1. a.)According to Reserve Bank of India (RBI), India’s current account deficit (net difference between inflows and outflows of foreign currencies) narrowed during 2016-17 to 0.7% of the GDP, from 1.1% in 2015-16 due to India's trade deficit narrowing down to $112.4 billion in 2016-17 from $130.1 billion in 2015-16.
b.) Net FDI inflows in 2016-17 got narrowed to $35.6 billion from $36 billion during 2015-16.
c.) Finance Ministry asked all ministries tasked with clearing foreign direct investment proposals in the 12 sectors that require government’s nod to take a decision on such proposals within 60 days. It is being done to speed up the FDI Process.
2. According to UNCTAD’s World Investment Report 2017, US, China and India are top 3 FDI Receiving Destinations. FDI inflows into India remained USD 44 billion.
3. Asian Infrastructure Investment Bank (AIIB) approved $150 million equity investment loan for India Infrastructure Fund as AIIB’s first equity investment to fund private projects. IIIF will invest this amount in mid-cap infrastructure companies in India.
4. Employees Provident Fund Organisation (EPFO) signed MoU with Housing and Urban Development Corporation (HUDCO) to enable members of its housing scheme to avail subsidy and interest subvention under Pradhan Mantri Awas Yojana (PMAY). Under housing scheme, EPFO allows its subscribers for withdrawing up to 90 % of their EPF accumulations to buy homes.
5. Government approved Initial Public Offer of Indian Renewable Energy Development Agency Limited, for issuing 139000000 fresh equity shares of Rs.10 each to The public.
6. Government approved Securities and Exchange Board of India (SEBI) to enter into 2 separate MoUs with Securities market regulators of the European Union and Iran.
7. Government approved introducing Financial Resolution and Deposit Insurance Bill 2017 that will provide resolution framework for financial sector entities to deal with bankruptcy situation in banks, insurance companies, and other entities.
It will also result in repealing of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 to transfer the deposit insurance powers and responsibilities to the Resolution Corporation.
8. Government approved recommendations of 7th Central Pay Commission (CPC) on allowances.
9. Government has cut interest rates on farmers' loans by 5 % (earlier 9% to now 4%), on loan up to Rs 3 lakh. Farmers who do not pay interest in time, will have to pay interest at rate of 7 %.
10.World Bank's Global Economic Prospects (GEP) projected GDP growth rate of 7.2% for India in 2017-18 as against 6.8% growth in 2016-2017. World bank also expects India’s growth rate to remain at 7.5% in 2018 and 7.7% in 2019. Global growth forecast in 2017 and 2018 at 2.7% and 2.9% respectively.
HSBC (Hongkong and Shanghai Banking Corporation) Predicted India's GDP Growth To Remain 7.1 % In 2017-18. As per Official Data, India's GDP grew 6.1 % during January-March Quarter (Q4 2017) and GDP growth rate for full year (2016-17 ) remained 7.1 %.
11.India signed $275 Million Loan agreement with Manila (Philippines) based Asian Development Bank (ADB) for improving urban services in 64 small towns in State of Madhya Pradesh.
12. Kerala Passed State State Goods and Services Tax (SGST) Act, leaving J & K as only remaining state to not have passed State GST, which is to be implemented from July 01, 2017.
13. RBI identified 12 bank accounts constituting nearly 25% of gross bad loans for immediate referral and resolution under the bankruptcy law. Each of 12 identified accounts was having more than 5,000 crore rupees of outstanding loans.
14. National Stock Exchange (NSE) launched its international exchange in the Gujarat International Finance Tec-City (GIFT City). NSE IFSC Ltd (global exchange promoted by NSE) will remain operational for a longer period than NSE during a trading day.
15. RBI has placed Central Bank of India and Bank of Maharashtra under prompt corrective action (PCA) which puts restricts on banking activities such as from lending, hiring and expanding branches. RBI has so far triggered PCA for 6 banks – IDBI Bank, UCO Bank, Dena Bank, Indian Overseas Bank, Central Bank of India and Bank of Maharashtra.
16. RBI has placed Central Bank of India and Bank of Maharashtra under prompt corrective action (PCA) which puts restricts on banking activities such as from lending, hiring and expanding branches. RBI has so far triggered PCA for 6 banks – IDBI Bank, UCO Bank, Dena Bank, Indian Overseas Bank, Central Bank of India and Bank of Maharashtra.
17.In the RBI second bi-monthly monetary policy review of 2017 only change in Monetary Policy is that RBI has cut Statutory Liquidity Ratio (SLR) by 50 basis points to 20% (To be applicable from June 24, 2017). RBI reduced growth projection for the current fiscal to 7.3% from 7.4%.
18. Securities and Exchange Board of India (SEBI) approved Telenor India's Merger with Bharti Airtel. The deal is now pending final approval by other authorities such as CCI (Competition Commission of India).
19. World Bank approved USD 250-million loan for Skill India mission, aimed at making Indian youth more employable through reskilling. SIMO is a 6 year programme in support of National Policy for Skill Development and Entrepreneurship (2017-23). Under this, persons in age group of 15-59 will acquire skill training irrespective of their employment status.
20. Rajesh Lodha, the former CFO of Piramal Enterprises has been appointed as the MD and CEO of Shriram Capital.
21. Public Sector Banks will need Rs. 95,000 Crore more by FY 2019 as their NPA-s will increase through 2019, forecasts a recent report of Moody's investor services.
