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Economy Current Affairs April 2nd Week
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Category : Economy Current Affairs
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Economy Current Affairs April 2nd Week

 1. India`s Foreign Exchange Reserves Hit A Life-Time High.

India`s foreign exchange reserves hit a life-time high of 424.361 billion US dollars, after rising by 1.828 billion dollars in the week to March 30, the Reserve Bank of India (RBI) confirmed.

Earlier, the reserves had touched a record high of 421.914 billion dollars on February 9.

It had crossed the 400-billion dollar mark for the first time in the week to September 8, 2017, but had been fluctuating, since then.

The gold reserves, however, remained unchanged at 21.614 billion US dollars, the apex bank said. 

Previously, the reserves had touched a record high of USD 421.914 billion on February 9. It had crossed the USD 400-billion mark for the first time in the week to September 8, 2017, but has since been fluctuating.

In the reporting week, the foreign currency assets, a major component of the overall reserves, rose by USD 1.823 billion to USD 399.118 billion.

Expressed in the US dollar terms, the foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.

Gold reserves remained unchanged at USD 21.614 billion, the central bank said.

The special drawing rights with the International Monetary Fund rose by USD 2.1 million to USD 1.544 billion.

The country`s reserve position with the IMF also increased by USD 2.8 million to USD 2.083 billion, the apex bank said. 

 

2. Patna Tops In 4G Connectivity Among 20 Largest Cities: Report.

Patna has come on top among 20 largest cities in India in terms of 4G connectivity. The city outperformed Bengaluru, Mumbai and Delhi, said a report by OpenSignal, in terms of 4G availability metric which indicates where users can access LTE network more of the time. Kanpur came second to Patna in the list.

 OpenSignal monitored 4G user experience in 20 of the largest cities of India for a period of 90 days from December 1, 2017. Based on this survey, the top ten spots were given to - Patna, Kanpur, Allahabad, Kolkata, Bhopal, Jaipur, Ahmedabad, Lucknow, Chandigarh, and, Bengaluru - in that order. Indicating an expansion of 4G networks across the country, cities from eastern and central regions ranked much better in the 4G availability metrics of the London-based wireless coverage mapping firm this time.

 

3. TamilNadu Government Launches Mobile App Bi-Lingual `Uzhavan` For Farmers.

In a bid to use technology for farmers’ benefit, the Tamil Nadu Government has come out with a mobile application that will allow ryots to have access to nine types of services, including details about their crop insurance.

Chief Minister K Palaniswami has launched the bi-lingual ‘Uzhavan’ (farmer) app here recently, an official release said today.

The app, which can be downloaded from Google Playstore, can be used by farmers to get information on farm subsidies, book farm equipment and related infrastructure and get details on their crop insurance, besides receiving weather forecast for the next four days, the release said.

The other highlights of the app, available in Tamil and English, include information on the available stocks of seeds and fertilisers in local government and private stores, it said.

The move was part of the government’s effort to take to the ’next level’, use of technology to aid farmers in their profession.

 Palaniswami also launched the ‘Amma Bio-Fertiliser’ scheme, named after late Chief Minister J Jayalalithaa. The initiative was aimed at better management of nature farming, and help boost and maintain soil fertility.

 

4. `Gobardhan Yojana` launched to Support Farmers.

The Haryana government has launched the ‘Gobardhan Yojana’ to provide organic manure and cow urine with an aim to benefit farmers, Chief Minister Manohar Lal Khattar said on Monday.

A provision of Rs. 11 crore has been made to provide benefits of various projects under this scheme, Mr. Khattar said while addressing villagers at a ‘Kisan Samman Samaroh’ in Nizampur village of Sonipat district. He also distributed ‘Fasal Bima Yojana’ cheques to farmers at the event.

Appreciating the Union Budget, Mr. Khattar said it met the expectations, hopes and aspirations of the people. “The Yojana would help in doubling the income of farmers and next time, the MSP would be given with additional benefit of 50% over the cost of production,” he said. He accused the previous Congress government of talking about implementing the Swaminathan Commission report, but never did so.

 

5. State Bank of India to invest Rs 80 billion in Nepal`s 900 MW hydro-electric project.

The State Bank of India (SBI) will be investing a total of Rs 80 billion in the Arun III hydropower project of Nepal, which has 900 megawatts (MW) electricity production capacities.The SJVN, which has been awarded with the construction of the mega power project of Nepal, has made an informal agreement with the SBI to acquire the investment as loan and soon will make the formal agreement, sources informed ANI.

"The Director Committee Meeting of the bank is due to make the recommendation. They soon will decide over. As of now they have decided over the loan extend and the interest rate over it has been finalized," the source informed with anonymity.

"The 1.4 trillion rupees over the project will be expended for the construction of the structures and additional 11 billion rupees for the transmission lines," the source briefed.With the completion of the project, Nepal will get 21.9 percent of the total electricity produced in a year i.e., 197 MW electricity with 86 crore unit for free in a year.

Along with this, the Punjab National Bank will lend the loan for the construction of the 268 km long 400 KV transmission line via the Everest Bank which is the joint venture bank of the PNB.

 "The Everest Bank Limited also will invest 3.60 Billion Rupees (2.25 Billion INR) in the Arun III," the source added. Along with the Everest Bank will be made with investment from the EBL and the investment of the PNB in the project also will stand at eight billion rupees (5 Billion INR).

 

6. FPI Investment Limit In Government Securities Hiked. 

Dec 20 (PTI) To boost inflows of foreign funds into Indian capital markets, regulator Sebi today raised the investment limit for FPI in central government securities to over Rs 1.91 lakh crore from next month.

Currently, investment limit for foreign portfolio investors (FPIs) is Rs 1,89,700 crore.

The move is part of an effort by Securities and Exchange Board of India (Sebi) to push inflow from overseas investors in the country`s capital markets.

"It has been decided to revise the limit for investment by FPIs in government securities for the January-March 2018 quarter. Limit for FPIs in central government securities shall be enhanced to Rs 1,91,300 crore," Sebi said in a circular, adding that the new limits will come into effect from January 1, 2018.

Further, limit for long-term FPIs (sovereign wealth funds multilateral agencies, insurance funds, pension funds and foreign central banks) in central government bonds would increase to Rs 65,100 crore from the existing Rs 60,300 crore.

Besides, the new limit for investment by all FPIs in state development loans (SDL) will be Rs 31,500 crore, and that of long-term FPIs will be Rs 13,600 crore. PTI SP ANU .

 

7. State Bank of India Launches UK Subsidiary With 225 Millions Pounds Capital.

The SBI has announced the launch of its UK subsidiary, SBI (UK) Limited, with an initial capital commitment of 225 million pounds from its parent entity. India’s largest state-owned bank, which celebrated the new subsidiary with a special event in London yesterday, becomes the first foreign bank in the UK to ringfence its retail division from its wholesale business. SBI said that the ringfencing and subsidiarisation of the retail franchise SBI UK, the bank’s largest overseas operation, offers UK customers “stability and reassurance” amidst continuing uncertainty around the UK’s decision to leave the European Union (EU). “We are extremely proud of how far the bank has come from the first time it opened its doors to UK residents in 1921,” said Sanjiv Chadha, Regional Head of SBI UK.

 “The launch of our UK subsidiary shows our commitment to operate in the UK market. Many banks primarily see the UK as the gateway to Europe and are fazed by the impact of Brexit. Our calculus is different. We see London as the ideal launch pad for a global presence and have full faith that, despite Brexit, London will remain the premier international financial centre,” he said. The UK subsidiary of the SBI has been launched with an initial capital commitment of 225 million pounds from its parent entity. The UK’s Prudential Regulation Authority (PRA) wants foreign banks to establish UK subsidiaries to protect depositors in the UK from uncertainties in foreign markets. It is aimed at preventing a repeat of the financial crisis, by ensuring that banks have enough capital to support their business.


 

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