| 1. | The Department of Industry and Internal Trade (DPIIT) has acknowledged over 75000 startups. | The final 10,000 startups were acknowledged in 156 days, whereas the first 10,000 startups were recognised in 808 days. Recognizing over 75,000 start-ups is a watershed moment in the country’s 75-year history. Around 80 companies are recognised each day, the greatest pace in the world. India has the world’s third largest startup ecosystem. The Indian startup ecosystem has produced around 7.46 lakh employment, with 49% of businesses hailing from Tier II and Tier III locations. Out of the total number of recognised startups, 12% are in IT services, 9% in Healthcare and Life Sciences, 7% in education, and 5% in professional and commercial services. |
| 2. | Suresh N Patel has been appointed as Central Vigilance Commissioner by President Droupadi Murmu (CVC). | In April 2020, he was named Vigilance Commissioner. Sanjay Kothari stepped down as CVC on June 24, last year. The position of CVC has been vacant for about a year. The Central Vigilance Commission is led by the CVC. Nittoor Srinivasa Rau was India’s first CVC. The Central Vigilance Commission has nominated Praveen Kumar Srivastava and Arvinda Kumar as Vigilance Commissioners. |
| 3. | The central government has sanctioned the highest-ever FRP for sugarcane farmers of Rs 305 per quintal. | The Cabinet Committee for Economic Affairs (CCEA) has authorised the sugarcane FRP for the 2022-23 sugar season (October – September). The FRP for the 2022-23 sugar season is 2.6% higher than the current sugar season (2021-22). The decision would benefit 5 crore sugarcane growers and 5 lakh workers in sugar mills and allied industries. Fair and Remunerative Price has climbed by more than 34% in the last eight years. The Central Government announces the Fair and Remunerative Price (FRP). It is announced based on recommendations made by the Commission for Agricultural Costs and Prices (CACP) following consultation with state governments and comments from sugar industry organizations. |
| 4. | The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) raised the repo rate by 50 basis points, from 4.90% to 5.4%. | Since May 2022, the repo rate has risen by 140 basis points. The hike in the repo rate would raise lending rates and EMIs for current home loan borrowers. The primary goal of raising the repo rate is to keep growing inflation under control. The RBI maintained its 6.7% CPI inflation prediction for the current fiscal year. The SDF rate will be 5.15%, while the MSF rate will stay at 5.65%. The real GDP growth forecast for 2022-23 remains at 7.2%, with Q1 at 16.2%, Q2 at 6.2%, Q3 at 4.1%, and Q4 at 4%. GDP growth for the first quarter is expected to reach 6.7%. |
| 5. | The RBI has permitted main dealers to engage in further foreign exchange-related commercial operations. | Standalone main dealers can now provide all foreign currency market-making services formerly reserved for category-I authorised dealers. According to the RBI and the Statement on Developmental Regulatory Policies, the move will put them on par with banks that do main dealer activity. In India, there are now seven freestanding primary dealers and 14 bank primary dealers. The RBI has also permitted standalone primary dealers to conduct foreign currency settled overnight indexed swap (FCS-OIS) transactions with non-residents and other market participants. According to the RBI’s bimonthly Statement on Developmental and Regulatory Policies, BBPS is now exclusively available to Indian nationals. The RBI has recommended allowing BBPS to take cross-border inbound payments to let Non-Resident Indians (NRIs) pay utility, education, and other bills on behalf of their relatives in India. The RBI has also decided to incorporate Credit Information Companies under the internal Ombudsman system. |
| 6. | SEBI has constituted a 15-member committee to promote international investment. | The head of this expert committee of Foreign Portfolio Investors has been named K V Subramanian (FPIs). The FPI Advisory Committee (FAC) also includes 14 additional members from international banks, stock exchanges, depositories, and the RBI. The FAC will provide advice on matters relating to FPI investments and operations in financial markets, including steps to make it easier for FPIs to do business in India. It will examine the investing options open to FPIs. It will provide advice on the viability of new investment opportunities. It will recommend steps to boost FPI involvement in the bond market. |
| 7. | Achieving Women Equity (AWE) Funds has established its first 350-crore India-focused fund. | Over the following five years, the fund will invest in around 15 firms. The fund is registered with India’s Securities and Exchange Board (SEBI). The Achieving Women Equity (AWE) Funds are a gender-conscious investing platform. It aspires to empower 30 million women by 2030 by investing in women-owned, led, or inspired businesses. |
| 8. | The RBI has fined Indian Bank 32 lakh rupees. | The penalty was levied on an Indian bank for failing to follow instructions on fraud categorization and reporting. Jupiter Capital Private Ltd was also fined 82 lakh by the RBI for violating credit information filing rules. Jupiter Capital Private Ltd is a private equity and debt investment business located in Bengaluru. |
| 9. | For the first time, India’s coffee exports have surpassed the billion-dollar level. | In 2021-22, India’s coffee exports set a record high of US$ 1.04 billion. India’s coffee export value in 2020-21 was $734.98 million USD. During this time, coffee shipments have climbed by 42%. India exports around two-thirds of its coffee production each year. The top coffee importers from India are Italy, Germany, Belgium, and Russia. Karnataka is India’s major coffee grower. It accounts for almost 70% of all coffee produced in India. Kerala and Tamil Nadu are in second and third place, respectively. Arabica and Robusta coffees are mostly produced in India. Arabica coffee has a greater market value than Robusta coffee due to its mild aromatic flavour. Brazil is the world’s largest producer of coffee. Vietnam, Colombia, and Indonesia are next. |
| 10. | Decentraland, a virtual reality platform, has announced the world’s first metaverse ATM. | Decentraland has formed alliances with the Transak payment gateway and the Metaverse Architects studio. This was done to make it easier for consumers to buy Mana or any other cryptocurrency. Mana is the in-game money. Users may use cryptocurrencies to buy and sell stuff in the game. The metaverse ATM is designed to make the user experience easier. J.P. Morgan previously created the first Decentraland metaverse lounge. |
| 11. | On the government’s e-NAM (National Agriculture Market) platform, Haryana contributes the most to overall trade value. | The value of agricultural commerce produced by 18 states and three union territories on the e-NAM platform until June 30 was 2.04 lakh crore. Haryana contributed 62,757 crore. Rajasthan (38,794 crore share) and Andhra Pradesh (30,890 crore share) trailed Haryana. To integrate their mandis with the e-NAM platform, states and union territories must make three changes to their respective State Agricultural Produce Market Committee (APMC) Acts. The changes include e-trading requirements, a single-point charge of market fees, and a unified single trading licence for the state. The platform has been integrated with 1,000 mandis in total. Rajasthan had the most integrated mandis, with 144. It was followed by Uttar Pradesh (125 points) and Gujarat (122 points). Uttar Pradesh ranked first among the 1.73 crore farmers who enrolled on the e-NAM platform, with 33 lakh farmers. Madhya Pradesh comes in second while Haryana comes in third. Rajasthan ranked top among the 2.26 lakh dealers that registered on the site, with 82,359 traders. Uttar Pradesh comes in second while Madhya Pradesh comes in third. |
