The Reserve Bank of India has projected a 7 percent GDP growth in the current financial year. In its annual report, it said the real GDP growth for 2024-25 is projected to grow at 7 per cent with risks evenly balanced. RBI said the Indian economy expanded at a robust pace in fiscal 2024, with real GDP growth accelerating to 7.6 percent from 7 percent in previous year.
According to the annual report, the outlook for the Indian economy remains bright, underpinned by a sustained strengthening of macroeconomic fundamentals, robust financial and corporate sectors, and a resilient external sector.
On May 22, the RBI’s Central Board of Directors approved the transfer of Rs 2.11 lakh crore as surplus to the government for FY 2023-2024.
The income of the Reserve Bank of India (RBI) in the financial year 2023-24 rose around 17 percent year-on-year due to a significant rise in interest income from foreign securities, as per the central bank’s report.
The central bank said surplus transfer to the government for financial year 2023-24 is based on the Economic Capital Framework (ECF) adopted by the RBI on August 26, 2019 as per recommendations of the Bimal Jalan committee. The sharp jump in the surplus amount could be attributed to higher income from the forex holding of the central bank, among other factors.
The maximum limit of retirement gratuity and death gratuity has been revised by the government from 20 lakh to 25 lakh rupees. Ministry of Personnel, Public Grievances and Pensions has issued an official memorandum in this regard. It said, the revised limit will come into effect from 1st January 2024.
In a remarkable achievement, IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first rocket with a single-piece three-dimensional (3D) printed engine. The rocket Agnibaan SOrTeD (SubOrbital Technological Demonstrator) is also India’s first semi-cryogenic engine-powered rocket launch that was completely designed and manufactured indigenously.
It was also launched from India’s first privately developed launchpad called ‘Dhanush’ established by Agnikul at Sriharikota in Andhra Pradesh at 7.15 a.m. today. The test flight aims to demonstrate in-house and homegrown technologies, gather crucial flight data, and ensure the optimal functioning of systems for Agnikul’s orbital launch vehicle, the ‘Agnibaan’.
Agnibaan is a two-stage rocket with a capacity to carry up to 300 kg to a height of 700 km. The rocket engines are powered by liquid oxygen or kerosene. It can access both low- and high-inclination orbits and is completely mobile, designed for accessing more than 10 launch ports, as per the company.
During the ongoing 77th World Health Assembly, India hosted a side event on Women, Children and Adolescent Health in collaboration with Norway, United Nations Children’s Fund (UNICEF), United Nations Population Fund (UNFPA) and Partnership for Maternal, Newborn and Child Health (PMNCH).
The purpose of the event was to share emerging evidence and discoveries, fostering dialogue on pivotal opportunities for investment in maternal, newborn, child, and adolescent health and well-being. It aimed to advocate for continued and augmented investment, prompting policy adjustments across diverse stakeholders and sectors.
The Armed Forces Medical Services (AFMS) have signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training. The MoU aims to foster innovation and research in developing novel medical devices and addressing health issues specific to soldiers serving in varied terrains.
May 31st marks World No Tobacco Day, a global campaign led by the World Health Organization to raise awareness about the dangers of tobacco use and advocate for effective policies to reduce consumption. 2024's theme, "Protecting Children from Tobacco Industry Interference," underscores the critical need to safeguard young people from the manipulative tactics of tobacco.
In 1987, Member States of the World Health Organization designated 31 May as World No Tobacco Day. This was done to draw attention to the global tobacco epidemic, and the preventable death and disease it causes.
Index provider NSE Indices launched a new thematic index called Nifty EV & New Age Automotive index. The 33-stock index will track the performance of companies which form a part of the electric vehicle (EV) ecosystem or are involved in the development of new age automotive vehicles or related technology.
Bajaj Auto, Tata Motors, Mahindra & Mahindra and Maruti Suzuki are top four components of the index. The base date for the index is April 02, 2018, and the base value is 1,000.
The Reserve Bank of India released the final framework for recognising self-regulatory organisations in the financial technology sector, encouraging entities to have a representative membership from the fintech sector. The banking regulator has indicated that there may be more than one SRO-FT, and fintech firms would be encouraged to participate in at least one.
An SRO-FT may have membership from fintechs currently regulated by the RBI, including non-banking financial companies-account aggregators (NBFC-AA), NBFC-peer-to-peer (P2P) lending platforms, among others, excluding banks.
An SRO is a non-governmental organisation that acts as a bridge between industry players and the regulator. It also sets standards for the conduct of entities operating in the country.
Applicants will be required to have a minimum net worth of Rs 2 crore within a year of being recognised as an SRO-FT. The entity should be a not-for-profit company.
The shareholding of an SRO-FT should be diversified, and no entity should hold 10 per cent or more of its paid-up share capital.
Organisations such as the Payments Council of India (PCI), Fintech Association for Consumer Empowerment, DLAI, are some of the leading bodies in the race to apply for an SRO-FT.
The Securities and Exchange Board of India (Sebi) has imposed a penalty of Rs 2.5 lakh on stock broker Samco Securities for alleged discrepancies in the client onboarding process and usage of common emails and phone numbers for multiple unique client codes.
Y-Combinator-backed Buy Now Pay Later (BNPL) fintech start-up BharatX has acquired Zenifi, a healthcare finance start-up providing zero-cost and low-cost EMI solutions. BharatX, a company providing credit as a service to end users, will be entering the medical lending segment with this acquisition.
Poonawalla Fincorp Limited on May 28 said it has launched a co-branded credit card in collaboration with IndusInd Bank. The IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card is designed to redefine and elevate the banking experience of customers.
Reliance Industries Ltd has signed an agreement with Norway's Nel ASA for sourcing technology to make electrolysers for production of green hydrogen as part of billionaire Mukesh Ambani's pivots toward green energy. Nel Hydrogen Electrolyser AS is a fully owned subsidiary of Oslo-based Nel ASA.
Reliance entered into a technology licensing agreement that provides the company with an exclusive license for Nel's alkaline electrolysers in India and also allows it to manufacture the Norwegian company's alkaline electrolysers for captive purposes globally.
