Friday, March 13
The Centre and Karnataka government have partnered to compensate mango farmers for losses due to a sharp decline in market prices. This joint effort, finalized in a meeting between Union Agriculture Minister Shivraj Singh Chouhan and Karnataka Agriculture Minister N Chaluvaraya Swamy, will cover up to 2.5 lakh tonnes of mangoes.
India's GDP has surged globally, yet per capita income lags, prompting a call for inclusive growth. A Llama Research report emphasizes shifting focus from macro achievements to individual prosperity. Despite challenges like global trade uncertainties, India's strong policy framework and digital formalization offer tailwinds for sustained economic advancement and improved living standards.
South Korean President Lee Jae Myung has unveiled a substantial USD 22.1 billion supplementary budget to invigorate the nation's economy and aid struggling citizens. Approved by the Cabinet, the plan involves new spending and revised revenue projections. A key feature is a universal cash handout, with citizens receiving a minimum of 150,000 won.
Donald Trump has once again publicly criticized Federal Reserve Chair Jerome Powell, calling for lower interest rates and even suggesting he might consider firing him. Trump's renewed attacks come despite the Fed's recent decision to hold rates steady, citing the need for patience on inflation. Speculation is growing about potential replacements for Powell, raising concerns about the Fed's independence.
Public Sector Banks showed strong performance in FY25. They increased their market share in lending across different sectors and regions. This happened even though overall bank credit growth slowed down. PSBs did well in working capital and demand loans. They also focused on retail credit like housing loans. State-owned banks grew in industrial credit.
India's net direct tax collections experienced a slight decrease of 1.39% to Rs 4.59 lakh crore due to a significant surge in refund issuances, which rose by 58%. Gross direct tax collections saw a modest increase of 4.86%.
Amidst the escalating Iran-Israel conflict, Indian exporters are considering shifting cargo operations from Iran's Bandar Abbas port to the India-managed Chabahar port. This shift aims to mitigate potential disruptions to trade with Afghanistan, Central Asia, and Russia.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on Friday. While Nifty50 went above 25,000, BSE Sensex was up over 700 points.
Hindustan Aeronautics Limited (HAL) has secured the bid for the transfer of technology for ISRO's Small Satellite Launch Vehicle (SSLV). ISRO will support HAL for two years, during which HAL will produce two SSLVs using the existing design. HAL will then be able to modify the design and integrate its own vendors from the third rocket onwards.
Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, rallied strongly in trade on Friday. While Nifty50 went above 25,100, BSE Sensex moved up over 1,000 points.
