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The Financial Express
World Bank report: Extreme poverty in India
eased 12.3 percentage points during 2011-
2019-
Extreme poverty in India dropped to 10.2% in the
pre-Covid year of 2019 from as much as 22.5% in
2011 and the pace of reduction in rural India has
been more dramatic than in urban areas,
according to a World Bank working paper.The
poverty level in rural and urban areas declined by
14.7 and 7.9 percentage points, respectively,
during the 2011-2019 period. While it eased to
11.6% in rural areas in 2019, the urban poverty
level stood at 6.3%. Click here
Business Standard
Indian economy not immune to negative
externalities, says RBI report-
India is facing the tremors from the shocks
emanating from geo-political tensions that have
choked supplies and increased commodity prices,
especially food and energy, and has stoked
inflationary pressures, the monthly State of the
Economy of the Reserve Bank of India (RBI) said
on Monday. “The fallout of the war and
retaliatory sanctions is already evident in inflation
prints and balance of payments developments,”
the report said on the domestic impact of the
Russia-Ukraine war. Click here
Press Information Bureau
WPI based rate of inflation for March at
14.55%-
The annual rate of inflation is 14.55%
(Provisional) for the month of March, 2022 (over
March, 2021) as compared to 7.89% in March,
2021.The high rate of inflation in March, 2022 is
primarily due to rise in prices of crude petroleum
and natural gas, mineral oils, basic metals, etc
owing to disruption in global supply chain caused
by Russia-Ukraine conflict. Click here
IndiaTV News
Centre approves 477 pesticides for drone
usage to fast track agri-drone adoption-
To fast track agri-drone adoption, the Union
Agriculture Ministry has granted interim approval
to 477 pesticides for drone usage, the Drone
Federation of India (DFI) said on Tuesday.
Before this, each pesticide had to be approved by
the Central Insecticide Board and Registration
Committee (CIB&RC) which would take 18-24
months. These 477 registered pesticides include
insecticides, fungicides, and plant growth
regulators (PGRs), for commercial use through
drones for two years. CIB&RC have granted this
interim approval, as per DFI statement. Click here
The Times of India
RBI allows rural co-operative banks to raise
funds from preference shares, debt
instruments-
The Reserve Bank of India on Tuesday allowed
Rural Cooperative Banks (RCBs) to raise funds
from people in their area of operation or existing
shareholders through a variety of instruments.
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RCBs, which include state co-operative banks
and district central co-operative banks, can raise
funds from preference shares and debt
instruments, RBI said in a notification. Click here
The Financial Express
Fertiliser subsidy spend to touch Rs 2 trillion
in FY23-
India’s fertiliser subsidy expenses could touch Rs
2 trillion in 2022-23 because of a sharp spike in
global prices of urea, di-ammonium phosphate
(DAP) and muriate of potash (MoP) in the last
one year, an official with the fertiliser ministry
said on said. The fertiliser subsidy was at Rs 1.6
trillion in 2021-22. According to the ministry
data, imported urea prices have risen by more
than 145% to $930 a tonne in April 2022 from
$380 a tonne a year ago. Click here
The Financial Express
Small finance banks: Banking on digital tech
to stay ahead of curve:
One of the biggest challenges for small finance
banks (SFBs) from a tech point of view is the lack
of an automation process and the corresponding
need for manual intervention. This makes the
deployment of an integrated engagement platform
vital to such entities. Such a solution breaks down
organisational silos, allowing for a centralised
view of customer profiles and sounder
communication across channels. It also helps in
easier collection of EMIs and installments from
micro banking and retail loanees. Click here
The Financial Express
Making shadow lenders more accountable:
RBI makes disclosure of exposures must for
NBFCs:
Non-banking financial companies (NBFCs) must
report their real estate exposures and exposures to
the capital markets and group companies, Reserve
Bank of India (RBI) said on Tuesday, putting out
specific disclosure norms for these intermediaries.
The regulator also laid down a large exposures
framework (LEF) for upper layer NBFCs and
infrastructure finance companies.All categories of
NBFCs will have to make specific disclosures in
their annual financial statements with respect to
their direct and indirect exposure to the real estate
sector, including securitised exposures, as well as
details of their capital market exposures. Click here
Press Information Bureau
National Conference of Cluster Based Business
Organisations (CBBOs) under Central Sector
Scheme of Formation and Promotion of 10,000
FPOs held-
The role of CBBOs should be to strengthen
Farmer Producer Organisations (FPOs) so that
farmers seek them out. FPO is not merely a
company, it is a collective for the benefit of
farmers. Emphasising this in his key note address
at the inaugural session of the National
Conference of CBBOs Union Agriculture
Minister Shri Narendra Singh Tomar said that
more and more farmers should be part of FPOs.
Shri Tomar said that earlier around 7,000 FPOs
were made but they could not last and a new
Compiled by: Mr. Pankaj Kumar Tripathi, FM
Mr. Maneesh Gupta, FM
Ms. Nidhi, JC
Shaping minds to excel
Date: 22/04/2022
scheme of FPOs was launched by the Prime
Minister with an outlay of Rs. 6865 crore. At a
time when the country is observing Azadi ka
Amrit Mahotsav the government is making every
effort for the prosperity of farmers. Click here
The Economic Times
Rural India, a cause no one worries about:fall
in real wages, unemployment, food price rise
hit hard-
FMCG and auto companies sensed the heat first.
The slow burn of tapering demand from rural
India. Now others are flagging something that
few are prepared to talk about: rural India is
suffering from declining real wages, spiraling
inflation, high unemployment, and consequent
rising inequality.“The second wave of Covid has
indeed decimated the rural economy,” said Anand
Venkatesh of the Institute of Rural Management
to ET. Click here
The Financial Express
NBFCs securitisation volumes to rise 20-25%
in FY23, says ICRA’-
Rating agency ICRA also expect the
securitisation market to be largely dominated by
the retail asset class which would account for 95%
of the market in the current financial year.Loan
securitisation volumes of non-banking finance
companies (NBFC) and housing finance
companies (HFC) are likely to rise by 20-25% in
the current financial year on the back of an uptick
in credit growth due to improved economic
activities and funding needs for these entities.
Click here
Press Information Bureau
In a major boost to ease of doing business,
Union Agriculture Minister launches
integrated and hi-tech online portals on
export/import of agricultural commodities and
pesticides registration-
Union Minister for Agriculture and Farmers’
Welfare Shri Narendra Singh Tomar launched
two portals, one for the Computerized
Registration of pesticide (CROP) and the other
for Plant Quarantine Management System
(PQMS). Speaking on the occasion the Minister
said, keeping in mind Prime Minister’s vision for
the Agriculture sector these two portals have been
launched and would help in taking forward digital
Agriculture and Ease of doing Business. Click
here
The Economic Times
FM pitches for global framework to prevent
crypto currencies from being used for money
laundering-
The biggest risk for all countries across the board
will be the money laundering aspect & also the
aspect of currency being used for financing
terror," FM Nirmala Sitharaman said at a
discussion on “Money at a Crossroad” hosted by
IMF in Washington DC. India has pitched for a
global framework to regulate crypto currencies
identifying their use in money laundering and
terror financing as the biggest risks for all
countries. Click here
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