Economy:
1. GST Collection October 2022: 2nd highest ever: The gross GST revenue collected in the month of October 2022 was at '1,51,718 crore, the second highest monthly collection ever, next only to the collection in April 2022. Out of total collections, Central GST is Rs 26,039 crore, State GST is Rs 33,396 crore, Integrated GST is Rs 81,778 crore (including Rs 37,297 crore collected on import of goods). GST came into effect from 1st July 2017 in India.
2. Centre approves Rs 51,875 crore for P&K fertilizer for Rabi 2022-23: The Centre has approved an additional fertilizer subsidy of Rs 51,875 crore for the rabi or winter planting season, which runs from October 2022 to March 2023. The Cabinet Committee on Economic Affairs (CCEA) approved the new nutrient-based subsidy rates for phosphatic and potassic fertilizers.
3. India's October iron ore exports 'nearly zero': FIMI India's iron ore exports dropped to "nearly zero" in October, and overseas shipments of the steelmaking raw material are expected to continue to languish due to higher export taxes and lower demand from China. India in May raised export tax on low-grade iron ore lumps and fines - with iron content below 58% - to 50% from zero and hiked the duties on pellets to 45% from 0. NMDC is the largest producer of iron ore in the country.
4. Unemployment rate surges to 7.77% in Oct against 6.43% in Sept: CMIE: Unemployment rate in India surged last month on the back of significant increase in rural unemployment rate, reversing the decline registered in September. The data from the Centre for Monitoring Indian Economy shows the unemployment rate in India stood at 7.77% in October compared to a four-year low of 6.43% in September. CMIE was established in 1976, primarily as an independent think tank.
5. Govt Notifies IIPDF Scheme for Financial Support for Project Development Expenses of PPP Projects: The Infrastructure Finance Secretariat (IFS), DEA, has come out with Scheme for Financial Support for Project Development Expenses of PPP Projects ' 'IIPDF Scheme' (India Infrastructure Project Development Fund Scheme) for providing necessary support to the PSAs, both in the Central and State Governments.
6. India's forex reserves reach to 531.081 billion US Dollar: India's forex reserves increased by 6.561 billion to reach 531.081 billion US Dollar for the week ended October 28. Foreign currency assets stood at 470.847 billion US Dollar. The value of gold reserves increased from 556 million to 37.762 billion US Dollar.
7. Russia becomes India's top oil supplier in Oct, surpasses Saudi Arabia and Iraq: Surpassing traditional suppliers Saudi Arabia and Iraq, Russia has emerged as the top oil supplier to India in October. The information provided by energy cargo tracker Vortexa shows that Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 935,556 barrels per day of crude oil to India in October-the highest ever.
8. Tamil Nadu pips Karnataka to emerge as the third-largest state in own tax revenues in H1 FY23: Maharashtra and Uttar Pradesh take the first two positions. According to the provisional figures from Comptroller and Auditor General of India, Tamil Nadu has mopped up '68,638 crore in State's Own Tax Revenue collections between April-September against Karnataka's '66,158 crore tax collection. Maharashtra and Uttar Pradesh mopped up '1,15,211cr and '1,02,687cr respectively
9. Union Finance Minister Smt. Nirmala Sitharaman approves India's First Sovereign Green Bonds Framework: Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman approves the final Sovereign Green Bonds framework of India. 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 mobilizing resources for green projects. A green bond is used to raise money for climate and environmental projects.
10. DGFT notifies amended Foreign Trade Policy norms for export benefits on rupee receipts: DGFT notified norms for permitting exporters to avail benefits under the foreign trade policy, even on realization in rupee. The DGFT, under the commerce ministry, has already allowed invoicing, payment and settlement of exports and imports in Indian rupee, a move aimed at facilitating trade in the domestic currency. 6 www.oliveboard.in www.oliveboard.in
11. India's Industrial Output jumps 3.1% in September against 0.8% fall in August: India's industrial output, as measured by the Index of Industrial Production (IIP), grew 3.1% in September, supported by a double-digit increase in electricity generation. India's electricity sector output grew in double-digits at 11.6% year-on-year to 187.4 on the IIP in September. While mining saw a 4.6% jump to 99.5, manufacturing posted a 1.8 per cent rise to 134.3.
12. Wholesale Price Index inflation in October eases to 8.39 per cent: Wholesale Price-based Inflation (WPI) for October eased to its lowest level since March 2021. Dropping below the double-digit mark for the first time since March of the year 2021, it eased to 8.39 per cent in October from 10.70 per cent in September.
13. India's retail inflation eases to 3-month low in October: India's retail inflation eased sharply to 6.77 per cent on an annual basis in the month of October from 7.41 per cent in September 2022. The number has remained above RBI's tolerance band of 2-6 per cent for the 10th consecutive month. Food inflation for October came in at 7.01 per cent as against 8.6 per cent a month before.
14. GST: NAA to Wind Up by Dec 1, 2022, CCI to Consider Anti-Profiteering Complaints: All GST anti-profiteering complaints would be dealt with by the Competition Commission of India (CCI) from December 1 as the extended tenure of National Anti-profiteering Authority (NAA) ends this month. The NAA was set up in November 2017 under Section 171A of Goods and Services Tax (GST) law to check unfair profiteering activities by registered suppliers.
15. OECD cuts India FY23 GDP forecast to 6.6% on slowdown at home, global fears: The Organization for Economic Co-operation and Development (OECD) has cut its gross domestic growth forecast for India for the current financial year (FY23) to 6.6 per cent from 6.9 per cent, citing higher medium-term global uncertainty and slowing domestic economic activity. The agency said that India is set to be the second-fastest growing economy in the G-20 in FY23.
16. India's CAD pegged at 3-3.2% of GDP in FY23: CEA V Anantha Nageswaran: With rising domestic economic activity and an uptick in oil import bills, India's current account deficit is expected to be 3-3.2 percent of gross domestic product (GDP) for FY23, according to Chief Economic Advisor (CEA) V Anantha Nageswaran. But he stressed the country's external sector remains robust.
17. India's unemployment rate dips to 7.2% in July-Sept 2022: NSO survey: Unemployment rate for persons aged 15 years and above in urban areas declined to 7.2 per cent during July-September 2022 from 9.8 per cent a year ago, the National Statistical Office (NSO). Unemployment rate or joblessness is defined as the percentage of unemployed persons among the labor force.
18. Mutual fund investors to get dividend payments within 7 days from record date: SEBI has issued a circular on November 25 asking the mutual fund houses to pay the dividends within seven days from the record date. It further directed that the record date should be two working days from the date of a public notice. In case of redemption or repurchase of units, the fund houses are told to pay out the proceeds within three working days.
19. SEBI releases uniform format for OTC trades in non-convertible securities: SEBI came out with a uniform format for reporting over the counter (OTC) trades in listed non-convertible securities. Under the format, information pertaining to deal type -- whether brokered or direct -- ISIN, listed or unlisted security, issuer name, coupon rate, issue description, traded price, traded yield, trade date and time, settlement date &status to be disclosed.
20. India to receive first LNG cargo from Indonesia's Tangguh LNG: India has received its first cargo from Indonesia's Tangguh liquefied natural gas (LNG) plant at the Dahej terminal 28 Nov. The LNG cargo is being transported by the BW Helios tanker. The BW Helios picked up the cargo of 132,000 cubic meters at the Tangguh LNG loading facility on Sept. 18
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