number of specialists, staff and operational appointments, both afloat and ashore.
After completing his Specialisation Course in Communication and Electronic Warfare, he served as a specialist onboard several frontline warships. He subsequently had the privilege of holding challenging, fulfilling and eventful Commands at sea, which include, INS Nishank, INS Taragiri, INS Beas and the coveted appointment of Flag Officer Commanding Eastern Fleet (FOCEF).
The Reserve Bank of India (RBI) appointed R Lakshmi Kanth Rao as executive director (ED) with effect from May 10, 2024, according to the regulator’s press release.
As executive director, Rao will handle the Deposit Insurance and Credit Guarantee Corporation (DICGC), the Right to Information Act (FAA), and the Department of Communication.
Rao was previously serving as chief general manager in charge in the Department of Regulation. Rao has served as a member of several committees and working groups and has contributed to policy formulation.
The Reserve Bank of India (RBI) said 15 NBFCs, including Tata Capital Financial Services and Revolving Investments, have surrendered their certificates of registration due to various reasons.
Nine Non-Banking Financial Companies (NBFC) have ceased to be legal entities due to amalgamation, merger, dissolution, or voluntary strike-off.
These are Tata Capital Financial Services, Tata Cleantech Capital, Naperol Investments, USG Financial Services, Urja Capital, Vandana Dealers, ABRN Finance, Jodhani Management, and JDS Securities.
The RBI further said six NBFCs surrendered their certificate of registration after exiting from Non-Banking Financial Institution (NBFI) business.
These were Vian Growth Capital, Drap Leasing and Finance, Jewel Strips, Revolving Investments, Anshu Leasing, and A V B Finance.
The certificates of registration were granted to them by the RBI.
The Reserve Bank of India (RBI) imposed a monetary penalty of Rs 1,50,000 on Sundaram Home Finance and Rs 3,10,000 on Belstar Microfinance for failing to comply with specific provisions of the Know Your Customer (KYC) directive, 2016, the central bank said.
The RBI stated that Sundaram Home Finance failed to conduct periodic updates of KYC for certain customers within the prescribed time frame. Meanwhile, Belstar Microfinance outsourced decision-making functions of determining compliance with KYC norms to certain outsourced agents.
Mumbai and Delhi have secured positions among the top 50 wealthiest cities in a global survey of wealth distribution, while Bengaluru found a spot in the top 10 most promising 'cities to watch' list for future growth, according to the 2024 World’s Wealthiest Cities Report released by Henley & Partners and New World Wealth.
Mumbai, ranked 24th on the list out of 50, boasts a significant affluent population with 58,800 millionaires, 236 centi-millionaires, and 29 billionaires. The city has experienced an impressive 82% growth in millionaires from 2013 to 2023. Delhi, securing the 37th spot, houses 30,700 millionaires, 123 centi-millionaires, and 16 billionaires.
The United States, with 11 cities securing positions in the top 50, is at the top of the charts. New York City leads the global ranking with a staggering 349,500 millionaires, 744 centi-millionaires, and 60 billionaires, holding over $3 trillion in total resident wealth.
The Bay Area, encompassing San Francisco and Silicon Valley, stands second globally with 305,700 millionaires and substantial growth rates in wealth over the past decade.
Tokyo, once a frontrunner, has experienced a decline in its high-net-worth-individual (HNWI) population, slipping to third place with 298,300 millionaires.
Singapore, characterised as a business-friendly destination, has climbed to fourth place, attracting a significant influx of millionaires and centi-millionaires.
London, Los Angeles, Paris, Sydney, Hong Kong and Beijing are also in the top 10.
YES BANK, a leading private sector bank in India, and EBANX, a global fintech company specialized in payment solutions for emerging markets, announced a strategic partnership for payment processing in India, for the global digital economy. This partnership will leverage EBANX's extensive global experience and proficiency in cross-border payments alongside.
This collaboration represents a significant milestone in the digital payments landscape, aimed at streamlining cross-border payment processing and enhancing global commerce opportunities for global merchants and Indian customers in India.
World Migratory Bird Day (WMBD) is celebrated every year in May and October. This year, it falls on 11 May and 12 October, due to the varying cyclic patterns of bird migration in different hemispheres. WMBD is an annual awareness-raising campaign to highlight the necessity of conserving migratory birds and their habitats.
The theme of World Migratory Bird Day 2024 is 'Protect Insects, Protect Birds.'
World Migratory Bird Day is celebrated annually on the second Saturday in May and October. The day was first established in 1993 to raise awareness about the plight of migratory birds and their habitat.
National Technology Day is celebrated annually on May 11 to commemorate India’s achievements in the science and technology. National Technology Day is celebrated every year on May 11. This date was chosen to mark the anniversary of the successful nuclear tests conducted at Pokhran on May 11, 1998.
The theme for National Technology Day 2024 is “School to Startups-Igniting Young Minds to Innovate” National Technology Day aims to celebrate all of India’s achievements in tech so as to encourage more youngsters to work for the country’s scientific progress.
